Reaching a milestone - Institute of Chartered Accountants of BC

January 2011
Reaching a milestone
503 BC students pass
the 2010 UFE
On the Cover
Meet BC’s National Honour
Roll students + see the UFE
2010 results recap and our
list of successful candidates
In this issue
Exploring pathways to the CA
CA specialist designations – Part 1
Reportable transactions
A quiz on independence

Our future
Our success
Congratulations to our 42 successful 2010 UFE writers. The Uniform Evaluation requires focus,
dedication and a deep understanding of our business. The partners and staff would like to
congratulate all of our writers, especially Catherine Wong who has placed on the National
Honour Roll. Soon to be accredited as Chartered Accountants, our rising talents include:
Vancouver
Jayden Bourgard
Curtis Budgell
Emily Chan
Sibil Chan
Susie Chang
Ratika Chaudhary
Queenie Chou
Alina Ding
Sandra Ferenz
Bonnie Fung
Sherry Fung
Kim Fussell
Joshua Grubner
Kristal Hamakawa
Nick Hamill
Erika Hirabayashi
Nicholas Ho
Edward Holmes
Irena Jesovnik
Nicole Kelemen
Daisy Kong
Christopher Lim
Winnie Lin
Danny Liu
Michael Lloyd
Nancy Ly
Christy Martin
Martie Rose Mendoza
Rachid Nayel
James Orr
Aaron Shuto
Stefanie So
Jimmy Sum
Adrienne Taylor
Megan Terrill
Sarah Walsh
Andrew Williams
Catherine Wong
Langley
Joanne Lee
Jon Morrison
Prince George
Bryan Albano
Andrew Lee

Congratulations
to our newest generation of leaders!
The partners, principals and staff at MacKay LLP Vancouver would like to congratulate our seven
successful writers of the 2010 Uniform Evaluation for Chartered Accountants. We commend the
hard work, dedication, and focus of our team members to achieve such impressive results on the
2010 UFE. A special mention to Mason Bennett who placed on the National Honour Roll.
Mason Bennett
Vancouver
Lee Crighton
Vancouver
Graeme Low Ah Kee
Vancouver
Cindy Liu
Vancouver
Libby MacKenzie
Kelowna
Matija Necemer
Surrey
Rachel Thomas
Surrey
Chartered Accountants & Business Advisors
Kelowna
500-1620 Dickson Avenue
Kelowna, BC V1Y 9Y2
Tel: (250) 763-5021
Toll Free: 1 (866) 763-5021
Surrey
#112, 7565 - 132nd Street
Surrey, BC V3W 1K5
Tel: (604) 591-6181
Vancouver
1100 - 1177 West Hastings Street
Vancouver, BC V6E 4T5
Tel: (604) 687-4511
Toll Free: 1 (800) 351-0426
www.mackay.ca

contents
On the Cover
6 Notes from the President
ICABC sponsors new BIV
CFO of the Year Awards
8 For the Profession
Exploring pathways to the CA
36 Tax Traps & Tips
Reportable transactions
10
Meet BC’s UFE
Honour Roll
Students!
13 BC students make
the 2010 national
honour roll
24
UFE Results Recap for
BC and CASB
+ See the list of BC’s 503
successful candidates!
30
CA Specialist
Designations
Part 1 of a new four-part
series on specialist
designations for CAs
38 PD News
Winter PD Highlights
40 Plugged In
News for and about members
& students
Member announcements
FVCAA event notice
ICABC Social Networking
Group event notice
BC AGM notice
Notice to All ICAYT
members
46 Ethical Dilemmas
A quiz on independence
FSC logo RRD
to place
January 2011 ica.bc.ca 5

January 2011, No.492
Published eight times annually by the
Institute of Chartered Accountants
of British Columbia.
Congratulations!
Editor
Michelle McRae
Design
Blindfolio Design
604-761-9212
Advertising
Advertising In Print
Phone: 604-681-1811
Fax: 604-681-0456
Senior Director of External Affairs
Lesley MacGregor
Institute Council
Peter R. Norwood, FCA
President
Lenard F. Boggio, FCA
1st Vice-President
Gordon Holloway, FCA
2nd Vice-President
Michael Macdonell, CA
Treasurer
Olin Anton, CA
John (Jack) Arnold, CA
Linda Lee Brougham, CA
Kyman Chan, CA
Karen Christiansen, CA
John Crawford, CA
Andrew (Sandy) Hilton, CA
David Hughes
Sheila Nelson, CA
John Sims, FCA
Kenneth Tung
Praveen Vohora, CA
Eric Watt, CA
Chief Executive Officer
Richard Rees, FCA
Beyond Numbers is printed in British Columbia and
mailed eight times annually to more than 9,000
chartered accountants and more than 1,800 CA students
in public practice, industry, education, and government
service throughout BC, Canada, and other countries.
Beyond Numbers’ editorial and business offices
are located at:
Suite 500, One Bentall Centre, 505 Burrard St., Box 22
Vancouver, BC V7X 1M4
Notes from the President
As we kick off the New Year, I’d like to start by acknowledging
BC’s 503 successful UFE writers—13 of whom made the National Honour Roll.
Wow! Congratulations on a job well done! Profiles of our honour roll students
appear in this month’s magazine, along with a recap of the 2010 results for
CASB students and a complete list of BC’s successful candidates.
I’d also like to take this opportunity to inform members about a new and
exciting Institute partnership designed to celebrate achievement in another
arena: The ICABC is now the presenting sponsor for Business in Vancouver’s
inaugural BC CFO of the Year Awards. Finalists will be chosen based on their
leadership in finance, contributions to strategic decision-making and growth,
and overall performance and execution. These finalists will be featured in a
special edition of Business in Vancouver magazine, and the winners will be
announced at a gala reception in May 2011. Past Institute president, Peter
Roberts, FCA, will represent the Institute on the judging panel.
Given the breadth of our members’ experience, and the number of CAs in
CFO—or equivalent—positions, we hope to see significant CA representation
among the nominees. On that note: If you’d like to nominate someone for
a CFO of the Year Award, please visit Business in Vancouver’s website at
www.biv.com/cfoawards/index.asp to download more information or submit
a nomination package.
—Peter Norwood, FCA
Phone: 604-681-3264
Toll-free in BC: 1-800-663-2677
Fax: 604-681-1523
Internet: www.ica.bc.ca
Opinions expressed are not necessarily
endorsed by the Institute.
Beyond Numbers supports the CA profession in BC
by sharing news from the Institute and news about
members, by sharing viewpoints on issues of specific
interest to members, and by promoting member
involvement in Institute activities.
Publications Mail Agreement No: 40062742
6 ica.bc.ca January 2011

CONGRATULATIONS
TO OUR Ufe wRITeRS.
8 TIeS CUT IN 2010!
Left to Right: Daniel Lai, Hussain Haji, George Kovalyov,
Monique Wei, Emily Mahannah, Tiffany Bevan, Jason
Mosberian, and Ketan Vohora
Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8
Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com

For the Profession
National discussions are currently underway to
determine how our profession can ensure that it
welcomes the right people at the right time
Exploring Additional
Pathways to the CA
By Richard Rees, FCA
CEO
For every CA student who passed the
UFE in 2010—and for those who experienced
the same rite of passage in
previous years—the UFE is inextricably linked to
the process of becoming a chartered accountant.
For many, this rite of passage is what makes the
CA designation truly unique.
The reality, however, is less absolute. While it’s
true that the UFE has been with us since 1939,
the exam has changed significantly over the
years. A case component was added in 1974; the
exam was shortened to three days in 2002; and
the material covered has changed substantially,
correlative to changes in standards (like the
move to IFRS). This means that a member who
wrote the exam in 1955, for example, and a
student who wrote the exam in 2010 can share
the experience of having passed the UFE, but not
the experience of having passed the same UFE.
Furthermore, the UFE is not a milestone for
all BC members, as some never write the exam.
How can this be? Simply put: immigration and
reciprocity. The ICABC has mutual recognition
agreements with 15 other countries, which are
recognized as having training and education
substantially equivalent to those of Canadian
CAs. As a result, a CPA, for example, can come
to Canada, successfully complete our reciprocity
exam, and join the BC Institute as a full CA,
with the same rights and responsibilities—and,
we believe, the same skills and knowledge—as a
successful UFE writer.
Clearly, therefore, the notion that every CA in BC undergoes the same experience in earning their
designation is a bit of a myth. And soon, the paths to the CA may become even more varied.
In today’s world, it is naive to assume that everyone who will eventually become a CA will have
decided on this career path by the time they’ve graduated from high school, and then take the traditional
route through commerce and into a public practice firm. People are now more likely to move to
different countries, shift careers, and change their interests multiple times over the course of their
professional lives. Therefore, the CA profession’s training and qualification paths must recognize that
the best and brightest can come from non-traditional paths and vary in age and life experience. So while
the UFE will remain the backbone of the certification process for the foreseeable future, it is time to
explore additional pathways into the profession.
With this in mind, national discussions are currently underway to determine how our profession can
ensure that it welcomes the right people at the right time. We believe that, for many, the pathway to
the CA will still include a commerce undergraduate degree, an articling position in public practice, and
the writing of the UFE. But we know others will join the ranks of CAs with non-commerce backgrounds
(in BC, 20% of our new CAs already come with degrees outside of commerce); some will shift into the
CA profession from other careers; and others will join the CA profession after immigrating to Canada.
We need pathways that welcome them all.
If there is any doubt about the necessity of these discussions, we need only look around. We know
that population growth in Canada will come from immigration. We also know that governments across
the country are requiring fair access to the professions. In the past, we’ve managed to ensure that CAs
in Canada remain respected the world over by proactively changing our education and training process
amid global trends. Once again, it’s time to consider making changes.
In the coming months, as the discussions about pathways into the profession take place, we will keep
you informed about any proposed changes. We hope you will understand that some of these changes
might lead to pathways different from your own—pathways that might not include the UFE.
Rest assured that any changes will keep to our very high standards, and that any individuals we
welcome into the profession will be ones we are proud to stand beside as colleagues. Just as every
mutual recognition agreement and every change to the Competency Map is based on ensuring that
CAs have the highest professional standards, any changes to pathways will ensure that the bar for
entrance remains high. While the UFE is a big part of our culture, our standards are most critical to our
brand. These should never be compromised.
8 ica.bc.ca January 2011

The greatest reward
is helping others
achieve success.
Congratulations to our talented team for their recent accomplishment in passing the Uniform Evaluation (UFE) for
chartered accountancy. We’re very proud of them—and equally proud of those who contributed to their success.
At Grant Thornton LLP, helping others achieve success is our business. It’s also our passion. Whether we’re helping clients
reach their goals, supporting our colleagues in achieving their potential, or volunteering for the community, the desire to
make a difference every day is what motivates our people—that’s the Grant Thornton experience.
Left to right:
Andrew Ingenhorst, Alex Lau, Molika Trueman, Greg Vandergaag, Steven Holden,
Andrew Malashewsky, Susan Inouye, Perry Lawlor, Catherine Lot, Daniel Kim,
Carol Peng, Riley Lefebvre, and Cara-Mia Mitchell.
www.GrantThornton.ca
Audit • Tax • Advisory
Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

On the Cover
Meet BC’s UFE Honour Roll
Students for 2010!
By Michelle McRae, Editor
It is with great pleasure that we introduce the 13 BC students who made the National Honour Roll for the 2010 UFE:
Jaleh Afrooze, Douglas Allan, Landon Bailey, Mason Bennett, Wilson Cheung, Asifa Hirji, Albert Ho, Daphne Huang,
James Porter, Christopher Schaufele, Meaghan Vanderlinden, Ei-Lyn (Catherine) Wong, and Ka Yun (Kayan) Yu.
Jaleh Afrooze
Jaleh was born in Shiraz,
Iran, and immigrated to
Canada at the age of 15,
settling in BC’s Lower
Mainland area. A graduate
of Simon Fraser University,
Jaleh earned a
bachelor of business administration
with a concentration in accounting
(with honours) in 2008. In 2010, she earned
a master of professional accounting from the
University of Saskatchewan.
Jaleh is currently articling with KPMG LLP’s
Burnaby office, working in the firm’s Enterprise
group. “I’m pursuing the CA for the opportunities
that come with it,” she says. “Also, I want a
designation that will provide job mobility, as I
like exploring different places!”
Describing herself as “super active,” Jaleh lists
a number of outdoor activities as favourite
pastimes, including biking, hiking, snowshoeing,
skiing, rock-climbing, swimming, and jogging.
Baking is another beloved hobby, and she also
enjoys spending time with family and friends.
“My parents and my brothers, Sina and Arash,
have been very supportive and understanding
throughout the UFE process,” she says. “Also,
my friend Golnar kept my spirits up with
encouraging phone calls, and my friend Masih
kept me laughing, no matter how stressed I was!”
For her success on the UFE, Jaleh also credits
key individuals at her firm. “First and foremost,
there’s my mentor at KPMG Enterprise, Amrit
Sanghera,” she says. “Her support was invaluable,
and I owe her big time! She was really the best
mentor I could ever have asked for!
“I also have to thank my study buddies at
KPMG—especially Michelle Iorio and Ellen
Liu,” she adds. “Michelle definitely helped me
stay on track with my technical knowledge, and
10 ica.bc.ca January 2011

