4 R E B M U N • 2 3 E M U L
O A PUBLICATION OF THE CERTIFIED GENERAL ACCOUNTANTS ASSOCIATION OF BRITISH COLUMBIA V DECEMBER 2005
A career in development C.Y. Tay, CGA
Supreme Court SOX north of ‘Phishing’ for your Vision 2008 – rules 3 the 49th6928dollars building the CGA brand December 2005 Vol. 32 No. 4 outlookcontents ^[i]^h^h]dlndjg cover story _dWbV`Zhndj[ZZa An Ambassador of Excellence 14 C. Y. Tay helps plot a winning strategy for one of North America’s premier developers. lZh]djaYiVa` He has also been awarded one of the Association’s most prestigious honours. 22 features Preferred Employer Program 12 New CGA program to partner with business is a winner for Best Buy Canada. Could it work for your company? Government Affairs 12 22 Finance Minister Carole Taylor addresses CGA-BC’s annual MLA luncheon.
views spotlight
3 TaxMatters by Ed Kroft 24 Practice Review 27 Ed Kroft reviews two landmark Supreme Court Transitioning your company to the of Canada tax practice decisions. new Corporations Act; new money laundering regulations and quality Periscope by Stephen H. Spector 6 control for public practice manual. SOX North may not be the best solution for restoring confidence in Canada’s financial 26 Working Papers markets. CPD deadline approaches; a charita- ble tax tip. 9 Techview by John Yu Internet fraudsters hope to ‘phish’ you in – hook, 27 Snapshots line and browser. Spotlight on academia: awards and recogni- 11 Capital Report by Edward Downing tion for CGA professors. And more CGAs on Two CGAs named to provincial government the move. roundtable; Ontario CGAs have cause to cele- brate.
28 Final Word by Rita Estock CGA-BC’s year in review: focus on recruitment, employment and new ambassador program.
sessions student newsletter The Best and the Brightest (Part 1) 17 CGA-BC’s Top 10 CGA graduates are number one on this hit chart. In this issue meet four. 8dbZ ldg` [dg V ide 8VcVY^Vc ZbeadnZg# Photo Essay/Convocation 2005 Ide &%% :beadnZgh '%%+ " BVXAZVcÉh BV\Vo^cZ# 78Éh Ide '% :beadnZgh '%%+ " KVcXdjkZg Hjc! Egdk^cXZ! I^bZh 8dadc^hi# ;^cVcX^Va EdhiÉh IZc 7Zhi 8dbeVc^Zh id Ldg` ;dg '%%+ " CVi^dcVa Edhi# 19 A picture is worth a thousand words. A photographic retrospective of CGA-BC’s annual convocation. kVcX^inXVgZZgh#Xdb
CYAN MAG YEL BLACK Client: Vancity - Recruitment Ad Size: 8.75” x 11.25” – 4C Fri Dec 2, 2005 1.20 PM Docket VAN-COR-Z51232 AD: ______CD: ______COPYW: ______
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TBWA\VANCOUVER PROOF #2 RUN AT 100% 85341_VC_RcrtmntAd_OL SPELLCHECK______OUTLOOKS outlook 3 views ument ticular tax t of Canada , it is not up ther Continued on page 4 e a par ur eme Cour t indicated that judges eted to achieve “consis- eted to achieve upr e met. F ct ar , the Cour ther etation because it is an instr ed that tax legislation is very detailed ur ole to prevent taxpayers from relying on relying from taxpayers ole to prevent . F s r ’ t ecogniz visions of the A ds into the legislation if clear language and a ds into the legislation if clear language o et statutes in a particular fashion absent a specific es that the laws must be interpr t to expound on the object and purpose of the provision t to expound on the object and purpose n this regard, the comments of the Supreme Court of the comments of the Supreme n this regard, thy Tetrault, Barristers and Solicitors, which has more than which has more and Solicitors, Barristers thy Tetrault, ticular pr ar t of Canada r t least six times in the judgment, the S esult. I to a cour and to add wor exists. Act Tax of the Income detailed provision invites Act Tax Court Income stated that the As such, the Supreme a largely contextual interpr specific consequences. dictating explicit provisions dominated by Court of Canada further affirmed that the principle The Supreme should interpr The Court emphasized the contrary to within a statute. provision that it is not the Cour sophisticated structure of transactions arranged in such a way that sophisticated structure the par tency, predictability and fairness” so that taxpayers may manage so that taxpayers fairness” and predictability tency, their affairs intelligently emphasiz r helpful. Canada are A and complex and that Parliament generally specifies precisely and complex and that Parliament achiev what conditions must be satisfied to Reviewing the words Court of Canada judgment in the Supreme What do the words to look at the actual a taxpayer requires mean? A textual analysis look at demands that a taxpayer The contextual analysis words. the statute to determine the context within other sections within Final- should be placed. under review which the particular words the over- to determine a taxpayer analysis requires a purposive ly, for the enactment of the particular statu- all or underlying reason to is placing reliance upon which the taxpayer tory provision impact. adverse or to avoid either obtain a benefit Court of Canada further that it is no emphasized The Supreme statutes literally and that to interpret longer possible for taxpayers plays a dominant but not exclu- the ordinary meaning of words the Supreme Nonetheless, process. in the interpretive role sive Cour Ed Kroft, LLB, LLM, CGA (Hon.), is a Partner in the Vancouver offices in the Vancouver is a Partner (Hon.), LLB, LLM, CGA Kroft, Ed of McC to taxation. is restricted practice His Canada. 40 tax lawyers across - - Matters us eta ax Act. T y interpr Tax ncome e analysis to find a tfolio of seventeen non- tfolio of seventeen ct, and the intention of They are worth reading. It is It worth reading. They are eme Court judgments. of Canada upr tner in the business carried on by the first tner in the business carried on by ct, the object of the A ecommended by the Courtecommended by was not suggested. n October 19, 2005 the Supreme Court of Canada Supreme 19, 2005 the n October the General its first two decisions regarding released one decision, (“GAAR”). In Rule Anti-Avoidance uled unanimously in both cases with both the Chief J ding to a textual, contextual and purposiv oach r et all Canadian laws including those in the I t has been long established as a matter of statutor Supreme Court Supreme GAAR Rules on “I context in their entire to be read are of a Act words tion that ‘the sense harmoniously and ordinary with and in their grammatical the scheme of the A Parliament.’” must be made The Court that this interpretation emphasized accor did require Investments Although the Court 1984 in Stubart in three-fold a to look at the object and spirit of provisions, taxpayers appr O Canada Trustco Mortgage Company v. Canada, the taxpayer was Canada, the taxpayer Company v. Mortgage Trustco Canada the taxpayers The Queen, Kaulius et al v. the other, successful. In unsuccessful. were Canada complex fact patterns. In Both of these cases involved attempted to claim capital cost allowance the taxpayer Trustco, to a sale and lease- a series of transactions amounting through a series of transactions, alleged that, through The Crown back. on amounts of was able to defer paying taxes Trustco Canada CCA deductions to which it should not oth- by reduced profits erwise no economic cost. In it bore been entitled because have Kaulius, a financial institution sold a por performing loans to a partnership in which it became a member. including taxpayers, various an additional partnership, Through Kaulius, became a par of its mort- the value partnership to write down which proceeded gage properties and allocate the ensuing business loss to the partners. respective Court of the detailed findings of the Supreme I will not review Canada in each of these decisions. to focus upon the practical impact of these important, however, Court of The Supreme decisions on tax practice and tax planning. Canada r crafting the reasons. Major Justice and Mr. tice McLachlin to inter- are deal with the manner in which taxpayers The reasons pr at paragraph 10, the CourtBeginning outlined general principles stated that: It of interpretation. Rulings give guidance for tax planning. Rulings give guidance meaning that is harmonious with the Act as a whole. This expres- as a whole. meaning that is harmonious with the Act is one not previously contextual and purposive” sion “textual, found in any of the S By Ed Kroft, LLB, LLM, CGA (Hon.) CGA LLB, LLM, Kroft, Ed By Committee Staff orporate Affairs dministration look Staff elfall esigner .Adm., FCGA .Adm., e Director Thr ector of A ector of C usan ecutiv raphic D ommunications x John Yu, MSc., CDP, FCGA MSc., CDP, Yu, John Brigitte Ilk, CGA Ilk, Brigitte Ed Kroft, LLB, LLM, CGA (Hon.) S FCIS, P (604) 730-6226 Dan Cheetham, CGA Dan Downing, Edward MA (Journalism) Laing Juliana Fox A. Marc CGA Kathy Hurst, Downing Edward (604) 730-6208 Keenan Sheila (604) 730-6238 Ferman David (604) 730-6206 Rita M. Estock, DBusMgmt, Rita M. Estock, DBusMgmt, FCGA FCGA Len A. Pietrzykowski, FCGA Jones, Moe Clissold, CGA Gordon Caulfield, (Bill) W. R. BA, FCIS, CGA (Hon.) Caulfield, (Bill) W. R. BA, FCIS, CGA (Hon.) W. D. (Bill) Johnson, D. (Bill) W. Trevor Hargreaves Trevor Tina Peters, BA, CGA BA, Peters, Tina G Contributors Dir & of Marketing Director C of Education Director Services & Student Dir of Information Director Technology Services of Member Director Practice of Public Director Practice Services & Public Advisor Editor Managing Officers Communication President Past-President/Treasurer Vice-President First Vice-President Second Secretary E Outlook Executive Executive out CGA Online : utlook O eneral Accountants Association of British Columbia. Association of British eneral Accountants editor’s message editor’s tified G - Cer utlook O is published four times a year by the Certified General Accountants Association of British Association of British the Certified Accountants by General is published four times a year is the premier way to contact B.C.’s CGAs. way to contact B.C.’s is the premier
d Downing is CGA-BC’s Director of Communications Director is CGA-BC’s d Downing ticles, enquiries and letters should be sent to
[email protected] CGA-BC, 300-1867 West Broadway, Vancouver, B.C., V6J 5L4 B.C., Vancouver, Broadway, West CGA-BC, 300-1867 (604) 732-1211 or (800) 565-1211 ISSN 1488-2337 C. Y. Tay, CGA on-site at the Four Seasons Residences, Whistler, B.C., by Ron Sangha. Ron B.C., by Whistler, Residences, Seasons CGA on-site at the Four Tay, Y. C. Members, you can now find all of your most important find all of your CGA-BC services can now you online at Members, at www.cga-online.org. Ar Outlook For advertising rates contact Pardeep Sidhu at (604) 730-6228 or visit our Website at www.cga-online.org at www.cga-online.org Website at (604) 730-6228 or visit our Sidhu advertising rates contact Pardeep For Outlook Columbia and is sent to 13,000 CGA members and CGA students. Opinions expressed are not are expressed Columbia and is sent to 13,000 CGA members and CGA students. Opinions CGA-BC. Copyright CGA-BC 2005. necessarily endorsed by dwar edo E As the Association’s Director of Communications, I have an amazing opportunity Communications, I have of to Director As the Association’s services deliver to as it works and scope of the Association to see first hand the breadth with our professionals into and then educate young recruit we as how members as well stops in its commit- never an organization that really it’s And educational program. import. and with greater better, ment to do things ever everything to produce publica- a team behind me that works from example, I have For that takes the CGA message group to a student recruitment tions and special events, Executive closely with the Association’s work We the province. on campus, all over the same unreserved effort and their teams, as they give to deliver Directors Director, the best services possible. in other plays a major role the Association will see in the pages that follow, As you Tay- Carole of Finance activities such as our annual MLA Minister lunch that featured the Then there’s accountants. professional to any of B.C.’s her first major address lor, Thorpe, featuring Rick event Trade of Board Vancouver sponsorship of a Association’s also participated as a major sponsor of We and Revenue. Business of Small Minister Pre- by featuring a special address in late November Leadership Summit Vancouver the of other on-campus events. as a host Campbell as well mier Gordon a new that will see the Association enlist the efforts program of also readying are We mes- and empowerment employment CGA ambassadors to help us take our recruiting, sages to our many markets. commitment of our the unwavering course none of this would be possible without Of up than 13,000 members and students who make and the more our Executive Board, this outstanding organization. Cover Photo Cover CGA Online Articles, enquiries and letters
