p01_CoverFall09.indd 1 PM 40065475 FALL 2009 FALL What you can do now to horizon get ready for recovery Eye on the 9/24/09 9:33:38 AM p02_AgusOneFPFall09.indd 2 9/24/09 9:37:23 AM IN THIS ISSUE
35 32 Y Features
8 Excel: diffi culties with dates? By Ken Puls, CMA 16 10 Green computing Revealing returns on eco-friendly IT By Arian Soheili, CMA Y Departments 13 Think inside the box When it comes to online defamation, your best 4 Letter from the Editor defence may not be a legal off ence A stronger network for B.C.’s CMAs By David Wotherspoon and Mark Fancourt-Smith 5 Message from your 16 We all blog together now President & Chair The real value of this social media tool is connections By Dave Macdonald, CMA 6 News and notes Tips, events, sponsorships and more 18 Challenge or be challenged Your employees may be waiting until the economy 27 Diary of a CMA in training stabilizes to make a move Module three and the National Case Exam By Diane Kerley, CMA By Geoff Bryant, Candidate in the CMA Program 20 Internal Audit A member dispels the myths 28 Member update By Tom Peerless, CMA Members on the move, new faces and members in memoriam 22 Honing the what and the how Sharpen both skill sets to stay game-ready in changing times 30 Scholarships and donations By Jeff rey Sparling, CMA 31 Chapter profi le 24 So, what’s your TSR? West Kootenay Combatting zero-saving in the Age of Materialism By Don Nilson, CMA, FCMA 35 Spotlight Troy Griffi ths, CMA 32 2009 Executive Tour
COVER PHOTO: ISTOCKPHOTO, THIS PAGE: ISTOCKPHOTO, JENNA TYE PHOTOGRAPHY ACCOUNTING MANAGEMENT STRATEGY
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 3
p03_ContentsFall09.indd 3 9/24/09 9:37:44 AM LETTER FROM THE EDITOR
FALL 2009
EDITORIAL AND BUSINESS OFFICE Suite 1055 Two Bentall Centre, 555 Burrard St., his summer the Society was abuzz with activities, many of which focused on the Box 269, Vancouver, BC, V7X 1M8 needs of our members, as well as on handling intakes to our fall programs. Phone: 604-687-5891 | Toll-free: 1-800-663-9646 Fax: 604-687-6688 Earlier this year in our member survey you asked us to provide you with Email: [email protected] | Website: www.cmabc.com more information on continuing education opportunities and the activities of We welcome your feedback. theT Society. You wanted to be more involved with your designation and kept informed Copyright CMA British Columbia 2009. Publications Mail Agreement No: 40065475. about changes in our program, and to get to know other B.C. CMAs through profi les Please return undeliverable copies to address above. ■ ■ ■ and best practices. We took that information to heart and are happy to inform you of a EXECUTIVE BOARD few ways we are addressing those comments. CHAIR Mia Maki, CMA, FCMA PAST CHAIR Mehb Jessa, CMA, FCMA One of the ways we are improving our CPLD and communication is the revamp of FIRST VICE CHAIR Donalda MacDonald, CMA, FCMA Update, which is the provincial magazine produced by your society here in B.C. Update SECOND VICE CHAIR Kelvin Stretch, CMA, FCMA TREASURER Stephen Lee, CMA, FCMA is distributed not only to our members and other CMA provincial offi ces, but also to SECRETARY Colin Bennett, CMA, FCMA
employers across Canada. DIRECTORS AT LARGE Update now has some new features that will help you navigate through the articles Michael Brown, CMA, Jeff Champion, CMA, Graham Fane, CMA, FCMA, Clay Harmon, CMA, FCMA, and make your time spent reading it more effi cient. We have included an icon legend for Mark Kennedy, CMA, FCMA, Patricia Kennedy, CMA, FCMA, each article indicating which one (or more) of the three CMA competencies – strategy, Ron Matthews, CMA, Jim Olsen, CMA, Cecil Stoochnoff , CMA, Laura Hartley, CMA - YUKON management or accounting – the article focuses on: LAY REPRESENTATIVES Doug Alley, BCOM, Anders I. Ourom, LLB, Cathy Whitehead McIntyre, BA, MBA ACCOUNTING MANAGEMENT STRATEGY EXECUTIVE STAFF PRESIDENT AND CEO Colin Bennett, CMA, FCMA We have also created an icon to indicate where there is an VICE PRESIDENT, OPERATIONS Rick Lightheart, CMA, FCMA extended feature on our website to support a particular article; for VICE PRESIDENT, PROGRAMS & MARKETING Vinetta Peek, CMA (HON.) example, for our Excel articles we often feature referenced work- UPDATE STAFF sheets or models on our website. You will see this icon in the white EDITOR – VICE PRESIDENT, PROGRAMS & MARKETING Vinetta Peek, CMA (HON.) ASSOCIATE EDITOR – COMMUNICATIONS SPECIALIST Tiana Mah border beside articles with online components. UPDATE EDITORIAL TASK FORCE: David Andru, CMA, Geoff Bryant, CMA CANDIDATE, Don Nilson, CMA, FCMA, With this issue we have also gone digital. Update is now avail- Roy Quinones, CMA, Jeff rey Sparling, CMA able online in an “electronic paper” version that allows you to “turn” the pages as you read, enlarge the copy on screen, search for specifi c articles or terms and click on live links to our websites and those of our advertisers. As travel has increased for many of our members, and as many of you prefer an electronic versus a printed format, this provides you with an eff ective alternative – no matter where you may be in the world. Canada Wide Media, 4th Floor, 4180 Lougheed Highway, Burnaby, B.C. V5C 6A7 Along with this change in magazine format, the Society has also developed a social Phone: 604-299-7311 | Fax: 604-299-9188 media strategy to further communicate with our members, students, candidates, industry ■ ■ ■ partners and future CMAs. Th is strategy includes pages on Twitter, Facebook and EDITORIAL COORDINATOR Kirsten Rodenhizer ART DIRECTOR Edwin Pabellon LinkedIn, as well as podcasts and our own CMA blog. We invite you to join the conver- ADVERTISING SALES Karen Rice PRODUCTION MANAGER Suzy Williamson sation and keep up to date on what’s happening with your designation. A full listing of STUDIO MANAGER Kristina Borys these sites can be found on page 7 of this magazine. PRODUCTION COORDINATOR Sonia Prasad PRODUCTION SYSTEMS MANAGER Kim McLane Our members also asked us to provide more continuing education. Th is spring we ADVERTISING PRODUCTION Allison Griffi oen, Miki May, Chris Sherwood launched a beta site for our CPLD program at our annual members conference – which SENIOR IMAGING TECHNICIAN Debbie Lynn Craig ELECTRONIC IMAGING Bernhard Holzmann, Laura Michaels also focused on continuing education. We will be including an article on CPLD in each ELECTRONIC PRODUCTION Ina Bowerbank issue of Update, outlining upcoming events and a link to the site. We hope you enjoy ■ ■ ■ CHAIRMAN & CEO Peter Legge, O.B.C., LLD (HON.) reading the article on page 22 and we will keep you updated as the program continues PRESIDENT Karen Foss to grow and expand. EXECUTIVE VICE PRESIDENT Heather Parker, CGA SENIOR VICE PRESIDENT Millie Warren, CGA As we benchmark and focus on continual improvement in our communication and SENIOR VICE PRESIDENT SALES Bruce Wiesner VICE PRESIDENT PRODUCTION Corinne Smith benefi ts to our membership, we welcome your feedback. We (the Update Editorial Task VICE PRESIDENT MARKETING AND DIGITAL MEDIA Samantha Legge, MBA Force) hope you enjoy this issue of Update. VICE PRESIDENT EDITORIAL Kathleen Freimond VICE PRESIDENT FINANCE Farnaz Riahi, CA
A NOTE TO READERS Vinetta Peek, CMA (Hon.) Update is published four times a year by the Certifi ed Management Accountants Society of British Columbia and is mailed to 4,000 CMAs, Vice President, Programs and Marketing 1,000 CMA students and industry partners throughout the province. [email protected] Opinions expressed are not necessarily endorsed by CMA British Columbia.
Want to advertise in the next issue of Update? Contact Karen Rice at 604-205-1711 or [email protected].
4 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p04-05_EditorPresidentFall09.indd 4 9/24/09 9:38:18 AM MESSAGE FROM YOUR PRESIDENT & CHAIR
s we fi nish another year at the Society and prepare for This has been an intense year for strategic fall, we’d like to bring to members’ attention some of planning. In B.C. we established a the many member events and initiatives the Society Standing Strategic Planning Committee has planned for 2009-2010. AOur annual convocation event October 24 will welcome our and have put in place a process to new CMA graduates to the designation, as well as this year’s integrate strategic planning activities FCMAs and life members. Th e Society’s newest fellows include with board activities for the year. seven members from B.C. We’d like to congratulate Clay Harmon, CMA, Mark Kennedy, CMA, Stephen Lee, CMA, Mervin Michaels, CMA, Aklilu Mulat, CMA, Robert Pellatt, CMA and program graduates from these fi ve universities who have achieved John Reith, CMA. We also have three new life members in B.C. a minimum GPA and met the required CMA prerequisite courses – congratulations to Donald A. Hincks, CMA, FCMA, Brian J. during their undergraduate studies are exempted from the CMA Kennedy, CMA, FCMA and John W. Lebidoff , CMA. Th e winter National Entrance Exam and may proceed directly to the two- issue of Update will include a feature on this year’s graduates, year professional Strategic Leadership Program, the educational FCMAs and life members, and the convocation ceremony. We cornerstone of the CMA designation. are also hoping to have new CMA Canada Board Chair Bob This September we welcomed a new board of directors. Strachan, CMA, FCMA, who is from Victoria, B.C., and new I would like to thank the 2008-2009 CMA British Columbia Board CMA Canada President & CEO Joy Thomas, CMA, FCMA Executive: Mia Maki (Victoria), Chair, Donalda MacDonald attend our ceremony. (Lower Mainland), First Vice Chair, Kelvin Stretch (Kamloops), We are holding a number of professional development semi- Second Vice Chair, Stephen Lee (Lower Mainland), Treasurer and nars this fall, including a workshop on managing talent in the Mehb Jessa (Lower Mainland), Past Chair, for their outstanding current economy and a CMA Executive Leadership Series. work and dedication to our designation and Society this past Th e Executive Leadership Series, being held in Vancouver and year. As we write this letter the new board of directors has not Victoria, includes sessions on presentation skills, stakeholder yet been voted upon – they will be introduced in the winter issue engagement and strategies for representing your organization of Update. online within the new realm of social media. We encourage all We both look forward to meeting many of you at one of the members to read the latest issue of CMA E-News, our monthly upcoming Society events and we wish you a productive and e-newsletter, or visit www.cmabc-pd.com for information about successful rest of the year. upcoming CPLD events. Members will want to mark their calendars for next year’s Best regards, provincial conference, May 18-19, 2010 at the Hilton Metrotown Hotel in Burnaby, B.C. Plans are already underway to increase attendance and the number of workshops for the 2010 leadership conference, as we expect over 400 members, students and busi- ness professionals to attend. Further details about the conference will be available in the winter issue of Update. Th is has been an intense year for strategic planning. In B.C. we established a Standing Strategic Planning Committee and have put in place a process to integrate strategic planning activities with board activities for the year. Nationally, a Strategic Planning Task Force was established in February 2009. Th is task force will have completed its mandate by this fall with a report and recom- mendations to the Council of Chairs, Council of Chief Executives and National Board of Directors. Th is fall we expect to see initial implementation activities as we work to strengthen our brand, our profession and our Society. We continue to focus much of our time and resources on the long-term sustainability and success of the B.C. Society. Aiding our growth is the recent accreditation of Capilano University. Capilano joins Simon Fraser University, the University of British Colin Bennett, CMA, FCMA Mia Maki, CMA, FCMA Columbia, Kwantlen Polytechnic University and Okanagan President and CEO Chair, CMA British Columbia College as accredited post-secondary institutions under the CMA British Columbia Board of Directors CMA Canada Accreditation of Institutions program. Accounting [email protected] [email protected]
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 5
p04-05_EditorPresidentFall09.indd 5 9/24/09 9:38:19 AM NEWS & NOTES
Y INQUISITIVE STUDY CMA Canada MAPs and MAGs Did you know CMA Canada publishes several Management Accounting Guideline (MAG) and Management Accounting Practice (MAP) business resources for all members free of charge? MAPs and MAGs cover the latest in strategic management accounting research. Read the latest reports on CMA Canada’s website: www.cma-canada.org under Business Resources. Recent MAG publications include Divestitures – a step-by-step, transaction- oriented process management guide for corporate divestitures. The guide also reviews fi ve reasons organizations choose Top left: Howard Chang, CMA, Karim Adatia, Candidate in the CMA Program, Shannon to divest. Thompson, Senior Manager, Marketing at CMA BC and Tanya Behrisch, CMA SFU Co-op This guide is targeted to senior fi nancial Specialist at the SFU Accounting Student Association banquet. Top right: Dayl Booth, CMA BC Information Offi cer (middle), speaking to SFU students. Bottom left: Winnie Wan, CMA BC and business development managers Marketing Administrator (middle) at the UBC DAP networking event. Bottom right: participants responsible for strategic development and at the UBC DAP networking event. execution, as well as mid-level fi nancial managers involved with merger-and- CMA sponsorships and events acquisition transactions. his summer CMA British Student Association banquet (July) and a Columbia sponsored a number networking workshop with University of B.C. salary survey of industry events, including the British Columbia Diploma in Accounting Results from the member salary BCBusiness Top 100 luncheon Program students in June. Society staff and survey conducted this spring T(June), which recognizes the top 100 CMA member volunteers also attended a (April-May) are now online at companies in our province, and the Human number of university career fairs around www.cmabc.com in the members- Resource Management Association of B.C. in September, including the University only section. To view this report members B.C.’s annual golf tournament (July), for of Northern British Columbia career fair, will need to access their member record in which CMA was a hole sponsor. the University of Victoria workplace skills the “I am a CMA” section of the website. As part of our Elite Employer Program, conference and University of the Fraser Survey highlights: over 30 per cent of Vancity Savings Credit Union hosted a Valley’s accounting career fair. designated members had total earnings over lunch-and-learn session about the CMA The annual general meeting and $110,000 in 2008, and members working designation in June. volunteer recognition luncheon in construction, wholesale trade, mining, The Society also sponsored a number (September 25) and convocation (October oil and gas extraction and manufacturing/ of events at local universities, including 24) will be covered in the winter issue distribution had the highest total earnings. Simon Fraser University’s Accounting of Update.