P L A T I N U M M E M B E R
Ellen helped me stay calm, as she was so great at
doing it herself! I learned a lot from them, and
would not have been able to pass without them.”
Also key to her success, Jaleh says, were the
KPMG national UFE program and the MPAcc
program, and she gives particular thanks to the
instructors.
To future UFE writers, Jaleh says: “Attitude is
everything! Be patient with your progress
throughout the process. It’s an unforgettable
learning experience, and a life experience you
will cherish for the rest of your life, so embrace it!”
Doug Allan
Doug was born in
Toronto, Ontario, and
grew up in Vancouver,
BC. After high school,
he headed back east to
attend McGill University
in Montreal, where he
majored in accounting,
with a concentration in finance. In 2008, he
graduated with a bachelor of commerce degree,
earning honours with great distinction.
Today Doug’s an articling student with Ernst
& Young LLP in Vancouver, working in the
audit practice. “I currently work almost exclusively
with financial services firms,” he says. “I
enjoy the technical challenge of the industry, as
well as the people I get to meet and work with
along the way.”
Doug says his decision to pursue the CA
designation was heavily influenced by his
grandfather, William Winspear, CA, and his
now father-in-law, Jim Stuart, CA·CIRP.
“My grandfather had a great lifestyle, both
professionally and in terms of family, and Jim
10.OBRTurnbullAd1A 11/19/10 11:22 AM Page 1
had the same perfect mix of work and play,” he
explains. “I always admired their careers.”
Doug’s grandfather earned the regional gold
medal from the ICAA on the 1957 UFE,* and
now that he himself has made the honour roll,
Doug attributes a lot of his success to his family.
“First and foremost, I couldn’t have succeeded
without my wife Michelle,” he says. “She kept
my mind off of the UFE in the evenings and
on weekends, which was pivotal to keeping me
motivated. Also, without the support of my
parents and my brother and sister all these years,
I would have burned out.”
Doug also credits his colleagues at Ernst & Young,
saying: “My study partners, Nevin Lau and Allan
Cheng, helped me stay motivated day after day,
and brought strengths to compliment my
weaknesses. In addition, my UFE mentor, Ashley
Kates, CA, helped me stay focused and confident.”
Doug believes that maintaining a confident
attitude is key to success on the UFE.
“I expected the exam to be a physically
draining experience—one in which my ability to
keep a cool head and stay focused would be more
important than my technical expertise,” he says.
“And that was, more or less, how it turned out.”
He advises future writers to work hard, but
also take time off to recharge. For Doug, this
meant watching movies, listening to music,
barbecuing, and spending time with family.
“Don’t take any chances,” he adds. “Make sure
you walk into the UFE with no regrets.”
*The Alberta Institute renamed its UFE gold
medal the Francis G. Winspear FCA Gold Medal
of Excellence in 1993, in honour of Doug’s great
grandfather.
Landon Bailey
Landon Bailey was born
in Calgary, Alberta, and
grew up in Kelowna,
BC. He studied at the
University of Victoria,
and earned a bachelor of
commerce, with a major
in international business,
in 2006.
“I didn’t expect to go into accounting after
that,” Landon says, “but through interaction
with CAs in the workplace and friends in the
program, I was drawn to the blend of technical
and business skills, the broad range of career
opportunities, and the reputation of the CA
designation.”
Today, he’s an articling student with KPMG
LLP in Victoria.
“All of my colleagues at the firm went out of
their way to support and encourage each of us
writers throughout the UFE process,” he says.
“I’m grateful for that, and also for the feedback,
encouragement, and humour of my study
partners at KPMG, Ryan Finner and Heather
Crow. They helped build my confidence and kept
me going through the summer—GO Bayside!”
Landon’s biggest thanks, however, go to his wife
Samantha. “Samantha supported me through a
career change, then two years of CASB leading up
to the UFE,” he says. “And, together with our
two dogs, she helped me stay busy, active, and
balanced throughout the summer.”
He believes this balance was key to his success.
“If you don’t offset the studying with something
you enjoy, you risk feeling overworked
and burned out in the weeks before the UFE,”
he explains. “Mountain biking, surfing, camping,
Protect it. Grow it.
In That Order
odlumbrown.com
Ross Turnbull, CA, CBV, CFA
Director, Portfolio Manager
Tel 604 844 5363
Toll Free 1 888 886 3586
rturnbull@odlumbrown.com
trust • vision • investment integrity
*The Model is an all-equity portfolio established by the Research Department in December 1994, with
a hypothetical investment of $250,000. The Model provides a basis with which to measure the quality
of our advice and the effectiveness of our disciplined investment strategy. Trades are made using the
closing price on the day a change is announced. Past performance is not indicative of future performance.
Member-Canadian Investor Protection Fund
Higher Return
Lower Return
16% –
12% –
8% –
4% –
15-year risk and return comparison 1
Compound Annual Return (%)
OB Model Portfolio*
S&P/TSX Total
Return Index
CDN Long-term Fixed Income
Peer Group
CDN Equity Mutual
CDN Balanced
Fund Average
Peer Group
S&P 500 Total Return
CDN Short-term Fixed
High Yield Fixed
Index ($C)
Income Peer Group
Income Peer Group
CDN Money Market
Peer Group
Standard Deviation (Volatility %)
0% –
0% 2%
4% 6% 8% 10% 12% 14% 16% 18% 20%
Lower Risk
Higher Risk
1 For the period ended December 31, 2009. Returns are net of fees for peer groups.. For the OB Model Portfolio, an annual 1.5% fee has been
used. Standard Deviation is calculated using the 15 th of each month for the OB Model Portfolio and month end for all others.
Source: Bloomberg, PALTrak, Odlum Brown Analysis
January 2011 ica.bc.ca 11

and reading—these hobbies all helped me maintain
some balance during the summer.”
As for the actual writing of the UFE, Landon
says it came more naturally than he’d expected.
“I didn’t believe it when past writers told me
this would happen, but after an entire summer
writing practice cases, I found it to be true,” he
recounts. “Nevertheless, I still left the exam with
little idea of how I’d actually done, so I had to
trust that my preparations had given me the
skills necessary to be successful.”
Landon advises future writers to maintain
some perspective.
“I think many students are intimidated by the
technical breadth of the exam,” he says, “but it’s
important to realize that, at the end of the day,
it’s the underlying skills you develop throughout
the study process that will have the greatest
bearing on success in the UFE. Find a proven
study program, trust in it, and then don’t worry
too much about the UFE itself. And relish the
time you spend not studying over the summer,
because that’s important to the process too.”
dap_beyondnumbers_sep09.eps 9/9/2009 1:56:57 PM
Mason Bennett
Mason was born and
raised on Salt Spring
Island, BC. He studied
commerce, with a concentration
in accounting,
at the University of
BC’s Sauder School of
Business, and earned a
bachelor of commerce degree (with honours) in
2008.
Today, he’s articling with MacKay LLP at the
firm’s Vancouver office.
“I chose to pursue the CA designation because
I felt that it provided an excellent opportunity
to continue my education while still gaining
practical work experience,” he says. “Ultimately,
this balance of education and experience seemed
to be the best way to prepare myself for a career
in the business community.”
Balance also factored into Mason’s study
approach for the UFE. “There were times when
I became concerned about my progress, but I
managed to maintain a balanced schedule during
the summer leading up to the UFE,” he says.
“Because of this, I was able to enjoy my free time.”
During this free time, Mason kept his mind
off the UFE by staying active with outdoor
activities such as hiking, and by training for a
triathlon. He advises future UFE writers to find
similar outlets during the stressful months
leading up to the exam.
“Find a hobby or activity that you can focus on
outside of studying,” he says. “Know that you
won’t be able to study everything, but have
faith that your study plan will provide a solid
foundation for the UFE.”
Also key to this solid foundation is a good
support network.
“I’m grateful for my loving girlfriend, Shelane
Wiseman, CA, who wrote the UFE in 2009,”
Mason says. “Her support helped me maintain
a level head during the summer. I was also
fortunate to have a great study partner at
MacKay, Graeme Low Ah Kee. Graeme helped
me improve with his constructive feedback, and
also made the summer much more enjoyable.
“Lastly,” he adds, “I want to thank my family
for their support and encouragement.”
With the UFE now behind him, Mason is
focusing on other overarching goals. “I’m looking
forward to continuing my career growth,” he
says. “I plan to become involved in meaningful
ventures that are intellectually challenging and
provide a positive contribution to the community.
Specifically, I’m interested in sustainable business
practices and entrepreneurial development.”
Wilson Cheung
Wilson was born and
raised in Vancouver and
studied at the University
of BC. In 2010, he earned
a bachelor of commerce
with a specialization in
accounting. Along the
way, he also completed
the co-op program.
“My original intention when I enrolled at
UBC was to specialize in marketing,” he says,
“but as I progressed through my undergrad,
I realized that the CA path provided the
opportunity to keep learning and adapting, and
the opportunity to travel internationally.”
Now an articling student with KPMG LLP in
Vancouver, Wilson is currently working in the
firm’s audit practice, focusing on the information,
communication, and entertainment industry.
“The people at KPMG played a huge role in
my success on the UFE,” he says. “Especially my
mentors, Karen Lo and Danny Gollogly, CA,”
he says. “Their guidance and support gave me
strength and confidence throughout the UFE
process. It took a while to refine my outlining
approach, but we finally found one that worked
for me. Also, the preparation the firm provided
12 ica.bc.ca January 2011

CONGRATULATIONS UFE WRITERS!
We are pleased to congratulate our successful Uniform Evaluation writers in Vancouver and
Langley. We look forward to your continued success as valuable members of our team.
Front row: Joy Tou, Liana Lau, Winnie Tong, Tarah Miller, Victoria Lo, Eva Soppit
Back row: Nathan Lau, Reid Duthie, Ankur Merwaha, Peter Wu, Jason Dong, Laura Shiell
Missing: Jack Cartmel, Sean Deissner, Desiree Friesen, Karvin Lee
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through its in-house training program ensured
that I was well equipped for the exam.”
Wilson also attributes his success to his study
partners, Lindsay Chiang (an
articling
student
with Ernst & Young LLP) and Jason Dong
(an
articling student with BDO). “I couldn’t have
done it without them,” he says. “They
made
studying fun, and I’m grateful for all the great
discussions we had.
“I would also like to thank my family
and
friends for their continual support,” he adds.
“I’m sure they’re tired of me
talking about the
UFE!”
Even with all of this support, Wilson says the
exam was extremely difficult. “It’s is the hardest
exam I’ve ever written in my life,” he says. “I
actually had an epiphany during the third day,
when I thought: this is the last day of the UFE.
. I
got quite excited. Then I realized that I wasn’t
actually finished and still had the other half
of
the exam to write...”
Looking back, Wilson believes time management
is crucial to success on the UFE.
“My advice to future writers is to maintain a
level of confidence and tranquility,” he says.
“Don’t start studying in overdrive whenever you
get stressed, because you don’t want to burn out
before the exam. Fill your nights and weekends
with lots of activities to keep yourself busy. I
often went rollerblading or biking, and I also
took up rock climbing. Hanging out with
friends is another great way to combine fun and
relaxation.”
Asifa Hirji
Asifa was born in
Toronto, Ontario, where
she lived until age eight.
After three years in
Calgary, Alberta, her
family finally settled in
Vancouver, BC. Asifa
attended Simon Fraser
University, and studied business administration
with concentrations in accounting and finance.
In 2008, she earned a bachelor
of
business
administration (with honours) and a minor in
economics.
Today, Asifa is
articling with KPMG LLP’s
Burnaby office,
working in the firm’s Enterprise
group. She says “the challenge” was what drew
her to the CA program: “I like the fact that the
designation forces you to go beyond the black
and white numbers and look at business issues,
rather than just accounting
issues.”
There are few exams more challenging than the
UFE, and Asifa describes the three days of
the
exam as an “emotional rollercoaster.”
For helping her manage the ups and downs of
the UFE experience, Asifa gives
a lot
of credit to
two of her mentors: Ian Mackerricher and Clint
Murphy, CA (both
formerly with KPMG).
“Without Ian, I don’t think I would have
survived the summer before the UFE,” she says.
“He helped me stay focused and was always
available to talk things out. And while Clint
wasn’t directly involved in my CASB or UFE
experience, he taught me to always believe
in myself and in my abilities—this was an
invaluable lesson throughout the stressful and
sometimes de-motivating study period leading
up to the exam.
“It also helped that I studied at the KPMG
Burnaby office all summer,” she adds. “There
was always someone around to boost my
confidence, provide insightful advice, and tell
me to go home when it was past 5 pm!”
Her friend Shiraz Charania, CA·CBV, also
provided ongoing support. “Shiraz helped me
keep things in perspective,” Asifa says, “and he
continually checked in with me to make sure I
was doing
okay.”
To help take her mind off the exam when not
studying, Asifa relied on her favourite hobbies:

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watching Indian movies, listening to Indian
music, and reading.
Her advice to future UFE writers is to take all
the unsolicited advice they receive, including
her own, and filter, filter, filter.
“Over the UFE summer, you’ll hear a lot of
different advice from a lot of different people,”
she says. “At the end of the day, you need to
figure out what is going to work best for you and
just focus on doing that.”
Albert Ho
Though he was born in
Winnipeg, Manitoba,
Albert has lived in BC
since the age of five. He
grew up in Richmond,
where he currently resides,
and attended the Sauder
School of Business at the
University of BC, graduating with an accounting
degree in 2007.
Now an articling student with Johnsen Archer
LLP, Albert works in the firm’s Surrey office,
providing assurance and tax services to a variety
of private enterprises.
“Nothing is set in stone yet,” he says of his
plans for the future. “There’s still so much more
for me to learn. My aim is to continue to broaden
my role and experience in public practice. And
with the UFE finally behind me, I’m looking
forward to the many challenges and opportunities
ahead.”
According to Albert, the most difficult aspect
of the UFE-writing experience was waiting each
morning for the exam to begin.
“It was nerve-wracking,” he says. “But once the
exam did start, my nerves disappeared, and I was
able to focus. The need to maintain such a high
level of focus for three consecutive days was
extremely challenging though. I was so mentally
drained by the end that it took several hours for
the satisfaction and relief to actually kick in.”
Albert advises future UFE writers to prepare
for a rollercoaster ride. “You’ll feel like you’re on
top of the world one day, and then have your
confidence shattered the very next day after
writing a tough sim[ulation],” he explains. “This
is a normal part of the process, and the key is to
learn from these setbacks so that you can come
back focused and ready the next time around.
“Also,” he adds, “engaging in fun activities
during evenings and weekends will help you
relieve stress and stay mentally sharp.”
For Albert, these fun activities included watching
and playing tennis, and trying out new restaurants
with his girlfriend Fontaine. “I’d like to thank
Fontaine for her support and encouragement
throughout the CASB modules and the UFE
process,” he says. “I would not be where I am
today without her. I’m also grateful for the
constant support of my family—they’ve always
had the utmost faith in me.”
Other thanks go to his study buddy at Johnsen
Archer, Tyler Wong. “His endlessly positive
attitude helped guide me through the ups
and downs of the UFE summer,” Albert says.
“I’d also like to thank Ryan Calder, CA,* for
implementing the firm’s UFE prep program,
and the rest of the staff who assisted with UFE
training and mentoring.”
*2005 UFE Honour Roll.
Daphne Huang
Daphne was born and
raised in Vancouver. She
attended the University
of BC, graduating with
a bachelor of arts degree
in classical studies and
psychology in 2006, and
earning a diploma in
accounting in 2008.
Currently articling with PwC LLP in the firm’s
16 ica.bc.ca January 2011

63 reasons
to celebrate
Congratulations to our successful writers of the 2010
Uniform Evaluation for Chartered Accountants in BC
Special congratulations to Daphne Huang, who achieved a place on the National Honour Roll
Mani Al-Khafaji
Kiran Aujla
Robyn Bell
John Binstead
Andrew Black
Kyle Bunnell
Leigh Burbidge
Serena Chan
Michael Cliff
Joshua Contant
Kelly Cunningham
Brent D’Andrea
Markus Delves
Darren Devine
Harkeet Ghag
Steven Grippo
Connie Guo
Erin Hay
Kristy Hislop
Terry Ho
Robyn Hooper
Daphne Huang
Judy Huang
Idania Huerta Munoz
Allan Hung
Tanner Johnston
Erin Joyner
Jasmin Kohl
Amy Lang
Stephanie Mason
Lucas McLean
David Milligan
Amrit Minhas
Ainslie Muzzin
Jason Nalewanyj
Richard Ormiston
Thomas Philippson
William Pickles
Monica Polonis
Michael Potts
David Rajanayagam
Brent Reimer
Sina Rezai
Teri Robinson
Jessica Rockliff
Joseph Salter
Iqbal Shanghera
Hamid Shekarchi
Corey Shelton
Leja Simpson
Jacqueline Stevens
Andrea Stuart
Jennifer Sung
Stefanny Tam
Ashleigh Taylor
Natalie Timler
Shahed Tootoonian
Jeannette Vergara
Canoles
Crysta Webb
Laura Wensley
Mandy Yip
Sharon M Yuen
Sharon T Yuen
© 2010 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership,
which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 0704-10 1210

Tax CA Program, Daphne is one of 53 CASB
students taking the expanded experience oppor-
tunity (EEO) path in BC.
“It’s a fantastic program that has provided me
with the opportunity to go directly into
a
field
that interests me,” she says. “Other CA
students
have asked me whether I thought the lack
of
audit experience would have a negative impact
on my UFE performance, and now I can
honestly say that it didn’t.”
Daphne believes that a strong support system
was key to her success on the UFE.
“I was very fortunate to have an extensive
support network at PwC,” she says. “My
UFE
mentors, Dmitry Uduman and Grace Tu, were
extremely patient with me. They shared their
study tips and personal experiences, and took
time out of their
busy schedules to mark
a
number of my cases. Grace also provided me
with the excel template that became my
most
valuable study tool.
Kyla Zhao was also very
willing to listen to my concerns and talk
me
through my bad days.”
Daphne also thanks her study partner at PwC,
Markus Delves, and study partners Christopher
Lee and Emily Mahannah (both articling
with
Smythe Ratcliffe). “They kept me focused and
encouraged me to study harder when I was
lacking motivation,” she says. “My family
and
friends were also incredibly supportive throughout
the whole process, providing me with
encouragement and much needed confidence.”
To celebrate completing the UFE, Daphne
recently took a trip to Asia. Travelling is one of
her favourite pastimes, along with cooking. She
also enjoys running, and says going to the gym
every afternoon helped her manage her stress
level in the lead-up to the exam.
“It was a great
way to shake off UFE stress and
switch to something enjoyable,” she says. “My
advice to future writers is to set a schedule and
stick to it—take evenings and weekends off.
Pick up
a hobby and do it after your study
sessions, to get your mind off the day.
“Also,” she adds, “I think the most important
thing to realize is that it’s impossible to know
everything that is potentially examinable on the
UFE, so focusing on
how to approach and
answer the questions is a more effective strategy.”
James Porter
James was born and
raised
in Victoria. He attended
Camosun College, and
completed a bachelor of
business administration
with a focus in account-
ing in 2007 (his was the
third graduating class
from Camosun’s bachelor’s degree program).
In February 2008, James began articling
with
Burkett & Abercrombie, CAs. There, he specializes
in personal, corporate, and trust taxation,
with the majority of accounting
engagements
focused on medical/legal professionals and
small, family-run businesses.
James says he was “very well prepared” when
it came to writing the UFE, thanks to the
Densmore Consulting UFE prep course. Nevertheless,
he found the three days of the exam
surprisingly
draining.
“I knew it would be a draining experience,” he
says, “but I didn’t expect to be so exhausted
when I left the exam room on day
1—especially
because I’d felt particularly well equipped for
that part of the exam.”
To recharge and rebuild his confidence, James
went on a long bike ride—just one of
many
CONGRATULATIONS
to all of our successful UFE writers on their individual
achievements and their unprecedented pass rate!
MANNING ELLIOTT CELEBRATES
ITS OUTSTANDING TEAM:
Front Row (L–R): Subash Chand, Rian Sahota,
Daniel Chow, Scott Park, Walter Fawcus
Centre Row (L–R): Alison Collins, Jane Provinciano,
Gwennie Siu, Shahilla Meghani, Nina Turkiewicz
Back Row (L–R): Soni Mand, Gurdev Chandi,
Jessy Dhaliwal, Andrea Armitage, Mirza Rahimani
18 ica.bc.ca January 2011

taken in the summer leading up to the UFE.
“I’d made a habit of finishing every study day
with a 25km bike ride, followed by a 1km swim
or a couple hours of martial arts (Karate and Kobudo),”
he recounts. “This helped me deal with
the stress of the day’s simulations, and helped
me sleep well. So when it came to the actual
exam, I kept to this routine.”
James advises future UFE writers to make
physical fitness a “concurrent goal.” He also cautions
against over-studying. “The Densmore
Consulting course ingrained in my mind the
importance of a balanced study plan, and I think
it’s the primary reason I didn’t burn out,” he
explains. “I never studied for more than seven
hours a day, or more than five days a week.”
He’s grateful for his three study partners along
the way: Sean Hosick (articling with Tyce Carle-
Thiesson CAs) and Paul Rokeby-Thomas and
Han Shu (both with Lee and Sharpe CAs). “The
four of us stuck through very loud construction
at the University of Victoria library,” he says,
“and we challenged each other to develop the
skills necessary to succeed.”
James also thanks the partners at his firm:
Chuck Burkett, CA, CFP, TEP, and Lance Abercrombie,
CA. “The wide variety of practical
experience they’ve given me during my articling
time helped me develop the analytical skills necessary
to challenge the UFE,” he says. “I also
credit two of my non-accountant friends, Oliver
Strange and Katie Price, for giving me confidence
and strength, and helping me stay
somewhat level-headed throughout.”
Chris Schaufele
Chris was born and raised
in Maple Ridge, and is
a graduate of Simon
Fraser University, where
he studied accounting
and business. In 2008,
he earned a bachelor of
business administration
with a concentration in accounting.
While working toward his university degree,
Chris also completed four co-op terms with
KNV Chartered Accountants LLP in Surrey. “I
credit the SFU co-op program for jumpstarting
my career and my pursuit of the CA designation,”
he says. “I’d been intrigued by the idea of pursuing
this designation for quite some time, and it
seemed like a natural progression as I moved
forward with my education and career.”
Chris became a full-time articling student with
KNV in 2008, and says the firm has been an
invaluable training ground in the years leading
up to the UFE.
“I’d like to thank my firm for the excellent
support I’ve received, especially during the summer
before the exam,” he says. “The partners and staff
have gone out of their way to ensure my success,
and it’s something I wholeheartedly appreciate.”
Chris also singles out his UFE study buddy at
KNV, Alicia Jobb. “I’d like to thank her for, and
acknowledge, her support,” he says. “I found it
extremely challenging to stay focused over the
summer, especially when simulations didn’t go
well, but Alicia helped keep me focused and
provided helpful support and feedback.
“Finally,” he adds, “I’d like to thank my family
for their support, and especially for always being
there for me when I needed it over the summer.”
Chris advises future UFE writers to do their
best to stay on track: “Stay focused over the
summer, and stick to your study plan—no
matter how impossible or endless the process
might seem. But don’t over study; never downplay
the importance of downtime. Take your
evenings and weekends off to recover and take
your mind off of things.”
For Chris, that meant scheduling time to play
and watch hockey, watch movies, and be with
friends and family.
Congratulations to KNV’s
2010
Successful UFE Writers
KNV believes the key to motivation is a unique balance of
desire, determination, and commitment. Wade, Alicia, Amanda,
John, Sakina, Chris and Lavonne truly embody these elements in
their unrelenting pursuit of goals and commitment to excellence.
We are incredibly proud of our students who passed the 2010
Uniform Evaluation and look forward to their future contribution
as part of our team of outstanding professionals.
Special congratulations to Chris Schaufele who made the
National Honour Roll.
“The great thing in the world is not so much where we stand, but
rather in what direction we are moving.”
- Holmes
Wade Paulhus, Alicia Job, Amanda Sytsma,
John Demetri, Sakina Rashid, Chris Schaufele, Lavonne Stewart
www.knv.com
Independent Member firm
of DFK International
20 ica.bc.ca January 2011