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e g a s s e m s ’ r o t i d e k o o l t u o 2 outlook 5 views w ding egar ules and erhaps the evention of evention e bound to etation – the oidance r inister’s view provide inister’s e cases ar y interpr nco appeals r or es to be inadequate.” change losses. P ovisions. Where a specific Where ovisions. to impose sanctions for tran- Tax Act and the deductibility Act Tax etation and the pr il and I oidance. M eign ex e analysis). ncome eme Court will hear the of Canada y interpr inister believ oidance pr he Crown successfully applied section successfully he Crown upr mperial O osses to other members of the partnership. osses to other members the GAAR. 7, 2006, the on February Further, S I anti-avoidance section covers a transaction section covers anti-avoidance but does not in the M a remedy that the Minister considers suffi- that the Minister a remedy to permit cient, section 245 is not there that the to top up the remedy the Minister M all will need to stay tuned for I think we of statu- further in the area developments tor tax av follow in 2006 regarding both the applica- in 2006 regarding follow tion of specific anti-av the application of paragraph 20(1)(f) of the I scending his notion of fiscal rectitude. to counteract serious 245 is there Section that would other- forms of tax avoidance other specific anti- wise not be stopped by av of for carte blanche Supreme Court of Canada will further Supreme comment on the application of these ne principles of statutor TCP analysis (textual, contextual and pur- TCP posiv taxpayer was unsuccessful in arguing that unsuccessful in arguing was taxpayer partnership to it. should be allocated losses T to reallocate Act Tax Income 103 of the l Court of Canada made Tax the However, the Crown’s regarding remarks some strong GAAR when a spe- attempts to apply the Tax rulecific anti-avoidance in the Income quote Chief To otherwiseAct apply. could Bowman: Justice as 103 and sections such “Anti-avoidance intended as a means of pun- not 245 are olfac- the Minister’s ishment for offending the Minister They do not give tory sense. - tain The lat It is expected that the It is expected that to audit CRA will continue transactions aggressively is no to ensure that there abusive tax avoidance. ct. wise lead to the - ax A The taxpayer was The taxpayer T y purpose of such ncome eign affiliate of a taxpayer ustco and Kaulius decisions r T er was successful in arguing that wise payable. ar Canada (November 4, 2005), ar Canada (November y a for urther decisions will soon issue from niv e the primar bly concluded that a tax benefit would be that a tax benefit bly concluded n U n West Topaz (November 14, 2005), the (November Topaz West n ive provisions relied upon by the taxpay- upon by relied provisions ive the taxpay not subject to either the transactions were application of the GAAR or paragraph 95(6)(b) of the I transaction constitutes abusive tax avoid- tax constitutes abusive transaction be reason- sense that it cannot ance in the a or purpo- with the object, spirit consistent s appear to be transactions ers. Should dissimilar to relation- abnormal or wholly cer- contemplated by ships or transactions then the taxpayer tain statutory provisions, will be challenged should expect that they will that the Crown under the GAAR and between the dissimilarity attempt to show and those undertak-ordinary relationships the taxpayer. en by to see whether or be interesting will also It asserts that transactions not the Crown or “artificial” should fail because they are con- These are “vacuous.” in para- cepts introduced graph 62 of the Kaulius transac- decision. Should tions bear these characteris tics, they might be regard- ed as being elements in an tax avoidance abusive transaction. is still early days. Many It practitioners and CRA offi- the poring over cials are and Kaulius Trustco in both Canada words statutes should be divine how to properly the and how in the future interpreted GAAR might be used to combat cer is not transactions of which the Crown fond. F the Court of Canada regarding Tax the determination of what constitutes a “tax transaction.” Since “avoidance or benefit” the Canada decided, two cases in which the Crown were been decided. already raised the GAAR have I ter provision denies the existence of shares ter provision issued b wher Canadian issuance was to defer or avoid tax other successful in arguing that the facts did not demonstrate the existence of a primary tax purpose which would other application of either subparagraph 95(6)(b) or the GAAR. I eme upr arbados ax Court of erriding and T v ” or whether olving B y the epresentatives to pay epresentatives e is an o oid the “kiddie tax.” verriding error.” verriding oidance transaction ers and their r av e is also little doubt that the S y close attention to marshalling the he central issue is the proper interpreta- proper he central issue is the f a case, and would be insufficient by and would be insufficient f a case, er Continued from page 4 page from Continued Crown must prove abusive Crown avoidance will of persuasion, however, The burden to with respect fall upon the Crown demonstrating that a particular avoidance However, any finding in this respect would in this respect any finding However, one partform only facts of the underlying o tax avoidance. abusive itself to establish T in light of provisions tion of the relevant their context and purpose. may be found tax avoidance 6. Abusive and transactions as the relationships where documentation the relevant in expressed the object, to basis relative lack a proper that are the provisions spirit or purpose of purported to confer the tax benefit, or wholly dissimilar to the are they where con- or transactions that are relationships the provisions. templated by Court judge has pro- Tax the Where 7. constructionceeded on a proper of the and on Act Tax of the Income provisions findings supported the evidence, appel- by absent a late tribunals should not interfere, palpable and o What will be the possible impact of these comments? is expected that the CRA will continue It to ensure to audit transactions aggressively Yet, tax avoidance. is no abusive that there tax avoidance? what constitutes abusive This will only be determined ultimately Tax the decided before when cases are The CRA has already Court of Canada. to indicated publicly that it is still looking attack transactions inv spousal trusts, and the payment of stock dividends to av transactions such as loss utilizations Other those in which and surplus stripping are the GAAR has been used successfully. Ther Court suggested to the of Canada has appellate courtsthey not interfere that with determinations b Canada unless ther palpable error. Therefore, disputes regard- disputes Therefore, palpable error. ing factual matters such as the existence of an “ both will require benefit” is a “tax there taxpay v documentaryappropriate and oral evi- dence to substantiate their positions. ct. ose of the provisions relied upon by the upon by relied ose of the provisions oncluded that a tax benefit would be that a tax benefit would oncluded (3) that there was abusive tax avoidance was abusive (3) that there that it cannot be reasonably in the sense c or pur- with the object, spirit consistent p taxpayer. 2. The burden is on the taxpayer to refute taxpayer is on the burden The 2. to estab- the Minister (1) and (2), and on lish (3). tax avoidance the existence of abusive 3. If benefit of the doubt goes to the is unclear, the taxpayer. a conducting courtsThe by proceed 4. and purposive unified textual, contextual giving rise to the analysis of the provisions determine why they to tax benefit in order in place and why the benefit was put were at a pur- The goal is to arrive conferred. that is harmonious interpretation posive that confer of the Act with the provisions in the context of the the tax benefit, read whole A motivat- the transactions were Whether 5. family or any economic, commercial, ed by other non-tax purpose may form part of the factual context that the courts may tax consider in the analysis of abusive allegations under s. 245(4). avoidance (1) A tax benefit resulting from a trans- from (1) A tax benefit resulting action or part of a series of transactions (s. 245(1) and (2)); (2) that the transaction is an avoidance transaction in the sense that it cannot be undertaken been reasonably said to have or arranged primarily for a bona fide purpose other than to obtain a tax bene- fit; and voidance transaction is abusive under the is abusive transaction voidance ncome Tax Act. All three requirements All three Act. Tax ncome the tax benefit.” the tax benefit.” the is to determine whether step The third a of the out in subsection 245(4) criteria set I the GAAR can be must be fulfilled before tax benefit. Further, applied to deny the the Court stated that the GAAR is a provi- though its gener- even sion of “last resort” al purpose is to preserve legitimate tax while prohibiting minimization schemes tax avoidance. abusive con- Trustco 66 of the Canada Paragraph summarytains the following of the Court’s findings: Tax “The to s. 245 of the Income approach as follows: may be summarized Act must be established requirements Three 1. to permit application of the GAAR: tax ” in e is a “ oidance transaction e tax avoidance which is e tax avoidance av t emphasized that GAAR is intended t emphasized ayers are entitled to arrange their affairs to arrange their affairs entitled to are ayers
ives, though its impact and effect may have though its impact and ives,
Continued from page 3 page from Continued benefit” arising from a “transaction.” The a “transaction.” arising from benefit” second step is to determine whether the transaction is an “ primarily the sense of not being “arranged for bona fide purposes other than to obtain to deal with abusiv not necessarily easy to spot as compared with legitimate tax minimization. The court that the application emphasized The first steps. three of GAAR involved step is to determine whether ther The Supreme Court of Canada breathed The Supreme it the reasons writing life into the GAAR by and Kaulius. It Trustco did in both Canada the application of the GAAR did not reject found though it Even in its entirety. the Trustco, in Canada against the Crown Cour Breathing life into GAAR Breathing life into been attenuated or weakened by the intro- by been attenuated or weakened found in section 245 duction of the GAAR Act. Tax of the Income in the Duke of Westminster decision decid- Westminster of in the Duke tax- in 1936, that of Lords the House ed by p still amount of tax payable, the minimize l
s w e i v k o o l t u o 4 Periscope
Continued from page 6 a statement that accompanies the audit • Section 301 of SOX amended the 1934 regulation exists. There is no one single tify that, to their knowledge, their compa- Understanding SOX North report, certifying the “appropriateness of SEC Act to require that the “… Audit regulator. Each province or territory has its ny’s annual or interim filings, including the financial statements and disclosures Committee of each issuer … be directly own body. Consequently, national securi- the annual or interim Management’s Dis- U.S. rules may simply not work for Canada. contained in the periodic report, and that responsible for the appointment, compen- ties policies require cooperation – they cussion and Analysis (MD&A), do not those financial statements and disclosures sation, and oversight of the work of any cannot simply be imposed. contain a misrepresentation, and fairly By Stephen H. Spector, MA, FCGA fairly present, in all material respects, the registered public accounting firm The Canadian Securities Administrators present in all material respects the compa- operations and financial condition of the employed by that issuer … for the purpose (CSA) is the umbrella body of the 13 secu- ny’s financial condition, results of opera- t has been said, “love makes the world companies. issuer.” of preparing or issuing an audit report or rities regulators. The CSA has no official tions and cash flows as of and for the peri- go round.” Likewise, we can say, • Empowered audit committees to be the As part of that certification, the CEO and related work.” power. Changes to securities regulations and ods presented in the filing. Furthermore, “confidence makes the capital mar- “client” and to oversee the audit function CFO had to disclose all significant defi- policies are effected by consensus and coop- amendments proposed in June 2005 reflect A sledgehammer to kill a fly ketsI work.” independent of management. ciencies in the design or operation of inter- eration. A jurisdiction is not obliged to SOX sections 303 and 404 requirements Without trust, investors would not be will- • Established new financial reporting nal controls which could adversely affect SOX also created an impossible situation implement a policy proposed by the CSA. for the evaluation of disclosure controls ing to provide venture capital. In fact, the requirements and criminal penalties for the issuer’s ability to record, process, sum- for foreign companies trading in the U.S. In July 2002, the Canadian analogue of and procedures; the design and effective 1990s had seen unprecedented expansion corporate misconduct. marize, and report financial data and any Simply put, SOX required foreign firms to the PCAOB was formed by the CICA, the operation of internal control over financial of the capital markets, based largely on this • Required financial statements to be certi- fraud, whether or not material, that comply with its regulations, even though CSA and the OSFI: the Canadian Public reporting; and auditor attestation. trust and the ensuing confidence. fied by the Chief Executive Officer (CEO) involves management or other employees these entities were not American compa- Accountability Board (CPAB). While NI 52-110 implements SOX requirements
But what is so hard to gain is so easily lost. and the Chief Financial Officer (CFO). who have a significant role in the issuer’s nies. To many foreign registrants, SOX was CPAB duplicated the PCAOB’s role in relating to auditor independence. In defer-
o k The financial collapse of Enron in Decem- • Prohibited certain non-audit services to internal controls. overseeing auditors of public companies, it ence to the nature of the Canadian public u o seen as the equivalent of using a sledge- t o l l ber 2001 was followed in short order by be provided contemporaneously with Section 906 of SOX was quite blunt hammer to kill a fly. Furthermore, these lacked statutory basis. Furthermore, the company market, NI 52-110 distinguishes o t o u the likes of Adelphia Communications, assurance service for the same client. regarding these requirements: lie and you firms resented the U.S. belief that unilater- CPAB does not set k o
Global Crossing, WorldCom and Tyco. • Required that audit committees approve face a fine of up to $1 million dollars and al and extra-territorial rules would solve auditing standards; that 6 SOX North is at the mercy 7 Faced with demands to “do something,” audit and non-audit services. up to five years in jail. the problems, whatever they were, and that duty remains with the v s i
