Town Hall MeetingSeptember 2011 <br />
Overview<br /><ul><li>Chartered Accountants of Canada (CA) and the Certified Management Accountants of Canada (CMA) are ex...
We want to talk to you about:
The environment
The rationale for change
Our approach
The benefits
Consultation - June to September
Process going forward</li></li></ul><li>The Accounting Profession in Canada<br /><ul><li>3 accounting designations
40 legislated bodies(under provincial jurisdiction)
172,000 members</li></li></ul><li>The CA Profession in Canada<br /><ul><li>14 legislated bodies
78,000 members</li></ul>BC represents about 12% of <br />the Canadian <br />CA profession<br />
Global Financial Regulation …Spotlight on the Profession<br /><ul><li>Financial crisis – G8  & G20 agendas
Global standards
Global regulatory groups
IFAC
IFIAR
EEC ‘green paper’ late 2010, proposals imminent
PCAOB proposals out for comment
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September 2011 - Richard Rees, FCA - Len Baggio, FCA

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Annual Executive Tour - ICABC Town Hall Meeting

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September 2011 - Richard Rees, FCA - Len Baggio, FCA

  1. 1. Town Hall MeetingSeptember 2011 <br />
  2. 2. Overview<br /><ul><li>Chartered Accountants of Canada (CA) and the Certified Management Accountants of Canada (CMA) are exploring uniting through the creation of a new professional designation
  3. 3. We want to talk to you about:
  4. 4. The environment
  5. 5. The rationale for change
  6. 6. Our approach
  7. 7. The benefits
  8. 8. Consultation - June to September
  9. 9. Process going forward</li></li></ul><li>The Accounting Profession in Canada<br /><ul><li>3 accounting designations
  10. 10. 40 legislated bodies(under provincial jurisdiction)
  11. 11. 172,000 members</li></li></ul><li>The CA Profession in Canada<br /><ul><li>14 legislated bodies
  12. 12. 78,000 members</li></ul>BC represents about 12% of <br />the Canadian <br />CA profession<br />
  13. 13. Global Financial Regulation …Spotlight on the Profession<br /><ul><li>Financial crisis – G8 & G20 agendas
  14. 14. Global standards
  15. 15. Global regulatory groups
  16. 16. IFAC
  17. 17. IFIAR
  18. 18. EEC ‘green paper’ late 2010, proposals imminent
  19. 19. PCAOB proposals out for comment
  20. 20. Mandatory firm rotation? Tendering?
  21. 21. UK– parliamentary committee recommends integrating 6 bodies</li></li></ul><li>Government Spotlight on the Accounting Profession in Canada<br /><ul><li>Self regulation being impacted by:
  22. 22. Ontario Public Accounting Council (PAC) – qualification and licensing
  23. 23. Labour mobility - AIT
  24. 24. Competition Bureau – foreign designation recognition
  25. 25. Fair Access legislations – prior learning assessment
  26. 26. Quebec government initiated 3 way merger – effective April 2012</li></li></ul><li>The Need to Evolve: Global Response/Competition<br /><ul><li>Profession Responds - Emergence of global accounting designations and strategic alliances
  27. 27. Global Accounting Alliance
  28. 28. US CPA exam offered internationally
  29. 29. AICPA/CIMA to create a new international management accounting designation
  30. 30. ICAEW registered CPA for Europe
  31. 31. Australia + New Zealand integrating operations
  32. 32. ACCA in Canada – seeking non regulatory status and hired CEO
  33. 33. CA/CMA discussion in Canada – Quebec 3 way</li></li></ul><li>The Need to Evolve: Before CMA discussions … a Global Designation?<br /><ul><li>Globally, CA and CPA are dominant</li></ul>…. Which will emerge as the global leader??<br /><ul><li> Securing the CPA Designation
  34. 34. US/Asia trading partners and major economies
  35. 35. Globally
  36. 36. CA … less than ½ million
  37. 37. CPA … over 1 million
  38. 38. We want Canadian members to be able to leverage either</li></li></ul><li>Our Approach: The Profession Responds<br />Changing landscape in Canada<br /><ul><li>Accounting bodies started talking about options