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“Despite all the advice from past years’ writers,
the UFE process was far more pressing and
draining than I would have ever expected,” he
admits. “After months of build up, the three
days of the exam went by like a blur, and I when
it was all over I felt a mixture of relief and exhaustion,
but was thrilled that it was all done.
And knowing that I’ve followed through on my
commitments to myself and my career, and
making it all the way, is extremely rewarding.”
Meaghan
Vanderlinden
Meaghan has experienced
life in four Canadian
provinces so far: She was
born in Calgary, Alberta,
and spent her teenage
years in Victoria, BC; in
between, her family also
lived in Thornton, Ontario and Winnipeg,
Manitoba.
After high school, Meaghan chose to stay in BC
for her post-secondary studies, enrolling in business
courses at the University of Victoria. She
graduated with a bachelor of commerce from
UVic in 2008, and completed an MPAcc degree
from the University of Saskatchewan in 2010.
Meaghan is now articling with KPMG LLP in
the firm’s Vancouver office, where she focuses
on the real estate sector.
“I hope to work overseas for a while and
continue specializing in real estate,” she says.
“Later on down the line, I could see myself
teaching accounting at a post-secondary institution—following
in the footsteps of my mom.”
Meaghan describes her family and loved ones
as her biggest supporters.
“I would like to thank my mom Barbara, my
dad Jos, my brother Craig, and my boyfriend
Cameron Tullis, CA, for being there for me—not
just during the UFE but through life. I would not
be where I am today if it wasn’t for all of them.”
For her success on the UFE, Meaghan also thanks
her various study partners at KPMG Vancouver.
“I’m grateful to all of them, but especially to
Victoria Mah and Jodi Litzenberger,” she says.
“And I want to thank my mentor at KPMG,
Matt Stevens, CA,* for challenging me and
encouraging me every step of the way.”
Creating a support system is key, Meaghan
says, especially in the stressful weeks leading up
to the exam.
“I would also advise future UFE writers to take
any setbacks as learning experiences,” she adds.
“Make sure to keep your confidence and main-
THE FUTURE IS HERE.
The partners and staff of Saturna Group are extremely proud to recognize Yi Chen and
Christine Pan for successfully completing the 2010 UFE. Such achievement requires
desire, determination, and effort, which are qualities that Yi and Christine have exemplified
during their road to success. We are excited to have such enthusiastic and highly
motivated professionals serving our valued clients.
At Saturna Group, we strongly believe that the foundation of our success is in the quality
of our people. As a rapidly growing and dynamic boutique firm, we continually invest
in our people and work with them to achieve their goals and realize their full potential.
1066 West Hastings Street, Suite 1250
Vancouver, BC V6E 3X1
Telephone 604.630.5100
Fax 1.888.870.1720
tain a life outside of studying. Leave at 5pm and
don’t study on weekends. Make plans with
friends or find a hobby—it will help you to stay
motivated and avoid burning out.” (In her spare
time, Meaghan likes to go horseback riding, play
volleyball, shop, travel, and hang out with friends.)
“I have to say, maintaining a strong work ethic
of studying five days a week and continually
writing case after case was much harder than I
anticipated,” Meaghan admits, “but, in the end,
I’ve found the UFE experience empowering.
Looking back and seeing how far I have come is
really exciting.”
*2009 UFE Honour Roll.
Catherine
Wong
Born in Petaling Jaya,
Malaysia, Catherine was
just two years old when
her family immigrated
to Canada. She grew up
in Vancouver, and attended
the University of
BC, where she studied accounting and transportation
and logistics. In May 2008, she graduated
with a bachelor of commerce.
Catherine cites the example set by her brother,
Mark Wong, CA (now a manager at Ernst &
Young LLP in Bermuda) as a major factor in her
decision to enter the CA program.
“It was the natural choice for me by the time I
finished university, because I already viewed the
CA as the stepping stone that would provide me
the most opportunities for any career I chose to
pursue in the future,” she says. “Also, some of
the most interesting people I’ve met are CAs,
and I know that getting this designation will put
me in very good company.”
Catherine is an articling student with Deloitte
& Touche LLP in Vancouver, and she attributes
much of her UFE success to the support of her
colleagues at the firm.
“My mentor at Deloitte, Jennifer Yeung, CA,
marked my cases with an iron fist—a personal
touch that ensured I didn’t make the same
mistake twice,” she says. “I’m grateful for the
support of all my co-workers during the UFE
process, and I want to give special thanks to my
study group for having the patience to put up
with me the entire summer.”
Keeping her mind off the exam in the evenings
often proved difficult, she says, but playing
tennis, running, reading, and spending time
with family and friends helped.
“I want to thank my family and friends for
their support,” she adds, “and my brother Mark,
for pointing me in the right direction.”
22 ica.bc.ca January 2011

Looking back, Catherine says the actual exam
was comparable to the case writing she’d done
with her study group.
“Obviously being in the real situation creates a
bit more stress, but it ultimately felt like it was
just another case,” she remembers. “I expected
to be much more nervous on the three days of
the exam, but it wasn’t an issue. I just focused on
getting it done.”
Catherine advises future UFE writers to be patient
with their progress. “You’ll be frustrated at the
start,” she says, “but you’ll reach a point where the
light bulb goes off. Before then, you have to learn
how to write the exam, so don’t get too fussed
about getting the right answer to start with.”
Kayan Yu
Born in Vancouver and
raised in Coquitlam,
Kayan studied biochemistry
at the University of
BC. She graduated in
2006 with a bachelor of
science and a minor in
finance. In 2007, she
completed the Diploma in Accounting Program
(DAP) at UBC’s Sauder School of Business.
“The courses I enjoyed the most during university
were the courses related to my finance minor,” she recounts. “During my last semester at
UBC, I went to a DAP meeting out of curiosity, and decided right then that I wanted to become a CA.
The idea that I could take my CA designation and turn it into almost any career I wanted was very
appealing.”
Today Kayan is articling with KPMG LLP in the firm’s Burnaby office. Over the long-term, she plans
to have a career that enables her to make a positive contribution and effect change. Right now,
however, she’s just happy to put the UFE behind her.
“Before I started studying for the UFE, I was sold on the idea that my summer was going to be the
best summer of my life,” she says. “Everyone described their UFE experience as a vacation. In actuality,
my summer was incredibly stressful and frustrating. By the time the exam came, my only motivation
was to avoid having to do it again!”
Kayan is thankful for all those who helped her pass the exam.
“I’d first like to thank my family who have always been there me,” she says. I’d also like to thank my
childhood friends Allison Ning [articling with Vanderluit & Associates] and Craig Sherneck [articling
with Walsh King], who also wrote the UFE this year, for supporting me. I’d like to thank my UFE
mentors at KPMG, Sara Lien, CA, and Rohan Raheja, for marking my exams and making sure I stayed
on track. Finally, I’d like to thank my study buddy Leigh Stuart Burbidge [articling with PwC LLP] for
motivating me and providing a steady stream of caffeine for those long days at the library.”
An avid traveller, Kayan recently took a six-week trip to celebrate finishing the UFE, travelling to
China, Montreal, and New York. With the results now in, she offers this advice to future writers:
“Follow your intuition and trust yourself. Be sure to adapt a study plan or writing technique to suit
your own needs and style. And don’t hesitate to lean on your support system—they’re there to help you
when you really need it.”
Photography
Landon Bailey and James Porter were photographed by Deddeda Stemler of Photography by Deddeda
in Victoria. The remaining students were photographed by Kent Kallberg of Kent Kallberg Studios
Ltd. in Vancouver.
January 2011 ica.bc.ca 23

UFE Results Recap for BC and CASB
By Dr. Sheila Elworthy, CA
O
nce again, CASB students enjoyed
great success on the Uniform Evaluation
(UFE), one of the world’s most
challenging exams. The 2010 results show that
1,136 CASB students—the highest number in
CASB’s ten-year history—demonstrated the
level of competency required to become a CA;
moreover, 954 did so on their first attempt.
BC students enjoyed great success this year: 503
successful candidates are from this province,
and 430 of these candidates passed on their first
attempt. Also this year, 24 of the 50 individuals
who made the National Honour Roll this year
are CASB students, and 13 are from BC.
Congratulations to all of you!
About the results
recap
In conjunction with the CICA and
the other provincial institutes,
the ICABC adheres to the 2009
national agreement on how to
present the results. The
approach focuses on flowthrough
rates rather than pass
rates. Extensive additional data
continues to be provided to and
reviewed by councils, CASB,
and educators.
UFE flow-through rate
The number of students who write the UFE and ultimately become CAs is what determines our flowthrough
rate. More than 96% of the students who have written the UFE in recent years ultimately
passed the exam, which should be reassuring for CASB students who have yet to write (or pass) the UFE.
Year Flow-Through %
2006 97.0%
2007 96.8%
2008* (cumulative 2nd attempt only) 96.5%
BC school performance
BC schools continue to produce successful candidates, as indicated in the following table:
School
Number of Successful Candidates
British Columbia Institute of Technology 14
Camosun College 8
Capilano University 4
Kwantlen Polytechnic University 11
Langara 2
Okanagan College 20
Royal Roads University 6
Simon Fraser University 83
Thompson Rivers University, Open Learning 11
Trinity Western University 7
University of British Columbia 168
University of the Fraser Valley 10
University of Northern British Columbia 14
University of Victoria 46
Vancouver Island University 7
Competency-based education
Education, experience, and evaluation each play a role in the process of becoming a CA. CASB
provides the education, CATOs deliver the experience, and the evaluation is measured on the UFE.
This year’s success demonstrates the effectiveness of this approach in preparing students for long-term
careers.
EEO success
This year we’ve seen the largest group of successful candidates who trained in expanded experience
positions. A total of 26 candidates from the CASB region—including 18 from BC—trained outside
public practice and successfully challenged the UFE. We expect this number to continue to grow with
the number of EEO CATOs in the coming years.
Again, congratulations!
CASB is proud of the 503 BC candidates who were successful on the 2010 UFE, and we extend special
congratulations to the 13 BC students who made the National Honour Roll.
Dr. Sheila Elworthy, CA, is the vice-president of learning for the CA School of Business.
24 ica.bc.ca January 2011

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26 ica.bc.ca January 2011
Jaleh
AFROOZE
Douglas
ALLAN
Landon
BAILEY
Mason
BENNETT
Wilson
CHEUNG
Asifa
HIRJI
Albert
HO
Daphne
HUANG
James
PORTER
Christopher
SCHAUFELE
Meaghan
VANDERLINDEN
Ei-Lyn (Catherine) WONG
Ka Yun (Kayan)
YU
Keith
ACTON
Daniel
ADAMS
Kevin
AGEMA
Manhal
AL-KHAFAJI
Bryan
ALBANO
Melodie
ANDERSON
Andrea
ARMITAGE
Kirandeep
AUJLA
Kevin
BALDWINSON
Robyn
BELL
Kyle
BERGSTROM
Peta
BEST
Tiffany
BEVAN
John
BINSTEAD
Andrew
BLACK
Nolan
BLACKIE
Clayton
BOLTON
Jayden-Lee
BOURGARD
Michael
BOWCOCK
Daniel
BOWERMAN
Christopher
BOWRA
Lee
BRADSHAW
Stephen
BROWN
Alissa
BRYDEN
Priya
BUBBER
Curtis
BUDGELL
Kyle
BUNNELL
Leigh
BURBIDGE
Benjamin
CAME
Derek
CANDY
Jack
CARTMEL
Michael
CASALE
Ryan
CAVAN
Daniel
CHAMBERS
Emily
CHAN
Hong Nathan
CHAN
Serena
CHAN
Sibil
CHAN
Victoria
CHAN
Subash
CHAND
Gurdev
CHANDI
Darryl
CHANG
Shelly Yih-Wen
CHANG
Susie
CHANG
Hsuan-Yi (Jenny) CHAO
Monique
CHARBONEAU
Ellina
CHARIPOVA
Ratika
CHAUDHARY
Ramanjit
CHEEMA
Lixin
CHEN
Congratulations to BC’s 503 Successful
UFE Candidates for 2010!
Yi
CHEN
Allan
CHENG
Quan
CHENG
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Alexander
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IORIO
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JESOVNIK
Michael
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JOBB
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JOHNSTON
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National
Honour Roll