Left: The BCBusiness Top 100 luncheon: Vinetta Peek, CMA (Hon.), Vice President of Programs and Marketing, networking at the luncheon. Middle: Bev Malcolm of BCBusiness and Colin Bennett, CMA, FCMA, CMA BC President and CEO. Right: Shannon Thompson, CMA BC Senior Manager, Marketing at
the CMA booth. ISTOCKPHOTO PAGE) AND OPPOSITE FOR THIS PAGE (ICONS
6 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p06-07_NewsNotesFall09.indd 6 9/24/09 9:38:42 AM NEWS & NOTES
Y DIGITAL DASHBOARD Y GADGETS AND WIDGETS Microsoft Excel CMA BC is online and connecting – at keyboard a social media site near you shortcuts As part of our continuing social media Try out the following time-saving shortcuts educational series, Update magazine is the next time you’re using Excel: featuring a social media tool each issue (see our introduction to blogging on page KEYSTROKE FUNCTION 16 and our feature on how to combat [Shift][F11] Insert a new online defamation on page 13). To increase worksheet CMA British Columbia’s online presence we have created a number of social media [Ctrl]9 Hide selected rows groups where members, students and industry partners can connect. [Ctrl][Shift]9 Display hidden Blog: Visit the Society’s blog network rows in selection at www.cmabcblog.com. Here you’ll fi nd following in the “search groups” function four blogs customized for members’ in LinkedIn): Certifi ed Management interests – a best-practices blog for current Accountants (CMA) Society of B.C., CMA students, candidates and members; CMA BC Vancouver Chapter or Certifi ed 2010 Leadership a CMA pathway blog for prospective CMA Management Accountants of Canada students; a “Future as a CMA” blog for (national group). Conference CMA students; and an industry-business Twitter: Follow the B.C. Society on Mark your calendars strategy blog. You’ll also fi nd links to the Twitter. You’ll fi nd us at @cmabc (our today for next year’s Society’s most recent podcasts on the Twitter name). provincial conference blog network. Facebook: Become a fan of the B.C. May 18 and 19, 2010 at LinkedIn: Connect with fellow Society. Enter “Certifi ed Management the Hilton Vancouver members and students in B.C., your local Accountants (CMA) Society of British Metrotown in chapter and nationally. Join one of the Columbia” in Facebook’s search box to fi nd Burnaby, B.C. following CMA LinkedIn groups (enter the the Society’s fan page.
Partnering and Stakeholder CPLD Opportunities Engagement Strategies ■ Th e stages of relationship and partnership Y Secrets of Outstanding Teams: How Successful development Teams Achieve Exceptional Results, October 21, 2009 – ■ Key steps in systemizing your relationship Hyatt Regency Hotel, Vancouver and stakeholder development planning Building an outstanding team is a vital ■ Tips on handling and avoiding roadblocks leadership activity. Outstanding teams November 4, 2009 – Coast Harbourside Hotel, Victoria deliver extraordinary results by attracting, November 5, 2009 – Hilton Vancouver Metrotown, Burnaby retaining and developing top talent. Learn how to apply 10 leadership strategies that Leadership 2.0 reveal the secrets of how successful teams ■ New rules for engagement in a digitally transparent era achieve exceptional results. Th e seminar will ■ Web 2.0 collaboration and learning tools be led by Dr. Nancy Mackay, executive coach and facilitator of ■ Creating an environment that is productive and engaging seven CEO networks consisting of 80 CEOs. for the millennial generation December 2, 2009 – Coast Harbourside Hotel, Victoria Y Executive Learning Series December 3, 2009 – Hilton Vancouver Metrotown, Burnaby Join Shane Gibson, author and professional speaker, for parts three and four of the CMA British Columbia Executive Visit www.cmabc-pd.com for further details on these CMA BC Learning Series: CPLD events.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 7
p06-07_NewsNotesFall09.indd 7 9/24/09 9:38:45 AM Y ACCOUNTING Y MAMANNAAGGEEMMEENNTT Y STSTRRAATETEGGYY Excel: difficulties with
By KEN PULS CMA dates?
his may seem like a strange thing to say, but as far as Excel is concerned, dates are numbers. By storing them as such, it gives us the ability to add or subtract days to/from a date, as well as calculate the diff erence between two dates. If dates were stored as text, this would not be possible. Storing T dates as numbers also allows us to construct complex formulas. Th e fi rst thing we need to know is how to recog- ■ Sep 1 nize whether a date has been entered into a cell as a ■ Sept 1 number – which will be interpreted by Excel as a date ■ Sept 1, 09 – or text, which won’t. Th e quickest way is probably After entering any of the above, Excel will auto- to look at the alignment of the cells. matically convert them into real dates, and store them By default, text aligns to the left of the cell, while as such. By contrast, here are some date samples Excel numbers align to the right. If you enter a date Excel cannot convert: can’t interpret, chances are it will go to the left side ■ Sept 1 2009 (no punctuation) of the cell. If Excel can interpret the value as a date, ■ 09.01.09 it will align right, and most likely change to one of ■ Sept 29.09 the many predefined date formats. I can’t stress enough how important it is to enter One quick way to make sure your date is actu- your dates in shorthand (i.e. 09/01 [note this is a ally a date is to create a formula to add a number U.S. convention, and international users may have to it. Say you have a date in cell B10. If you create a to go with a dd/mm format]). Th e reason for this is formula that reads =B10+1, it should return some- twofold: thing other than #VALUE!, which lets you know ■ It gets you in the habit of entering dates your date is not entered as a true date. Another consistently method is to give the cell a number format (like the ■ Th e date will (usually) automatically convert comma style). If it changes to a value, then you’re into a slightly different format on the sheet, good. If not, the entry isn’t a date in Excel’s eyes. allowing you to see what doesn’t change (this (Press Ctrl+Z to get the number format back once does, of course, depend on whether you set your you prove it has been entered correctly.) number format to display this way).
Entering dates What do the numbers mean? Excel is quite good at interpreting dates when you If you were to enter Sept 1, 2009 in a cell and format it enter them into a cell. Some of the formats that will in the comma style, you’d see that the number equated be automatically converted to dates are: to 40,057. So what’s that all about? It’s the number of ■ 09/01/09 days since January 1, 1900. ■ 09/01 Excel stores every date in this format. Sept 2 will
■ 09-01 be 40,058, and so on. Knowing this makes it quite ISTOCKPHOTO
8 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p08-09ExcelSept19.indd 8 9/30/09 11:10:36 AM easy to understand why we can subtract dates from in the sheet is refreshed. each other. If we look at the example below, it should =Now() make it very clear: Enters the current day’s date AND time in the cell. Sept 1, 2009 - Aug 30, 2009 = 2 Th is will update to the second, each time the calcula- OR tion in the sheet is refreshed. 40,057 - 40,055 = 2 =Day(date) Be aware that while adding days to dates is also Distils the day out of a valid date; i.e. =Day(A9), workable, you may want to resist the temptation to where A9 contains Sept 29, 2009, would yield 29. add two dates together. Adding 40,057 and 40,055 =Month(date) would yield you May 3, 2119! Distils the month out of a valid date; i.e. =Month(A9) where A9 contains Sept 29, 2009 would yield 9 (for KENKEN PULS, CMA is ControlleControllerr Handy formulas for working with dates September). andand DiDirectorrector ofof IT atat FairwindsFairwinds =Today() =Year(date) CommunityCommunity and Resort in Nanaimo.Nanaimo. HeHe is alsoalso a MicrosoftMicrosoft Enters the current day’s date in the cell. Th is will Distils the day out of a valid date; i.e. =Year(A9) MVP for Excel and principal of update to the current date each time the calculation where A9 contains Sept 29, 2009 would yield 2009. ■ www.excelguru.ca.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 9
p08-09ExcelSept19.indd 9 9/30/09 11:11:01 AM p10-12_GreenCompFall09.indd 10 Green 10 Y Y Y
CMA UPDATE FALLCMA 2009 STRATEGY MANAGEMENT ACCOUNTING E computing to jumponthebandwagon, primarily because it’s so hard to vali- sense? Here’s acreative way to fi date areturn oninvestment (ROI). Doesgoing green make economic By ARIANSOHEILI Revealing returns oneco-friendly IT But thesmall-to-medium business segment hasbeenslow technology iseven greater thanthat oftheairlineindustry. experts say thecarbon dioxide footprint ofinformation computing movement. Environmental impacts can behuge – verywhere we turn, we’re beingurged to jointhegreen CMA nd out. CERTIFIED MANAGEMENT ACCOUNTANTS |BRITISHCOLUMBIA 9/24/09 9:40:10 AM
ISTOCKPHOTO Let’s start by defining “green computing” as a Four costly computer myths concerted eff ort to reduce the power consumption of the computing resources within an enterprise. You should never turn off your computer. Th is includes servers, desktops, monitors, printers, False! The average computer is designed to handle 40,000 on/off cycles. If an photocopiers and any other peripherals that are average user powers on and off six times a day, it would take 18 years before directly or indirectly connected to a computer and failure, far beyond the expected useful life of three to fi ve years. By turning the network. If you trim consumption, then you off your computer or putting it into sleep mode, you save energy and also also produce less heat, which means you need less lower heat-related wear on the system. Turn off your computer at night so electricity for cooling. 1it runs only eight hours a day, and you’ll reduce your energy use by 810 kWh Th ere’s also the planet to think about. Th e elec- per year and net a 67 per cent annual savings. tricity needed to power one computer 24-7 dumps 1,500 pounds of CO2 into the atmosphere every year. Turning your computer off and then back on uses more energy Th e average tree can only absorb between three and than leaving it on. 15 pounds. So it takes about 500 trees to off set the No so! While it’s true there is a surge in energy when a computer is turned annual emissions of a single computer left on all the on, this is far less than the energy saved by turning the computer off while time – a sobering thought. not in use. Since everyone wants to spend less on energy and 2 protect the environment, you might think all busi- Screen savers conserve energy. nesses would be working hard to go green. But take Think again! Screen savers were originally designed to help prolong the life a look around, and you’ll see that’s not the case. Yes, of monochrome monitors in the 1980s. Today, they save energy only if they large multinationals that report to shareholders are actually turn off the screen or, with laptops, the backlight. making green IT eff orts. Of course, a cynic could always argue their motives might be more related 3Network connections are lost when computers go into to public relations and perceived ethical behaviour low-power/sleep mode. than cost saving. But the fact is, big enterprises have Not anymore. Today’s computers are designed to sleep on networks without enormous server rooms, requiring massive cooling losing data or connections. This is especially important for server CPUs infrastructure. They therefore see a much faster with Wake on LAN (WOL) technology. The server can be left in sleep mode return on investment for technologies that reduce overnight to wake up and receive data packets sent to the unit if the need total energy consumption. 4arises. The culprit: capital costs Small-to-medium size businesses, on the other hand, offi ce, two servers without a server room and 45 desk- have largely resisted the move to green computing tops of varying age with mix of CRT and LCD monitors. because it has been relatively diffi cult for them to We suggested the company move all of its applica- demonstrate cost savings. IT investments, after all, tions onto three new servers and replace the desktops are capital in nature, requiring a long, stringent and with thin clients (also called “dumb terminals”). Th ese complex buying cycle. Conversely, electrical bills are consume only six watts per hour, compared to 150 an operational expense and variable in nature. Th ey watts for a desktop. We also recommended the thin fl y under the radar, compared to the attention that a clients and their monitors be put in power-save mode new capital expenditure generates. during the day and turned off after-hours. Th e savings So what can an eco-friendly accountant do to would be about $5,000 per annum, resulting in an ROI help expedite a conversion? Find a way to calculate a of 10 years. Not exactly impressive. meaningful ROI, including savings that normally don’t Next, we added power savings from changing out get put in the equation. Follow this real-life example all old monitors to energy-effi cient LCD panels. LCD from one of our clients as a template for calculating monitors generally consume about 36 watts per hour, your fi rm’s potential ROI. less than half the energy of comparable CRT monitors. Th is took our ROI down to about eight years. Still not Less electricity is just the beginning good enough. We start with power consumption savings. Unlike big enterprises, the average small-to-medium business will Savings from new technology see little or no savings in cooling. Our client was in the Th en we stepped outside the typical accounting box. service industry, and had 45 team members in its head While it’s true green computing is about the promise
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 11
p10-12_GreenCompFall09.indd 11 9/24/09 9:40:14 AM Y ACCOUNTING Y MANAGEMENT Y STRATEGY
of power effi ciencies, it is also about leveraging new technologies. In other words, a conversion off ers While it’s true green computing a perfect opportunity for deploying technologies is about the promise of power like cloud computing, virtualization and thin-client effi ciencies, it is also about computing – all of which bring important additional benefi ts and related savings. leveraging new technologies. In the case of the service provider mentioned above, In other words, a conversion introducing thin-client technology greatly reduced off ers a perfect opportunity for maintenance costs. They could virtually eliminate deploying technologies like cloud the need to maintain the desktop and related applica- tions, since all applications and required updates run computing, virtualization and centrally off the terminal server. Even more impor- thin-client computing – all of tantly, the service provider discovered that costly which bring important additional network outages could be eliminated with thin-client benefi ts and related savings. ARIAN SOHEILI, CMA, technology, boosting overall productivity. By fi guring has 15 years of IT industry experience and is the Managing in these elements, suddenly the ROI dropped to just Director of Cantatus Systems 34 months – well within acceptable norms. ROI, justifying the capital expense. At the same time, Group, Inc., an integrated The lesson here is that green computing really you’ll be helping your fi rm become better positioned enterprise solution provider does make fi nancial sense, if you expand your calcula- for the future with more adaptable technology. And specializing in ERP, MRP and IT infrastructure in Surrey, B.C. tions beyond electricity bills. By carefully considering you can feel good that you’re doing your part to keep (www.cantatus.com). add-on benefi ts, you can demonstrate an impressive our planet healthy. ■
Register Now for Fall PD credits
Visit www.cmabc-pd.com for full details and to register.