and to help rebuild trust in the markets, • Required that firms rotate the lead audit CICA. e w prescriptive rules were an effective method w e Lack of independence of Canada’s fragmented i the U.S. Congress passed the Sarbanes- and review partners every five years. In June 2003, the CSA s
v to curb market abuses. But what made the Oxley Act (SOX). Signed into law on July • Required that audit documentation be Another key issue related to the “lack of whole situation unacceptable was that released three draft securities legislation. 30, 2002, this Act represented the single retained for at least seven years. independence” shown by Enron’s auditors. SOX reflected a view that foreign issuers rules, accompanied by most sweeping reform of American securi- • Required that auditors describe their test- Considerable interest focused on the rela- and advisers were incapable of managing, cost-benefit analyses and ties laws in more than 50 years. Indeed, ing of internal control and report on their tionship between the services provided by so U.S. rules must apply. This latter detailed questions, for public comment. between “large issuers” and “venture some argue that only the original 1933 and findings. Arthur Andersen as Enron’s auditor and requirement was seen as intolerable by the All were finalized in the spring of 2004. issuers.” NI 52-110 deems as “large 1934 Acts were more significant. • Stipulated that a firm may not audit a the services it provided as Enron’s consult- European Union. • Multilateral Instrument 52-108 Auditor issuers” reporting entities listed or quoted The intention of the Act was to restore company if its CEO, CFO, controller, ants. The reaction to this “conflict of inter- What about Canada? It isn’t quite as sim- Oversight; on the TSX, the NYSE, the AMEX, the investor confidence. Despite its lofty chief accounting officer, or person in a sim- est” was to proscribe such relationships ple for SOX North to be enacted. The dif- • Multilateral Instrument 52-109 Certifi- NASDAQ National Market, the NAS- premise, SOX was, and remains, primarily ilar capacity worked for the firm during the and to preclude the auditor from providing ficulty lies in the differences between cation Of Disclosure In Companies’ DAQ SmallCap Market, the Pacific a political response to a legal problem. Leg- one-year period prior to the initiation of advisory services to the same client. A American and Canadian institutions. Annual And Interim Filings; and Exchange or a market outside of Canada islation existed in the U.S. sufficient to the audit. number of new rules were enacted: In the U.S., the 1933 and 1934 Acts of • Multilateral Instrument 52-110 Audit and the United States. All other reporting deal with the malfeasance of a small num- • Required auditors to report to the audit • Section 202 of SOX amended the 1934 Congress established the Securities Committees. issuers, including those listed on the TSX ber of individuals. The problem was, the committee on factors such as critical SEC Act to require that “all auditing serv- Exchange Commission (SEC) and gave it These policies require some elaboration. Venture Exchange, will be deemed to be breaches were of civil law, not criminal law. accounting policies and practices; alterna- ices … and non-audit services, other than powers to regulate public companies. It (Note, that once they are adopted the “venture issuers.” Politically, the prospect of white-collar tive treatments; and other material written as provided by the de minimus exception, also gave the SEC the power to set instruments become national instruments, Section 404 of SOX has been perhaps the criminals facing penalties that could be communications between the firm and provided to an issuer by the auditor of the accounting standards – a duty that it has hence the NI designation). most controversial as it requires entities to construed as “light” was not one that management. issuer shall be pre-approved by the Audit delegated to the profession (currently NI 52-108 stipulates that auditors must be have management formally acknowledge appealed to the politicians facing a storm Some elaboration on a few of these points Committee of the issuer.” through the Financial Accounting Stan- registered – and be in good standing with their responsibility to establish and main- of protest from their constituents. Conse- is important. In order to combat fraudu- • Section 204 of SOX amended the 1934 dards Board or FASB). The SEC has statu- – the CPAB. This policy is intended to tain internal controls over financial report- quently, one of the key provisions of SOX lent financial reporting, section 302 of SEC Act to require that the external audi- tory authority in such matters and is the duplicate the oversight power granted the ing (ICFR). Management must identify a was to make breaches of the Act a criminal SOX required that the CEO and CFO per- tor report to the Audit Committee of the single regulator for U.S. capital markets. PCAOB with respect to U.S. public com- recognized framework (typically COSO) offence. sonally certify the accuracy of reported issuer, not to the Board of Directors, and However, the key is that the SEC’s man- pany auditors. However, unlike the U.S., used to perform this review over ICFR. SOX led to a number of other develop- financial information. To that end, the certainly not to management. date extends only to public companies. It there is no statutory authority for such a Management must also formally evaluate, ments. The legislation: CEO and CFO of each issuer must prepare Continued on page 7 has no authority to set standards for what requirement. Indeed, the policy is not in on an annual basis, the effectiveness of • Created the Public Company Accounting are called Chapter “S” corporations – the effect in British Columbia, Alberta and internal controls as they relate to financial Oversight Board (PCAOB) and took away Stephen H. Spector, MA, FCGA, is a visiting lecturer in accounting at Simon Fraser Univer- equivalent of Canada’s non-public enter- Manitoba. reporting and publicly report the results of from the profession (the American Insti- sity, in Burnaby, B.C. He is also a member of the CGA-BC Board of Governors, chair of the prises. NI 52-109 implements the same sort of management’s assessment, including the tute of Certified Public Accountants) the Association’s ethics committee, writes a regular standards column for CGA Magazine and In Canada, our political structure is mir- requirements as section 302 of SOX: the disclosure of any material weaknesses in right to set assurance standards for public conducts seminars for CGA Associations across Canada. rored in the manner in which securities CEO and CFO will have to personally cer- Continued on page 8 outlook 9 views eally e is a reason for e is a reason Continued on page 10 ou think that ther comes from eBay or PayPal, would be spe- or PayPal, eBay comes from the If directly. you and address cific to you in a general manner message is addressed it is likely to Member”), (such as to “Dear be a fake. away the fraud is the Another sign that gives exam- use of the @ symbol in the URL. For ple, http://[email protected] pod.com may appear to be sending your it opens but in reality, to ebay.com, browser a page on members.tripod.com. Mozilla intro- recently have Explorer and Internet to block this method. duced measures Again, if y Protecting against phishing Protecting against phishing is com- The best defense against com- card or credit bank mon sense – your for and ask you contact pany would never email in not by information that it holds, no simply makes a request any case. Such may be a think that there you sense. If you for such a request, legitimate reason phone and call your should pick up the bank manager. online The legitimacy of messages from or online pay- auction sites such as eBay dif- more are ment services such as PayPal a general rule of ficult to determine. But thumb is that such a message, if it r eBay or PayPal to contact you, you should you to contact you, or PayPal eBay phone the company and find out. sophis- getting more messages are Phishing in the message The URL shown ticated. to the com- may appear to be linking you but the embedded link Website, pany’s behind the URL actually sends your are you place. If a different to browser one way to detect Explorer, using Internet this is to right click the message in your Other then select Properties. inbox, similar facilities. Click the have browsers for tab to display the header record Details of the message. Look at the email address most phishing messages, For the sender. then would be different the email address if the what appears in the message. Even - - erify ect, and our fear of eaches by e happened, ors. However, ebsite link, as dis- , FCGA, is an avid watcher and consumer of technology,, FCGA, and has W ds such as "v View e is also the privacy officer for CGA-Canada and CGA Shared Services Shared and CGA officer for CGA-Canada e is also the privacy your account" or "con- your firm billing information." The in the phishing played message, appears to be legitimate, but the under security br claiming security breach- es may hav it from and to prevent you happening to you, need to visit the compa security-checking ny’s a Such urgently. Website message usually includes wor ou. anada. H u, MSc, CDP ou respond and key in your per- and key in your ou respond The messages play to y . Previously, phishing messages . Previously, . Y Tech GA-C ell written, grammatically corr ohn W Facility Corp. Facility J of Information Technology in the IT industry is Vice-President been working since 1970. He at C Playing on fears fears and messages play on your Phishing worries. lying link actually sends you to a counter- lying link actually sends you into designed to trick you Website feit divulging financial data or personal data. asked to confirm such are you Usually, actual fraud. In information to prevent fact, if y sonal or financial data to confirm, such information would be used to commit fraud against y Websites where you are asked to update are you where Websites such as user ID, personal information, social number, card credit password, and bank account insurance number, number very easy to detect – the messages were and often poorly worded usually were contained grammatical err significant- improved the fraudsters have been such messages have and recently, ly, w convincingly worded. - equest may be legiti w many times have you won- you w many times have edit cards, online payment edit cards, any of us have received alarm- received any of us have appear what ing messages from to be our financial institutions e need to take immediate, cor- e will expose these and other ut ho y fraudsters, falsely claim to be from ticle, w ‘Phishing’ for Your Identity for Your ‘Phishing’ regarding problems with our bank problems regarding accounts, cr accounts. our investment accounts, or even in such a usually worded The messages are way that w learned to of us have action. Many rective consider such messages, which we ignore spam. B as should take action really if you dered to how like to know you Wouldn’t urged? judge when such a r this mate and when it may be a fraud? In ar bet- fraud and help you forms of Internet to deal with them. ter understand how This type of spam message belongs to a than dangerous type of fraud that is more This common type of email it appears. fraud is actually designed to commit a form of identity theft called “phishing” messages, Such “fishing”). (pronounced sent b legitimate enterprises in an attempt to informa- private into providing scam you tion that will be used for identity theft. to you messages typically direct Such click an embedded link to visit company Fending off Internet fraudsters. Fending M Spear-phishing messages are dressed up as from internal messages the HR or IT department, asking you to confirm your log-in ID or personal information... By John W. Yu, MSc, CDP, FCGA MSc, CDP, Yu, W. John By - tates, why oblem that nited S t of financial failures ules to fix a pr e simply for the benefit of 10 ules ar e applying r e w nd there is no choice. However, in Cana- However, is no choice. nd there ar of all public companies must attest to the companies must of all public financial over internal controls efficacy of in place The rules are it. That’s reporting. a – not that the that way work da, it doesn’t Com- Securities CICA and the Ontario tried. mission haven’t four roughly are last point: there One in Canada. A thousand public companies survey 2004 in October conducted of these companies were that 175 revealed Further- States. in the United cross-listed firms accounted for 61 these 175 per more, at that TSX of the cap cent of the market with the next 180 companies time. Add $500 million and cap exceeding market 355 companies accounting for 94 have you is It TSX. cap of the per cent of the market to suggest that all of not unreasonable these r public firms. per cent of the Canada’s Considering that Canada has not experi enced the same sor that took place in the U exist? doesn’t ’s standards apply to all entities in standards ’s uarantee that it would be), compliance uarantee that ncorporated under the B.C. Companies ncorporated under if the instrument were adopted by the adopted by if the instrument were is no there jurisdictions (and other 12 g for companies be required would not i And note the big “if”Act. in the previous adopted sentence: “if the instrument were an Despite the other 12 jurisdictions.” by of the 12 one or more initial endorsement, may decide, based securities commissions to implement not on comments received, the final policy. also set are standards Canadian accounting Chartered of the Canadian Institute by body repre- (CICA), a private Accountants senting only part of the accounting profes- authority is not statutory; The CICA’s sion. to due to the references it is quasi-legislative in the CICA Hand- contained the standards Companies acts. book found in the various the standards, unlike FASB’s However, CICA Canada – not just public enterprises. underlies the dif- This systemic difference For ficulty of mimicking U.S. regulations. that management requires example, SOX
eporting.