January 2011 ica.bc.ca 27
Anuja
JUMANI
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JUNG
Christopher
JURY
Theodore
KEBEDE
Nicole
KELEMEN
Satinderjit
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MUZZIN
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Christine
NELSON
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QI
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Ryan
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Lori
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Han
SHU
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Leja
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Dian
SINAGA
Lorne Angus
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Jason
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Gwennie
SIU
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James
SMEATON
Nick
SMITH
Stefanie
SO
Jeminah
SOLIMAN
Andrew
SOMERS
Eva
SOPPIT
Matthew
SPLINTER
Ryan
STASCHUK
continued on page 28

BC’s Successful UFE Candidates
continued
Jacqueline STEVENS
Jonathan STEWART
Lavonne STEWART
Richard STOLZ
Andrea STUART
Yuki
SUGIYAMA
Jimmy SUM
Jennifer SUNG
Brent
SUTHERLAND
Amanda SYTSMA
Dayna SZYNDROWSKI
Kyle
TAKEUCHI
Stefanny TAM
Junko TAMASHIRO
Kevin
TANG
Adrienne TAYLOR
Ashleigh TAYLOR
Megan TERRILL
Geoffrey TESSAROLO
Rachel THOMAS
Robyn THOMSON
Jason
TIESSEN
Natalie TIMLER
Jennie TO
Julia
TOMPA
Winnie TONG
Shahed TOOTOONIAN
Joy
TOU
Shaun TROWSDALE
Molika TRUEMAN
Wan-Hsien (Nina) TSAI
Yun-Lin
Nina
Jameel
Roberto
Jeffrey
Kimberly
Gregory
Tatjana
Jan
Gianni
Jeannette
Omar
Ketan
Jonathan
Jamie
Sarah
Lingya
Elizabeth
Jeffrey
Benjamin
Crysta
Siqi
Wen (Alice)
Laura
Scott
Robert
Ryan
Andrew
Jeremy
Brenda
Amanda
TSENG
TURKIEWICZ
VAGHELA
VALENTE
VAN JAARSVELD
VAN WIEREN
VANDERGAAG
VAREP
VEIEL
VELTRI
VERGARA
VISRAM
VOHORA
VONDETTE
WALGREN
WALSH
WANG
WARNICA
WASYLIW
WATERER
WEBB
WEI
WEN
WENSLEY
WHITE
WIDDESS
WILCOX
WILLIAMS
WOENSDREGT
WOLFRAM
WONG
Richard
Timothy
Travis
Tyler
Dorothy
Bentley
Peter
Chun
Jacqueline
Yi
Jeffrey
Ersu
Ying
Lee
Shuangjie
Yi
Krystal
Melissa
Man Wah
Jeffery
Jennifer
Kevin
Lawrence
Sharon
Sharon
Kyung-Ah
Sara
Rong
Cong
Min
Xiaoling
WONG
WONG
WONG
WONG
WOO
WOOD
WOODRUFF
WU
WU
WU
WUBS
XU
XU
YAKUBOWICH
YANG
YAO
YEE
YEOMANS
YIP
YOUNG
YU
YU
YUEN
YUEN
YUEN
YUN
ZACHARIAS
ZHAO
ZHOU
ZHOU
ZHOU
THE DEDICATION. THE CHALLENGE.
THE RESULTS.
Wolrige Mahon congratulates our successful UFE
writers – Adrian Dickman, Kyle Takeuchi, Adrienne
Clarotto, David Sebastian and Justin Sebulsky.
We are proud to develop quality professionals to
manage the needs of our valued clients.
Our firm consistently demonstrates high UFE pass
rates year after year, and this year is no exception with
a 100% pass rate!
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28 ica.bc.ca January 2011

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CA Specialist Designations Series
By Marlyn Won, CA, CMA, MAcc, and Michelle McRae
When it comes to your career, have you considered using the CA designation as a springboard into a specialty area? Specialization is a topic of
interest for many ICABC members—from newly qualified CAs wanting to explore career options to well-established CAs looking to increase
their expertise in a particular field. If you’re among them, you may be wondering if earning a CA specialist designation is the right choice for
you at this point in your career.
To help you answer this question, we’ve put together a four-part series on the six CA specialist designations currently endorsed by the Chartered Accountants
of Canada (see chart on page 31). Our first instalment profiles the CA·CIA designation for CAs working in internal audit. Look for information on the
CA·CBV, CA·CIRP, CA·CISA, CA·IFA, and CA·IT designations in upcoming issues of the magazine.
Our thanks to the CA specialist designees who agreed to be interviewed for this series.
Part 1: CA·CIA
Under an agreement between the CICA’s National Specialization Council and the Institute of Internal
Auditors (IIA), the CICA recognizes the IIA’s Certified Internal Auditor (CIA) program as the specialist
certification program for CAs working in internal audit.
The CIA designation was established in 1974. It is recognized internationally, and there are now
more than 60,000 active CIA designees worldwide. The designation signifies proficiency in internal
audit, management controls, corporate governance, and risk management, and, as such, is applicable
to all sectors.
To gain some insight into what it means to hold this designation, we spoke to three BC CA·CIAs:
Gurmit Aujla, CA·CIA, is the director of Internal Audit at the British Columbia Lottery Corporation
in Richmond. He earned his CA·CIA designation in 2000. David Chiang, CA·CIA, is the general
manager and director of Professional Services with ACL Services Ltd., a Vancouver-based software
company that provides audit analytic technologies
to the governance, risk, and compliance market.
He earned his CA·CIA designation in 2001.
Lisa Dorian, CA·CIA, is the president of
PowellDorian, a consulting firm in Vancouver
that focuses on governance, risk, and controls
to help companies maximize and protect shareholder
value. She earned her CA·CIA designation
in 2004.
Gurmit Aujla,
CA·CIA
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David Chiang,
CA·CIA
Call your Investment Advisor or visit
www.growthworks.ca/wof
Lisa Dorian,
CA·CIA
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and expenses all may be associated with investment
fund purchases. Please read the prospectus before
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30 ica.bc.ca January 2011

Why did you pursue the CIA?
Gurmit Aujla, CA·CIA: The opportunity to
travel internationally and work with the operational
side of the business enticed me into the
internal audit industry. The CIA designation
allows you to be best-in-class and a leader in this
field. It lays the foundation for working in the
internal audit environment, and it’s the standard
by which internal auditors demonstrate their
competency and professionalism.
David Chiang, CA·CIA: When I joined ACL
Services, my mandate was to grow its technologyenabled
consulting practice. It was a natural fit
for me to extend my expertise by becoming a
CIA. I initially compared the CIA and the CISA,
as both are relevant for our consulting, but
because my primary contacts in our customer
base are chief auditors, the CIA was the preferred
designation.
Lisa Dorian, CA·CIA: I was helping a financial
services client set up their business, and one of the
last items for me to do was to hire an internal auditor.
When I suggested that the client outsource
CICA-Endorsed Specialist Designations
Specialist Designation Issuing Body or Website
Accredited Organization
CA·CIA Institute of Internal Auditors cica.ca/cia
(Certified Internal Auditor)
CA·CBV Canadian Institute of Chartered cica.ca/cbv
(Chartered Business Valuator) Business Valuators
CA·CIRP Canadian Association of Insolvency cica.ca/cirp
(Chartered Insolvency and and Restructuring Professionals
Restructuring Professional)
CA·CISA Information Systems Audit cica.ca/cisa
(Certified Information
and Control Association
Systems Auditor)
CA·IFA CICA Alliance for Excellence in cica.ca/ifa
(Investigative and
Investigative and Forensic Accounting
Forensic Accounting)
CA·IT CICA Alliance for Excellence in cica.ca/it
(Information Technology) Information Technology
since they didn’t require a full-time resource, they asked me to fill the role. After much consideration and discussion, I agreed. I recognized that in order to
fulfil my responsibilities to the best of my abilities, I would need more training. I did some research and determined that the CIA designation would meet
my needs perfectly. What I liked most about the CIA is that it provides a basis for the skills and knowledge required by anyone involved in internal audit.
Our team has over 35 years experience valuing businesses across
virtually every industry sector in Canada. With offices in Vancouver,
Kelowna, and an affiliated office in Toronto, we service clients
across the country.
In an ever increasing world of specialization, we act as business
valuation consultants to chartered accountants, lawyers and their
clients. We work closely with CA’s and lawyers as we are specialists
only in business valuations and related areas. Through Tailwind
Corporate Finance we are active in the mergers and acquisitions midmarket
and advise both buyers and sellers of mid-sized businesses.
Donald M. Spence, FCA, FCBV, C.ARB.
dspence@spencevaluation.com
For more information about our services, please contact one of our
team members: Don Spence, FCA, FCBV, C.ARB., Derek Sanders, CA, CBV, CFA,
or Tracey Harrop-Printz, CGA.
1.800.658.7450 www.spencevaluation.com
www.tailwindgroup.ca
Mergers and Acquisitions | Business Valuations | Financial Litigation Support
T O R O N T O 416.255.0993 K E L O W N A 250.448.7450 V A N C O U V E R 604.678.6411
January 2011 ica.bc.ca 31

Once I had the CIA designation, it made sense
to apply for the specialist designation and become
a CA·CIA to demonstrate my specialty in the
area of governance, risk, and control.
At what point in your career
did you get the CIA?
David: I qualified as a CA in 1993 and received
my CIA eight years later, in 2001. By that point,
I was already well-established in the professional
advisory area as a CA and certified management
consultant. When I joined ACL, where the
customer base is primarily internal audit professionals,
I saw the CIA designation as a means to
establish credibility.
Lisa: I obtained my CIA 10 years post-CA
qualification. I was fairly well-established
already, having held controllership and CFO
positions before trying my hand at consulting.
When I agreed to get into internal audit, I wanted
to make sure that I had the knowledge behind
me to support and lend credibility to my work,
and the CIA designation did that for me. And
when I truly understood what internal auditing
was all about, I realized that this was more than
just a part-time gig, and that internal audit absolutely
is a value-added role in any organization.
Gurmit: I got my CA in 1999 and my CIA
shortly thereafter, in 2000. I was among the first
group to receive the CA·CIA specialist designation.
At the time, I was working at my first job
in internal audit, and the CIA designation was
a great way to improve my technical skills and
better understand the internal audit field.
What was the process like for
you?
Lisa: I found it to be fairly straightforward. I put
in my required internal audit time and then
wrote the exams. Since the skills of a CA are
complementary to the internal audit profession,
I only needed to write three of the four exams.
I used a series of self-study books and studied
during any spare time, including when I went
on a three-week vacation to Mexico. I have
to say that was one of my more “interesting”
vacations! I sat by the pool for several hours
every day, reading a book with the acronym
“CIA” emblazoned across the front cover, and a
few people asked me if I was studying to become
a federal agent!
I think the entire process ended up taking
around two years, start to finish. I made things a
little more difficult on myself by choosing to sit
for all three exams at once instead of spreading it
out more; however, I was happy I had that option,
as it forced me to commit to the process
and prepare properly. The process itself has
become somewhat easier now, as the exams are now
computer-based, and results are instantaneous.
Now that I have the specialist designation,
I maintain it by obtaining the majority of
my continuing professional development hours
in the area of governance, risk, and control,
both through attending courses/ webinars and
putting them on as well.
David: The process involved self-study to
prepare for the four-part, multiple-choice exam
(though, as mentioned, CAs and other certified
professionals are exempted from one of the four
exams). The benefit of self-study is that you can
go through the materials at your own pace.
When I wrote the CIA exams, they were
paper-based, but now, you can walk into an
exam centre and write the exam electronically
whenever you feel ready.
I completed the CIA in less than one year and
wrote all the CIA exams at the same time. With
the convenient electronic examination process
for newer candidates, a typical timeframe can be
to write the exams over a period of a year or
more. However, you still need the practical audit
32 ica.bc.ca January 2011

experience as part of the accreditation process.
Gurmit: It only took me a couple of months,
but it depends on the amount of time you’re
able to commit. It’s no easy task, but it’s worth
the effort. What I liked best about the program
was the wide breath of knowledge tested. And
the focus on IT was a pleasant surprise.
What benefits have you
experienced?
Gurmit: The designation is good for career
advancement and success, because you’re seen as
the expert in your field. It increases your earning
potential, and makes you more competitive in
the job market. It also gives you opportunities to
work with large international companies, as
you’re able to apply your skill-set in different
international settings.
While working with an international company,
my CA·CIA designation gave me increased
exposure to the Asian and European markets. It
allowed me to work with colleagues from Asia,
Europe, and Africa to get an understanding of
their audit practices. Now, at the BC Lottery
Corporation, the CA·CIA designation brings
added respect, and quite often I am seen as the
governance and control “go-to guy.”
David: As a specialist in technology-enabled
audit, I’ve had the opportunity to work on some
very interesting customer engagements, from
fraud detection to enterprise-wide controls
monitoring. As well, I’ve contributed to the
development of market-leading technology solutions
for data analysis and continuous auditing.
In addition, I’m frequently invited to speak as
a thought leader on data analytics at professional
conferences. I’ve presented at over 30 conferences,
and enjoy sharing case studies and best
practices. I’ve authored articles and contributed
to various blogs, and I’ve also had the pleasure
of travelling to different conference and client
locations.
The CIA designation has also been especially
helpful in my governance work as a member of
several audit committees. It is an extra value-add
when dealing with chief auditors, external
auditors and other audit committee members—
especially those not deeply familiar with
controls.
But it’s not just about the designation. My
membership in the IIA has allowed me to
contribute to the internal audit profession—
both at the chapter level, where I’ve served on a
number of boards, and the international level,
where I served on the Professional Issues Committee.
And as an IIA member, I’m able to enjoy
many social, networking, and educational opportunities
hosted regularly by the IIA Vancouver
Chapter.
Lisa: Obtaining my CA gave me a very strong
skill set for analytical thinking and problem
solving, and my CIA designation has provided
additional training and knowledge in the area of
governance, risk, and control. By having a
CA·CIA, I’m able to assure my clients that I
have the appropriate skill-set to carry out my
assignments.
I’ve also had the opportunity to conduct a lot
of training sessions for finance and internal audit
professionals. The specialist designation lends
credibility, and provides a level of comfort to
my audience, letting them know that I’m well
qualified to speak on my subject matter. For me
personally, I want to take the knowledge that
I’ve gained and share it to the best of my ability,
which is why I now spend the majority of my
time training and speaking on this topic.
I have also found that there is a substantial
amount of support material available through
the IIA, and I appreciate that internal audit
standards are very stringent and well thoughtout
to both support and guide internal auditors.
January 2011 ica.bc.ca 33