  39. 39. Quebec 2010 – government facilitated
  40. 40. Initial contact - Feb 2011
  41. 41. Preliminary framework March 2011
  42. 42. Built on input from 2004 discussions
  43. 43. Reviewed by 3 bodies early April
  44. 44. 28 out of 40 agreed to consider further
  45. 45. Time to consult with members
  46. 46. Two elements - designation and 8 principles</li></li></ul><li>A Joint Approach to Unification: Old and New Designations<br /><ul><li>CA and CMA continue
  47. 47. Does not require any member to give up their existing designation
  48. 48. Chartered Professional Accountant (CPA) designation
  49. 49. Does not require either to issue its designation to members of the other
  50. 50. Evolving to a new qualification program
  51. 51. Retains rigour and international recognition
  52. 52. Pre-eminent designation for professional accountants across all economic sectors and an internationally recognized business credential</li></li></ul><li>Uniting Canada’s Accounting Profession<br />8 Guiding Principles<br />Continued use of existing designations <br />Evolution to a new single core designation <br />Retention but no expansion of member rights solely as result of the merger <br />Development of new high-quality certification program <br />Merged operations and governance at the provincial, territorial and national levels<br />Focus on the CPA brand <br />Creation of new post qualification specialty certifications <br />Agreement on uniform regulatory and licensing framework that meets international standards<br />
  53. 53. Benefits of Uniting <br /><ul><li>Serving the Public Interest
  54. 54. Consistent standards
  55. 55. Reducing confusion in the marketplace
  56. 56. Benefiting Members
  57. 57. Scale
  58. 58. Global credibility – stronger voice
  59. 59. What is good for the profession is good for the members.</li></ul>Where will our profession be in 10 years? 20 years?<br />
  60. 60. Will this be the Accounting Profession in Canada in April 2012?<br /><ul><li>4 accounting designations
  61. 61. 38 legislated bodies
  62. 62. 172,000 members</li></ul>APRIL 2012<br />
  63. 63. The Accounting Profession in CanadaWhat this consultation is about…<br /><ul><li>2 accounting designations
  64. 64. 26 legislated bodies
  65. 65. 172,000 members
  66. 66. Canadian CPA would be one of the largest in world</li></li></ul><li>Consultation Process: Hearing All Viewpoints<br /><ul><li>Consulting with members and students
  67. 67. Position paper, information and online discussion forums at www.CPACanada.ca
  68. 68. Monthly newsletter
  69. 69. Town halls
  70. 70. Focus groups
  71. 71. MOPE Survey
  72. 72. Talking with governments, employers, academics, students and other stakeholders</li></li></ul><li>Hearing All Viewpoints:Survey of People who Hire CAs<br />Results of Survey:<br />58% agree that differences between CA and CMA are blurring<br />69% agree combining the best of the CA and CMA qualification process would result in better professionals<br />85% agree a consistent code of professional conduct benefits Canadian businesses<br />72% agree having a designation aligned with both CA and CPA would be beneficial<br />64% agree that a single qualification process and designation will make hiring easier<br />
  73. 73. Next Steps<br /><ul><li>Consultation ends mid September
  74. 74. Quebec direction clear?
  75. 75. Elected leadership determines next steps
  76. 76. We anticipate presenting a concrete proposal in late fall of 2011
  77. 77. Approval process to be determined</li></li></ul><li>The Accounting Profession in CanadaOur options going forward may be …<br />
  78. 78. Comments/Questions?<br />For more information:<br />www.CPACanada.ca<br />www.ica.bc.ca<br />Goal – a strong independent Canadian profession for the future<br />Didn’t we vote on this in 2004?<br />Hiring – how will employers know?<br />

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