PRESIDENT'S NOTES the same of my mo...

PRESIDENT'S NOTES the same of my most important responsibilities as president is to talk to members about the state of our profession, the one and the other nationally and provincially, and to look after your views on priorities for the profession, particularly as they relate to the activities of the BC Institute.

This year, the Executive Tour is designed to inform members about the Institute priorities established by means of Council, and to solicit your views in succession these priorities or ends. As I detailed in the October issue, these are the four strategic completions established by Council:

* justify the integrity of the CA designation.

* Provide enough well-trained scholars

* Support members in their suit to be business advisors and assurance providers of choice. * render certain that buyers of our services recognize the skills and services of CAs.

Since many members are unable to attend the sessions, I musing I'd take the opportunity to share a certain number of information from the Tour in my rows This article looks at 11 upholding the integrity of the CA designation." nearest month's column will focus onward "providing enough well-trained students." The other cessations will be covered in following columns.

Upholding the Integrity of the CA Designation

There are essentially sum of two units areas of activity undertaken to raise the integrity of the CA designation. The first is "maintaining and enhancing ethics and standards," and the other is "monitoring the regulatory framework in which we operate."

In the first instance, we have activities we undertake as the BC Institute and others in which we participate in as part of the Canadian profession. In BC our governance review (complet in May 2001) included a review of our regulatory committee processe An updated policy framework was implemented that maintains the independence of our regulatory committees (including PCEC PR&L and Membership) within the couple the by-laws and Council policies. likewise we believe the Institute is well stake to continue to discharge our responsibilities in this area.

Nationally, key-note initiatives include reviewing the regularitys regarding conflict of interest that are look forward toed to come forward to the June 2002 AGM for approval. Council has submitted illustrations and indicated general support for the latest drafts, and the final propos empires are expected shortly. Member consultations will continue within the spring leading up to the AGM.

Independence is also an area where we look forward to to see new rules, still there are no proposals as of even now from CICA. It's anticipated that the proposals will be forthcoming in the of the present day year and will be brought forward to the 2003 AGM.

There are also significant national increases in the area of "big GAAP/little GAAP" accounting standards. The in all senses draft on Differential Reporting has been well received, and we anticipate implementation shortly. Resolution onward this issue should help determine many of the reporting businesss members throughout BC have brought to Council's attention, and for which Council has continuously lobbied the CICA to assist change. Many thanks to Robert cabbage CA, of Smythe Ratcliffe for chairing the CICA task force addressing this issue and also to the ICABC's Director of Professionally Advisory Services Doug Wallis, CA, for staff support. The debate upon the convergence of international accounting standards continues to build, with considerable constraining force on us to harmonize with US GAAP.

With have a high opinion of to the regulatory framework, the first major initiative relates to our acknowledge Act The main issues below debate are as follows: First, the part of the Council Appeal in our discipline process-is it emergencyed or is it an unnecessary tonnage on both the Institute and the member? inferior the role of the BC Ombudsman in overseeing our process-- should our Act be changed to provide access? Third, the use of the CPA designation in BC-should it be permissible to use in conjunction with a CA? A Task Force headed by means of First VP Robin Elliott, FCA, will make recommendations to Council forward these and other issues at its November meeting.

Other Acts we're interested in include the Partnership Act, the Company Act, and the Securities Act. Our primary interest in these Acts relate to our drive for liability reform-- modifying the Partnership Act to allow LLP and bringing in proportionate liability instead of joint and several liability in the Company Act and Securities Act (see this month's GR Update for more information onward LLPs).

There are numerous other activities undertaken according to the Institute towards upholding the integrity of the CA designation, on the contrary these represent the major areas of rife activity.

Your views are chiefly important to us. Unless we establish the right priorities, we can't pass your membership fees wisely. with equal reason please provide me with your opinions at president@ica.bc.ca.

10 President's Tour

To date upon the Tour, Richard Rees, FCA, and I have visited the Kootenays, the Okanagan, and Vancouver Island. We've received constructive and positive feedback forward the Insitiute's plans, priorities, and activities. by way of the time you read this array of less front than depth we will have been to Prince George and Terrace, with no other than the Lower Mainland left to secrete in this year's planned visits.