CM Autumn Template - Institute of Chartered Accountants of Ontario

and those financial statements failed to meet the standards
and requirements of the CICA Handbook. Mr. Lange was
fined $7,500, charged costs of $10,000, and ordered to
complete three professional development courses,
complete a period of supervised practice, and be
reinvestigated by the Professional Conduct Committee.
Thomas P.K. Lo, Markham, was found guilty one charge
under Rule 203.2(a) of failing to co-operate with officers,
servants or agents of the Institute who have been
appointed to arrange or conduct a practice inspection. Mr.
Lo, after having been randomly selected for practice
inspection, failed to complete and return forms despite
providing undertakings to comply and being granted
numerous extensions. Mr. Lo was fined $3,000, charged
costs of $2,000, and ordered to co-operate by completing
and returning the relevant practice inspection forms to the
Director of Practice Inspection.
Robert Anthony Michaud, Orleans, was found guilty of one
charge under Rule 203.2(a) of failing to co-operate with
officers, servants or agents of the Institute who have been
appointed to arrange or conduct a practice inspection and
one charge under Rule 104 of failing to promptly reply in
writing to a letter from the Institute in which a written reply
is specifically required. Mr. Michaud failed to respond to
requests from the Director of Practice Inspection to
complete and return forms required for the practice
inspection process. The matter was referred to Standards
Enforcement and the Associate Director of Standards
Enforcement made numerous requests of Mr. Michaud to
which he failed to respond. Mr. Michaud was fined $3,000,
charged costs of $2,500, and ordered to co-operate by
completing and returning the relevant practice inspection
forms to the Director of Practice Inspection.
David Sergio Stone, Toronto, was found guilty of four
charges under Rule 205 of associating himself with reports,
statements and representations which he knew or should
have known were false or misleading. Mr. Stone prepared
and filed personal income tax returns for himself and his
spouse, noting that they did not own or hold foreign
property at any time in the year with a total cost of more
than C$100,000 when, in fact, they owned such property.
Mr. Stone was fined $15,000, charged costs of $10,000,
and suspended from membership for a period of two
years, with newspaper publication.
Albert John Vangelisti, Brechin, was found guilty of one
charge under Rule 204.1 of failing to remain free of any
influence, interest or relationship which would impair his
professional judgment or objectivity or which, in the view of
a reasonable observer, would impair his professional
judgment or objectivity and one charge under Rule 206.1
of failing to perform professional services in accordance
with generally accepted standards of practice of the
profession. Mr. Vangelisti, while engaged over seven years
to conduct yearly reviews of the financial statements of a
company, was retained as property manager of the
company either directly or through a company owned by
him. While engaged to perform a review of the financial
statements of the company, on one occasion Mr. Vangelisti
failed to: ensure adequate disclosure of related party
transactions; obtain a management representation letter;
document the terms of his engagement in writing; and
document matters important to support his review
engagement report. Mr. Vangelisti was fined $3,000,
charged costs of $5,000, ordered to complete three
professional development courses, and ordered to submit
to a period of supervised practice.
Noel Clive Woodsford, Mississauga, was found guilty of
one charge under Rule 206 of failing to perform his
professional services in accordance with generally
accepted standards of practice and one charge under Rule
218 of failing to retain for a reasonable period of time such
working papers, records or other documentation which
reasonably evidence the nature and extent of work done in
respect of the engagement. Mr. Woodsford, while engaged
to perform an audit of the financial statements of a client,
failed to: obtain sufficient appropriate audit evidence by
relying on estimates used to determine inventory quantities;
conduct sufficient appropriate audit procedures to support
inventory cut-off; ensure that a portion of the inventory
adjustment, after determining that the inventory was
understated, was recorded in prior records; and ensure that
audit assistants were properly supervised and that the audit
work was adequately planned and executed. Mr. Woodsford
was fined $75,000 and charged costs of $160,000, with
newspaper publication.
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