Secrets of Outstanding Teams: Partnering & Stakeholder How Successful Teams Achieve Engagement Strategies Exceptional Results Shane Gibson, President (North Dr. Nancy MacKay, President, America), Knowledge Brokers MacKay & Associates International
October 21st November 4th (Victoria) Hyatt Regency Vancouver November 5th (Burnaby) 8:00am - 12:00pm 8:00am - 12:00pm
Building an outstanding team is a vital leadership activity to enable you Learn the key strategies on partnering and stakeholder engagement to accelerate business results. Outstanding teams deliver extraordinary including: the stages of relationship and partnership development; tips results by attracting, retaining and developing top talent. Nancy presents on handling and avoiding roadblocks, the key steps in systemizing your 10 simple, yet powerful, tips and techniques for creating high performance relationship and stakeholder developing planning. Also learn how to map teams that achieve extraordinary results. and persuade the Power Players in any business. Shane Gibson, an internationally recognized speaker, consultant, and Dr. Nancy MacKay challenges CEOs and executive teams to raise the bar entrepreneur, is the President of Knowledge Brokers International (http://www. on their ability to accelerate business results. She serves as the executive closingbigger.net) and Author of “Closing Bigger - The Field coach and facilitator of 7 CEO networks consisting of 80 CEOs. She is Guide To Closing Bigger Deals”. Shane has worked with CMA the co-author of the forthcoming book “The Talent Advantage” by Wiley across Canada from Halifax to Vancouver and everywhere in (with Dr. Alan Weiss). between.
CMABC-PD.inddp10-12_GreenCompFall09.indd 1 12 99/24/09/16/09 3:15:419:40:14 PMAM ACCC OUUNTTINNG I MANAGEMENT I STRATEGY I iSTOCK Think inside the When it comesbox to online defamation, your best defence may not be a legal off ence – try playing by the rules set up by social networking sites
By MARK FANCOURT-SMITH and DAVID WOTHERSPOON
hile recent studies have on social networking sites, is profound and only going shown that 60 per cent of to increase. In order to maintain control over their Twitter users don’t return online presence, organizations need to stay aware of from one month to the what is said about them on social networking sites, and next, and that 40 per cent of of those who seek to misappropriate brands or online “tweets” are nothing more content. Organizations also need to know and under- substantialW than “I’m eating a sandwich,” the impact stand their rights and how to protect and enforce them of user-generated content on the web, and specifi cally effi ciently. Th ink social networking self-defence. ISTOCKPHOTO
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 13
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Where do I start? You are not my (Facebook) friend Th e popularity of social networking sites, and their A recent and successful example occurred in the ease of use, elevates the importance of word-of-mouth context of a university whose trade-mark and copy- and increases the speed at which word spreads. An righted logo appeared on a Facebook group page organization’s online presence is increasingly made called “Get to know the [University] Class of [year]!” up of two parts: what it says about itself and, just as Th e page encouraged individuals of that particular importantly, what others say about it. Anyone can graduating class (and presumably friends and well- have a Facebook profi le, MySpace page or Twitter feed, wishers) to become members. A side eff ect of joining or create a blog to share opinions online – whether the group was that the individuals’ own Facebook favourable or unfavourable; informed or uninformed; pages and personal information, unless specifi cally for good or malicious purposes. However, while social blocked, would become accessible to the group’s networking has dramatically increased the number administrators. of people posting user-created content, it has also The Facebook group had been created by what reduced the number of places they do so, making them appeared to be a mass-marketing organization that easier to monitor and, if necessary, target. regularly creates these types of sites, passing itself off Until a few years ago, people who wanted to post as being affi liated with a great number of universi- views and opinions online had to create a website. ties and colleges, to mine personal data for its own Th ey were then free to post whatever they wanted. purposes. Needless to say, the sites were completely If a web page contained defamatory statements or unauthorized, and the schools were horrifi ed to be material that infringed trade-marks, for example, associated with an organization that used institu- shutting it down involved many hurdles. Finding the tions’ names to lure students and other individuals specifi c web-hosting company or website owner was into signing up, and then misused personal data for the fi rst hurdle, particularly if an anonymous web- independent gain. hosting service like Go Daddy had been used. Once Facebook’s code of conduct contains specifi c terms found, persuading the web-hosting service or website prohibiting “infringement of others’ rights,” and forms creator to voluntarily remove the off ending content with which to report trade-mark and copyright viola- often proved a futile eff ort. Legal action was usually tions. A complaint was made on behalf of one of the required, and there were often signifi cant jurisdictional universities using Facebook’s tools, grounding the obstacles if the site was located outside Canada. complaint in trade-mark and copyright violation and Fast-forward to the days of Web 2.0. A number citing these specifi c prohibitions. All of the off ending of websites have sprung up that allow individuals to content was removed by the legal department within blog or post comments. Many people now use these a week, for about the price of writing a demand MARK FANCOURT-SMITH is a sites rather than creating their own. A vast number letter, and at a small fraction of the cost of seeking commercial litigator at Fasken Martineau whose practice of Internet users congregate on sites like Facebook, a lawsuit. includes intellectual property Twitter and Blogger. Th is makes it much easier to locate litigation, protection of trade individuals posting illegal content. Th ese sites also have They’re saying what about us? secrets, breaches of fi duciary obligation and fraud. specifi c terms of use and/or codes of conduct. As sites When faced with critical or disparaging comments continue to grow in size and popularity, so have the legal online, deserved or not, the best defence is often not departments responsible for dealing with complaints. an off ence. Th ick skin must come with the territory. Not Websites’ terms of use often outline specifi c reasons for every opinion about your organization will be positive. which content will be removed from users’ web pages, Unfortunately, those with an axe to grind may have the and many social networking sites even provide specifi c loudest voices. Th ere is a great deal of ground between forms with which to register complaints. criticism (which is entirely permissible) and actual defa- That said, legal departments are loath to get mation, and it’s diffi cult to convince a social networking involved in private disputes. To get off ending content site’s legal department to get involved in a case where removed, companies and individuals need to make there are shades of grey. sure their complaints fall within the scope of a site’s One company recently dealt with an extremely DAVID WOTHERSPOON is a terms of use. When applied properly – and sometimes vocal and disgruntled customer. He expressed his commercial litigator at Fasken creatively – these mechanisms can achieve the goals dissatisfaction by posting comments on business Martineau who practises of what would otherwise require a lawsuit, at a frac- review sites, blogging and making YouTube videos. primarily in the areas of intellectual property, tion of the cost and time, while never raising thorny The material, while highly critical and hurtful to technology and defamation. jurisdictional issues. the company, was not defamatory. After he agreed
14 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p13-15_DefamationFall09.indd 14 9/24/09 9:40:41 AM to remove all of these postings and sites, it became When faced with critical or known that he had not disclosed a guide he had written for and posted on eBay. Th e guide had been disparaging comments online, created to criticize the company and dissuade others deserved or not, the best defence from becoming customers. is often not an off ence. Thick skin Despite the fact that the individual had signed a must come with the territory. binding agreement not to post material critical of the company on the Internet, eBay’s legal department Not every opinion about your would not intervene. Critical speech in breach of a organization will be positive. legal agreement did not fall within the scope of prohib- ited usage on eBay, so they would not become involved, notwithstanding that the action was “unlawful.” In the important than, what you say about yourself. Th ird- end, however, technical evidence gathered from eBay party testimonials often receive credence that demonstrated that at least one iteration of the guide self-promotion lacks. With more and more people had been posted after signing the agreement, and posting their own content online, the benefi ts and was therefore in breach. Th is evidence was used to risks of social networking to an organization rise. You persuade the individual to honour the agreement or can’t control what people say, but if you know when be sued. Th e guide was voluntarily removed. and how to enforce your rights, and when to take it on As Web 2.0 and user-created content proliferate, the chin, you can at least make sure they say it fairly. especially on social networking sites, what others You’ll also help protect your brand from hijacking by
ISTOCKPHOTO say about you can be just as important as, or more critics and opportunists. ■
p13-15_DefamationFall09.indd 15 9/24/09 9:40:43 AM Y ACCOUNTING Y MANAGEMENT Y STRATEGY
We all togetherblog now The real value of this social media tool is connections
By DAVE MACDONALD CMA
ood communication is a fundamental skill for professionals, and an espe- cially important one for managers. Great managers are quick to adapt to change and able to actively engage with staff , customers and other stake- holders. The ease and timeliness of blogging is one reason this method G of communication has risen in popularity. What is a blog? Blogs are excellent sources of information, and A blog, short for “weblog,” is a website with regularly CMAs should be reading blogs to stay engaged in their updated content. A single individual usually main- area of expertise. People often have trust issues with tains a blog, but sometimes a community of bloggers blogs and assume bloggers are salespeople, marketers contribute. Blogs used to be about regular, often or individuals promoting special interests. While uninhibited, written commen- these do exist, credible blogs are tary, but over the past few years “Social media isn’t a not diffi cult to fi nd. One of the they have begun to include audio fad, it’s a fundamental best examples of a business blog (podcasts) and video (videoblogs shift in the way we that may capture CMAs’ interest or vlogs). is the Harvard Business review: The production of content communicate.” blogs.harvardbusiness.org. is the “push” side of blogging. ■■■ An often-overlooked area in a What makes blogging a social Erik Qualman blog is the comments section. media tool isn’t that anyone can Global Vice President of Online Th e comments section and dia- produce a blog, it’s that anyone Marketing, EF Education logue between readers and the can comment on a blog, or even blogger is often as enlightening blog about a blog. Ideas become interactive and people as the original posting. As CMAs, and as profes- network by furthering and challenging one another. sionals within our respective industries, we are in an excellent position to contribute to others’ learning by CMAs and blogs sharing best practices. Th is interaction – the sharing Th ere are three components of blogging to consider of ideas – is the raison d’être of social media and when looking at its value proposition: fosters connections that can be useful throughout ■ Reading our careers. ■ Commenting Blogs have become increasingly accessible thanks www.cmabcblog.com ■ Writing to sites that provide free access to easy-to-manage
16 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p16-17_BlogFall09.indd 16 9/24/09 9:41:05 AM blog software. Th e leaders in this category are Blogger (www.blogger.com, easily linked to one’s Google or Introduction to Social Media Series Gmail account) and WordPress (www.wordpress.com, Did you miss last issue’s articles on what social media is, CMAs’ best practices a host site for free blogs). WordPress.org off ers open- for using social media or the business case for a strategic marketing approach source blogging software for your own site. With these to social media? Catch up on these articles and more: past issues of Update sites, a blog can be set up in minutes and reasonably are available online on www.cmabc.com under “Connect with CMA” in the customized to suit any need. publications section. Th e most daunting task many people face is writing. In a July 2009 entry on the Vancouver Chapter blog (www.cmavancouver.com), Stewart Marshall, Chapter Adwords, spoke at a Vancouver Board of Trade event Chair, goes so far to ask: “If there is already a blog for about a business’s web presence. Jagger explained that any subject I can think of, then why should I bother increasing your accessibility on the web depends on myself?” Marshall writes that blogging is not solely your site structure (10 per cent), your own page and about subject matter; it’s about personal expression. content (30 per cent) and links from other sites (60 per Everyone has a diff erent viewpoint, so by opening the cent). Th ese inbound links come from people linking discussion you become a source for others. to you on their own blogs or websites, as well as links Marshall’s blog entry goes on to explain that writing included in the comments section of blogs. Th is is part a blog is as simple as writing an email. Th e subject of of what defi nes the “social” in social media. the email becomes the heading of the blog entry and The most fundamental blog strategy from a the blog entry becomes the content from the email – marketing perspective is to share links and provide it’s often a one-click process. incentive for people to link back to you. Blogging is about expression, interpretation, feedback and The case for a web presence dialogue. Th e more dialogue and interaction, the greater Web advertising has become a $24-billion industry in the opportunity to further one’s network or market the U.S., according to PricewaterhouseCoopers in the presence, both of which are key for professionals. August 12 edition of the Wall Street Journal. As online Blogs are one of the most fundamental social media spending surpasses 10 per cent of total advertising forums and, though they move in and out of vogue in dollars spent, for the fi rst time a consistent increase the traditional media, they remain one of the best ways in spending on web advertising is undeniable. Having to communicate and collaborate online. DAVE MACDONALD, CMA is a a web presence is translating to real returns for those Hopefully this provides an overview of blogging Special Projects Administrator who implement it properly. for both the beginners and the web-savvy CMAs at WPCG, and Online In February 2009, Stephen Jagger of reachd.com, among us. We invite all members to participate and Communities Director for the a Vancouver company that specializes in training encourage you to leave comments at the society blog, CMA BC Vancouver chapter. Connect with him on LinkedIn, businesses how to leverage web technologies, such www.cmabcblog.com or a local chapter blog such as Twitter (@davemacdonald) or
ISTOCKPHOTO as search engines, blogging, online video and Google www.cmavancouver.com. ■ his blog at davemacdonald.ca.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 17
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Challenge or bechallenged Your employees may be waiting until the economy stabilizes to make a move
By DIANE KERLEY CMA
ith the Bank of Canada announcing that the recession is essentially over in this country (July 23 Monetary Policy Report), employers can once again start to think positively about the future of their companies. This begs the question: are your employees committed to helping your organization Wmove forward, or are they merely drawing a steady paycheque while they watch the job boards in search of a new career opportunity?