Who should consider earning
the CIA?
Lisa: Any CA who is involved in or wants to be
involved in the internal audit profession should
consider it. As CAs, we understand basic audit
techniques, but all of our training is focused on
financial statement objectives. Internal audit is
much different, focusing on internal control
objectives. To be a good internal auditor, it’s
important to be more operationally focused and
consider things from a business process perspective.
The CIA training helps refocus that thinking,
and the designation is so valuable in demonstrating
that you’re a specialist.
I also think that when a new CA is looking to
move into industry that he or she should
consider pursuing internal audit as an alternative
to a role in finance. Internal audit gives you the
opportunity to learn all facets of a business and
provides a good career path for anyone who may
want to move into a senior management role.
In fact, when we perform quality assessment
reviews for internal audit departments, one of
the questions we ask is whether the company
uses the internal audit department as a training
ground for high-performing individuals who
have management potential, as this is considered
a best practice.
Gurmit: Anyone serious about a career in internal
audit or risk management should consider
earning the CIA designation.
I think it’s a must-have for new hires in internal
audit who want to move to the top management
positions in the field. It shows commitment, proficiency,
and professionalism, and demonstrates
knowledge, skills, and competency in the internal
audit field. The designation will help distinguish
you from your competition, all other things being
equal. I think it would be seen as a positive even for
an individual who’s not in the internal audit field—
with our expertise in risk and governance, CIAs
would make a welcome addition to any finance
department.
David: Anyone who is involved in controls
and risk management would be ideal for this
designation. Career-minded CAs who are considering
the internal audit profession or servicing
clients who may be chief auditors would
definitely benefit. The CIA can also be considered
if someone is contemplating a career in
compliance or risk management.
What’s the demand in the
marketplace?
David: In the last decade, there has been a
tremendous increase in the number of CIAs
because of the emphasis on stronger financial
controls. US legislation such as Sarbanes-Oxley,
as well as Canada’s equivalent legislation Bill
198, has fuelled this growth. And, it’s still going
strong. President Obama recently signed the
Dodd-Frank Act, which, when rolled out to the
financial services sector, could be the sequel to
SOx. All of this means that controls monitoring
will remain top of mind for many CFOs and
chief auditors, so this area of the profession is
not likely to diminish anytime soon. Anyone
contemplating internal audit or risk management
work in the US will find the CIA a very useful
designation, especially when combined with the
highly regarded CA designation.
Many chief auditors also hold the CIA designation,
and it is recognized internationally as the
premier designation for internal auditors. It
is one of the fastest growing credentials in key
developing areas such as China and Asia.
Lisa: I think demand is higher now than it’s ever
been. The recent financial crisis and the ensuing
difficult times have demonstrated the value that
internal audit can bring to an organization.
Internal auditors are process experts, and truly
understand the linkages between objectives,
risks, and controls. Companies that have
benefited most from their internal audit departments
are those that have embraced internal
audit as a true value-add, rather than just a
compliance function. These companies have
taken advantage of their internal audit teams by
having them perform business process reviews
and facilitate risk and control workshops to
identify areas of potential weakness and find
opportunities for improvement.
Gurmit: There is tremendous focus on risk,
governance, and control at the board level.
Internal auditors are well positioned to assist
audit committees and boards in fulfilling their
governance responsibilities. This creates high
demand and opportunities for CA·CIA specialists.
Any advice or lessons
learned?
Gurmit: I’d advise CAs who are interested in
internal audit to use the CIA as a launch pad for
their careers. Use it to move you from good to
great in the internal audit field. Use the designation
to take control of your career and open doors to
different job opportunities in the internal audit
field. Use it to increase confidence (it makes you
the expert), and don’t be afraid to take on new
issues and opportunities.
David: A well-developed internal audit department
should have professionally trained auditors.
Having CA·CIA specialists on staff is a tremendous
asset to executive management and the
audit committee, who often rely heavily on the
expertise that these professionals bring.
Lisa: In order to add value to an organization,
you need to demonstrate that you take your
profession seriously. Obtaining a specialist
designation like the CA·CIA is one of the best
ways to demonstrate this. However, the
obligation doesn’t stop there. Strive to be the best
you can be in the organization by continuing to
hone your skills. Learn how to write for best
effect, take communication courses to allow you
to communicate at all levels of the organization,
and always pursue learning opportunities to
keep you at the leading edge.
I’d also recommend joining networks like
those offered through the IIA and even Linked-
In groups, where you can join in on discussions
related to topic areas that interest you. For
example, I belong to several LinkedIn groups on
risk management, since this is the area of specific
focus for me, and I find the discussions highly
valuable and insightful. What I like most is that
these discussions provide the perspectives of
peers and enable me to tap into their collective
experience.
In summary...
We hope these testimonials have given you
some food for thought. If you’re a CA who’s
keenly interested in internal audit, management
controls, corporate governance, and risk management,
the CA·CIA designation is clearly something
to consider.
If you’d like to learn more about the designation,
you can visit the CICA website at www.cica/cia
and the IIA website at www.theiia.org. And
if you want to explore other specialist areas,
be sure to check out the February/March issue
of Beyond Numbers for profiles of other designations.
Marlyn Won, CA, CMA, MAcc, is the president
of MW & Associates Advisory Services Ltd., a
Vancouver-based management consulting firm.
34 ica.bc.ca January 2011

Left to Right:
Chad Rutquist, Farida Sukhia, Chris Halsey-Brandt, Ron Parks, Spencer Cotton,
Rosanne Terhart, Robert D. Mackay, Gary M. W. Mynett, Hugh G. Livingstone,
Cheryl Shearer, Jeff P. Matthews, Kiu Ghanavizchian, Vern Blai r.
Blair Mackay Mynett Valuations Inc.
is the leading independent business valuation and litigation support practice in British
Columbia. Our practice focus is on business valuations, mergers and acquisitions,
economic loss claims, forensic accounting and other litigation accounting matters.
We can be part of your team, providing you with the experience your clients require.
Suite 1100
1177 West Hastings Street
Vancouver, BC, V6E 4T5
Telephone: 604.687.4544
Facsimile: 604.687.4577
www.bmmvaluations.com
Vern Blair: 604.697.5276
Rob Mackay: 604.697.5201
Gary Mynett: 604.697.5202
Ron Parks: 604.697.5242
Hugh Livingstone: 604.697.5238
Spencer Cotton: 604.697.5212
Jeff Matthews: 604.697.5203
Cheryl Shearer: 604.697.5293
Rosanne Terhart: 604.697.5286
Farida Sukhia: 604.697.5271
Chris Halsey-Brandt: 604.697.5294
Kiu Ghanavizchian: 604.697.5297
Chad Rutquist: 604.697.5283

Tax Traps & Tips
Reportable
Transactions
By Hayley Laker
On August 27, 2010, Canada’s Department
of Finance followed the lead of
the Province of Quebec, releasing
draft legislation requiring taxpayers to divulge
the details of certain transactions that fit within
what it characterizes as “aggressive tax planning.”
While, at first glance, the proposed legislation
appears less onerous than the Quebec legislation,
failure to give the proposed federal rules adequate
consideration could lead to troubling results for
taxpayers and their advisors.
A brief overview of the federal
legislation
The proposed rules generally require that an
information return be filed in respect of any
“reportable transaction.” In order to be reportable,
a transaction must first be an “avoidance transaction”
as defined for the purposes of the general
anti-avoidance rule (GAAR). In general, this is
a transaction that results in a “tax benefit” 1 —
either by itself or as part of a series of
transactions—unless the transaction may reasonably
be considered to have been undertaken
or arranged primarily for bona fide purposes
other than to obtain the tax benefit.
An avoidance transaction is “reportable” where
two out of the three following hallmarks are
present:
1. A promoter or tax advisor is paid a
“contingent fee.”
A contingent fee includes a fee that is: a)
based on the amount of resulting tax benefit;
b) contingent on the tax benefit being
obtained; or c) attributable to the number of
persons who participate or who have been
provided access to advice regarding the tax
consequences of the arrangement.
2. The promoter or tax advisor required “confidential protection” with respect to the transaction.
Confidential protection refers generally to confidentiality obligations with respect to details or
structure of the transaction imposed by a promoter or tax advisor on the taxpayer.
3. “Contractual protection” was provided to the taxpayer, advisor, or promoter.
Contractual protection may include: a) insurance or other protection against a failure of the transaction
or series to achieve the indicated tax benefit; b) payment for or reimbursement of any
expense, fee, tax, interest, penalty, or similar amount incurred in the course of a dispute relating
to the trans-action or series; and c) assistance provided in the course of such a dispute.
A reportable transaction must be reported by a person who seeks to obtain a tax benefit from the
transaction or series; a person who enters into a reportable transaction for the benefit of another taxpayer;
and/or a promoter or advisor who is entitled to a contingent fee as described above. While each
of these parties is subject to the reporting obligation, the filing of a complete disclosure by one of the
parties would satisfy the obligations of all of the parties.
The information return must be filed by June 30th of the calendar year after the year in which the
transaction first became a reportable transaction; this deadline applies even if the taxpayer has a taxation
year other than the calendar year. In addition, note that the “reportable transaction” may occur
years before the related tax benefit arises in cases where the transaction is a part of a series of transactions
undertaken to obtain said benefit.
The first consequence of failure to file an information return in respect of a reportable transaction is
that the person obtaining the tax benefit from the transaction is liable for a penalty equal to the amount
of the fees to which the promoter or advisor is entitled. In addition, for so long as the penalty and any
interest thereon remains unpaid, the tax benefit may be denied.
Potential hazards
There are a number of areas where the draft legislation may put taxpayers and their advisors at
significant risk.
Confidential protection
The definition of confidential protection is, arguably, too broad. For example, it may include
relationships between taxpayers and their advisors if engagement letters are phrased without attention
to these rules. Indeed, it has been suggested that an issue could arise as a result of something so simple
as noting that an opinion or technical analysis is “Private and Confidential,” if the word “confidential”
is understood to mean that the advisor is asserting confidentiality against the client.
Contractual protection
While a tax advisor may not provide obvious contractual protection, it is conceivable that fee reductions
and/or write-offs in respect of a transaction that fails to provide the desired tax benefit could give rise
to inadvertent applications of the reportable transaction rules.
1
The term “tax benefit” is defined in the current GAAR legislation as a reduction, avoidance, or deferral of tax or other amount payable under the Income
Tax Act, or an increase in a refund of tax or other amount under the Income Tax Act.
36 ica.bc.ca January 2011

