Ian Seymour Elected President - The Institute of Chartered ...

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Updated Independence Guide The independence standard, which is codified in Rule of Professional Conduct 204, took effect in 2004. It has essentially remained unchanged since then, other than a revision in 2005 that took effect in 2006 to address mutual funds. The standard is lengthy, and the application in a number of circumstances is not well understood. For instance, one area of confusion is regarding the application of the independence standard to the ability to provide assurance services or compilation services when the practitioner is also assisting with the preparation of accounting records and/or journal entries, as well as the related disclosure requirements. At the June AGM the membership approved an additional Council Interpretation to Rule 204.8 - Independence - Disclosure of Impairment of Independence. New paragraph 4 states, “For the purposes of Rule 204.8 the preparation of accounting records or journal entries in connection with a compilation engagement is not an activity that requires disclosure in the Notice to Reader unless such preparation involves complex transactions as contemplated by paragraph 143 of the Council Interpretations to Rules 204.1 to 204.6”. The Guide to Canadian Independence, FOLIO 2 prepared in 2003 to provide guidance when the Rule was released, has recently been updated to cover additional areas that are subject to frequent calls to practice advisors of the provincial institutes. These include: • The disclosure requirements for compilation engagements; • Communication requirements - both requirements by members and students to communicate within the firm any interests, relationships, or provision of services precluded by Rule 204; as well as requirements by firms to communicate matters relating to independence to clients; and • The impact of the adoption of International Standards on Auditing (ISA) as Canadian Auditing Standards (CAS). This Guide has been produced by the CICA in a PDF format, which will allow users to search by key words. A project is also underway to create an online version of the Guide that links references to the Rule of Professional Conduct 204 and the related Council Interpretation to the Member’s Handbook for each PICA. An update will be sent to members by email when this is available. Financing Toolkit for Small & Medium Businesses The CICA is pleased to announce publication of The Financing Toolkit for Small & Medium Businesses, written by Gary A. Fitchett, CA in sponsorship with the Business Development Bank of Canada. The Financing Toolkit for Small & Medium Businesses is one of the most comprehensive, easy-to-use guides available on this subject. Written and vetted by experts in the field, it provides a structured step-bystep process for business owners to understand the various financial options and choices available to meet their specific needs. It then guides them, in plain and straightforward language, through the entire process, from drawing up a business plan, to the do’s and don’ts of the presentation, and responding to rejection should it come. The Toolkit is available to order at knotia.ca/store/ financing or by calling (toll free) 1-800-268-3793. Auditor Selection To: The Members Each year the Audit Committee of The Institute of Chartered Accountants of Manitoba reviews the selection process for the Institute’s auditors and makes a recommendation to Council for the coming year. This is in turn ratified by the membership at the AGM. In addition, the Audit Committee sets the fee for the coming year. Members of the Manitoba Chartered Accountants Foundation Inc. also approve the use of the Institute’s auditors as the Foundation’s auditors at their AGM. Booke and Partners has now been approved as the Institute’s and Foundation’s auditors for 2009-2010. In considering the appointment of auditors, the committee evaluates the performance of the current auditors and has found that they continue to meet expectations. The committee has discussed the advantages and disadvantages of changing auditors and feels that other than “optics”, there has been no compelling reason to change. The Committee has agreed however that if expressions of interest were to be received from other firms, it would consider a tendering process, with a fee to be pre-set by the Audit Committee. Rick M. MacKay, FCA Chair 2008-2009 Audit Committee
Council and Officers Elected for 2009-2010 At the 123rd Annual General Meeting of The Institute held on June 16, 2009, ten members were elected to serve on Council for a two year term. The ten members elected were Cheryl Atchison, Stephen Childerhouse, James Doer, Larry Frostiak, David Loewen, Rick MacKay, Stuart McKelvie, Brenna Minish- Kichuk, Richard Pope, Kevin Regan, and Heather Reichert. At the Statutory Meeting of Council following the AGM, Council elected the 2009-2010 Officers and members of the Executive Committee. Council is composed of the officers, members-at large and two public representatives. 2009-2010 Officers of Council Ian R. Seymour, CA, President & Chair Douglas J. Tkach, CA, First Vice-President James D. Doer, CA, Second Vice-President Rick M. MacKay, FCA, Secretary-Treasurer Above: Kevin Dancey, FCA, President and CEO of the CICA was the keynote speaker at the luncheon held following the Annual General Meeting. Ian Seymour, CA President & Chair Members-at-Large Cheryl A. Atchison, CA Stephen W. Childerhouse, CA Jeffrey G. Cristall, CA•CBV Larry H. Frostiak, FCA Catherine J. Kloepfer, FCA Dave Loewen, CA Brenna J. Minish-Kichuk, CA Teresa L. Okerlund, CA Richard D. Pope, FCA Kevin E. Regan, CA Heather D. Reichert, CA Doug Tkach, CA First Vice-President Left: Incoming President Ian Seymour, CA (left) thanks outgoing President Heather Clarke, FCA for her service on Council at the Annual General Meeting of the Institute. Right: Irene Merie (left) is thanked for serving six years on Council as one of the public representatives by outgoing President Heather Clarke, FCA. James Doer, CA Second Vice-President Public Representatives Dr. Jerry L. Gray Anita R. Wortzman LLB Rick MacKay, FCA Secretary-Treasurer Under the Institute bylaws, one member must work and reside outside of Winnipeg. Both Jeffrey Cristall and Brenna Minish-Kichuk meet this requirement. The two public representatives are appointed to Council by the President of the University of Manitoba. This is Jerry’s fifth year serving as a public representative and Anita’s first. Anita Wortzman Appointed as Public Rep to Council Ian Seymour, President of representative on Council from The Institute of Chartered 2003-09. Accountants of Manitoba, is Anita is CEO of Acumen pleased to announce that Anita Corporate Development Inc. She R. Wortzman, LLB, was recently has a law degree and a Bachelor appointed to Council for a two of Commerce, with a major year term. in Marketing. Anita was Chief Anita joins Dr. Jerry Gray as a Operating Officer of Activa public representative serving on Consumer Promotions and prior Council. As required under the provisions of The Chartered Anita R. Wortzman LLB Public Representative to that, Anita was responsible for US acquisitions for Assante Corporation. Accountants Act, RSM, Anita’s She has been active in the appointment was made by Dr. David Barnard, community, serving on the Boards of Jewish President of the University of Manitoba. She Foundation of Manitoba and as past President replaces Irene Merie, who served as a public of the Board of Jewish Education. FOLIO 3
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