Only 53 per cent of Canadians feel they are growing professionally at their jobs, according to a nationwide survey on employee engagement conducted by David Aplin Recruiting (DAR) in March 2009. More than 1,600 currently employed Canadians participated in the survey. Why is this statistic signifi cant for employers? A 2008 DAR survey revealed that generation Y and generation X workers in Canada rated opportunity for advancement as their most important employment incentive, with 90 per cent of all respondents ranking it number one. Placing fourth
at 85 per cent was “experiencing new challenges/working on a variety of interesting projects.” ISTOCKPHOTO
p18-19_EmployeeFall09.indd 18 9/24/09 9:41:36 AM Th e vast majority of workers felt these incentives – all indicative of professional growth – were very important reasons to either stay at their job or look for a new one. With almost half of this year’s employee engagement survey respondents indicating they don’t feel they are growing professionally, there appears to be some latent discontent among a good portion of Canadian employees. Are they waiting until the economy stabilizes to seek out new job opportunities that will better fulfi l their needs? Some 37 per cent of employed British Columbians who responded to the DAR March employee engagement survey indicated the instability of the economy made them less likely to look for a new job. “Despite today’s economic crisis, employers need to empower their employees,” says David Aplin, CEO of DAR. “If they don’t start providing new challenges that allow for professional develop- ment, their employees will seek other opportunities outside the company – if not now, then when the economy stabilizes.” A subsequent 2009 DAR survey revealed the motivations behind voluntary employee turnover. Respondents were asked to recall a former employer they chose to leave and then answer some questions as honestly as possible. When asked what factors fi rst caused them to start thinking seriously about leaving the organization, the top fi ve answers were: 1. Lack of trust in senior leaders 2. Insuffi cient pay 3. Unhealthy/undesirable culture 4. Lack of honesty/integrity/ethics 5. Lack of opportunity for training and development Th ere are several ways managers can keep their employees actively engaged and help their organizations move forward: ■ Inspire confi dence with a clear vision and a workable plan to achieve it ■ Show your employees you value them by backing up words with actions and recognizing their accomplishments ■ Provide your employees with challenging and meaningful opportunities for career advancement ■ Off er a fl exible work environment conducive to a healthy DIANE KERLEY, CMA is a Senior work-life balance Consultant with David Aplin ■ Foster an environment of collaboration and teamwork Recruiting specializing in ■ Strive to maintain a highly ethical environment accounting and fi nance recruitment. Founded in 1975, Th ese are suggestions worth following, especially considering David Aplin Recruiting is a that the cost of replacing an employee is estimated to be Canadian-owned national between 75 per cent and 200 per cent of an employee’s annual full-service search fi rm with compensation, factoring in recruiting, orientation and training. offi ces in Vancouver, Calgary, Edmonton, Winnipeg, Disengaged employees are also less productive, which aff ects your Mississauga, Toronto, Ottawa bottom line. ■ and Halifax.
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Do you have an article to share? A CMA we should know about? News to pass along? Email Tiana Mah at [email protected] to submit content or share ideas for future stories in Update. We’re waiting to hear from you!
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 19
p18-19_EmployeeFall09.indd 19 9/24/09 9:41:41 AM Y ACCOUNTING Y MANAGEMENT Y STRATEGY Internal Audit A member dispels the myths
By TOM PEERLESS CMA
was recently invited to a party of some acquain- and fi nancial reconciliations; however, these types of tances. Upon arriving I struck up a conversation audits only comprise a percentage of our work (for with a guy wearing a Maple Leafs hat (I’m a life- my clients it’s about 20 per cent of our audit plans). time Leafs fan). After 10 minutes of analyzing Instead of just assessing whether a capital purchase is the shortcomings of the team he asked: “So what treated correctly on the fi nancial statements, Internal do you do, Tom?” My response: “I’m an Internal Auditors might assess whether the purchase received IAuditor.” Despite our mutual love of the Leafs, my new value for money or achieved stated business objectives. friend recoiled, and looked like he was contemplating Internal Auditors primarily assess whether internal an exit strategy. Incredibly, this is a normal response controls designed by management are helping the from strangers, and it made me think about why people organization achieve its objectives. We often call this react so oddly to the term “Internal Auditor.” Talking to the TREE principle: clients, colleagues and friends, I found there are widely held myths around the word “auditor,” as well as confu- Transparency – show organizations have sion about what Internal Auditors do and how they nothing to hide diff er from other auditors. Reliability – ensure information is reliable Th e Institute of Internal Auditors (IIA) Eff ectiveness – ensure internal controls defi nes an Internal Audit as “an indepen- are eff ective dent, objective assurance and consulting Ethics – monitor ethical climate activity designed to add value and improve an organization’s operations. It helps an Myth #2: All auditors are the same. Th ere are similari- organization accomplish its objectives by ties between various types of auditors, but our roles bringing a systematic, disciplined approach and objectives are very diff erent. Th e table on page to evaluate and improve the eff ectiveness 21 briefl y outlines the diff erences between the major of risk management, control and gover- audit groups. nance processes.” Th e defi nition is useful What makes Internal Auditors so diff erent from for individuals familiar with auditing; other auditors is communication. Th e best Internal it does little to dispel myths about Auditors can seamlessly cross departments, get infor- the profession in the general mation, sell their recommendations, add value and, populace. Here are some of the most importantly, infl uence decision-makers within most common myths: an organization. In any given day I might speak to the CEO, a clerk in human resources and a supplier about Myth #1: Internal Auditors are the same auditable area. Internal Auditors are often just accountants. Th e reality “people persons,” willing to meet and build strong is Internal Auditors review working relationships with auditees. all areas of an organization, including fi nance-related Myth #3: Internal Auditing is boring. Many times audits. Internal Auditors throughout my career people have commented that do perform some fi nan- my career must be bland. In fact the profession is very cial audits, such as dynamic and exciting. Really, I’m not kidding. How
accounts payable, treasury many professionals have complete access to the board ISTOCKPHOTO
20 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p20-21_InternalAuditFall09.indd 20 9/24/09 9:44:30 AM Audit types and their AUDIT FACTOR INTERNAL AUDIT EXTERNAL AUDIT TAX AUDIT key characteristics. Area of review Operational, managerial, Primarily fi nancial; Compliance with tax strategic, fi nancial, IT, GAAP/IFRS legislation and policy governance Reporting result Opinion, advice, Audit opinion May result in an recommendations assessment for more tax owing or reduction Time frame audited Past and future Past (with future Past improvements) Location Internal or external to External to the Internal to the the organization organization jurisdiction
of directors, executive and all areas of an organi- on eff ectiveness, effi ciency and adequacy to address zation? Internal Auditors have been instrumental risk. Th ey suggest or recommend ways to improve in uncovering and investigating some of the biggest internal controls, reduce costs and apply best prac- frauds in history, including WorldCom. I often fi nish tices and are leaders in risk management. my work day feeling that I have helped an organization reduce risk and achieve its objectives. A career as an Myth #4: Internal Audit is a fringe organization. Internal Auditor is very satisfying. Founded in 1941, the IIA has 160,000 members in 165 countries, including 7,000 members in Canada. Active TOM PEERLESS, CMA is a Myth #4: Internal Audits assess compliance. While within the business community, local IIA chapters Director with PRA Group Internal Auditors do evaluate compliance with frequently hold professional development seminars (www.pragroup.ca). PRA Group specializes in ERM, forensic company and legislative policies, procedures and, of interest to CMAs. audit, software development, in the United States, Sarbanes Oxley legislation Hopefully I’ve demystifi ed Internal Audits and piqued SOX compliance and IT audits. (52-109 in Canada), our work often goes beyond your interest in this exciting fi eld. Next issue, I’ll be He is also currently President of the Vancouver Island these areas. Policies and procedures themselves are discussing the Internal Audit cycle and the diff erences Chapter of the Institute of reviewed; Internal Auditors make recommendations between internal and external audits. ■ Internal Auditors.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 21
p20-21_InternalAuditFall09.indd 21 9/24/09 9:44:32 AM Y ACCOUNTING Y MANAGEMENT Y STRATEGY Honing the and what the how Sharpen both skill sets to stay game-ready in changing times
By JEFFREY SPARLING CMA
he business environments in which CMAs fulfi l their professional obliga- tions are varied and complex. Throw in the rapidly changing global economy, and changes in technology, and you have a situation where you either keep up or are left behind. Organizations are not static and professionals can’t aff ord to be either. Strategies, goals and objectives constantly change in Tresponse to evolving economic and regulatory conditions, customer demands, advances in technology and social preferences.
If you and your organization are to succeed amid management professional have proven this to me change, everyone must grow. At a basic level we can many times over, and I’ve seen many situations where break this growth down into what we do and how underdeveloped management and interpersonal skills we do it – known in some circles as “hard” and “soft” have resulted in unmotivated workforces, high turn- skills, respectively. The CMA Competency over, absenteeism and unhealthy cultures. Map identifi es these areas as functional competencies and enabling compe- Creating a development plan tencies. Unfortunately, enabling When formulating your own development plan, care- competencies – the “how” fully evaluate your overall eff ectiveness from both the of the equation – are often functional and enabling sides of the equation. Look overlooked in professional not only to areas that need development, but also at development. Keeping pace strengths for further development. with change requires an Be honest in your assessment and don’t hesi- honest assessment of your tate to obtain feedback from your peers, leaders or effectiveness in both the direct-reports as part of your assessment. Evaluate what and the how. the payoff s for you, your work group and your orga- Th e costs of not being at the nization when developing your plan and you’ll ensure top of your game in either realm maximum benefi t to you and your organization. Th is can be extensive. Flawed technical is not merely an exercise in accumulating credits for analysis can cause organizations to start CPLD. Th is is about being the consummate strategic down very costly and unprofi table paths. A leader in your organization. lack of business and organizational knowledge can Below are the functional and enabling competencies as cause business fragmentation and lost opportunities. set out by CMA Canada in the CMA Competency Map. Underdeveloped interpersonal skills and business competencies can reduce morale, increase turnover Functional competencies and possibly develop toxic work environments. My Th e functional competencies comprise the essential tool- www.cmabc-pd.com 20 years of experience as a strategic and performance kit for strategic management accounting professionals
22 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p22-23_CPLDFall09.indd 22 9/24/09 9:45:00 AM CPLD site goes live CMA British Columbia has launched a new website exclusively focused on CPLD. Visit www.cmabc-pd.com to fi nd the latest professional development workshops by CMA British Columbia. This website will be the fi rst source of professional development opportunities for members and will include webinars and workshops being held around B.C. Visit www.cmabc-pd.com today!