Series
The reportable transaction rules will apply to
both: 1) transactions entered into after 2010,
and 2) series of transactions that began before
2011 and were completed after 2010. The
potential application of the rules to a series that
began before the rules were proposed is very
troubling—particularly given the expanded
notion of the term “series,” resulting from the
application of subsection 248(10) and the
related jurisprudence. 2
This expanded notion of “series” includes not
only pre-ordained transactions, which are
practically certain to occur, but also other
transactions completed “in contemplation of”
the series—with no requirement that the related
transactions be pre-ordained or that there be
actual knowledge of the series at the time.
Self-assessment of two GAAR
requirements
The proposed legislation is careful to point
out that the filing of an information return in
respect of a reportable transaction is not an
admission that GAAR applies. However, given
that the reportable transaction definition includes
two of the three GAAR requirements (“tax
benefit” and “avoidance transaction”), it is
difficult to imagine—at a practical level—that
CRA auditors will not regard it as such. And
it will be cold comfort to the taxpayer if the
apparent admission is rejected only after they’ve
incurred the costs and aggravation of appealing
to the Tax Court of Canada.
The upshot
In light of all of the uncertainties and risks suggested
above, taxpayers would be well advised to
avoid falling under the purview of the reportable
transaction rules if at all possible.
VP Finance – $180,000
This candidate has worked in a public
resource company as the CFO for 3
years and assisted the company at
a strategic, senior level. They have
acted as a key resource to the Board
of Directors and Senior Management
Team in directing the activities of key
overall financial planning and direction,
spearheading regulatory reporting, dealing
with IFRS issues, examining internal
controls, liaising with outside advisors
such as external accountant, lawyers, the
investment community etc, overseeing
budgeting, cash flows, internal controls,
information technology and being a
leader in the company regarding financial
affairs. This person is looking for a similar
position in a growing, public company
where they can lead the company into
further success.
Controller - $100,000
Our candidate has a proven track record
of functioning as a Controller for 2 different
companies in the resource and
technology industries. They have both
public and private company experience
and have performed in a senior role as
a Controller. They are experienced with
staff supervision and consider the mentoring
of staff as one of their strengths.
They are desirous of working in a stable
but growing organization, where they can
make difference
Senior Accountant - $60,000
This person has 6 years of progressive
accounting experience, where they have
moved up the ladder from accounts payable
clerk to senior accountant. They
are very experienced with all accounting
duties up to financial statement preparation.
They are in the final stages of the
accounting program and expect their
designation in a year. They enjoy working
with staff but also having a change to be
part of the big picture with a progressive
company.
Intermediate Accountant - $45,000
Our very motivated candidate has 3 years
of accounting experience and started,
initially, in a junior role doing accounts
receivable and accounts payable. They
are now doing account reconciliations,
journal entries, regulatory payments,
payroll and wish to continue progressing
in their career. They are in the 3rd year
of an accounting program and plan to
continue. They would like to work in a
company that offers them career growth
but still the chance to be mentored by a
designated accountant.
Accounts Payable – $40,000
This candidate enjoys accounts payable
and is not pursuing an accounting program.
They have 2 years of experience in
the accounts payable area and would like
to work in a company where the environment
is stable and where they don’t have
a long commute. They are very familiar
with all aspects of accounts payable.
Hayley Laker is an associate with Moskowitz &
Meredith LLP, an affiliate of KPMG LLP. She
specializes in international corporate tax.
2
Including, notably, OSFC Holdings Ltd. v.
Canada, 2001 FCA 260 and Canada Trustco
Mortgage Co. v. Canada, 2005 SCC 54.

PD News
WINTER PD PROGRAM
For detailed course descriptions or a complete
schedule of upcoming PD seminars, consult
your winter 2011 PD brochure or visit our
website at www.icabc-pd.com. To register, call
the PD department at 604-681-3264.
FREE PD
Climate Change Action in BC – A Panel
Discussion on Regulations and Opportunities
Kick off the new year with this free PD event
to get a current overview of climate change
action in BC. This session will focus on the
latest developments in BC and the risks and
opportunities with respect to greenhouse gas
emissions.
Through their front-line involvement in regulatory
compliance, the cap and trade program,
and industry consultations, the panellists will
be able to share valuable insights on current
developments and opportunities in BC’s environmental
landscape.
This seminar is FREE only for ICABC members.
Pre-registration is required.
Jan 18, 7:30-9:30am, Vancouver
Accounting & Assurance
NEW – ASPE: A Survey of the Standards
This seminar is designed for individuals seeking
an in-depth, detailed review of ASPE. Although
it will focus solely on ASPE, rather than comparing
ASPE to IFRS or GAAP, the course will
have broad appeal, and will be equally applicable
to corporate and non-corporate private enterprises.
Jan 20-21, 9am-5pm, Surrey
Jan 24-25, 9am-5pm, Kamloops
Jan 31-Feb 1, 9am-5pm, Victoria
Feb 7-8, 9am-5pm, Prince George
Feb 10-11, 9am-5pm, Abbotsford
Feb 14-15, 9am-5pm, Vancouver
Feb 17-18, 9am-5pm, Kelowna
Mar 10-11, 9am-5pm, Vancouver
IFRS – Application to the Forest Industry
This seminar will help participants understand
the implications of IFRS for the forest industry—including
the major challenges posed by
the application of the standards in this sector.
The course will provide broad but practical
perspectives.
Mar 10, 9am-5pm, Vancouver
NEW – PSAB 101
This seminar will help participants understand
the types of entities that fall under the purview
of the Public Sector Accounting Board, the
applicable standards in the PSAB Handbook., and
the impact of these standards on the preparation
of financial statements.
The course will review the key recommendations
of the PSAB Handbook, and a variety of
examples will be used to help participants understand
the application of these recommendations.
The course will also examine the transitional
issues that can arise during a first-time adoption,
or as a result of changes to the standards or a
change in the designation of an entity required
to apply the PSAB Handbook.
Mar 9, 9am-5pm, Vancouver
Management
NEW – Speak for Impact for Financial
Professionals
You may be a subject-matter expert with years of
experience, but this alone will not make you a
strong speaker or presenter. If you want to inform,
influence, or inspire others, you must also
be clear and compelling.
In this practical, hands-on seminar, you will
learn how to develop and deliver your message
to speak with greater impact.
Mar 15, 9am-5pm, Vancouver
Think on Your Feet®
This practical, intensive workshop teaches participants
how to speak spontaneously with clarity
and impact. The goal is to help participants
reduce the time it takes to communicate clearly.
The Think on Your Feet® communications
system flows from a simple idea: Clear speaking
is clear thinking. And clear, coherent thinking
demands structure more so than genius—it
requires logical, simple plans that format ideas
in memorable ways.
Mar 9, 9am-5pm, Vancouver
Project Management Essentials
This workshop will give participants a high-level
understanding of the project management
process, and will establish a common language,
framework, and set of tools for project work. It
will include hands-on, case-study-based practice
with successful project management techniques,
in a setting that both illustrates and requires
collaborative behaviour.
Mar 8, 9am-5pm, Vancouver
Taxation
GST/HST Refresher for Professionals
The application of GST/HST is often far more
complex than practitioners or businesses realize.
The harmonization of BC and Ontario in July
2010 has made this area even more complex.
This course will review important concepts, including:
HST place of supply rules; taxable supplies
and deemed supplies; input tax credit entitlements;
and some of the more common and important
exemptions and zero-rating provisions.
Jan 26, 9am-5pm, Vancouver
Navigating the Minefield of Voluntary
Disclosure
This seminar will help practitioners understand
the voluntary disclosure process and how best to
achieve optimal results for the client.
Feb 22, 7:30-9:30am, Vancouver
Tax Returns - Personal
This seminar will provide participants with a
broad overview of the income tax provisions that
can affect taxpayers when it comes to filing their
personal tax returns.
Jan 19, 9am-5pm, Vancouver
Jan 27, 9am-5pm, Victoria
Taxation of Employee Benefits
This half-day seminar will review the income tax
implications of benefits conferred on employees
by their employers, including owner-managers
and employees who are unrelated to the employer.
Jan 21, 9am-12:30pm, Vancouver
38 ica.bc.ca January 2011

Announcing the 2nd Annual
CICA’s Commodity
Tax Symposium – WEST
FEBRUARY 28-MARCH 1, 2011 • WESTIN CALGARY • CALGARY, AB
For professionals who are serious about working in, or
advising businesses in the area of indirect taxation.
Join us for the Commodity Tax Symposium – WEST as we look at
the aftermath of the transition to HST, what went right, what went
wrong, what’s left to do…
Symposium Highlights Include:
• Keynote address by Dr. Jack Mintz, Palmer Chair in Public
Policy, University of Calgary
• Case law updates and other developments in jurisprudence
• Energy, Resources and Utilities updates
• Latest information on Rebates for Pension Plans
• Updates on GST, Customs and International Trade
legislative developments
• CRA update
For additional Symposium information and to register online, visit:
www.cpd.cica.ca/CTSWest
Symposium Sponsor:
Exhibitor:

Plugged In: News for and about members & students
Announcements
Congratulations!
Arvinder Bubber, FCA, of A.S. Bubber & Associates Inc in Surrey, was named Surrey’s Business Person of the Year in 2010.
The award was one of eight presented at the 12th annual Surrey Business Excellence Awards, a Surrey Board of Trade event
sponsored by Kwantlen Polytechnic University and the TD Bank. Bubber is the founding chancellor of Kwantlen Polytechnic
University, and was nominated for his contributions to the community—particularly his commitment to making education
more accessible for all.
Michael Cheung, CA, has been appointed vice-president of business development and investor relations at Zongshen PEM
Power Systems Inc. Cheung was previously the chief financial officer of PenderFund Capital Management Inc.
Michael Dillabaugh, CA, was appointed manager of finance for the District of Sooke on November 1, 2010. He previously
worked as an auditor with the Office of the Auditor General of British Columbia.
David Mitchell, CA, a partner with KNV Chartered Accountants LLP in Surrey, was named board chair of Fraser Health in
November 2010. He replaced Gordon Barefoot, FCA, of Cabgor Management Inc. in Surrey, who stepped down in October
2010 after four years on the board (three of them as chair).
Mitchell is also the director of the Peace Arch Hospital and Community Health Foundation (PAHCHF) board. In addition,
he is a director of the White Rock South Surrey Community Foundation and past-director of the Surrey Memorial Hospital
Foundation. Mitchell has received the PAHCHF Laftin Award for Service, the White Rock South Surrey Chamber of
Commerce Business Excellence Award for Independent Business Person of the Year, the Rotary Foundation of White Rock
Paul Harris Fellowship, and a 2007 ICABC Community Service Award.
Martin Rutherford, CA, of Grant Thornton LLP in Kelowna, was appointed to the 2010/2011 board of the Okanagan Science
and Technology Council in late October of 2010. The not-for-profit, membership-driven organization fosters an
environment that supports science and technology initiatives by acting as a representative and advocate for the interests
of members and the business community as a whole.
Hari Varshney, FCA, and Praveen Varshney, CA, would like to announce that after a very long run at Cathedral Place,
Varshney Capital Corp. has moved to a new location: PO Box 11121, Suite 2050 - 1055 West Georgia St., Vancouver, BC, V6E 3P3.
The phone and fax numbers have remained the same.
In memoriam
Our deepest condolences to the family and friends of Anita Lynn Cochrane, CA (née Bassett). Anita passed away on
October 5, 2010, following a courageous battle with cancer. She was 39 years old.
Anita became a CA in December 1999, after completing her articles in Prince George. She subsequently moved to Vancouver,
where she and her husband Mike were married in 2001. Shortly after the couple’s honeymoon, Anita was diagnosed with breast
cancer. Determined to live a full life, she remained active—continuing to work as a controller with Sun Rich Fresh Foods Inc. in
Richmond, joining the Abreast in a Boat dragon boat team, and participating in the Weekend to End Breast Cancer (now
known as the Weekend to End Women’s Cancers) fundraising event, for which she founded Team LiveStrong.
She also became a competitive curler. An active member of the Royal City Curling Club, she competed on the team that
represented BC in the national mixed curling championships in 2008, where she was named the most sportsmanlike player.
When she became unable to play, Anita started coaching. She took the ladies’ and junior girls’ teams to the provincials in
2009, and was named the BC Curling Coach of the Year for 2010. She also coached her father on the Australian Senior
Men’s team, leading the team to a bronze medal at the world championships in 2010.
Anita is survived by her husband, parents, brother, in-laws, and the many hundreds of friends she inspired. A celebration
of her life was held in Vancouver on October 16, 2010. Donations in her memory may be made in her name to the
BC Cancer Foundation at www.bccancerfoundatlon.com or by calling 604-877-6040.
40 ica.bc.ca January 2011