Continued from page 7 page from Continued However, remember I wrote that it isn’t I wrote remember However, to be “North” quite as simple for a SOX success of SOX The enacted in Canada? of the fragmented is at the mercy North securities legislation. of Canada’s nature Commis- example, the B.C. Securities For sion has not endorsed NI 52-111, so even A simple transplant? those controls. To cap it off, the firm’s it off, cap To those controls. on report must audit and external auditor financial over internal controls the entity’s r to section 404 has The Canadian response policy This proposed been NI 52-111. of the requirements essentially duplicates Canadian firms, with two key dif- for SOX forms it permits cross-listed First, ferences. to with SOX in accordance that report sim- requirements comply with Canadian with SOX. citing their compliance ply by phased-in imple- for a it provides Second, Rather requirements. mentation of the firms comply at once, than make all public transition as small- will be a four-year there expected to comply. firms are er-size
s w e i v k o o l t u o 8 outlook views 11 om the other AC) and look forward to co-oper- AC) two accounting bodies and the public newly reconstituted members on Ontario’s Council.” Accountants Public visiting by about can find out more You CGA Online. ating with our colleagues fr CGA-BC pre-budget submission urges caution The Association continued to caution debt in our about mounting provincial submission. CGA-BC under- pre-budget economic out- improved stands that B.C.’s govern- look is linked to the provincial of budget surpluses prudent regime ment’s – $1.3 billion in 2005/06, $600 million in 2006/07 and $400 million in 2007/08. that these surpluses are, also appreciate We fore- by in a manner of speaking, protected of $300 million in cast allowances 2005/06, $600 million in 2006/07, and $900 million in 2007/08. Competition comes to Ontario’s Competition marketplace public accounting Act, Accounting Public 94, Ontario’s Bill 1, on November 2004, which took effect 2005, heralds a new era for public too long, “For accounting in the province. an artificial monopoly translated to only designation having access one professional to public accounting licences in Ontario,” FCGA, chair of CGA Hutton, Bruce are “We said in a newsOntario, release. political parties at pleased that all three and this inequity, recognized Park Queen’s the situa- will remedy that the government 94.” of Bill tion with the proclamation said that the Association is “…res- Hutton olute in our commitment to ensure world are accounting standards Ontario’s implementing the inter- welcome We class. espoused standards nationally recognized of Accoun- Federation the International by tants (IF Columbia, including 16 communities Columbia, including and seek and next spring, now between business commu- the small feedback from and to updates on the roundtable For nity. visit area, for your check the schedule or CGA Online. www.gov.bc.ca e evin embers are Report They represent a They represent oundtable will bring usiness Roundtable will visit usiness Roundtable usiness R owning is CGA-BC’s Director of Communications. Director is CGA-BC’s owning ritish Columbia. enue management. M Victoria," said Ida Chong, CGA, said Ida Victoria," usinesses, and Linda Larson, mayor d D mall B mall B Capital ev ound B dwar ssues. "I'm confident that she will ensur E community leaders recognized for their community leaders recognized contributions to small business strong ar ing firm of Chan, Sterling & Co. “I look & Co. ing firm of Chan, Sterling forwardconsulting with the small busi- to and other Victoria ness community both in its con- sharing of the province, regions cerns and helping build their success.” I look forward to consulting “Personally, said with the small business community,” Hryciuk, senior partner of Hryciuk Hryciuk in Cranbrook. & Co., Gallinger of CGA-BC and was also a past-president past-chair of CGA-Canada. Thorpe announced the establishment of the last month, and Roundtable Business Small named two vice-chairs at that time: K of Retail vice-president Western Evans, of Canada and the chair of the Coalition B.C. B and a former small business Oliver of Thorpe will chair the Roundtable. owner. has a very good understand- "Cindy Poulin ing of the business community and econo- my in of Community Services and Min- Minister Women's and for Seniors' ister Responsible I industries, associa- of regions, wide variety tions and small businesses. The S of British communities in all regions that the voice of Victoria is heard at the is heard Victoria of that the voice roundtables." Business Small The S and the small busi- forward to government ness sector issues, strategies and potential actions to contribute to small business regulatory burden, reducing growth, customer serviceand optimiz- improving ing r inis- vember o mall Business Round- mall Business ootenays who responded to the ootenays who responded GAs in B.C. will have ample have GAs in B.C. will opportunity to make their views on business and tax issues known usiness Roundtable, a forumfor ongoing usiness Roundtable, wo CGAs named to small Reform on Provincial on Provincial Reform Agenda Government thanks to a number of initiatives by the by thanks to a number of initiatives and Provincial Business Ministry of Small Revenue. good on Thorpe has made Rick Minister of the to launch a review his promise The Ministry sales tax (PST). provincial in the kicked off a series of roundtables and early in late November Interior designed to determine what December saw a number Those hearings needs fixing. of CGAs make submissions to the M thanks to ter and Ministry officials. Special the Okana- George, all of CGAs in Prince gan and K to email and to those able Association’s The Association will make presentations. be contacting all members for their input early in 2006. on PST reform T business roundtable Thorpe also announced late in N CGA, the appointment of Cindy Poulin, Hryciuk,and Bruce FCGA, to the Small B dialogue with the small business commu- Columbia. British nity across “Establishing the S achieving our table is the next step toward Columbia the most goal to make British small-business-friendly jurisdiction in want to hear Thorpe. “We Canada,” said the small business communi- from directly ty about their issues and priorities and how the eco- together to improve can work we of small businesses in nomic prosperity Columbia.” British “I consider it an honour to be appointed to said Roundtable,” Business the Small account- Victoria a CGA with the Poulin, C CGAs and Association make presence felt in Victoria. make presence felt in CGAs and Association By Edward Downing Edward By - tment. esponse out of a million mes If you are asked to confirm userID or asked to confirm are you If such information would then password, into the to break the fraudster be used by asked being are you If company network. account and social bank to confirm your would likely you insurance number, identity theft. become a victim of spear-phishing for The defence against to implement and organizations is policy that IT and announce a company such information seek HR would never received have suspect you you email. If by can use the a spear-phishing message, you (checking mes- technique described above sage header or message detail) to detect HR call the simply, the fraud, or more and IT depar is clear that phishing is a profitable It if they get for fraudsters. Even endeavor one single r vigilant Be profit. pure sages, it represents become a victim. and don’t Fax: 604.687.4577 • As you can see in the “From” line, this “From” can see in the As you at all. eBay from message did not come if the message header appears nor- Even away would give mal, the message source the message source, the fraud. From URL of the link check the embedded You to click. being asked are that you does not belong would see that the URL to eBay. Most recently, a new form and more insid- a new form and more recently, Most ious form of phishing, called “spear- (who says geeks do not have phishing” Spear- fun with names?), has appeared. inter- up as dressed phishing messages are Resources the Human nal messages from or IT department, to confirm asking you log-in ID or personal information your such as bank account and SIN. Because is these messages appear to be internal, it easy to fall into the trap. Spear-phishing Breach of contract Personal injury claims Accounting investigations Fraud investigations Business interruption insurance • • • • • Economic Loss Claims Forensic Accounting ̈ ̈ Suite 1100Suite Hastings Street – West 1177 British Columbia,Vancouver, Canada V6E 4T5 604.687.4544 Tel: u> [email protected] cemnw Tax reorganizations Tax Shareholder disputes Matrimonial disputes Minority oppression actions Expropriations Acquisitions and divestitures (Practice restricted to services listed) • • • • • • Business Valuations for: Business Valuations Business Valuations and Forensic Accounting ̈ o: Continued from page 9 Continued from sender message looks legitimate, check the sender message looks away the domain message-ID, which gives name of the sender. a example, from is an actual The following message purportedly eBay: from s w e i v k o o l t u o 10 feature 12 outlook PEP JOINS venture. employment industry credibility” tonew retailer brings“instant multi-billion dollar of Corporate headquarters Photo byRonSangha By DavidF erman and financedepar car andvisionfor with lotsofopportunities hav of hits.S with namerecognition andatrackrecord students; allheneededno potential intheAssociation step togettheball rolling. All ittookwas someonetotakethefirst need. access totheCGAsandCGAstudents they PEP istheprogram thatgives employers ants andfinancemindstheyneed togrow. employers fortheCGA-trainedaccount- need toshowcase themselves asideal same time,companiesinterested in PEP can helptheircompaniesprosper. At the ty programhow toshow CGAs industry sion. The Association wantsahigh-visibili- P It gives PEP instantcredibility.” “BestServices. Buy fitsthebillonallscores. P employers,” saidJohnson, thedirector of also onethatgetstheattentionofother not onlyourstudentsandmembers,but “We neededanorganizationthatimpresses up. Enter Best Buy Canada,ready foritsclose- as agreat placetowork. EP isallaboutmakingapositive impres- EP andDirector, Education &Student eer adv e toofferalargeandgr the CGAprogram andbox office He hehadawinningscriptin knew ment Program (PEP). budding CGAPreferred Employ- to find a founding partner forhis to findafoundingpartner L pecifically ancement, astr Johnson, FCGA,needed a marquee filmstar, Bill ike adirector insearch of tment, andar , thecompanywould w wasastar–one ong accounting ’ s membersand o wing business eputation set of values, performance standardsset ofvalues, performance and “Evergreen canbedescribed asavision, associates. streamlining processes, andthetrainingof ing andfinancialstatement presentation, plification, consistencywithU.S. account- accounting documentation,account sim- standard operatingprocedures and including accountreconciliations, U.S. strategies andtheirrelated measurements, Known asEvergreen, itcomprises eight self-improvement andmeasurement. has implementedaprogram ofongoing The accountingteamatBest Buy Canada to theacquisition.” three orfourtimesover whatwe hadprior and we’ve boostedthenumberofCGAs numberofqualifiedshasgone wayup “The Mawani call“qualifieds.” designated professionals, whatheand One answer, explainsSela, wastohire more w inno aspects ofthebusiness?How canwe find finance functionbettersuppor w bought Future Shop inNovember 2001] gets? N hav Dave Sela, CGA,Controller. dowe “What “ CGAs andanother15ar bodies. O one seesanorganiz ing andfinanceroom from thesecondfloor, down ontheaircraft-hangar-sized account- of10ormoredepartment staff. Looking minimum requirement ofanaccounting Best Buy meetsthePEP Canadacertainly pliance, andaCGAhimself. Financial Accounting, Treasury andCom- Zaheed Mawani, thecompany’s Director of withCGA-BC,”says forge apartnership here andthePEP program allows usto roleCGAs obviously playanimportant employer forprofessional accountants. “We wantBest Buy tobeadestination join PEP –itpounced. Best Buy didn’t to jumpattheopportunity and JessicaChen,CGAstudent. M Mawani, CGA,DaveSela, Pictured (clockwise)fromleft:Zaheed acquisition ofFuture Shopin2001. fold atBestBuyCanada sinceits T W he numberofCGAshasgrownfour- ealth totheshareholders.” e focusonho ike Shirley, CGA,EllaTsang, CGA, e usedtobeallaboutthewhat,”says e todonextquar vative waysofworking thatwilldeliver o w f Best Buy’s accountants,15are , sincetheacquisition[Best Buy w ed hiv . H ter? o w can e ofmor e CGAstudents. What ar e than100 e ourtar e inthe t other - to grow to$5billioninsalesfive years cial target:G5in5with5,whichtranslates countdown ofthecompany’s biggest finan- The mostprominent signistheelectronic Analysis. CGA, Director ofFinancial Planning & month itwillhave,” saysMike Shirley, will read 2005,theonlyquestioniswhat been hungwiththedateleftblank.