The Crisis and Fair Value Accounting

For those members who are following the current debate with respect to fair value accounting (which is integral to IFRS) an article from this week's edition of The Economist may be of interest (click on link below)

http://www.cmabc.com/index.cfm/ci_id/13111/la_id/1/document/1/re_id/0

Course Registration Deadline Extended!

The course registration deadline for the courses offered through the University of Waterloo has been extended to August 22, 2008.

More information about the courses and the registration process is available at the following link:

http://cmapublicaccounting.blogspot.com/2008/08/course-registration-available.html

Tax Information for Accomodation Providers

Please see the following link for federal and provincial tax information for accomodation providers for the Vancouver 2010 Olympic and Paralympic games.

http://www.cmabc.com/index.cfm/ci_id/12687/la_id/1/document/1/re_id/0

Ethical Requirements for Public Practitioners

Please view an exerpt from an article published in the CA Magazine regarding ethical requirements for public practitioners at the following link.

http://www.cmabc.com/index.cfm/ci_id/12673/la_id/1/document/1/re_id/0

Course Registration Available!

CMA is pleased to be launching its CMA Program of Study for Public Accounting.

Objective

The objective of this document is to provide:

• An overview of the CMA Program of Study for Public Accounting;

• Confirm the key dates for the Fall 2008 (September 8 – December 1); Course outlines are available here:
http://www.cmabc.com/index.cfm/ci_id/12664/la_id/1/document/1/re_id/0

• Advise of some key administrative matters.

If you have any detailed questions or comments, or feedback on the pilot offerings, please contact your local CMA Office or Colin Shaw - Director, Public Accounting at CMA Ontario on cshaw@cma-ontario.org or 416-204-3112.

NOTE: For the purpose of Members seeking to practice public accounting in Ontario in the future, please be advised that these courses are subject to changes based on an assessment by the Public Accountants Council of Ontario.

Summary

The CMA Public Accounting Program is comprised of 2 topic areas:

• Auditing, and

• Taxation

Auditing

The Auditing material is divided into two courses – Audit I and Audit II. Each course is 12 weeks in length, plus two assessment components – a midterm and a final exam. Also, the grading for Audit II includes successful completion of the cases from Modules 10 through 12 on a pass / fail basis

For Audit I, sessions 1 - 12 and Audit II, sessions 1-9, detailed PowerPoint lessons support the readings and are narrated by the instructor of the class. The lessons are available on-line and on DVD.

Additionally on-line discussion boards will facilitate learning and provide candidate’s access to the instructor and other classmates. Each course builds on the competencies acquired through the prior course.

NOTE: Candidates seeking exemptions from Audit I will not be considered unless they have successfully completed a recognized university course that covers the equivalent material within the two years prior to their application.

Candidates will be required to support their application with a copy of the course outline for the claimed equivalent course, a copy of at least one exam question paper for the course and their transcript showing successful completion of the course with a mark of no less than 65%, submitted to CMA Ontario for assessment.

If these are approved, candidates will be required to challenge the Audit I examinations, both interim and final, on the dates scheduled for the next offering of Audit I. Exemptions are expected to be rare.

Taxation

The Taxation material is divided into 3 courses – Taxation I, Taxation II, and Taxation III. Each course is 9 weeks in length, plus two assessment components – a midterm and a final exam. Each course builds on the competencies acquired through the prior course.

For Taxation I, II, and III the website will facilitate candidate learning though directed readings and the completion of group assignments. These groups will be composed of 3-4 individuals and candidates will have access to a group forum hosted on the course web site in order to assist groups who are geographically dispersed. Candidates must be willing to devote an average of 10 hours per week to the learning process in each course.

NOTE: Candidates seeking exemptions from Tax I will not be considered unless they have successfully completed a recognized university course that covers the equivalent material within the two years prior to their application.

Candidates will be required to support their application with a copy of the course outline for the claimed equivalent course, a copy of at least one exam question paper for the course and their transcript showing successful completion of the course with a mark of no less than 65%, submitted to CMA Ontario for assessment.

If these are approved, candidates will be required to challenge the Tax I examinations, both interim and final, on the dates scheduled for the next offering of Tax I. Exemptions are expected to be rare

Administration

1. Eligibility: Prospective candidates must be a Certified Management Accountant in good standing in order to be eligible to enrol for these courses.