FVCAA Event Notice
The Fraser Valley CA Association (FVCAA) is pleased to announce a special
keynote presentation with Auditor General Sheila Fraser, FCA, on February 17,
2011. The event will take place at the Ramada Plaza & Conference Centre in
Abbotsford. There will be advance table sales for this breakfast meeting event.
Register by emailing laurie@fvcaa.ca.
ICABC Social Networking Group Event Notice
Save the Date!
The ICABC Social Networking Group is planning a wine tasting event at the
Regional Tasting Lounge in Yaletown. The venue is tentatively booked for
Thursday, February 10, 2011. A registration email will be sent to ICABC members
in the Lower Mainland in mid-January. We hope to see you there!
BC AGM Advance Notice:
2011 AGM and Members’ Recognition Dinner
The ICABC’s 2011 annual general meeting is scheduled to take place on the
afternoon of June 22, 2011, in Vancouver. Directly following the AGM will be the
11th annual Members’ Recognition Dinner. So mark your calendars now, and join
us for both events! Details will be provided in upcoming issues of Beyond
Numbers.
Notice to all Yukon Members:
2010 ICAYK AGM Draft Minutes
The 34th annual general meeting of the Institute of Chartered Accountants of
the Yukon was held on June 25, 2010, at the Edgewater Hotel in Whitehorse.
The draft minutes from the meeting are now available on the Yukon Institute’s
website at www.icayk.com. If you do not have access to the Internet and would
like to review the minutes, you can request that a hard copy of the draft minutes
be mailed to you by contacting the BC Institute office at 604-681-3264 or
1-800-663-2677 (toll free in BC).
PRL Notice – Cancelled Licences
Pursuant to its meeting of November 19, 2010, the Practice Review & Licensing
Committee announces that the following firms are no longer in public practice
under these names:
Firm Name
Amy Brosinski
David P. Chisholm Inc.
Gayle Corry
Glenn P Cowan
Marsh & Marsh Inc.
City
Chilliwack
Victoria
Whitehorse
Kelowna
Vancouver
BCSC Launches New
InvestRight Website
The BC Securities Commission
recently launched its redesigned
InvestRight.org website, designed to
help investors protect themselves
against scams, Ponzi schemes, and
investment frauds. The BCSC aims to
help investors identify and avoid traps
set by fraudsters, learn which
investments are high risk, understand
the risks of private company
investment, and learn to recognize
the red flags of investment fraud—like
offers for high returns at no risk,
insider tips, and the lure of tax-free
investments offshore.
Think it can’t happen to you or
someone you know? Consider this:
According to the CSA Investor Index
2009 (commissioned by the
Canadian Securities Administrators
and conducted by Ipsos Reid), four
out of ten Canadians have been
approached with a fraudulent
investment, and 4% of Canadians
have given money to investment
frauds.
InvestRight is designed to help you
and your clients make informed
investment decisions and know which
questions to ask to avoid becoming
victims of fraud. The site targets
investors of all levels of sophistication.
It offers a range of resources,
including investor alerts about the
latest scams, basic advice on working
with an advisor, definitions of market
language, and worksheets to help
investors monitor their portfolios.
To check out the new site, go to:
www.investright.org.
January 2011 ica.bc.ca 41

Plugged In: News continued for and about members & students
Association of Chartered Accountants in the US
Did you know that there’s an organization for chartered accountants living in the US?
Founded in 1980, the Association of Chartered Accountants in the US (ACAUS—commonly pronounced “a-cause”) is a
not-for-profit professional and educational organization dedicated exclusively to representing the interests of CAs who are
living in the United States. Currently, there are more than 6,500 such individuals, and almost 2,200 are from Canada (the
balance come from Australia, England & Wales, Ireland, New Zealand, South Africa, and Scotland).
Two CAs with Canadian roots are at the helm of ACAUS: Lindi Jarvis, CA, is the president; and Robert McDonald, CA, is
serving as secretary. Both have been involved with ACAUS since 2008.
Jarvis is a CA from Alberta and currently lives in New York City, where she specializes in forensic accounting as managing
director of FTI Consulting. McDonald became a CA in Montreal and currently works as assistant treasurer of Furmanite
Worldwide in Dallas, Texas.
“The ACAUS mission is to facilitate the professional success of our members,” Jarvis says. “If you live in, or intend to move
to, the US in your professional career, then ACAUS is an important component of your working life. It’s a great way to stay
connected with like-minded CAs who are living away from home. Also, the regular social events are a great way to network,
and the periodic webinars are a convenient way to obtain continuing education.”
CAs who are members in good standing of the Canadian provincial institutes are automatically eligible to be members of
ACAUS, at no charge. ACAUS is funded annually by the CICA and the other home institutes, to provide member services
and benefits to US-based CAs.
To register as a member, email the following information to Mike Dexter-Smith, CA, the executive director of ACAUS, at
admin@acaus.org:
• Your CICA membership number;
• The name of your provincial institute; and
• Your US address and phone number.
Once the information has been verified, ACAUS will establish your membership. For more information about ACAUS,
including benefits of membership, go to www.acaus.org.
42 ica.bc.ca January 2011

Ethical Dilemmas continued from page 46
1) The correct answer is C.
According to RPC 204, a “direct financial interest”
includes a financial interest owned through
an intermediary, over which the individual has
control. Because Bob is able to choose the areas
of investment for his self-directed RRSP, he is
deemed to have a direct financial interest in
Baskerville Corporation.
A is incorrect because it is unlikely that Jason
would direct the investment decisions of the
mutual fund; in addition, the mutual fund only
sometimes holds shares of Baskerville, which
suggests that it does not derive its value primarily
from the corporation’s shares. B is incorrect
because an investment made by a spouse is not
considered a direct financial interest; in addition,
direct financial interests held by a spouse are considered
separately within the independence rules.
D is incorrect because Jim’s non-voting status
means that he’s unable to exercise control over the
investment club’s decisions.
2) The correct answer is A.
According to the definition in RPC 204, Jane’s
non-dependent children are not considered part
of her “immediate family”; therefore, Edward’s
financial holdings are not relevant to Jane’s independence.
B is incorrect, because Jane’s
husband Bill is considered part of Jane’s immediate
family; therefore, Bill cannot hold a direct
financial interest in BC Oil Inc. C is incorrect,
because Jane’s father’s estate represents a material
indirect interest in BC Oil Inc.; therefore, it
violates Jane’s independence requirements. D is
incorrect, because stock options qualify as direct
interest, and Jane cannot hold a direct financial
interest in BC Oil Inc.
3) The correct answer is B.
According to RPC 204.4 (6b), this rule would
only apply if Emma owned the shares, and if the
holdings were not immaterial or if significant
influence existed. A is incorrect according to
RPC 204.4 (8), because Alfred’s wife qualifies
as a close family member who owns more than
0.1% of the securities of the client or controls
the client. C is incorrect according to RPC
204.4 (15), because Keith’s close family member
holds a financial reporting oversight role. D is
incorrect according to RPC 204.4 (17), because
Martin was previously in a position to exert direct
and significant influence on the subject matter.
4) The correct answer is D.
RPC 204.8 states that an independence impairment
on an engagement not subject to the
requirements of the independence rules (i.e., on
an engagement where assurance is not being
provided) should be disclosed in the member’s
written report accompanying the financial statements.
A is incorrect, because being a shareholder
of the company is clearly a conflict of independence
that should be disclosed. B and C are also
incorrect; while it would be appropriate to perform
either disclosure in advance of the engagement to
inform the parties involved, neither one meets the
minimum standard outlined in the RPC.
The message
Hope you’ve enjoyed testing your knowledge of
the independence rules. No doubt you did very
well. But remember: If you ever need advice
about independence matters, our Advisory
Services department is here to help. All it takes is
a phone call or an email.
Comments or questions? Contact me
at utley@ica.bc.ca.
The key to attracting and
retaining top fi nancial
talent is here.
Download your FREE 2011
Salary Guide or use our
interactive salary calculator at
roberthalf.ca/SalaryCentre.
Congratulations to B.C.’s successful
Uniform Evaluation Candidates of 2010.
1.800.803.8367
© 2011 Robert Half. 0910-9009
January 2011 ica.bc.ca 43

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January 2011 ica.bc.ca 45

Ethical Dilemmas
A Quiz on
Independence
By Chris Utley, CA
Director of Ethics
Issues involving independence make up some
of the questions received by our Advisory
Services department. This is hardly surprising,
given that independence is a complex and broad
area, with each situation having to be reviewed
on the basis of its own merits.
Ensuring that we maintain appropriate independence
is fundamental to our ability to
provide effective assurance services, and to our
reputation as providers of effective assurance
services. So this month, let’s have a bit of a quiz
about the rules of professional conduct (RPC)
regarding independence (as found in your Members’
Handbook). The questions are presented first, so
no peeking to the end! A hint: Make sure you
read the questions carefully.
Three of the questions focus on the independence
of staff members on audit engagements, while
the fourth concerns disclosure on a compilation
engagement.
Before we begin—my thanks to the Institute of
Chartered Accountants of Ontario, for granting
permission to use and adapt their questions and
answers, originally published in the ICAO’s
2010 CARE Preparation Program Practice
Examination. (Copyright © 2010 The Institute
of Chartered Accountants of Ontario.)
The questions
1) In performing the audit of Baskerville Corporation (Baskerville), a CA firm named Holmes &
Watson is trying to determine if some of its engagement team members have a direct financial interest
in Baskerville for the purposes of the RPC on independence. In which one of the following scenarios
does the engagement team member have a direct financial interest in Baskerville?
A. Jason owns units in a mutual fund that sometimes holds shares of Baskerville.
B. Alice’s spouse owns shares of Baskerville.
C. Bob’s self-directed RRSP has shares of Baskerville.
D. Jim is a non-voting member of an investment club that holds shares of Baskerville.
2) Jane Murray, CA, is the assurance manager on the audit of BC Oil Inc., a Canadian publicly-traded
oil exploration and development company. Which one of the following situations is the most acceptable
under the RPC on independence?
A. Jane’s adult son, Edward, holds 2,000 common shares of BC Oil Inc.
B. Jane’s husband, Bill, holds 300 common shares of BC Oil Inc.
C. The estate of Jane’s father, of which Jane is the sole beneficiary, holds 20% of the outstanding
common shares of BC Oil Inc. (Jane’s father’s accountant is the executor of his estate.)
D. Jane holds 1,000 call options on the common shares of BC Oil Inc.
3) Which one of the following relationships would not preclude the member or student from joining
the assurance engagement team of the firm Spike & Lee?
A. Alfred is an audit manager with Spike & Lee. His wife owns 5% of the shares in one of the firm’s
audit clients.
B. Emma is a student with Spike & Lee. Her father owns shares in a major Canadian retailer. An
audit client of Spike & Lee holds shares in the same retailer.
C. Keith is a CA with Spike & Lee. His brother is the CFO of one of the firm’s audit clients.
D. Martin is a CA with Spike & Lee. He recently returned to the firm after working for three years
as controller for one of the firm’s audit clients.
4) Andrew Roberts, CA, is preparing financial statements for Atlas Corporation (Atlas), in which he is
a significant shareholder. Andrew is not a member of management; rather, he is providing a compilation
engagement for a standard fee and issuing a notice to reader report on the financial statements. Which
one of the following options best describes the disclosure required with respect to this engagement?
A. Andrew doesn’t have to disclose his investment in Atlas, because he isn’t providing assurance on
the financial statements.
B. Andrew should disclose his investment in the company in a letter written directly to the other
shareholders.
C. Andrew should disclose his investment in Atlas in his engagement letter for the compilation
engagement.
D. Andrew should include a note in his notice to reader explaining the independence impairment
caused by his investment.
See page 43 for the answers...
A note to readers: As part of the Institute’s ongoing educational activities for the benefit of the profession, the
Institute published an article in the October 2010 issue of Beyond Numbers about a disagreement between fictitious
chartered accountants involving a fictitious municipality. It was never the Institute’s intention to refer to actual
members or an actual municipality. In fact, the article was based on a number of different cases with many facts
fictionalised. The article was never intended to describe any specific situation. Nevertheless, the Institute has learned
that some people have recognized the individuals and the municipality that were involved in one of the cases on
which the article was loosely based. The Institute deeply regrets that it did not do enough to disguise the identity of
the members and municipality involved in an actual case. The Institute also wishes to stress that the actual case in
question did not lead to any sort of finding of professional misconduct or wrongdoing against anyone. The Institute
apologizes to the members and municipality involved in the actual case for any inconvenience or embarrassment
they may have suffered as a result of publication of the article.
46 ica.bc.ca January 2011

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