“That The $4billion-in-salesbannerhasalr January 2004,$3.5billionFebruary 2005. $2.5 billionFebruary 2003,$3.0billion sales milestones:$2.0billionJanuary 2001, from thecafeteria’s ceilingannouncingtotal hockey arenas, hugeBest Buy bannershang for growth. Likechampionship bannersin the bestsellingproduct lines,andtargets reminding staffofthenextstore opening, Walls are everywhere pinnedwithsigns company thatkeepsscore. willnoticethatBest Buyheadquarters isa enough, anyone touringthehugeBurnaby buy intothecorporategoals.And,sure ny’s philosophyseesemployees atalllevels According toSela andMawani, thecompa- we are gettingthere.” a building abrandofworld-classaccountants s Mawani. “To meetandbeatworld-class guiding principlesallrolled intoone,”says tandards, Best Buy hascommittedto nd financeprofessionals. Evergreen ishow C S t n w G u e J r e t “ e r a o f e G w r i e q e i C W s v a a s c r t r d h t u s e k O h h s y n h t e j h e s e i i u i t n a e o n t e c c t i i n r n s n t l o A t a n k d a n i m t t e t n g m e l r h h a , p t h y S g t e C o t i e h r y e e h . s a t s e e e e ” F e d f h a h e r s e t a s l a f a w U s i s k c y r e e e n d n l c c s o t e , s u o e t n a h m a o q o c o g r s n , B a s t e u l r u a n o r m g e h r t h a p t d e p e S m a a a e s n a o e o C t n s o : r d s t h h t r y t p w r t t w L f o h u e w a m o l e h j l o A y e u u e i a t r i t B e r e t o h i a v s v e c e n s t o t l h a r u l p n e e h o e e t r e o n l o o y l r w p e m l c Y e a i i l p f i s f c e o k o s a n 4 f B i i l c C p n i l b t e o o r n r t a c l d u h u h t n a l u ’ a t k c e b C y u t h e r a p e w e n n d e e . u n n p t G a n r y y m d , a o d h e a B m s F v i a . d A t i u y e i r b e r t a o i i n 1 d a a e n e t r y , v f c m e w o 1 s ’ t d s s r v s I a h e t s 0 e n o t i w o a h b e a s u s e r 0 m s ’ s G o u n n e e u t a t d u R t e n . a o a l t y s e eady g c d p r , i t t p d s i n v r a r e h i n e t b o t o p o m s a e o c t t r e o e u w e n o u r r c u s p . o o i t a e s a r n o v n c s Y d I t u v n l o m s l u e e - d i t u . e s n m a d r i n n r - n y y d - t i E men oftheaccountingandfinancedepart- Controller Sela saysthatthebusinessacu- project-related, notjust report driven. Shirley; anotheristhatmuchofthework is planning andanalysisholdsforCGAs,says aspects ofthebusiness,isoneattraction towork withsomany The opportunity many oftheseatthesametime,”hesays.” at sometime.Andoftentheywor of thebusinessmyteamdoesn’t work with estate, legal,marketing, there isn’t anarea “Operations, merchandising, logistics,real is keytotheplanningandanalysisfunction. experience,allofwhich they offerindustry CGAs, saysShirley, offerbothskillsetsplus agents ofchange.” here processes thatneededrigourand theretempting. Iknew were programs and thataredevelopment opportunities very Buy isonthewayup. There are somegreat “I decidedtomove outhere becauseBest when helearnedaboutBest Buy’s potential. working in Mississauga atanother company Best Buy Canada. Two years agohewas Shirley canattesttothedrawingpower of r to toppeople.PEP willhelpuscementour i Says growth Mawani, “The ofthecompany with afive percentoperatingprofit. i e a s n g - s t g s paramount.Growth itselfisalsoadraw E eputation asadestinationemployer.” B - c y T t a w r s l c S i o b t e a l l C o r a a L h a o a e v h d s m f a r n o T G l i k u r e y c a e t o e o a T n t a s s n e e , a n l n a A s y s L p p p a d i g u a u a s c t t B p . A n e a o a s o i p e h p p n s s f n o d c h u O g g c f A l i e r t e o g o n g f r c c l h e o e y h i f y t d f , l o o g c o t ’ h u r s u g e a . e e s C e r o i u t u h a r a t r s n n r r i p . i a m G W n n t s n e o i l d f p o r m t t c d T l t e a t n h A o i e f i r i w e a s o d m n n f s e f a t e , l a i s m e C a h i s s g n g v t h E l i n s s n h S l o G e e , l i a a v w y m s h g n n d e e a n , b b s e A i e g s n o e l t t i r c e e u a s f T h t a r g n f i r o e f w n a t o m e t t i o B l t o r t r a r u h r y r d e r s d A o a l e C p s l e a e s n e t t e t i u h M a e a h d i n , I n d s n n T d p k l f e h r e a e a i t d R , l a . e n e y a e w n o y e v G n i n h d t r n g c s s c o e d r a b o t t ’ a o a , h h t r o l m i e r o t e g h t l — s a m k e m h “ n o h p x e e w a I s r t e a p w p a r e m o n s l o h e t a i f n t e t o d a n t o i t J n o u e y t e e ’ e h r n h t r u d r f e s r t g i h e r n v e k w e e e y c d a h f O U f e e t r e i o l n r r a k with l n i p F r e l o d f t s r c c p p y t c t r u t w e d i e u n h e o e f o e r o d t h e h o S i r t r e t r m r u c h n l r t h - a a h p e - t e e h r h t a . - v e r a o e o n e m v i e T s - n t c t e j r l o T u a e h g y B P n s m l a s C i W u o t l a l “ y t l v a d h h a t o foradvancement improves.”tunity lateral moves are likelyandthentheoppor- people,” explainsSela. “Over timeafew “We’re alwayslookingforwell-rounded Buy. beyond accountingandfinanceatBest dents lookingforlong-termopportunities All ofwhichbodesw ness, whichisjustagreat thing.” ofthebusi- become afeedertootherparts “Now,” saysShirley, “itmeanswe have business.” the value CGAs andqualifiedsbringto therestdepartments, ofthecompanysees tions inthecompanyandshared withother have brought bestpracticestootherfunc- ness andinourpeoplestrategy. Because we practices toalltheotherareas ofthebusi- has ledthecompany.inbringingbest accounting andfinanceteamatBest Buy a strong internal reputation. “Ithinkthe Mawani agrees thathispeoplehave earned to inviteus,”saysSela. table. Now we do;infact,thepointismade h “In years goneby, accountingmightnot m pany and,mostimportantly, withinsenior ments are recognized throughout thecom- y n n a T y ’ t e p h n h s r T B u e n . s l h s n e ave always hadaseatatthe[management] h g s y e n r e M a i anagement. m o a e i d c d d , . x o e n n a t ” d i p s p o n H b y e i f . i s k i v o t u a r e u k m l h ’ m p e g I o i v e r s . e a B n t t y n n s a ” i f y e r s h o . p n g l & i i u t r s S e t i t E e ; n f t i a T a o b e i i y a h n a m i t n y t n l n h m n e A y c s e a h i C g B r f d c y e t a h e a n l s i l m t , a ’ l o e t e l n r h y b s a i f n s b t n m y e i n T o t a y i l i h n , v t s y g a o t f t u f h e e a s C r t f e t d r t B o v r h r w o e a h l i I i g a G o n s e p a u c u m r e n r v a , r m s o e l m y A m i C a t a p y y y t I . s i w ’ n y ” l : l , a s s y u , l . w H ; r c D d u u e r t “ e e s K d h h t p e O r s c o h a i t s ell forCGAsandstu- i i r a r r l o t c u t s n o y l a e f r e o s l e f a p r s a w f l g v e c m e t n s r E p m a t e h t o n e T i e s e o r e t K o u s w e : s d h g f y a r s o u t a o r T e s t e 1 i o t p p n e t C n n o h o f 7 p r h f r l e a g n e g G r e o e p o w e F r p y n . , s w o s m A e i a e d h b c n a o p o i c r s o i o s o t r a e n a l l p ’ c e p e e m m r n B a m c h l c . s n l n e l e c o b e a p a e p A o e i p s d e n a a t r a e i t n i t t i h n e r n l g - n c a d e i e t i o g - , n ; I f - 13 e r u t a e f k o o l t u o outlook 3 profile 15 1 - e climbing again e thousands of B.C. school en and curious tourists pan for gold – befor w a field trip destination wher Barreling past us from the logging roads north the logging roads and east of us from past Barreling lat- see signs of our economy’s Arriving at our destination, we estate Whistler was built on the real could argue that You Village Whistler completed the recently takes us through Tay an erman through the sulfuric smog of the Port Melon kraft-pulp mill. Melon the sulfuric smog of the Port through 18-speed, open-bed logging of massive come waves Squamish, shakes our vehicle trucks.in the opposite direction, As they pass us the big diesels seem in their grit-spewing wind wake. Forestry, a moment no one can us, is still king. For intent on reminding surface else speak and none of us can feel the road hear anyone truly is ever run along the Sea-to-Sky the leather seats. No through uneventful. to the tourism, construction related engines: adventure est growth estate. estate. Especially real and real Olympics, Winter 2010 been built have estate developments as much as real development on Whistler. childr – no avid F y D Photos by Ron Sangha Ron by Photos B Whistler can make for er to Leisura M om the city; it can also provide ancouv V wn wnto of om do e than a scenic escape fr This late October road trip comes at the suggestion of C.Y. road This late October high-rise offices and cor- in the financial district of Starting a visual tour of B.C.’s economic drivers. economic drivers. a visual tour of B.C.’s for Leisura Develop- & Secretary of Finance CGA, Director Tay, ventures latest resort off his company’s ments, who wants to show Tay ceremonies, CGA convocation last month’s At Whistler. in with the Associa- was recognized for Cheng-Yan) stands (the C.Y. the promoting for his work award Ambassador of Excellence tion’s and for lead- designation to students and the business community, City chapter. ing the Burnaby/Royal economic heart, the porate headquarters, pass the province’s we shopping mall, Royal see Park later we Minutes Vancouver. port of the first of its kind in Canada; then the waters of the Capilano sport with their rich and commercial Sound and later Howe River the mountainside for a half hour or After hugging fishing history. Mine and slalom past the old Britannia descend to sea level so, we A daytrip fr much mor profile 16 outlook to theblackeven withoutthewhitestuff. destination andreal estatecompanyreturn business strategyishelpingthegiantresort necessarily. ne dev through greater cashflow from real estate ly wipedoutdebtofU.S.$285million impr company searchedwaysto fornew restructuring over thelastthree years asthe his invitation.N comb, andonewinterJack Frost declines the parent companyof Whistler-Black- of challenges.For fun,let’s imagineyou are ownerproperty out meansnever running the snow packtoaminimum. tracers, electricalroof heatersthatwillkeep Intrawest workers are hookinguptheheat winter season:onthislateOctober day, pleted hotelthatisbeingprepared forthe Centr which r the creation oftheLeisuraventure under tr with otheroperatorsinthetourismindus announced, whichincludespartnerships and theU is active inmanyofIntrawest’s 15moun- so I’ve beenexposedtosomeincredibly y w trav . Anotherkeytother elopment andmanagementser I I As anylandlord willtellyou, beinga o ntraw n thecaseofIntrawest, adiversified e Pan Pacific Hotel. com- The newly v e itsfinances.In 2004itsuccessful- eal estatepar nited S el andleisur est hasgonethr o sno tates w dynamic personalities.” “We are largecorporations, operatingathighlevels withvery tnerships inCanada w, nogo,right?Not er e divisionwas estr e setup ough aperiodof ucturing was . Leisura vices. A - we expecttosellthoseoncewe getsnow.” T the pr tract I turn, administertheproject andsubcon- financing tocompletethepr the pr cient sales,LeisuraDevelopments acquires pr and thensellstheturnkeydevelopment creates thevision,launchesprojects (I consists ofaseriesseparatelegalentities. Intrawest, portfolio theLeisurapartnership ing LeisuraisC.Y. Tay. Residences at Whistler –themanmanag- and, ofcourse,theFour Seasons Private House onBlue Mountain near Toronto, Mt Tremblant inQuebec to Trillium America andEurope. tain andwarmw S Canada.) J.P. Morgan intheU.S.andManuLife in held b butthemajorityinterestpartnerships is ecr ay ntraw ocess. ojects toLeisura. . “O Whistler etar “We enjoyed strong launchat avery “O Although closelyaffiliatedwith In Canada–from Ermitage duLacat Tay, Leisura’s Director ofFinance & ntraw y largefinancialinstitutionssuchas oject fr est hasaminorityinterest inthese nly twounitshav nce apr y, explainsthatIntrawest Corp. est tomanagethedevelopment Village Pan Pacific Hotel,” says om I oject hasachiev eather resorts inNorth ntrawest andobtains e noty oject. et soldand ed suffi W e, in - some incr tions andbanks,soI’ largecorpora- ing athighlevels withvery with ahugelearningcur chalet furnishings.Allinall,very Whistler. in mutedfallcoloursandcozyhigh-end above aparkade, inthiscase.” permanent rightstotheairspacepar abo didn’t buythelandbutratherairspace doesn’t work inreal estate,butIntrawest land onwhichthethree-star hotelisbuilt. case ofthePan Pacific. Neither owns the doesn’t concernIntrawest andLeisurainthe opments.” lack oflandonwhichtobuildne hotel forthesimplereason thatthere is is challengingtobuildanotherlargecondo opable land. municipality, hasafinitesupplyofdevel- Games, Tay says Whistler, beingaresort avalanche ofwealthy visitorstothe2010 dences Hotel, anddespitetheexpected Hotel andtheFour Seasons Private Resi- recent Whistler projects, thePan Pacific v Administering real estate portfolios T I e it,”explains “I O “It strong market, butit isstillavery D nside, thehoteliswarm,deckedout ay callshiswor t espite thesuccessofLeisura’s most ddly enough,thequestionofland ’ s anovel concepttosomeonewho edibly dynamicpersonalities.” Tay. “We boughtthe v Continued onpage21 k “very rewarding e beenexposedto v e. W e ar e operat w dev cel el- - • $80,000 bursary established for Camosun accountingstudents • $80,000bursary forCamosun established update • studentadvisorygroup sessions V OLUME Deter • • ar recent arrivals toCanada,whileothers others, it’s asecondoreven third career choice. Some are the CGAprogram. T Sessions. profiled inthisissueof Top Ten awardwinners four oftheAssociation’s McCalpin award.Oneof winner oftheW Balakrishnan, CGA, Subramanian (Mani) e B.C.bornandraised. Karen Burns Anne Penman F o achievements CGAswhohadthehighest oftennew he 2005CGA-BC Top Ten Awards celebratesthe or some,accountingr v 3 erall av 2 / NO. erage examscor . Curry of British Columbia Accountants Association Certified General A publication ofThe 4 • mination keyforthistop10 Eric Zhang • THE CGA-BC Donald Hahn epr es forallexamswrittenwhileon esents theirfirstcareer path;for • Barinder Litt • Sang Lee • • Rebecca We 20 W (604)732-1252 Fax: (604)732-1211 Tel: Vancouver, BC,Canada V6J5L4 300 -1867West Broadway Subramanian Balakrishnan • • • • • • • • • • • • • • • ebsite: www STUDENT NEWSLETTER • Convocation 2005 snapshots • Convocation 2005snapshots one commontrait-consistent,concentratedeffor how theyplannedandorganized theirstudies,theyallshare long term. “M in afinancialcar year career withsomeofB.C.’s credit asa unions,starting sity, rightatLevel 1. whileatleastonestarted Some tookthemajorityoftheircoursesatacollegeoruniver- WWW.CGA-ONLINE.ORG y dadwasabanker B ut r DECEMBER 2005 egar .cga-online.org dless ofho eer teller .” ing, wher portfolio. could provide ifshe betterclientservice was more knowledgeable aboutcom- ,” saysAnne,“ That inter mercial appraisalandassessment, Anne Penman completed aD , andeventually intocommercial lend- E w theyentered theCGAprogram, or ty ofB In thelatterrole, Annefeltthatshe this samemotiv conomics (ULE)fr e shemanageda$20millionloan consider CGA,amove prompt- ritish Columbia(UBC).I ed by aco-worker whowasjust • est pr completing theprogram. Xiang Xia Anne says,“Iactually accounting programs, but looked intoallofthe so Iwasalwaysinter www.cga-online.org your course andmore at need toknow about Find outeverything you Course Windows. opelled Anneintoa15- In choosingCGA, iploma inU ation thatledherto om theU • Yang Li rban Land t o niv v er the ested t was ersi - 20 19 sessions CONVOCATION CGA seemed to be the most versatile.” Anne work and getting