Y Visit the seminars section of www.cmabc-pd.com for upcoming CPLD events in your area. This fall CMA British Columbia is running an Executive Leadership Series in Victoria and Vancouver with past CMA conference presenter, author and professional speaker Shane Gibson.
at all stages of their careers. Derived from the role Enabling competencies of the CMA in meeting the Accountability Mandate, Th e enabling competencies refl ect personal attributes these competencies represent the core value proposi- and distinguish CMAs from other professionals working tion for the CMA profession. in the area of strategic management accounting. Th e six functional competencies are: Functional and enabling competencies are of equal Y F1. Strategic management – Th e ability to importance in carrying out specifi c tasks related to the chart a path that enables an organization to achieve Accountability Mandate. sustainable value creation within an organization. Th e four enabling competencies are: Y F2. Risk management and governance – Th e Y E1. Problem-solving and decision-making – ability to evaluate strategic, operational and fi nancial Innate analytical and problem-solving skills and the risks and ensure that these are adequately measured, capacity for innovative and integrative thought, as well managed and controlled while at the same time estab- as the ability to connect “parts” and “wholes,” identify lishing appropriate governance. This includes the and manage priorities and adopt a broad view. evaluation of internal controls, the application of risk Y E2. Leadership and group dynamics – The reduction strategies and other governance activities. ability to work in, build and lead teams. Th is involves Y F3. Performance management – Th e ability to skill in such areas as organization, goal-setting, collabo- implement appropriate systems to support decision- ration, process management, coaching, mentoring, making, set performance targets and monitor perfor- infl uencing, convincing, empathy, fl exibility, negotia- mance with respect to the achievement of the targets. tion and change management. Performance management focuses on managing both Y E3. Professionalism and ethical behaviour – costs and revenues. The ability to operate with honesty, integrity, Y F4. Performance measurement – Th e ability credibility, self-confi dence, self-control, organization, to evaluate performance with respect to the organiza- attention to detail and independence, as well as the tion’s established strategy and targets, and formulate ability to cope with ambiguity, identify confl icts of JEFFREY SPARLING, CMA is the incentive and compensation plans that motivate interest, exercise due diligence, protect the public Manager of the Offi ce of employees to strive for the achievement of organiza- interest, adhere to the rules of professional conduct Strategic and Performance Management with Bouchard tional targets. and enhance the reputation of the profession. and Company, Chartered Y F5. Financial management – Th e ability to set Y E4. Communication (both written and oral) – Accountants (www.bouchardco. fi nancial objectives and manage fi nancial resources Th e ability to communicate eff ectively. Th is involves com). He is a member of the Update Editorial Task Force and and associated risks. listening, understanding, speaking and writing with serves on the CMA Continuous Y F6. Financial reporting – Th e ability to under- clarity, the art of persuasion and skill in communicating Professional Learning and stand, produce and analyze the information disclosed complex matters to all levels of the organization. Development Committee and in an organization’s fi nancial statements. Financial The next issue of Update will examine specific CMA Public Licensing Committee. He is also a reporting focuses on the needs of external parties such courses that can contribute to the ongoing develop- moderator for the CMA as shareholders, creditors and regulatory agencies. ment of enabling competencies. ■ Strategic Leadership Program.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 23
p22-23_CPLDFall09.indd 23 9/24/09 9:45:02 AM Y ACCOUNTING Y MANAGEMENT Y STRATEGY So, what’s yourTSR? Combatting zero-saving in the Age of Materialism
By DON NILSON CMA, FCMA
conomists defi ne saving as disposable income minus consumption. “Saving” diff ers from “savings” – the former is the active verb for putting money aside, while the latter is the noun for Ethe pot of wealth that has been saved. We are probably all aware that saving rates have been falling through the fl oor of late, most notably in the U.S., where the rate hit zero, from 10 per cent two decades before. Th e present recession has brought a new frugality to those whose jobs have not already been eliminated. Th e saving rate in May was 6.9 per cent, a 15-year high. Th e reasons for the slide to zero-saving are no doubt multi-fold, but perhaps one aspect has been a consumer- and consumption-driven society. History has attached various labels to the epochs of Western society – the Age of Enlightenment, the Industrial Revolution and the Dark Ages to name a few. It seems likely that some time in the future the present era will be named the Age of Materialism. It’s a common view in Western cultures today that people should spend. Governments encourage this, to take the fi scal ISTOCKPHOTO load off of them to stimulate a distressed economy. And so
24 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p24-26_TSRFall09.indd 24 9/24/09 9:45:25 AM there are, for instance, on average four credit are intended for diff erent purposes – a not saving. Th erefore savings should only cards issued to every person in America. house, a car, a new roof, vacation money, include debt reduction on loans to acquire While zero-saving rates fuel today’s retirement money and so on. Some may appreciating assets, such as real estate or economy, they also result in an overheated view this as a quirky way to approach investment accounts. Earned saving is economy and a lack of interest in tomorrow. household fi nance, but if it works, great! reduced by any withdrawals from invest- So, governments need to steer towards a Th e term “saving” actually merits some ment accounts used to fund life costs. middle path. Our federal government is further explanation. We all likely have our Th e second measure of saving is total getting into the act – the recent budget called own defi nition fl ash through our minds saving rate (TSR), which calculates a for more fi nancial literacy, and a 13-member when we see the word, and that defi ni- broader measure of saving divided by a task force has just been appointed to fi gure tion likely involves transferring some of broader measure of income. “Total saving” out a national strategy for improving our hard-earned cash into some savings includes the earned saving identified Canadians’ fi nancial knowledge. vehicle. But how would you defi ne this above, plus investment income earned in John Maynard Keynes believed people for the retiree or capitalist who doesn’t investment accounts (including interest, put very little thought into their saving get up to go to work in the morning? Does dividends and net appreciation in those decisions, and that saving resulted not from the interest and dividend income earned, accounts over the year). saving need but from income availability. but not spent, count as the capitalist’s or CALCULATION OF ESR He said that, given the economic concept retiree’s saving? Is the investment income of “propensity to save,” saving rates increase earned and compounding in an RRSP for Contributions to RRSPs, RPPs, TFSAs and other investment accounts, plus principal when income rises. Modern research by a work-a-day person part of saving, too? repayment on mortgages, minus any economists Annamaria Lusardi and Olivia Or does behavioural finance’s “mental withdrawals from investment accounts, S. Mitchell in the U.S., as well as others accounts” cause that person not to even divided by family earned income in Canada, support this theory today. think about this money until retirement? CALCULATION OF TSR Remarkably few people have a plan, even There are in fact at least two saving though it may be one of the most funda- metrics: “earned” and “total.” Each is valid Same numerator as ESR, plus investment earnings in all savings vehicles, divided by mentally important aspects of life. in its own right. The first is the more same denominator as ESR, plus investment So, in the absence of their own plans, well-known measure popularized in the earnings in all savings vehicles people’s cues come from various places media – the sacrifi ce-related one econo- – peers, fi nancial professionals, media, mists call the “propensity to save.” This The aggregation of this information employers and governments, to name earned saving rate (ESR) is annual saving calculates annual “simple” ESR and TSR. a few. Mandatory contributions (RPPs divided by annual family earned income, But be prepared for a surprise! In a bear and CPP) and benchmark saving rates that being salaries, wages and self-employ- market like the current one, the annual (18 per cent of earned income) are exam- ment income (in the case of incorporated return (and saving) from your investment ples. Research by Richard H. Th aler and entrepreneurs, it should also include annual accounts may be a negative number, Shlomo Benartzi showed that people are retained earnings before tax). Earned saving meaning negative saving, and that nega- pliable and can be coaxed into saving, includes money set aside in “savings places,” tive amount may exceed earned saving even accelerated saving. While a fi nancial like RRSPs, company pension plans and out of household income. As a result, it planner might not be able to convince brokerage accounts, but may also include would be wise to calculate a second saving people they ought to have a fi nancial plan, saving applied to debt reduction; for rate – long-term compound – for both guiding them to a saving plan that requires example, a mortgage or line of credit. Th is ESR and TSR. Th is will smooth out the them to stretch is a good half-victory. requires some clarifi cation – ESR should not problem with negative saving years and Work in behavioural fi nance suggests include debt reduction on consumer debt, give you a good long-term benchmark for people work with different “mental such as credit cards, because this is merely your saving discipline. accounts.” Diff erent pots of saving eff orts spreading consumptive life costs over time, An Excel worksheet can be set up to
p24-26_TSRFall09.indd 25 9/24/09 9:45:29 AM 2008 2007 2006 2005 2004 2003 2002 2001 2000 Income Employment income 76287 76243 76500 76485 63015 58753 53360 69206 90370 Y ACCOUNTING Retained income 85551 76880 63943 66041 21735 22915 38315 0 0 Y MANAGEMENT Earned income 161838 153123 140443 142526 84750 81668 91675 69206 90370 Y STRATEGY Investment income -59036 11541 44628 37334 18874 33615 -7796 -14347 17111 Total income 102802 164664 185071 179860 103624 115283 83879 54859 107481 Saving Earned saving 13930 14028 13949 11506 10707 9601 12735 13500 13500 Mortgage paydown 11412 10970 10544 10134 9740 9362 8999 8650 8313 Withdrawals from savings 0 00000000 www.cmabc.com Earned saving 25342 24998 24493 21640 20447 18963 21734 22150 21813 Investment income -59036 11541 44628 37334 18874 33615 -7796 -14347 17111 Total saving -33694 36539 69121 58974 39321 52578 13938 7803 38924 Ratios Simple ESR 16% 16% 17% 15% 24% 23% 24% 32% 24% Simple TSR -33% 22% 37% 33% 38% 46% 17% 14% 36% Compound ESR 21% 22% 23% 24% 25% 26% 27% 28% 24% Compound TSR 21% 30% 31% 30% 30% 27% 22% 25% 36% Sample ESR and TSR calculations.
track your ESR and TSR over time. Th e table above is the human shortcomings observed by Keynes et al. a composite of real-life data plus some extra assump- Perhaps the Age of Materialism will pass into the tions. You can see how bad stock market years (2002 history books and a new era awaits defi nition. While DON NILSON, CMA, FCMA and 2008) lower the simple TSR below the simple ESR. the Age of Materialism has us fi nding fulfi llment in the is the Principal at Nilson & But the long-term compound saving rates give a fairer things around us – cars, homes, fancy vacations – in Company. He is also a member of the Update Editorial Task measure of long-term saving diligence. Th ese statistics the new era we might instead enjoy such satisfaction Force. should provide a simple feedbackdap_cmaupdate_sep09.eps loop to counteract 9/9/2009 from 2:28:31 bragging PM about our TSR. ■
Canada Wide Media Limited is very proud to be working on Update magazine on behalf of the Certifi ed Management Accountants of British Columbia.
Your Advertising Account Manager Karen Rice
Please contact me with any ideas, questions and feedback regarding advertising in Update. I look forward to working with you! 604-205-1711 [email protected]
26 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
KarenRice_Ad.indd 1 9/23/09 10:11:40 AM
p24-26_TSRFall09.indd 26 9/24/09 9:45:29 AM DIARY OF A CMA IN TRAINING
Module three and the National Case Exam
By GEOFF BRYANT CANDIDATE IN THE CMA PROGRAM
f the fi rst three modules of the Strategic By the end of the SLP program, I will have had Leadership Program (SLP), I have to say the opportunity to analyze a variety of issues that module three was a real turning point for me. Th e assignments in this module, have already come up in my position at Owhich involved preparing three case exam simulations, Océ Display Graphics Systems. two of which were marked nationally, helped candi- dates solidify their analytical and technical skills. Th ese three was having Florence Dupont, CMA, an SLP assignments played two very important roles: fi rst, they case exam marker, speak with the year-one groups provided another opportunity to prepare for the case about the case exam. Th is was valuable for many exam at the end of August. Second, they presented candidates and provided clarity on what the expecta- more complex strategic and operational issues to tions are from a marker’s perspective. All year-one analyze compared to module two. For this reason, I candidates were assigned to small groups, outside of found module three further strengthened my analysis our original group, to analyze a case study and prepare and case-writing skills. Th is was also true for other a storyboard-style response. As we were preparing year-one SLP candidates at the interactive session. our responses, Florence visited with each group and chose three to be presented in front of the large group. The case approach We were fortunate that Florence selected our group Th e case studies presented to candidates for analysis response to be analyzed by the class. Once everyone in the SLP deal with organizations from various indus- had a chance to review the three case responses, tries facing diff erent challenges and constraints. I Florence gave her feedback in an open forum so that found that no matter what the requirements of the candidates could ask questions and be challenged to case were, applying the case approach reduced any think critically about their responses. For me, this was stress I had before starting, as the approach gives valuable because I fi nished the weekend knowing what structure and organization to the analysis. Th is orga- I needed to improve on for the next case I prepared. In nized approach, which is reinforced by program the afternoon the groups reconvened and discussed moderators, allows me to link concepts and produce their impressions of the program so far, as well as the a consistent, thorough response. By the end of the SLP fi rst assignment in module three, a case exam called program, I will have had the opportunity to analyze B.C. Coast Cruises Inc. GEOFF BRYANT is a Junior a variety of issues that have already come up in my Overall, year one of the SLP has met my expecta- Accountant with Océ Display position at Océ Display Graphics Systems. tions, and the transformation in my ability to think Graphics Inc., and is currently a more globally about all aspects of operations within student in the CMA Strategic Leadership Program. He is also a Module three an organization has been a tremendous experience. I member of the Update Editorial A highlight of the interactive session for module look forward to beginning year two in the fall. ■ Task Force.