2. Fees: The cost of each of the 5 courses is $850 plus GST.

a. After the start of the course, refunds will not be available to candidates who voluntarily decide to withdraw.

b. Other materials such as textbooks are not included in this fee.

3. Textbooks:

a. Auditing

i. Auditing and Other Assurance Services, 10th Edition, Alvin A. Arens, Randal J. Elder, Mark S. Beasley and Ingrid Splettstoesser-Hogeterp, Pearson Education Canada, 2007, ISBN#9780131296152

This textbook can be purchased at the following link:
http://www.amazon.ca/Auditing-Other-Assurance-Services-Canadian/dp/0131296159/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1217606589&sr=8-1

ii. CICA Handbook: Canadian Institute of Chartered Accountants, 2007
The CICA Handbook must be purchased from the CICA Store at https://www.knotia.ca/


b. Taxation

i. Beam, Laiken and Barnett, Introduction to Federal Income Taxation in Canada (current ed.) + Companion CD, CCH Canadian Limited, North York, Ontario. [a.k.a. IFITC]

ii. Canadian Income Tax Act with Regulations (current ed.) CCH Canadian Limited, North York, Ontario.

Taxation textbooks can be purchased from CCH Canadian Limited at http://www.cch.ca/Products/

4. The Auditing and Taxation courses are offered in conjunction with the University of Waterloo Continuing Studies Department, and offered exclusively as distance learning through the University of Waterloo Continuing Studies web site.

5. Registration – Fall 2008 (September 8 – December 1):

a. In order to register, please use the following link – https://student.dce.uwaterloo.ca/dceforms/ce_registration/cma_reg_form.html

b. Registration Opens - July 25 / Registration Closes: August 15

c. SEE Course Schedules for detailed dates http://www.cmabc.com/index.cfm/ci_id/12664/la_id/1/document/1/re_id/0

6. Participation: During the Tax courses, participation in on-line discussion boards and group assignments will be monitored, and individuals will be advised if they are falling behind expectations.

7. Examinations:

a. Candidates will be required to sit for the midterm and final exams at a specified centre arranged by their respective provincial bodies.

b. Deferrals are only granted in unusual circumstances.

c. Late Cancellations and No-Shows may be asked by their respective provincial bodies to reimburse any costs incurred.

Please visit the following link for course outlines, schedules and registration information:

http://ce.uwaterloo.ca/Certified_Management_Accountants.htm

Please note: the registration deadline for fall courses is August 15th

For further information (until August 8, 2008), please contact Jon Jones, Director, Management Accounting, 416-204-3130, 1-800-387-2991 x 130, jjones@cma-ontario.org

For further information (after August 8, 2008), please contact Colin Shaw, Director, Public Accounting, 416-204-3112, 1-800-387-2991 x 112, cshaw@cma-ontario.org

Offshore Trusts Training Course

Please visit the link below for information on an Offshore Trusts Training Course.

http://www.cmabc.com/index.cfm/ci_id/12574/la_id/1/document/1/re_id/0

Commissions for Sale of Tax Shelters

(From Bob Parry, Director, Public Accounting, CMA Canada)

Please see the column by Jacquie McNish from today's Globe and Mail at the following link (http://www.cmabc.com/index.cfm/ci_id/12539/la_id/1/document/1/re_id/0). It reports a major lawsuit that has arisen in Ontario related to the indirect receipt by a practitioner of commissions from to the sale of tax shelters to his client. This evidences the pitfalls of receiving such fees and the conflict of interest, real or perceived, that exists when you are providing advisory services. For this reason, the receipt of such commissions is forbidden by the harmonized Rules of Professional Conduct of the Institutes of Chartered Accountants.

CMAs may have similar ethical rules in their respective provinces or, as is the case in Alberta, bound by the CA rules. In any case, practitioners are bound by the Code of Ethics of The International Federation of Accountants which states:
240.7 A professional accountant in public practice should not pay or receive a referral fee or commission, unless the professional accountant in public practice has established safeguards to eliminate the threats or reduce them to an acceptable level. Such safeguards may include:
• Disclosing to the client any arrangements to pay a referral fee to another professional accountant for the work referred.
• Disclosing to the client any arrangements to receive a referral fee for referring the client to another professional accountant in public practice.
• Obtaining advance agreement from the client for commission arrangements in connection with the sale by a third party of goods or services to the client.

