CM Autumn Template - Institute of Chartered Accountants of Ontario

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A Message from the Chair Along with the Council and management team of the Institute, let me begin by expressing my delight at the arrival of Rod Barr, FCA, as our new President and CEO. Rod’s extensive and hands-on familiarity with CA profession affairs was acquired both through a long and accomplished career at Deloitte & Touche LLP, and during many years of volunteer involvement at the Institute itself. The latter included a two-year tenure as our Chair from 2004 to 2006 and a subsequent seat on the CICA Board of Directors, all while remaining a member of the Institute Council. All this means that Rod has been able to hit the ground running – and running hard – as the following will attest. Professional standards and the AIT: Exception granted! First, our long effort to protect our province’s internationally recognized standards for public accounting in the new Agreement on Internal Trade has turned the corner. Just as this issue of CheckMark went to press, the Institute received formal notification from the Government of Ontario that it will indeed mandate a “legitimate objective exception” for the province’s rigorous public accounting qualification standards, which are required by legislation and overseen by the Public Accountants Council. Doing so will safeguard these standards from provisions in the agreement which would otherwise enable the “automatic certification” of professionals from other provinces with less rigorous regimes. We are delighted with this result, and will update you as implementation details become available. Toward the finish line on a new Chartered Accountants Act Secondly, members will know that passage of Bill 158, an entirely new CA Act, tabled in the spring of this year, has been hamstrung in part by the lobbying of certain accounting bodies outside Canada that claim that Gerald Mills, FCA provisions in the bill would obstruct entry to providing accounting services in Ontario for internationally trained accountants. It does no such thing. (Please visit The Facts on Bill 158 on the Institute’s homepage, at www.icao.on.ca, for the facts of the matter.) The prohibition on the unauthorized or misleading use of “Chartered” and “Accountant” and its iterations is in fact more than half a century old, and poses no impediment whatsoever to members of those other accounting bodies who have offered their services for many years now in Ontario and can continue to do so. In reality, Bill 158 is an urgently needed set of updates to the Institute’s regulatory authority to deal with a very different environment than existed in 1956, at the time of the current CA Act’s passage. It simply carries over these restrictions on the use of our name and designation. Having responded to these objections about Bill 158 with information directed to decision-makers at Queen’s Park and employers of professional accountants, and in media coverage of the issue, we have urged the Ontario government to pass this legislation during the fall sitting of the House. Auditor liability reform: back on the radar Throughout the whole period that these matters have been in play, and as Ontario wrestled with the worst of the recession, the Institute was required by necessity to scale back its long-running advocacy efforts toward a sensible legal liability regime for audit and assurance professionals. This has now changed: In September, the Law Commission of Ontario (LCO) – an independent body formed to advise governments on legal reform matters – announced a study into the impacts of the current, and increasingly ruinous, system of joint-and-several liability. (Please see page 5) CheckMark • Autumn 2009 3
Page 1 and 2: CheckMark T h e I n s t i t u t e o
Page 3: CheckMark A U T U M N 2 0 0 9 Check
Page 7 and 8: (From page 3) From the LCO announce
Page 9 and 10: Sheila Fraser, James Goodfellow and
Page 11 and 12: Canada, shared prior year on-campus
Page 13 and 14: So You Want to Be CEO By Robert Gag
Page 15 and 16: C H A R A C T E R S Meet Jennifer E
Page 17 and 18: Career Information News ICAO Board
Page 19 and 20: The names of the new FCAs are liste
Page 21 and 22: that regular health insurance plans
Page 23 and 24: (From page 19) and years of experie
Page 25 and 26: Bruce Singer, Chartered Accountant
Page 27 and 28: places where they were now working.
Page 29 and 30: Eight CAs Honoured with ICAO Award
Page 31 and 32: Kwan - Precy Kwan - Vivian Kwok - Y
Page 33 and 34: How to Implement a Paperless Office
Page 35 and 36: from a document displayed on one mo
Page 37 and 38: CA Authors Enough Bull David Trahai
Page 39 and 40: Institute Sponsors Boys and Girls C
Page 41 and 42: Golfing for Charity To extend the r
Page 43 and 44: HINES, John Anthony, Victoria, BC H
Page 45 and 46: and those financial statements fail
Page 47 and 48: Manulife one isoffered through Manu

CM Autumn Template - Institute of Chartered Accountants of Ontario

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