ARTICLES TO WATCH FOR In upcoming issues of Update we’ll be covering the From recent member feedback we know many current pathways to a CMA in B.C., whether through of you are unfamiliar with the educational options CMA program the CMA Accelerated Program (formerly the FastTrack for students and business professionals interested in program), CMA Accredited Program (CMA Canada- pursuing a CMA, as many of the programs have changed updates accredited bachelor of business administration or since you completed your designation. We hope this bachelor of commerce degree programs specializing in series of articles will bring you up to date and give accounting), CMA Executive Program or the CMA-MBA you the tools to speak about the CMA designation to Combined Program. students, co-workers and other industry professionals.
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 27
p27_DiaryFall09.indd 27 9/24/09 9:45:52 AM MEMBER UPDATE
Members on the move Congratulations to these CMA BC members who have been promoted or accepted a new career opportunity
GUY AVIDAN-SHAVIT WAYNE BRAUN GERALD GAGNON DAVE HALLINAN RAJWANT KANG CMA CMA CMA CMA CMA
BLAINE LAMBERT TRACEY BRIX-NIELSEN ROB MCDOUGALL CAROLYN ROGERS JOSEPHINE TYABJI CMA CMA CMA CMA CMA
Y Guy Avidan-Shavit, Director of Corporate Y Dave Hallinan, CMA has for 13 years and a Senior CMA has accepted the role Financial Services with the been promoted from Manager, Associate with BDO Seidman of Information Systems Calgary Board of Education. Facilities and Administration in Los Angeles for three years. Manager at Leith Wheeler Previously he was Secretary- to Senior Manager, Corporate Most recently, Valerie was SEC Investment Counsel Ltd., an Treasurer for three school Services with the B.C. Lottery Financial Reporting Advisor employee-owned investment districts and Director of Corporation. with DaCosta Management counsel based in downtown the School Finance Branch Corp. in Vancouver. Vancouver. Leith Wheeler with the Government Y Justin Halowaty, CMA has manages over $8.8 billion in of Alberta. been promoted from Vice Y Rajwant Kang, CMA assets on behalf of pension, President of Finance and has been appointed Chief foundation, corporate and Y Bruce Buckingham, CMA Operations to Chief Executive Financial Offi cer and Vice individual clients. Prior to has moved to Traffi cCast Offi cer with Tle’ Nax President, Finance of P2P this role Guy was a Southeast International as Executive Vice T’awei Group. Health Systems. In addition Asian Banking Industry President, Operation. Prior to to P2P Health Systems, Raj Business Analyst at Open joining Traffi cCast, Bruce was Y Valerie Helsing, CMA, currently serves as Chief Solutions Inc., a banking IT Senior Director, Operations CPA has joined Argentex Financial Offi cer of Terraco systems provider based in with Motorola Inc. Mining Corporation as Chief Gold Corporation and Connecticut. Financial Offi cer. Argentex Kootenay Gold Inc. Y Gerald Gagnon, CMA Mining Corp. is a junior Y Wayne Braun, CMA has been promoted from mining exploration company Y Blaine Lambert, CMA has recently moved to B.C. from Manager, Tax Policy with with holdings in the Patagonia been promoted from Vice Alberta to take on the role the Government of the region of Argentina. Prior President to Chief Operating of Secretary-Treasurer with Northwest Territories to to Argentex, Valerie was a Offi cer at Cruise Experts the Langley School District. Director, Taxation with the Senior Manager with BDO Travel Ltd. As COO, Blaine Most recently Wayne was Government of Yukon. Dunwoody in Vancouver will be overseeing sales
28 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p28-29_MembersFall09.indd 28 9/24/09 9:46:12 AM and marketing, technology, Vice President Operations/ administration and accounting. Chief Financial Offi cer with New faces Boydston Metal Works. Welcome to these new members of Y Joe Miller, CMA has joined CMA British Columbia: Powerex Corporation as Y Carolyn Rogers, CMA has Chief Financial Offi cer, and been appointed Assistant Y Priscilla Bang, CMA was with Scotiabank’s real estate was recently appointed to the Deputy Minister for the B.C. department as a Senior Financial Analyst in Toronto. Now board of directors of Crosshair Public Service Agency, living in Vancouver, she has joined the B.C. Transmission Exploration & Mining Corp. Ministry of Citizen Services. Corporation as a Financial Analyst on a one-year assignment. Previously, Joe was Chief Prior to joining the provincial Financial Offi cer of Crosshair. government, Carolyn was Y Jane Hawkins, CMA was consulting and teaching President and Chief Executive accounting for the last few years in various cities across Y Tracey Brix-Nielsen, CMA Offi cer of Hydroxyl Systems Canada, but recently moved to B.C. Previously Jane was has joined Goldcorp Inc. as Inc., an environmental Vice President and Chief Financial Offi cer of a venture Director, Financial Reporting. technology company based in capital fund in Manitoba. Prior to joining Goldcorp, Victoria, B.C. specializing in Tracey was Corporate water treatment. Prior to joining Y Tom Ayley, CMA has transferred from Rogers Media – Controller and Treasurer for Hydroxyl, Carolyn worked Television in Toronto, where he was Vice President, Finance Augusta Resource Corp. in private consulting and in and Administration, to Vancouver and is now Vice President, the fi nancial services industry, Television, Rogers Media – Television (OMNI TV and City TV). Y Stephen Majlath, CMA where she held a number of has taken on the role of senior roles in the Canadian Y Patricia (Pat) Eagar, CMA, FCMA has returned to B.C. Director of Finance with Credit Union System and at from Alberta and is now living on Vancouver Island. Pat is Aquinox Pharmaceuticals Royal Bank of Canada. Vice President of Administration and Finance at Vancouver Inc. Prior to joining Aquinox Island University (VIU). Before joining VIU, she was Pharmaceuticals, Stephen pro- Y Josephine Tyabji, Vice President, Finance and Administration at Athabasca vided senior-level consulting CMA, National Business University in Alberta. services through Robert Half Operations Strategist with Management Resources and Vincor International, has was Chief Financial Offi cer of been elected to the board of Ignition Point Technologies. directors of the Canadian Members in memoriam Vintner’s Association and the Y Rob McDougall, CMA has board of directors of the B.C. We wish to extend our sympathies to family and friends of the taken on a new role with Wine Institute. following members who recently passed away: Western Forest Products Inc. and is now Director, Business Y Lauren Walker, P.Eng, Jessie H. Ponech, CMA, Delta, B.C. Analysis. Previously Rob MBA, a candidate in the CMA Receiving her CMA in 1975 in B.C., Jessie was the Registrar/Offi ce held the position of Program, has been promoted Manager for CMA British Columbia for seven years. In 1995 she Operations Analyst. to Director, Marketing was honoured with a life membership in appreciation of her and Product Strategy with dedication to the Society and the accounting industry. Jessie Y Robert Pilz, CMA, CopperLeaf Technologies passed away on June 27, 2009, the day after her 78th birthday. B.Comm. recently joined Inc. Lauren leads overall First Nations Housing marketing, product Eric Reginald Smith, CMA, West Vancouver, B.C. Solutions, Inc. as Chief management and product Eric received his RIA in 1967 in B.C., and served as Vancouver Financial Offi cer, moving strategy for CopperLeaf’s Chapter Director from 1966-67 and Publicity Director from from Response Biomedical Asset Investment Planning 1967-68. He retired in 1984 as Managing Director for Kapoor Corporation where he was solutions. Holdings Ltd. Eric passed away in December 2009 at the age of 89. Chief Financial Offi cer and Vice President, Finance. Y Felicity Withington, CMA John Arthur Van Buekenhout, CMA, Richmond, B.C. has moved to Intrawest Receiving his CMA in 1975 in B.C., Jack served on the Provincial Y Douglas Pontifex, CMA has as Director, Canadian Tax Education Committee from 1976-79, as well as on review committees joined Miranda Industries from KPMG, where she was for commercial law and capital budgeting. Jack worked for many Inc. as Chief Financial Offi cer. a Senior Manager in the years with the Workers’ Compensation Board, retiring as Manager, Previously Douglas was company’s tax practice. Financial Policy. He passed away in May 2009 at the age of 73.
Y If you would like to send a note of condolence to these Have you recently moved to a new company, or would you like to members’ family and friends, contact Rick Lightheart, CMA, welcome a new CMA to your company? Submissions to Members on FCMA at 604-484-7004; 1-800-663-9646, ext. 7004; or the Move can be emailed to Tiana Mah at [email protected]. [email protected].
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 29
p28-29_MembersFall09.indd 29 9/24/09 9:46:14 AM Scholarships and donations
ach year, CMA British Columbia awards the following scholarships at 12 post- secondary institutions across British Columbia. Th ese scholarships, each worth $1,500 towards a remission of CMA fees, are designed to help emerging talent pursue a career in the CMA profession. E Jennifer Figner, Program Head of Financial Management, BCIT with Dean Christie, Congratulations to these scholarship recipients: recipient of the R. Glynn Spelliscy Award.
Y CAMOSUN COLLEGE Y SIMON FRASER UNIVERSITY COMM 454 – Accounting for Management & Bonnie L. Vermeulen Catarina Bellon Control Incentives Acct 420 – Advanced Management Accounting W.C. Easton Scholarship BUS 478 – Strategic Management Y BCIT Y CAPILANO UNIVERSITY Dean Christie Rose Wong Alex Pekarsky R. Glynn Spelliscy Award Marian Easton Memorial Scholarship BUS 424 – Managerial Accounting II B. Tech Accounting degree BFIN 431 – Advanced Management Accounting Y THOMPSON RIVERS UNIVERSITY Angie Macnab Y KWANTLEN POLYTECHNIC UNIVERSITY BBUS 425 – Advanced Management Accounting* William B. Hards Memorial Scholarship Shannon Booth Financial Management Diploma ACCT 4720 – Advanced Managerial Accounting Y TRINITY WESTERN UNIVERSITY Sheryl Mawdsley Y UNIVERSITY OF THE FRASER VALLEY Y VANCOUVER ISLAND UNIVERSITY BUSI 324 – Management Accounting Jim Shiell Andrea Boorer BUS 348 – Management Accounting II Acct 362 – Cost and Managerial Accounting II Y UNIVERSITY OF BRITISH COLUMBIA Lam A. Milne Memorial Scholarship Y UNIVERSITY OF NORTHERN BRITISH COLUMBIA Y OKANAGAN COLLEGE COMM 491 – Strategic Management* COMM 411* Sara Wilson Dick Lucas Memorial Scholarship Adrian Khoo BUAD 366 – Advanced Managerial Accounting Tom Kennedy Memorial Scholarship *Recipient name unavailable at time of publication.
If you would like to make a donation or if you have an employer off ering a matching donation program, DONATIONS contact CMA British Columbia’s Member Services at 604-687-5891, 1-800-663-9646, or [email protected].