down to it,” he says. Don versity of Bombay, became a member of the joined the program in 1997/98, but took the credits the CGA Study Guide for helping Institute of Chartered Accountants of India, majority of her courses by transfer credit him establish a long-term study routine, one all in preparation for a financial career. He through Kwantlen University College. that he followed faithfully for the entire pro- started in public practice, then in industry, She feels that she was helped by her UBC gram. I even checked the required reading so and lastly in banking as Vice President and Diploma studies, as the ULE program is also that I knew how many pages I had to get Financial Controller with Citibank N.A. distance-based, and aimed at working profes- through, and then I spread those equally over India where he got a thorough grounding in sionals. “I found the design of the courses, my planned reading nights.” U.S. GAAP. and the effort required, were similar in CGA Currently a Financial Officer with the He next accepted a position with the Al and ULE.” She also notes that her profes- Correctional Service of Canada, Don says Mulla Group of Companies in Kuwait in sional experience in corporate finance and that, after all those years as a CGA student, 1993. “It was immediately after the Gulf lending was a great help in being able to see he can now spend time watching television in War,” he notes “and the company’s, as well as connections between course content and the evening. “It feels a bit weird,” he adds. Kuwait’s, financial infrastructure was non- practical application. existent. Our goal was to re-establish that While Anne made use of a number of Sang Lee infrastructure, and this included credit, pric- study resources, one thing she never consid- Having emigrated to Vancouver from Korea ing policies, and compensation to businesses ered was summer session courses. Anne has at age 19 in 1992, Sang Lee knows first-hand that had been destroyed in the war.” Mani spent every summer for the past 15 years as a the problems that new Canadians face. gained experience in building businesses weekend lifeguard at local beaches. When Therefore, as a Senior Staff Accountant for something he felt he needed at that point in asked if Baywatch is realistic, she replies with Soon Kim, a firm of chartered accountants, his career. a laugh, “Absolutely not!” he not only provides the normal financial The move to Canada? “My daughter was While grads were searching for their names in the program, Pat Keller, CGA, helped First Vice-President Moe Jones, FCGA, get ready for the ceremony. Top; Celebrating with friends. services to members of Vancouver’s Korean about ready to begin high school, and I want- Donald Hahn community, but also serves as a “settlement ed her to have the best education. I didn’t feel Donald must have a very good memory. master” to those clients newly-arrived in those opportunities existed for her in Kuwait, When considering which accounting pro- Canada. “New immigrants do not know how so we started thinking of other options. We gram to enter in 1997, he followed the advice to access many services that are second nature applied for immigration to Canada and of his Accounting 12 teacher in Hope and to Canadians,” he notes. “I try to help my received landed immigrant papers in 2002.” chose the CGA program – 17 years after high clients do things like register for SIN num- Mani first visited Toronto, but then went school graduation. bers, find schools for their children, and back to Kuwait to wind up his affairs. He The intervening years were spent with locate other services. It is sometimes tiring, came to San Francisco to visit relatives and the provincial Ministry of Transportation and but always worthwhile.” decided to come to Vancouver. He remem- Highways, starting off as a member of a Sang never intended an accounting bers, “It was July 1, 2003, the day that Van- President Rita Estock, FCGA, awards a copy of the Oath of Obligation. paving crew working on the Coquihalla career when he started part-time studies at couver was announced as the site of the 2010 highway, and eventually responsible for mon- BCIT. He had originally earned a diploma in Olympics. The city was beautiful, but it was itoring the work of private highway mainte- marketing management. He found CGA also vibrant and exciting. We decided, ‘This nance contractors, as well as other construc- courses “challenging” but “very well is it!’” tion projects. designed”, and especially enjoyed access to Why CGA? “I already knew about the Since his work focused on the analysis of online lectures in the spring session. “Tax sea- certification because there had been an article contracts and financial forecasts, Don con- son is always 12 or 13 hours a day, and your about CGA in the Indian CA magazine. I sidered the need for further education, a deci- study time is very limited. Being able to have was driving down Broadway Avenue and saw sion triggered when his sister chose to return lectures available on my own schedule was the sign on the CGA building and decided to to school to pursue a teaching career. extremely helpful.” Now that he is finished register!” His reaction to the program? “For He considered attending a fulltime pro- with his CGA course work, Sang is thinking me, the CGA program was brilliant, especial- gram but chose the CGA program instead – of following a long-standing interest in vol- ly the online course materials and lectures. allowing him to continue working, an impor- unteer services to immigrants, perhaps as a Not having to sit in classes was very impor- tant consideration for his family of four. member of a non-profit board. “I want to tant. I did, however, attend all the exam Starting right from the very first level of the give something back,” he says. review sessions for my courses, and I found program, Donald aimed to complete three these uniformly useful – especially as a new courses per year from start to finish, with the Subramanian Balakrishnan Canadian, unfamiliar with the examination WE DID IT! exception of nine-month break that he took 2005 valedictorian and winner of the Associ- system. The reviewers were all very clear and midway through the program. ation’s W. Curry McCalpin Award, Subra- structured, and, as a result, I was able to make He even drove the 80 km from Chilli- manian (Mani) Balakrishnan, credits his the best use of my time in the exam room.” wack to Vancouver to attend UBC lectures daughter’s education as the catalyst that led What’s in the future for Mani? “I don’t when he started his first course, but this only him to come to Canada three years ago. know where I want to go but I think the lasted three weeks. “I found I was able to bet- Born and raised in India, Mani received CGA designation gives me all the flexibility ter spend my time simply going home after a bachelor of commerce degree from the Uni- and mobility I need.” Editor’s Note: This profile of the Association’s Top Ten Award winners is the first of two parts. It will be continued in the next issue of sessions. The Certified General Accountants Association of British Columbia 18 19 outlook profile 21 e y, etar ecr treet office, com- treet eets to head home inance & S ears. astings S oller of Whistler Mountain Whistler oller of ector of F ay says pointing to the 14th ir T ear the CGA Ambassador joined e along the line, he even worked e along the line, he even upervisor at Grouse Mountain. upervisor at Grouse e?” ctually, I think I’ll head in to the I think I’ll ctually, wher A “You know how many golf balls I lost how know “You Last y “When I think about it, I’ve spent my spent “When I think about it, I’ve and Shore, up on the North grew He “ ome ystems S on Furry Creek Golf Course. Golf Creek on Furry out ther hole of the soggy course. “I should hav Leisura as D been paid in golf balls.” Ski Corporation. That was followed by five by That was followed Corporation. Ski property with a private as controller years and management company. developer S drop As we a position he clearly relishes. him off at his H In 1993, he got his first Whistler job as 1993, he got his first In Assistant Contr U.S. in the coming y he estate,” life in real professional entire Van- says, settling in for the trip back to between the winding road fact, In couver. duplicates Whistler and the city roughly career. Tay’s the track of in business administra- earned his degree His University. Fraser Simon tion from and was Revenue first job out of university S muters spill onto the str office for a bit.” And with that he steps onto the curb and into the rain. for the evening. We wish him good night. We for the evening. - - e ent on oom luxu e of the lake. ebsite says Lake Las th shor W otel featuring the P ne king to expand its Mediter- est’s attention is focused. est’s ested. O est is wor ay says he expects to do a significant t in the Americas.” T “This most building is among the one suddenly feels, is beside Skiing, and allure, lucre Whistler’s all of For develop- “The scale of [Intrawest’s] Vegas, east of Las Thirty kilometres esent more than U.S. $7 billion in cap- esent more ntraw y Ritz-Carlton H ntraw esor epr amount of consulting to Intrawest in the amount of consulting to Intrawest Vegas “is destined to be the premier desert “is destined to be the premier Vegas r tevecchio, a bridge that spans the water to tevecchio, connect with the nor When the village is complete it will host 800 luxury condominium units and it will r ital inv Whistler and, if he needs the cash, can r dome for $6,000 a out his stately pleasure night. Tay. says Whistler,” estate in real expensive sold at launch for $1,000 per square “It foot.” the point. and more says more Tay the U.S. is where of I ment in the U.S. is much larger than her for example, is Vegas, in Canada. Lake Las huge.” I on Lake Las ranean-style village resort a includes Resort Village Montelago Vegas. 40,000 sq. ft casino and a 350-r r Las Vegas is huge.” Vegas Las - e er mor easons Private een televisions, “The scale of [Intrawest’s] development in the U.S. development “The scale of [Intrawest’s] our S ements to bring the on chef to his or her , Tay says that the last says that Tay , ery day.” talian furnishings, and ator wd. Both are sold out, Tay sold out, Both are wd. e inspected cost the buy o d-boiled ir , and the F es us. Tay Continued from page 16 Continued from Tay “Bankers don’t like surprises,” he says don’t “Bankers and officer of Leisura, I a director “As lie two Village A short walk up the The Residences are one and two-level are The Residences th hundreds of millions of dollars does th hundreds . Y ushed steel accoutr amous cr esidence w is much larger than here in Canada... in Canada... larger than here is much wor spends much of Tay pose many challenges; and making sure his time talking to lawyers and especially the banks are that investors happy. with what would usually be called British understatement. spend a lot of time keeping banks updated of construction and sales, on the progress potential obstacles and many other mat I speak to someone at the weeks ters. Many bank just about ev a projects: Intrawest Seasons-branded Four Resort Seasons hotel, the Four five-star Whistler most har past the leather-stitched Walking knees. walls to the elev r in is rarely The resident than $6 million. Residences, a prestige luxury a prestige condo-resi- Residences, dence for the Lifestyles of the Rich and F assur homes boasting large-scr designer name I kitchens with enough marble-topped, br C. 20 ces esour hirley Whalen and d, S nline under the R for chapter are long and chapter are or andra M do, S ested in being considered for 2006 SAG mem- for 2006 SAG ested in being considered lar des E ears, providing a gateway education pro- to the CGA ears, providing tudents inter “In the case of Camosun College, we recognize that you recognize the case of Camosun College, we “In who co- McCullough, SVI Chapter Chair Denise An overview of SAG activities, along with minutes of past An overview of SAG Dan hopes that students will be able to access the new hopes that students Dan state of CGA-BC online serv- other business, the current In Poersch, Eric Paul, Emmanuel members for 2005 were SAG . S ducation at [email protected] oulin, noted that Camosun students are a deservingoulin, noted that Camosun students are group racey Childerhose. very supporters proud of post secondary education in B.C.,” 2005 President. said Rita Estock, FCGA, CGA-BC’s for Island Vancouver been a vital parthave of education on many y offering this financial support, the CGA Associa- gram. By accounting an opportunity for prospective tion is providing students and giving them the tools to succeed." the fund raising effort alongside colleague Cindy chaired P notes that She and that the institution is very respected. well this type of government, funding by in an age of reduced the way of the fund raising effortcollaborative represents to support have each other and with the rising “We future. to do everything have can to help stu- costs of tuition we we dents succeed,” she said. tab Student CGA, Manager, Gray, bership should contact Gordon E T meetings, may be found on CGA O improvements had been suggested, including enhanced search had been improvements capability. in 2006, and specifically thanked SAG enhanced ERS early Poersch. and Eric Devereux Geoff Paul, members Emmanuel also invit- members were length, and SAG ices was discussed at stu- next major ed to suggest new questions for the Association’s dent survey in 2006. Kevin MacLachlan, Kerin Devereux, Geoff Wallani, Fareen Liang, Lour • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Island CGAs, Association help set up Island CGAs, Association y the Camosun for Camosun accounting students for Camosun accounting ted that a number of elihan, CGA, who is the tudent Recruitment, report- tudent Recruitment, epor , S an R an r D anager $80,000 bursary $80,000 bursary M ed on the activities of a work group ed on the activities of a work which was formed in the summer to s current Employment Referral Service (ERS), Referral Employment s current ovides to students in need. She also recognizes to students in need. She ovides Student forum facilitates