We thank the following individuals who made a donation to the CMA Scholarship Fund from July 2008 to June 2009:
■ Graham Alce, CMA, FCMA ■ Sandeep Dayal, CMA ■ Jozef Hubburmin, CMA ■ Neil A. McClelland, CMA ■ Melinda Shum, AAT ■ D. Robert Alexander, CMA, FCMA ■ Irwin DeVries ■ Kuo-Wei Hung, CMA ■ Stephen McKay, CMA ■ Kenneth L. Smith, CMA ■ Darryn Allegretto,CMA ■ Robert Douglas, CMA ■ Ernest Iannacone, CMA, FCMA ■ Christine McKinnon, CMA ■ Warren Smith, CMA ■ Shirley Baker ■ William Easton, CMA, FCMA ■ Barbara Isaac, STUDENT IN THE ■ Richard Mester, CMA ■ Glynn Spelliscy, CMA, FCMA ■ Franco Banducci, CMA ■ Lois Etherington, CMA (Hon.) CMA PROGRAM ■ Claire Milne ■ Kelvin Stretch, CMA, FCMA ■ William Barker, CMA ■ Gordon Farrell, CMA, FCMA ■ Wayne Jeff erson, CMA, FCMA ■ Steven Milotay, CMA ■ Edward Surry, CMA ■ Thomas Barley, CMA ■ W. James Fedorak, CMA, FCMA ■ Stephen Joyce, CMA ■ Anthony Mise, CMA ■ William Symons, CMA, FCMA ■ John Baxter, CMA ■ James Ferguson, CMA, FCMA ■ Y.C. Norman Kam, CMA ■ Sean Monaghan, CMA ■ Kayoko Takeuchi, CMA ■ Colin Bennett, CMA, FCMA ■ Mitchell Ferguson, CMA ■ Kenneth Karasick, CMA ■ Luisa Monroy, CMA ■ Erlina Tan, CANDIDATE IN THE CMA ■ Elmer Benoit, CMA, FCMA ■ Dominic Fiore, CMA ■ Brian Kennedy, CMA, FCMA ■ Andrew Morrison, CMA PROGRAM ■ Carl Bertholm, CMA ■ Maureen Fizzell, CMA, FCMA ■ Patricia Kennedy, CMA, FCMA ■ Sidney Norman, CMA ■ Robert Tanner, CMA ■ Gary Boudreau, CMA ■ Hans Joachim Frie, CMA ■ Barbara Keyes, CMA ■ Edwin Palmer, CMA ■ Robert Taylor, CMA, FCMA ■ Kathryn Jane Brooks, CMA, FCMA ■ G. Arnold Fry, CMA ■ Ronald Kloess, CMA ■ James Pammenter, CMA, FCMA ■ Ernest Tesluck, CMA ■ Gary Brush, CMA ■ Rene Gendre, CMA ■ Wayne Koch, CMA ■ Ronald Park, CMA (Hon.) ■ Rick Thorpe, CMA, FCMA ■ Carol Bruvall Einarson, CMA ■ Rosevelt Ruben Godoy, ■ Roman Kozak, CMA ■ Vinetta Peek, CMA (Hon.) ■ Dominic Tsui, CMA ■ David Burke, CMA CANDIDATE IN THE CMA PROGRAM ■ Karim Lalani, CMA ■ Robert Pellatt, CMA ■ Felix Tung, CMA ■ Christian Cameron, CMA ■ Brad Goodwin, CMA ■ Dennis Lam, CMA ■ Linda Penner, CMA ■ Dorothy Turner, CMA ■ Francis Camilleri, CMA ■ Katie Gove, TELUS ■ Savo Lazarian, CMA ■ George Pennock, CMA ■ Kendall Turner, CMA ■ Hana Carbert, CMA, FCMA COMMUNICATIONS EMPLOYER- ■ Maureen Lazzari, CMA ■ Yvonne Pinder, CMA, FCMA ■ Robert Venema, CMA ■ Roger Chan, CMA EMPLOYEE MATCHING PROGRAM ■ Henry Lenaghan, CMA ■ Elena Pirvulescu, CANDIDATE IN ■ Alladin Versi, CMA, FCMA ■ Bob Cheng, CMA ■ Karen Grant, STUDENT IN THE ■ Rick Lightheart, CMA, FCMA THE CMA PROGRAM ■ Edith Warhurst, CMA ■ Nevin Chernick, CMA CMA PROGRAM ■ Jim Logan, CMA ■ Vincent Poon, CMA, FCMA ■ Janice Faith Wilson, STUDENT IN ■ Kam Kong Choi, CMA ■ Ellen Hamer, CMA ■ Gary Lotochinski, CMA ■ Sandra Record THE CMA PROGRAM ■ Stinson Clarke, CMA ■ George Hartmann, CMA, FCMA ■ Donalda MacDonald, ■ Adrian Redford, CMA ■ Peter Wai Yee Wong, CMA ■ Allan Cobbett, CMA, FCMA ■ Rosemary Harvey, CMA CMA, FCMA ■ Darla Regier, CMA ■ John Wray, CMA ■ Meryle Corbett, CMA, FCMA ■ Warren Anthony Hastings, CMA ■ Eric MacFarlane, CMA ■ Dwight Reynoldson, CMA ■ Ming M. Xiao, CMA ■ Roger Cradock, CMA, FCMA ■ James Herculson, CMA ■ Paul Mah, STUDENT IN THE CMA ■ Eric Robinson, CMA ■ Joseph Yau, CMA, FCMA ■ Graham Cramm, CMA ■ Peter Herz, CMA, FCMA PROGRAM ■ Fri Rodli, CMA ■ Benjamin Yeung, CMA ■ Josephina Curtis, CMA ■ Donald Hincks, CMA, FCMA ■ Mia Maki, CMA, FCMA ■ Grant Rolph, CMA ■ Tony Wai Kee Yuen, CMA ■ Al Dancs, CMA, FCMA ■ Daniel Ho, CMA ■ Alan Mann, CMA ■ Monique Ng-Cheong Sang, CMA ■ Emil Zak, CMA ■ Allyne Darnel, AAT ■ Brian Hobson, CMA, FCMA ■ Donald McCay, CMA ■ Jason Schembri, CMA
30 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p30_Donations.indd 30 9/24/09 9:46:32 AM CHAPTER PROFILE
At the West Kootenay Golf, Annual General Meeting and Executive Tour event June 22: (left to right) Cecil Stoochnoff , CMA, CMA BC Board Director Russell Stocks, CMA, Scott Gray, CMA, Deane Horning, AAT and Don McMillan, CMA. West Kootenay
MA British Columbia chapters are an essen- suggested a program I had never heard of! Upon tial link in the Society’s relationship with its investigating the RIA program, a predecessor to the members and the local community. For each CMA Strategic Leadership Program (SLP), I found it chapter, an executive committee of CMAs is to be a good fi t with my current lifestyle. Th e program Cresponsible for organizing and promoting activities could be completed through distance learning and to encourage member involvement, networking and the management aspect was a good match for future professional development throughout the year. career opportunities. To recognize the eff orts of these committees and learn about their upcoming initiatives, Update spoke Why did you choose to get involved with with Jacquie Hamilton, CMA – vice-chair of the the Society at a chapter level? West Kootenay chapter. As a student, I got involved so I could connect to and network with other accountants and investigate poten- Can you give us a brief description of your role tial job leads. While I was working, it was great to get as vice-chair? together with others working in similar fi elds. I was I initiate meetings and email exchanges when planning also able to serve a term on the CMA BC Provincial chapter activities. I also help plan chapter activities, Board, which was an honour. As a retiree, I still enjoy distribute chapter information to members via email and connecting with my now longtime friends and keeping serve as a contact for chapter activities. I also nag a bit. up with the issues concerning our working members. As a retiree, I also have more time to be involved than What are some of the challenges you face in many of our working members. the West Kootenay chapter? Th e biggest challenge of being involved with the Finding a member who has the time to be the chapter chapter is fi nding ways to get others actively involved. chair, fi nding events that appeal to our chapter Th e best part is when our plans work out and members members’ wide range of interests and timing events are happy. to make attendance and member involvement easy. What advice would you give to a post- What are some of the upcoming chapter secondary student with an interest in pursuing initiatives you have planned for 2009-2010? a career in accounting or a CMA designation? Our formula for recent years has been to host two Th e same advice I would give to anyone planning their dinner seminars, one in the fall and one in the late future – keep your options open. Th e accounting eldfi winter/early spring, plus an AGM social/dinner in June. and the CMA designation are both excellent ways to We have not met to discuss topics or speakers yet, but be ready for whatever twists the future might deliver. we will probably follow this plan in 2009-2010. No matter how complex the world becomes, there will increasingly be a need for workers with fi nancial skills. What are you doing in your market to support Th e CMA designation, with its broader approach to growth and brand awareness? the subject, provides skills relevant for jobs ranging Chapter members have organized a display at the from industry to government, as well as the traditional career fair held at our local college for the last two public practice stream. years, and will probably do that again in 2010. Y If you are interested in getting involved with the West JACQUIE HAMILTON, CMA Why did you choose to become a CMA? Kootenay Chapter, please contact Jacquie Hamilton at Vice-Chair, West Kootenay A manager in the organization I was working for [email protected] or 250-365-8026. Chapter
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 31
p31_ChapterProfileFall09.indd 31 9/24/09 2:05:45 PM Vancouver Executive Tour awardees at the May 20 event.
The 2009 Executive Tour Congratulations to 306 CMAs
s part of the CMA British Columbia 2009 Executive Tour, Society executives and board members travelled around the province to honour CMAs who have held their designation for 25, 30, 35, 40, 45, 50 and 55 years. AIn recognition of their career and community achievements, these members were awarded a commemorative dated pin. Biographies were also read for each award recipient. Th e events took place May 5 in the Okanagan, May 6 in Kamloops, May 20 in Vancouver, June 10 in the Central Interior, June 16 in Upper Vancouver Island, June 22 in West Kootenay and September 29 in YVictoria. Th e East Kootenay and Pacifi c Northwest presentations will be made this fall. Y 25 YEARS – 1984 ■ Mr. Stanley Chan, CMA ■ Ms. Esther Dirksen, CMA ■ Mr. Gary Ghik, CMA ■ Mr. Luke Alberts, CMA ■ Mrs. Myrna Chen, CMA ■ Ms. Shirley Dow, CMA ■ Mr. Paul Gigliotti, CMA ■ Mr. Robert Arnold, CMA ■ Mr. Ka Twang Chew, CMA ■ Mr. Gerald Dragomir, CMA ■ Mr. Allan Gillespie, CMA ■ Mrs. Carol Arnold, CMA ■ Ms. Betty Y.C. Choi, CMA ■ Mrs. Holly Drinkle, CMA ■ Mr. George Govia, CMA ■ Ms. Darlene Balcome, CMA ■ Mr. Bryan Claggett, CMA ■ Mr. Timothy Edwards, CMA ■ Mr. David Goyns, CMA ■ Ms. Anna Beasley, CMA ■ Mr. Stinson Clarke, CMA ■ Ms. Bonnie Elkin, CMA ■ Mr. James Greer, CMA ■ Mr. Robert Bishoff , CMA ■ Mr. Robert Clayton, CMA ■ Ms. Clare Enriquez, CMA ■ Ms. Lynn Griffi th, CMA ■ Mr. Roger Bissoondatt, CMA ■ Mr. Douglas Crowder, CMA ■ Mr. Patrick Ewings, CMA ■ Ms. Cecilia Grinham, CMA ■ Mr. Grant Block, CMA ■ Mr. Gordon Crozier, CMA ■ Ms. Patricia Fong, CMA ■ Mr. Gordon Halfnights, CMA ■ Mr. Bernie Bray, CMA ■ Ms. Donna-Marie Cyr, CMA ■ Mr. Sydney Franchuk, CMA ■ Mr. David Halford, CMA ■ Mr. Allen Brown, CMA ■ Mr. James Deas, CMA ■ Mr. Eugene Fredeen, CMA ■ Ms. Katharine Hamm, CMA ■ Mr. Morley E.H. Brown, CMA ■ Mr. Paul Degraaf, CMA ■ Ms. Karin Fredrich, CMA ■ Mr. Eric Hellsten, CMA ■ Mr. Edward Browne, CMA ■ Mr. A. Cliff ord Denny, CMA ■ Mr. Raymond Friesen, CMA ■ Mr. W. Blair Hogg, CMA ■ Mr. Myles Cairns, CMA ■ Mr. Albert Desiena, CMA ■ Mr. Timothy Gahagan, CMA ■ Mr. Bruce Hollingworth, CMA ■ Mr. Michael Chadwick, CMA ■ Mr. Jean-Michel Dion, CMA ■ Mr. Michael Gallagher, CMA ■ Mr. Gilbert Holmberg, CMA
32 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p32-34_ExecTourFall09.indd 32 9/24/09 9:47:10 AM ■ Mr. Robert Hudson, CMA ■ Mr. Daniel Pousett, CMA ■ Mr. Edward Hunt, CMA ■ Mr. Shangara Prihar, CMA ■ Mr. David Janicki, CMA ■ Miss Lois Reimer, CMA ■ Ms. Jeanette Keays, CMA ■ Mr. Dwight G. Reynoldson, CMA ■ Mr. Sean Keenan, CMA ■ Ms. Darlene Riordan, CMA ■ Ms. Valerie Kerekes, CMA ■ Mr. Chris Robbins, CMA ■ Mr. B. J. Kim, CMA ■ Mr. Timothy Rohne, CMA ■ Ms. Margaret Klatt, CMA ■ Ms. Diane Ross, CMA ■ Mrs. Elizabeth W.C. Lai, CMA ■ Mr. Peter Rouleau, CMA Above: (left to right) Jim Milne, ■ Mr. Alnoor Lakhani, CMA ■ Ms. Sandra Runcie, CMA CMA, Colin Bennett, CMA, ■ Mr. Philip Lam, CMA ■ Mr. Brian J. Rundle, CMA FCMA, President and CEO, CMA BC and Cecil Stoochnoff , ■ ■ Mr. James Lane, CMA Ms. Catherine Russell, CMA CMA at the West Kootenay ■ Mr. Peter Tze-yiu Lau, CMA ■ Mr. Kumar Sharma, CMA Tour. Left: The May 5 Okanagan ■ Mrs. Flora Lai Yee Lee, CMA ■ Mr. Ron Simmons, CMA Tour: (left to right) Colin Bennett, CMA, FCMA, President ■ Mr. Mark Leggett, CMA ■ Mr. D. Bruce Solberg, CMA and CEO, CMA BC along with ■ Mr. Henry Lenaghan, CMA ■ Mr. Glen D. Stanger, CMA David McDougall, CMA, Kelvin ■ Mr. Raymond J. Levac, CMA ■ Mr. Douglas Stein, CMA Stretch, CMA, FCMA, Second Vice Chair, CMA BC Board of ■ Ms. Judy Lloyd, CMA ■ Ms. Sandra Stepien, CMA Directors and Pat Sibilleau, ■ Ms. Eva Y. Lo, CMA ■ Mr. Christopher Strother, CMA Chapter Chair, Okanagan. ■ Mr. Anil Lodhia, CMA ■ Mr. Ted Takahashi, CMA Right: Graham Alce, CMA, FCMA, ■ Mr. Kwock Yen Loo, CMA ■ Mr. William Taylor, CMA 50-year award recipient, at the June 16 Upper Island Tour. ■ Mr. Danny Tak Lowe, CMA ■ Mr. Stephen Tighe, CMA Below: Bob Venema, CMA (left) and ■ Mr. Frank Luey, CMA ■ Mrs. Cynthia Sy Tong, CMA George Pennock, CMA at the ■ Ms. Theresa Lukat, CMA ■ Mr. Donald Tough, CMA Upper Island Tour. Below right: David Lam, CMA ■ Ms. Donalda MacDonald, CMA, ■ Mr. Kwok Chuen Tsang, CMA and Bob King, CMA at the FCMA ■ Ms. Rose Tse, CMA Vancouver Tour. ■ Mr. Kevin Machell-Cox, CMA ■ Ms. Joanne Van Nostrand, CMA ■ Mr. Paul Macklem, CMA ■ Ms. Lynn Walter, CMA ■ Ms. Katherine MacNeill, CMA ■ Ms. Juliana Wan, CMA ■ Mr. Shiraz Mawji, CMA ■ Mr. Gerard Wan, CMA ■ Mr. Neil McClelland, CMA ■ Mr. Eugene Wandell, CMA ■ Mr. David McDougall, CMA ■ Ms. Joy Waugh, CMA ■ Mr. Leonard McFarland, CMA ■ Mr. Nicholas Whittle, CMA ■ Mr. Barry McKnight, CMA ■ Mr. Harry Wierenga, CMA ■ Mr. Bruce McLennan, CMA ■ Ms. Alice Wong, CMA ■ Mr. Ralph McPherson, CMA ■ Mr. Dennis Wong, CMA ■ Mr. Jeff rey Mercer, CMA ■ Ms. Christie Wong, CMA ■ Ms. Susan Milliken, CMA ■ Mr. Charles Yam, CMA ■ Mr. James Milne, CMA ■ Mr. Chao Lai Yang, CMA ■ Ms. Barbara Mohabeer, CMA ■ Mr. Brian Yauga, CMA ■ Mrs. Geraldine S. Morris, CMA ■ Mr. Gerald Yip, CMA ■ Ms. Janet Murphy, CMA ■ Mr. Tony Yuen, CMA ■ Ms. Bonnie Murray, CMA Y ■ Mrs. Azucena Nakagawa, CMA 30 YEARS – 1979 ■ Mr. David Nelson, CMA ■ Mr. Paul Barlow, CMA ■ Mr. Kenneth Nishi, CMA ■ Mr. Donald Bishop, CMA ■ Mr. Brian Nixon, CMA ■ Mr. William Bryden, CMA, FCMA ■ Mr. Knut Nordlie, CMA ■ Mr. John Cannon, CMA ■ Mr. Wayne Noye, CMA ■ Mr. Alfred Chan, CMA Above: Colin Bennett, CMA, FCMA, ■ Ms. Wanda Olsen, CMA ■ Mr. John Chen, CMA President and CEO, CMA BC with ■ Mr. James Pammenter, CMA, ■ Ms. Wanda Costuros, CMA Alladin Versi, CMA, FCMA and Mia FCMA ■ Mr. Eric Eisbrenner, CMA Maki, CMA, FCMA, Chair, CMA BC Board of Directors. ■ ■ Mr. Raj Patel, CMA Mr. Garry Flesher, CMA Right: Mia Maki, CMA, FCMA, Chair, ■ Mr. Robert Paterson, CMA ■ Mr. James Ford, CMA CMA BC Board of Directors at the ■ Mr. Terrence Peterson, CMA ■ Mr. Terrence Gagne, CMA Vancouver Tour. ■ Mr. Peter Poh, CMA ■ Mr. Roy Hanson, CMA ■ Mr. Fred Ponech, CMA ■ Mr. Randall Hoff man, CMA
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 33
p32-34_ExecTourFall09.indd 33 9/24/09 9:47:13 AM ■ Ms. Alida Hoogendoorn, CMA “On behalf of CMA British Columbia, ■ Mr. Karsten Hess, CMA ■ Mr. Donald Horn, CMA I would like to express my heartfelt ■ Mr. Matt Hutchison, CMA ■ Ms. Georgina Huang, CMA ■ Mr. J. Donald Johnson, CMA thanks to this special group of dedicated ■ Mr. Wesley Jang, CMA ■ Mr. Matthew Jong, CMA ■ Mr. Terrance Johnson, CMA members. Without exaggeration, you ■ Mr. Nicholas Karbonik, CMA ■ Mr. Gary Knight, CMA have been the worthy ambassadors of the ■ Mr. Rudy Kasdorf, CMA ■ Mr. Richard Krowchuk, CMA, designation, representing our capabilities ■ Mr. Antonie Kornman, CMA FCMA ■ Mr. Donald Lewis, CMA ■ Mr. David Lam, CMA in the marketplace, supporting our ■ Mr. Alvin Lovik, CMA ■ Mr. Geoff rey Langford, CMA recruitment eff orts and providing us your ■ Mr. Ian MacLeod, CMA ■ Mr. Clarence Lau, CMA wise counsel over the years.” ■ Mr. John Marchiori, CMA ■ Ms. Lynne Leong, CMA ■ Mr. William Meredith, CMA ■■■ ■ Mr. Leonard Loong, CMA ■ Mr. William Merrell, CMA ■ Mr. Robert Meggy, CMA, FCMA Colin Bennett, CMA, FCMA ■ Mr. Mervin Michaels, CMA President and CEO, CMA British Columbia ■ Ms. Anne Mary Merriman, CMA ■ Mr. Jack Mills, CMA ■ Mr. Vic Nelson, CMA ■ Mr. Douglas Mitchell, CMA ■ Mr. Maurice Nicolson, CMA ■ Mr. Frank Ramcharita, CMA ■ Mr. John Nowik, CMA ■ Mr. Hubert Rebiff e, CMA ■ Mr. Kenneth Pedersen, CMA ■ Mr. Harry Skelton, CMA ■ Mr. Christopher Penner, CMA ■ Mr. William Speers, CMA ■ Mr. L.T. Polhill, CMA ■ Mr. A. Frank Stephen, CMA ■ Mr. Tim Popoff , CMA ■ Mr. Patrick Way, CMA ■ Mr. Harold Reay, CMA ■ Mr. Gary Weston, CMA ■ Mr. David Rivard, CMA ■ Mr. W. David Woodward, CMA ■ Mr. Bruce Robinson, CMA Y ■ Mr. Leonard Rog, CMA 45 YEARS – 1964 ■ Mr. Randy Schwindt, CMA ■ Ms. C. Margaret Briscall, CMA, ■ Mr. Robert Tam, CMA FCMA ■ Mr. G. Peter Vaughan, CMA ■ Mr. Victor Fowler, CMA ■ Mr. King Wan, CMA ■ Mr. Gerald Korby, CMA ■ Mr. Albert Wan, CMA ■ Mr. Edward Lepine, CMA ■ Dr. Hartmut Will, CMA ■ Mr. James Partridge, CMA ■ Mr. Raymond Williams, CMA ■ Mr. William Ross, CMA The June 22 West Kootenay Annual General Meeting and Executive Tour. ■ Dr. Sai-On Wong, CMA ■ Mr. Charles Sheppard, CMA ■ Mr. Robert Windsor, CMA Y 35 YEARS – 1974 Y ■ Mr. Peter Alig, CMA ■ Ms. Barbara Harvey, CMA ■ Mr. Donald Williams, CMA 50 YEARS – 1959 ■ Mr. Chester Baarda, CMA ■ Ms. Grethe Jacobsen, CMA ■ Mr. Robert Willox, CMA ■ Mr. Graham Alce, CMA, FCMA ■ Mr. Gary Barr, CMA ■ Mr. John Kalesnikoff , CMA ■ Mr. James Wilson, CMA ■ Mr. D. Robert Alexander, CMA, ■ Mr. Ross Brearley, CMA ■ Mr. Robert King, CMA ■ Mr. Walter Yaremchuk, CMA FCMA ■ Mr. Dwight Brett, CMA ■ Mr. William LaCoste, CMA ■ Mr. Harry Bottomley, CMA Y ■ Mr. C. Douglas Bulloch, CMA ■ Mr. I.D. Macdonald, CMA 40 YEARS – 1969 ■ Mr. James Foote, CMA ■ Mr. Clayton Connolly, CMA ■ Mr. Richard Mallett, CMA ■ Mr. David Bettesworth, CMA ■ Mr. William Lavery, CMA ■ Mr. Gordon Coombe, CMA ■ Mr. John Mather, CMA ■ Mr. James Brodie, CMA ■ Mr. Aubrey Little, CMA ■ Mr. David Davies, CMA ■ Mr. John McSween, CMA ■ Mr. Charles Brown, CMA ■ Mr. Allan Neil, CMA ■ Mr. Robert Davies, CMA ■ Mr. Andrew Morrison, CMA ■ Mr. Patrick Brown, CMA ■ Mr. Kenneth Nichols, CMA, FCMA ■ Mr. James Davison, CMA ■ Ms. Mariette Nygren, CMA ■ Mr. Joseph Buchmann, CMA ■ Mr. Harold Williams, CMA ■ Mr. Frank Day, CMA ■ Mr. Michael Pang, CMA ■ Mr. David Carlson, CMA ■ Mr. Emil J. Zak, CMA ■ Mr. Lenard Dmytruk, CMA ■ Mr. Roger Piper, CMA ■ Mr. Alan M. Cobden, CMA Y ■ Mr. Ronald Doerksen, CMA ■ Mr. James Postnikoff , CMA ■ Mr. Robert Coleman, CMA 55 YEARS – 1954 ■ Mr. Gary Doyle, CMA ■ Mr. Pirthipal Randhawa, CMA ■ Mr. Barrie Cotter, CMA ■ Mr. John Abercrombie, CMA ■ Mr. Douglas Ellison, CMA ■ Mr. Barry Russell, CMA ■ Mrs. Josephina Curtis, CMA ■ Mr. Rudolf Ernst, CMA ■ Mr. Victor Sherman, CMA ■ Mr. Delmer Dreger, CMA ■ Mr. James Ferguson, CMA, FCMA ■ Mr. Z. John Sokolowski, CMA ■ Mr. T. Rex Farrell, CMA Note: The CMAs listed in this ■ Ms. Loreen Francis, CMA ■ Mr. Gordon Umbach, CMA ■ Mr. E. James Goddard, CMA article achieved their milestones ■ Mr. Lawrence Giles, CMA ■ Mr. George Vishniakoff , CMA ■ Mr. L. William Grange, CMA between January 1, 2009 and ■ Mr. Roger Gurr, CMA ■ Mr. Leonard Wale, CMA ■ Mr. Joseph Groenewegen, CMA December 31, 2009.
34 CMA UPDATE FALL 2009 CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA
p32-34_ExecTourFall09.indd 34 9/24/09 9:47:16 AM CMA SPOTLIGHT
Troy Griffiths, CMA
CMA Grad year: 2001 Day job: President and CEO, Vigil Health Solutions Hometown: Victoria, B.C.
Currently reading: Th e Five Temptations of a CEO by Patrick Lencioni and Keeping the Funnel Full by Don Th omson Why did you become a CMA? A university friend convinced to me to enrol in the CMA program. Th e blend of accounting, management and strategy looked like a great fi t so I signed up.
chieving work/life balance while growing health-care technology provider Vigil Health Solutions is no small task, but it’s one that Troy Griffi ths, CMA is up for. A“Th e growth potential and need for better technology within the seniors care industry is huge,” says Griffi ths. Th e Vigil Integrated Care Management System is a suite of solutions that includes sophisticated nurse-call and dementia- monitoring technology that guides the care, and monitors the safety, of residents living in long-term care facilities. Griffi ths has been President and CEO of Vigil since 2005. Previously he held the positions of Chief Financial Offi cer and Chief Operating Offi cer; as CFO he was directly involved with the company’s public off ering in 2003. “Vigil has grown tremendously in the last couple of years. We have over 200 installations completed or in progress throughout North America and are continuously expanding,” says Griffi ths. In recognition of Vigil’s rapid growth, Business in www.cmabcblog.com Vancouver named Vigil one of the top 100 fastest growing companies in B.C. this September. Vigil placed in the top 50 — one of the main reasons being, according to BIV, a revenue increase of 299 per cent over the last fi ve years. Griffi ths himself was also recognized by BIV in its Forty under 40 list in 2008.
JENNA TYE PHOTOGRAPHYJENNA TYE When he’s not working or travelling for work, which takes up 25 per cent of his time, Griffi ths can be found trying to fi t in one of his other passions — surfi ng and spending time with his family, including three children, all under the age of eight. ■
CERTIFIED MANAGEMENT ACCOUNTANTS | BRITISH COLUMBIA FALL 2009 CMA UPDATE 35
p35_SpotlightFall09.indd 35 9/24/09 9:47:34 AM p36_CMABCJobsFPFall09.indd 36 9/24/09 9:47:58 AM