facilitates forum Student P oup activities, D ea Lauzon, a Camosun BBA student who had ea Lauzon, U O achelor of business administration Col- Camosun Island’s Vancouver students at degree of a bursary ecstatic about the creation pro- lege are S.A.G. S.A.G. k gr t its third and final meeting of the year, the 2005 CGA- and final meeting of the year, t its third took part in a (SAG) Advisory Group BC Student Bond, Wendy led by discussion lengthy roundtable R Andr Island Vancouver "The Association and the Southern G Of particular interest to CGA-Canada were SAG opinions SAG were to CGA-Canada particularOf interest w CGA-BC’ Camosun faculty donate $40,000 Y gram established with $40,000 in donations from the CGA gram established with $40,000 in donations from An Chapter. Island Vancouver Association and its Southern additional grant of $40,000 was donated b Department – bringing the total to College Accounting $80,000. been in a serious accident and had faced financial difficul- the new applauded bursary and the mother, ties as a young assistance it pr that accounting --- and the CGA designation ---- is where is a profession “It are. the jobs with the long-term prospects that is always going to be in demand. I think it has a really at a Times-Colonist Victoria she told the future,” strong announcing the award. conference press B R evie The Certified General Accountants Association of British Columbia Accountants The Certified General A CGA-Canada’s Operations Planner, Curriculum and Profession- Curriculum Planner, Operations CGA-Canada’s al Services. assign- course design tools: integrative use of three on the future While and discussion groups. assignments ments, collaborative felt Wendy no consensus, a widely ranging discussion produced com- and will take SAG valuable, the discussions to be extremely designers for review. ments back to CGA-Canada curriculum of As a result for improvements. and make recommendations the wor r sessions O S I open communication V D A Le A view from the top ft: CGA -BC's Directo Execut r Bill C ive More than 125 CGAs, government Ministers and MLAs from both parties attended the Association's MLA luncheon on CGA aulfiel (Hon. d, Fin ), gree October 25 in Victoria. Hosted by CGA-BC and the Southern Vancouver Island Chapter, the annual one-hour event provides ance M ts T inister aylor. Carole an excellent opportunity for CGAs and MLAs to exchange views on issues of the day as well as to enhance the Association’s profile with MLAs and the government. Finance Minister Carole Taylor provided an overview of the government's financial vision as the province counts down to the 2010 Olympics. Below: Rita Estock meets SVI CGA members. o k u o t o l l o t o u k o 22 role 23 t) Ca , (lef -BC CGA GA F e F C A. ck, and CG e r to e , ta Es nanc ssold a u i i i e: R of F n Cl t t v r o u Abo niste ord a i G r, M ent, r e lo id Tay res e f ice P 2nd V Above: Rick Thorpe, Minister of Small Business and Revenue and Minister responsible for Deregulation (left) and Rita Estock, FCGA. The Minister recently launched an effort to reform the PST. Above: Increased spending vs. cutting expenses: Ms. Taylor addressed the conflicting demands facing the government. Below: Carole Taylor (left) and Gordon Clissold, CGA. Below: Rita Estock (left), Edward Downing, CGA-BC’s Direc- tor of Communications and Carole Taylor. CGA, Chong, to Ida .), talks A (Hon ield, CG . ll Caulf ervices ove: Bi unity S Above: Kevin Krueger, the MLA for Kamloops-North Ab Comm ister of Thompson (left) meets Rita Estock, FCGA, President, Min CGA-BC. SVI Chapter Chair Denise McCullough, CGA, looks on. resource 1624 outlook “ S issues,” saidChristianStewart, CGA, of complex taxandpracticemanagement obtain additionalconfidencewithmor practice, maintainacompetitive edgeand practitioners wishingtoexpandtheir “I highlyrecommend thiscoursetothose bility. minimizing theriskofprofessional lia- totheirclients,while added services byarea providing taxation of value- skills andimprove theirpracticesinthe practitioners seekingtoupgradetheir be ofinterest andestablished tonew own officeorhome. This program will CPD cr tax season.Participants obtainupto50 be atwo-monthbreak duringpersonal discussions andassignments. and consistsofmonthlyteleconference The program hasa10monthduration with lawy advanced taxissuesandcorrespondence GST, theaccountingtreatment of addr the deathofashareholder. Participants with aCanadaRevenue Agencyauditand through to businesssuccession,dealing cycle ofabusiness,from incorporation aged businessesinthecontextoflife and financialplanningforowner-man- life' casestudyapproach addresses tax Wednesday, January 4,2006. The 'real T r and resource materialfullofinformation, Participants receive valuable templates ers need.” professionals that CGA publicpractition- experience andinteraction with other course. practitioners isthekeybenefit ofthis ment concernswithalargebaseoffellow discussion oftaxandpracticemanage Stewart adds,“Networking intheformof ‘grey’ areas inthe Tax Act.” kno pr ticipants toaskquestionsandrespond, eminders and examples abouttaxand The confer hannon &Stewart inNorth Vancouver. Planning Program Tax andFinancialStrategies oviding withanincredible everyone wledge base,especiallywiththose ess topicsthatincludeincometax, new taxprogramnew haschangedto ofthenextsessionthis he start edits from the comfort oftheir edits from thecomfort This pr ers. ence callformatallo ogram isthehands-on eore,coursesandtoolsofthetrade resources, Ther Practice ws par e will e - - (b Your notification solicitorcanforward pr has infactcompletedthetransition r properly handled. The Associationwill ices ofalawy A March 29,2004undertheoldCompany I Ilk, CGA. cial Strategies Program orcontactBrigitte menu andscroll down to Tax andFinan- lic Practice Seminars from theleft-hand PD tab,thenSeminars, thenchoosePub- on towww.cga-online.org andclickonthe For more ortoregister, information sign ther fessional corporationhasoccurr change intheshare ownership ofthepro- the transitioniscompletedandthatno the I ment andCompliance tabs,thengoto shar family tr grandparents, holdingcompaniesand state thataspouse,childr v take fulladvantage ofusingacorporate any taxand/orestateplanninginor simple buty set ofarticles. The process isrelatively of existingar Consider usingthisoppor also beprovided. T cles. to makeappr approaching forallexistingcorporations deadline ofMarch 29,2006isfast B provisionsto complywiththenew ofthe required to"transition"your corporation CGA O ties, findthedetailsofthese r To re-visit your taxplanningopportuni- practice managementissues. equire notificationthatyour corporation ehicle tooperatey ransitioning entailstheminorr usiness CorporationsA ct, r Professional Corporation Transition Your Deadline Loomsto y afax ocess. practice through CGA-BCpriorto f you incorporatedyour professional e ar es ofy ncorporation area. emember thatcer e changes,ane nline usingthe P usts cannow own thenon-voting ed noticeorsimpleletter)that our pr ou ar opriate changestotheirar ticles oradoptionofane er toensure allmattersare e advisedtousetheser ofessional corporation. our practice. The rules Review w F tain changesar ractice M ct (BCA). tunity tor orm Cmust en, par ules on evision anage ed. I der to evise ents, The ti v w e - - - f circumstances. or thepractitionersare appropriate inthe ments, andthatreports issuedby thefirm dar their staffcomplywithprofessional stan- vide reasonable assurancethattheyand system ofqualitycontr practice firmsare now required tohave a to clientsotherthanlistedentities.Public 2005, forfirmsofferingassuranceservices tion 5030,becameeffective December 1, requirements, basedonQSF-QCandSec- 2005 PPMupdate. These qualitycontrol this sectionare includedintheNovember electr CPAB registrants, hasbeenreleased in ing qualitycontrol requirements fornon- T Timmerman, CGA. For contactJim information, further T CGA.merman, For contactJim information, further Tim- K y (PCML Laundering) now thattheProceeds of Crime (Money for theparliamentar r dering andanti-terrorist-financing changes toCanada'santi-money-laun consultation paperoutliningpr istry. from thecorporatereg-line willbestruck t Please note thatcompaniesdonot ransition by theMarch 26,2006dead- egime. ears. ey highlightsofthepaperinclude: Public PracticeManual Requirements Releasedin Quality Control Laundering Legislation Changes toAnti-Money- FINTRAC's Proposed • M ds andr suspicious transactions. C Manual (PPM)Section 100,describ- CGA-CanadaPubliche new Practice for the Department ofFinance’sfor theDepartment he commentperiodhasno onic format. The paperversion of andator TF This paper is the starting point This paperisthestarting A) hasbeenineffectforfiv egulatory andlegalrequire-egulatory y r T errorist Financing Act epor ting ofattempted y r ols designedtopr evie w r urrently w ended equir oposed ed o e - - infor complete consultation paperorformore www.fin.gc.ca/activty/pubs/preface forthe V isit theFINTRA • It • isproposed torequire accountants • It • isproposed torequire accountants • An administrative and monetary • Anadministrative andmonetary • Ongoing duediligencewillreceive pr deny FINTRAC accesstotheir that operateindwelling housesthat sear offices andavoid havingtorequest a conduct examinationsinitsown This wouldallo site determinedby FINTRAC. a FINTRAC complianceofficeata to pr naires isnotcompulsory. rently completionofthesequestion- compliance questionnaires. Cur- to completeandreturn FINTRAC r legislation. The keyfeatures ofthe not complywiththePCML with individualsandentitiesthatdo penalties regime isproposed todeal be keptup-to-date. also essentialthatclientinformation sistent withtheclient’s profile. It is ensur ing ofthebusinessrelationship to this process istheongoingmonitor- of part transactions. Animportant clientorconductingcertain new not restricted towhenacceptinga client duediligencemeasures are greater emphasis.Appropriate tions require reporting. only completedsuspicioustransac- • • mation, contact B egime ar emises. holders. consultations withafirm lished following appropriate penalty amountswouldbeestab- Website. be madeavailable onFINTRAC’s and detailsoftheviolationwould a clearscheduleofgraduated the nameofanoffendingfirm ch warrantforr oduce documentsr e thattransactionsremain con- e: C W w FINTRA ebsite at rigitte I eporting entities eporting equested b lk, CGA. ’s stake- C to TF A y I business visitwww hotel room taxappliestoyour client’s For onhow generalinformation PSTor Vancouver ortollfree (877)388-4440. [email protected] orcall(604)660-4524in letins/gen_009.pdf, emailCTB www r For more onsubmitting information tax. F apply toassessmentsforfailure tocollect are eligiblefor netting.Netting doesnot leases orfortaxcollectedbutnotremitted ment. Assessmentsfortaxonpurchases or refund maybenettedagainstaPSTassess- the sametaxAct. For instance,onlyaPST netted againstanassessmentissuedunder culation purposes.Arefund mayonlybe ted againsttheassessmentforinterest cal- are owed arefund, therefund maybenet- issued anassessmentatthesametimeyou orhotelroom taxauditandare(PST) E circumstances: netting doesnotapplyinthefollowing tor’s review iscomplete.For thatreason, tation mustbesubmittedbefor documen- application withallsupporting Blessin. information, contactMurielfurther ages are available from theAssociation.For with theAssociation.Registration pack- required toregister thislimitedpractice you are and chargeafeeforthisservice, efunds duringanaudit,pleaser T-1 RegistrationReminder Against AuditAssessments Netting ofPSTRefunds • • • Where arefund applicationisreceived • Where arefund applicationisreceived 1 taxreturns withorwithoutschedules f you are aCGApreparing individual T- Wher and paidoutbefore anauditisstarted. after anauditisbilled. ing theaudit. audit causesunduedelayincomplet application received atthe timeofan undergoing aprovincial salestax f .rev.gov.bc.ca/ctb/publications/bul- fective February 1,2005,ifyou are or nettingtoapply e v erifying anincompleter .sbr .go v .bc.ca/ctb/. , ther TaxQues- e theaudi efer to efund efund - - Canada. Management Accountants Societyof recently namedaFellow ofthe Certified Financial Planner. Inaddition, hewas M.Sc.(Bus. Admin.)andisaCertified and designationsincludingaB.Comm., Outlook. Donholdsanumberof degrees al AccountantintheOctoberissueof incorrectly identifiedasaCertified Gener- President’s Award forEducation,was Don Nilson,the2005recipientof Correction Muriel Blessin Information Contact JimCGA Timmerman, Tina Peters, BA,CGA Brigitte Ilk, CGA Anita Fortune in thisissueofOutlook. contest inaspecialsupplement digital camera.Lookforthe Win aCanon A520 M D R Manager, Public Practice [email protected] (604) 714-2350 Coordinator, Services Advisory [email protected] (604) 730-6230 Public Practice Administrator Toll free: (800)565-1211 [email protected] (604) 730-6231 [email protected] (604) 629-8363 S [email protected] (604) 730-6232 er esear ir anager vices &Public Practice Advisor ector ch andD , P , Q ublic P uality Assurance evelopment ractice 25 e c r u o s e r k o o l t u o KUDOS information and intelligence for professional success Dr. Derek Yee, CGA, was one of two winners of the MileStones annual TD Canada Trust distinguished teaching award in the faculty of business administration at Baljinder (Bal) Bhullar, featured in the last round of WorkingPapers CGA, Simon Fraser University. The award, established in oversees a billion dol- CGA television commercials. 1989, is open to tenure-track faculty members, lectur- Call for Nominations Member Benefits Online is often possible to make the gift by credit lars’ worth of risk as the Van- ers, sessional instructors or lecturers. The two win- card. Such a gift will qualify as a donation couver Port Authority’s finan- The B.C. government has ners, who each receive a cash prize of $3,000, are E ach year the CGA Association of enefit programs are offered to all mem- when made, but need not be paid immedi- cial analyst and risk manager. appointed Arn van chosen by a committee of three SFU faculty mem- British Columbia honours its mem- B bers through third-party alliances and ately. Finally, clients should be reminded The British-born CGA and Iersel, CGA, as Associate bers and one student representative. The awards are bers and students with the following have been designed with your needs in that if publicly traded shares are donated single mother of three is also a Deputy Minister, Regional- based on excellence and distinction in teaching and awards: mind. A number of benefits are available directly to a charity, then the capital gains four-year director and past- ization and Strategic Projects, in teaching related activities such as course develop- including automobile sales and leasing, cell inclusion rate is only 25 per cent, versus the president of the Risk Manage- Ministry of Children and ment and preparation of teaching materials. The CGA Community Service Award phone services, recreation and insurance. 50 per cent capital gains inclusion rate that ment Association of B.C. She Family Development. Arn Quoted in SFU News, Yee says, “I use traditional honours members and students who A complete list of partner organizations and would apply if they sold the shares and recently opened Bare Elegance has served with the provin- methods when I teach, but I apply the golden rule. have provided outstanding service to I try to deliver a package of content, guidance and S services are available. Be sure to watch for donated the proceeds. MedSpa in North Vancouver cial government since 1978. their community. The award recog- specials offered by our partners under with her sister-in-law. He served as a Treasury support that I would expect my children would As a reminder, the CGA-BC Educational receive if they were enrolled in the course.” nizes that exceptional voluntary contri- What’s New on your member home page. Foundation is a registered charity. The Board Analyst, Senior Finan- butions of members and students at Penticton CGA Terry Craig cial Officer, Executive Finan- He adds, “I view the award as a reflection of how Foundation is always happy to assist with much support I have received from other faculty the community level further enhances CPD Deadline Approaching gift planning and places a priority on gave his new wife Laura, a one of a kind gift at the end of members who’ve given me advice on how to teach. n the professional image and profile of acknowledging our donors so they get the The award is very flattering.” he Continuing Professional Develop- November. He donated one of Certified General Accountants. recognition in the CGA community that Many students wrote in support of Yee who teaches Tment reporting deadline is January 31, his kidneys to Laura who had they deserve. in the undergraduate program. One said, “He is an The Harold Clarke Award for Service 2006. suffered from polycystic kid- excellent instructor and all students who take his ney disease. Terry is no is presented to a CGA-BC member, Reporting your activities online is conven- course are very lucky.” Yee has a doctorate in physi- o k Auction Raises Funds u o stranger to hardship. He com- a student or staff member in recognition ient – it can be done anywhere, anytime. If cal chemistry from UBC. He also has a chartered t o l l pleted the Ironman triathlon o t CGA-BC is your primary source of contin- of outstanding service to the Associa- he CGA-BC Educational Foundation financial analyst (CFA) o u in 2003. k o tion or to a community or charitable uing education, any seminars attended are T would like to thank all who support- designation. already in your online report; we’ve done cial Officer and 26 organization. The award honours the ed its first online auction. The Foundation Tim Sader, CGA, Stephen Spector, MA, 27 the work for you. To file your online form, has Deputy Comptrol- second President of the Certified Gen- raised $4,842 with all the proceeds going FCGA, is a visiting lec- m p t accepted a position with CCH i n ler General. Since simply confirm your participation, add any turer at SFU and l e to CGA students in financial difficulty. eral Accountants Association of British e s m Canadian. Tim had been with 1998, Mr. van was named to the other activities and submit your report for t t Special thanks to our sponsors. Columbia. o r Greenpoint. CCH is Canada’s Iersel has held the n a review. CCH Canadian Limited teaching honour roll. He p e e The J.M. Macbeth Award of Merit is premier provider of authorita- position of Comp- recently presented an s d Delta Sun Peaks Resort For those who want to file a paper tive compliance tools, research troller General. He update on SOX to a presented in recognition of exceptional form, a PDF version is available at Delta Whistler Village Suites and practice materials for is also active on CGA/SFU Faculty dinner S service at the chapter level. The award Dulay Burke Financial Recruitment www.cga-online.org. accounting, legal and business the southern Van- meeting. His column honours the first President of the Cer- Executive Airport Plaza Hotel professionals. Celebrating its couver Island CGA appears on page 6 in tified General Accountants Association Tax Tips – Year End Planning Fairmont Waterfront Hotel 60th anniversary in 2006, chapter. He also this issue of Outlook. of British Columbia to be elected from Fifth Street Bar & Woodfired Grill CCH Canadian produces soft- his time of year, clients need to be holds a bachelor of arts Dr. Irene Gordon, B.A. (Hons.), M.A., Ph.D, FCGA, outside the Lower Mainland area. H. Fisher, CGA ware and information prod- has just been promoted to full professor at SFU. T reminded of the year-end planning degree (honours) from the h Fraser Milner Casgrain ucts. Tim was also recently Dr. Gordon specializes in accounting theory, finan- Life Membership is the highest University of Calgary. that can reduce their 2005 tax bill. Some of Harrison Hot Springs Resort & Spa cial accounting, accounting education, accounting provincial honour that can be bestowed the obvious considerations are RRSP con- Hy’s Steakhouse and corporate social responsibility. on a CGA. Consideration is given to tributions and the possibility of triggering Keg Restaurants 2020 Vision: Moe Jones, FCGA, thanks Dr. Peter Klein, MBA, PhD, LLB, an associate members who have made a significant accrued capital gains or losses. Landsea Tours Ltd. Premier Gordon Campbell at the Van- professor at SFU has also recently become a and meritorious contribution to the The end of the year is also one of the most Le Kiu Importing Co. Ltd. couver Leadership Summit hosted by CGA. Along with colleague Todd Brulhart, Dr. o the Vancouver Board of Trade in late Association. active times for making charitable dona- London Drugs Limited Klein shared a $10,000 Canada Research prize November. In thanking the Premier, Mr. tions. Individuals who make receipted Manteo Resort Waterfront Hotel from the Canadian Chapter of the Alternative The President’s Award for Education Jones said: “What comes through so donations to a registered charity will be Sherwood Studios Investment Management Association. Welcome is presented to a person who has pro- entitled to a tax credit of 17 per cent of the clearly is the realization that this really to membership, Dr. Klein. Sun Peaks Resort Corporation is British Columbia’s time to shine and vided distinguished service to CGA-BC first $200, and 29 per cent of the remaining Heather Banham, CGA, has been named as University Golf Club we are reminded today that it didn't in their role as an educator in our stu- Associate Dean, Okanagan University College t donations to a maximum of 75 per cent of YWCA Health & Wellness Centre happen by accident. Because of deter in Kelowna. dent program or in our continuing net income. In the year of death, the 75 per mination and bold action, the Premier professional education program. cent limit is increased to 100 per cent of the Contact Information and his team have laid a solid founda- Bill Inkster, CNA, DCIS, CGA, is back on faculty individual’s income for the year. Subject to tion for us all to build on.” at Capilano College after several years teaching The deadline for nominations is March certain exceptions, any unused charitable Laura Chok in China. Along with 19 other CGAs, Inkster s recently represented the Association at a UBC con- 15th, 2006. Nomination forms are gifts may also be carried back to the year (604) 714-2352 Photos, top to bottom: Arn van Iersel, CGA; Stephen Spector, ference for Sauder commerce students focused on available online, choose Member Forms prior to death. Elize Combrinck FCGA, Irene Gordon, FCGA, and Derek Yee, CGA; Moe Jones, Olympic opportunities. under the Membership heading on the Consideration also needs to be made to how (604) 730-6229 FCGA, thanks Premier Gordon Campbell. CGA-BC was a silver home page or contact Penny Hurst at that donation should be made. For exam- Penny Hurst sponsor of the Leadership Summit, a key part of the Association's We’ll be bringing you news about UBC’s CGA pro- [email protected] ple, if a cash donation is to be made, then it (604) 730-6207 strategy to promote the CGA designation and membership. fessors in the next issue of Outlook. final word 28 outlook By RitaEstock, DBusMgmt, FCGA Vision 2008plotsapathforsuccess. Year inReview kno leader.the designationindustry It’s fessionals andvolunteers working tomake tion backedb isanoutstandingorganiza- CGA-BC truly the Associationunder sional status,ar demic world,andsafeguarding ourprofes- oppor affordable professional development delivering world-class, services, advisory to ourkeymar on your behalf. Promoting thedesignation and sheerscopeofactivitiesthattakeplace may notbefullyawar nected tothework oftheAssociationyou For manyofyou whoare notcloselycon- plishments. light someofyour Association’s accom- T ship privilege formetorepresent themember- behind you thatmadeitagreat personal The desir designated accountant. incredible asaprofessionally opportunities organization thathaspr something backandshow mythankstoan my motive wassimple:Iwantedtogive E midst ofgreat change. Developments like year, the world ofaccountancywasinthe became President atthebeginningofthis activities andourresources. When I we have worked torefocus someofour period ofaccomplishmentfor CGA-BC as This pastyear hasrepresented a remarkable our Educational Foundation. unteering atchapternightsorsuppor involved helpingtorecruit students,vol- repeated whenIaskmemberswhythey get echoed. AndIhearthatsamesentiment thatPresidentsview before mehave often organization thathasgiven somuchisa x ecutive Committeeinthelate1990s, wing thaty . tunities, buildingbridgestotheaca When I first decided to run forthe When Ifirstdecidedtorun review ofthepastyear andhigh- ident. So, I’d liketoprovide a his marks my lastcolumnasPres- e togiv y acommittedteamofpr e justafe ou hav kets, offeringconfidential e somethingbacktoan takes. e ofthevast number e acommitedteam w oftheactivities o vided mewith ting o - - post-secondar an even higherprofile onthecampusesof bers andstudents. involved intheambassador program is M the CGAprogram. words, thebenefitsofchoosinga CGAor statement thatsummariz is an“elevator pitch,”asimple30-second One ofthetoolsourambassadorswilluse y by ourmembership overeffort thepast will buildonthealready outstanding pr mote thevalue oftheCGAdesignationto Ambassadors willbetrainedtohelppro- the Association members willbeempowered topromote “ambassador” program whereby volunteer mor campus officehoursaswell ashosting province. We are conductingmore on- emplo for employers ofCGAsandhelpsbuild W success. oftheirfutureCGA designationaspart levels ofinterest from studentswho seethe E emphasis. We recently adoptedaPreferred areas thesenew of grams tosupport W nities formembersandstudents. developing stronger employment opportu- gr Entitled Vision 2008,theplanplaces revisited andrefocused itsstrategicplan. competitiv In anticipationofthischangingandmore ants. in asurgetohire more andmore account- Sarbanes-Oxley andSOX North resulted ev tion ofBritish Columbia. To have the president oranotherCGA-BC representative speakatan Rita Estock, DBusMgmt, FCGA, isthePresident General of theCertified Accountants Associa- ears. mplo eater emphasisonrecruitment and ent, contactTracey Tse at(604)[email protected]. ospectiv e ar e ar ore informationonhow you canget e ev Final e alsointheprocess ofinstitutingan yment oppor e implementinganumberofpro- yer Program thatprovides support ents thatar e students.Our ambassadors e environment, theAssociation y institutionsar ’ s goalsandkeymessages. We have also assumed e attractingev tunities forourmem Word es, intheirown ound the er-higher - changes willalignourCodewiththeI I will certainly missit. I willcertainly President. ing y Y year. play ation isingoodhandsandsatisfiedtohav dent. But Ileave confidentthattheAssoci- I willcer I national Federation ofAccountants’ new tional accountingstandar requirements andobligationsofinterna- B P endorsed changingourCodeofEthical I wasalsopleasedwhenthemembership ment tobringthesechangesfruition. ers. toseekthesepow-ly endorsedourefforts ship atourAGM inKelowna unanimous- offences. Iwaspleasedwhenthemember of memberswhohave committedserious rare instances when dealingwiththevery pr tect thepublicinterest andsafeguard the allo legislation. These additionalpowers would cial government through ourgoverning seeking str as aprofessional body. The Associationis we haven’t lostsightofourresponsibilities fr While we are excited by therisingdemand and by visitingCGAOnline. ation through publicationslikeOutlook ing current ondevelopments attheAssoci- ambassadors forthedesignationby keep- involved, allofushave thepower toactas ing formemberswhochoosetoget While thisprogram willofferspecialtrain- munications staffattheAssociation. pitch, don’t hesitatetocontacttheCom- program ordeveloping your own elevator question orcommentontheambassador well ason CGAOnline. If you have a leaf supplementinthisissueofOutlook, as contained in Vision 2008,aspecialloose- ndependence Standard. es, lookingback,ithasbeenan outstand- rinciples andR ylaws inor om businessforaccountingpr ofessional r w ustomore fullyandpromptly pro- We are now working withthegovern- ed apar ear andapleasur tainly missser onger po t initsste der toallo eputation ofourdesignation ules ofConductand wers from theprovin- e toser ving asy war w ustomeetthe dship thispast ds. ofessionals, v our P e asyour These nter r esi- e - -