The threats that are referred to are those to the Fundamental Principles set out in the Code of Ethics. In this case they would include threats to the fundamental principle of Objectivity, specifically self-interest and advocacy. It would be difficult to establish or demonstrate appropriate safeguards in circumstances such as this.

IFRS: Collateral Impacts

Further anecdotal evidence that the devil is in the details, the non-accounting details is where CMAs may add great value. (See link to lead article from CFO's.com Accounting Newsletter, May 19, 2008)

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSD0EO

In addition to the lead article, a review of the article on spreadsheet accounting is suggested. This was painful for early SOX filers and looks set to rear it’s head again under IFRS. Rafik Greis (Partner, E&Y-Montreal) references a Canadian company who would require 15,000 top-side journal entries per month if IFRS is not pushdown to the transaction level!

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSE0EP

CFERF Report on IFRS Readiness in Canada

The CFERF (Canadian Financial Executives Research Foundation) has recently released a report on IFRS readiness in Canada. The report can be accessed at the following link:

http://www.cmabc.com/pdf/PublicPractice/CFERF_IFRS_Report_2008(2).pdf

Transition to International Reporting Standards

On April 7 the Accounting Standards Board issued its omnibus Exposure Draft (ED) “Adopting IFRS in Canada”. This can be downloaded in English and French from the following CICA IFRS Websites, respectively:
http://www.cica.ca/index.cfm/ci_id/44036/la_id/1.htm (English)
http://www.icca.ca/index.cfm/ci_id/44036/la_id/2.htm (French)

Readers are encouraged to look at the “Readers Guide to Adopting IRFS” before the ED itself. This is a good overview of what stays the same, what IFRS standards are already incorporated into Canadian GAAP, and what IFRS standards are expected to change before the 2011 implementation date. The ED also provides a link to download the full text of the IFRS standards as they existed on January 1, 2007 free of charge. (Yes - all 2,700 pages of them, don’t download to your Blackberry) You should also read the comments of Ron Salole, VP Standards CICA entitled “Don’t Stress over the Introduction of IFRS”.

Some good information and links are also available on the main CICA IFRS Websites at:
http://www.cica.ca/index.cfm/ci_id/39166/la_id/1.htm (English)
http://www.icca.ca/index.cfm/ci_id/39166/la_id/2.htm (French)

Deloittes, who developed the CMA series of IRFS seminars run last year, also have some very good IFRS material on their website. See their “Countdown to IFRS” newsletter at https://www.corpgov.deloitte.com/site/CanEng/menuitem.a1f3300cb77dea78311bc463027ea1a0/

This Blog Is For You

Are there any topics you would like to have addressed on this blog? Please let us know and we will try to find resources on those topics to post here. We would like to make this blog as useful as we can for you and value your input.

Any questions regarding the operation of this blog can be directed to Christa Janke at christa@cmabc.com

CMA Professional Liability Insurance & Risk Management Seminar

On behalf of LMS PROLINK, one of the insurance brokerages managing the CMA Professional Liability Insurance Program, CMA British Columbia wishes to invite you to a complimentary lunch and educational seminar on Wednesday March 26th.

The goals of this seminar will be to:

1. Further your understanding of the Professional Liability Insurance Program available to self-employed CMAs,
2. Identify Risk Management Practices to reduce your chance of experiencing a claim,
3. Outline what to do in the event of a claim,
4. Review past claims scenarios from the program and the identification of trends,
5. Receive your feedback on the existing program.

Please note that Christa Janke, from CMA British Columbia, and Bob Parry, Director of Public Practice with CMA Canada will also be in attendance at the seminar. Christa and Bob will be available to answer any questions or concerns CMAs may have.

All attendees will qualify for 2 CPLD learning credits for having attended this session.
This Seminar will be offered in Burnaby on Wed. March 26, 2008 from 12:30pm – 2:30pm at the Hilton Vancouver Metrotown, 6083 McKay Avenue, Burnaby, BC (close to the “Metrotown” Skytrain Station).

* Lunch will be served.

To register, please RSVP to Christa Janke at christa@cmabc.com or (604) 484-7061 as soon as possible.

As we would like this to be an informative and educational seminar, please feel free to e-mail Derrick Leue derrick@lms.ca with any requests or questions prior to the seminar date.

For over 20 years, LMS PROLINK has been a national leader in managing insurance programs for some of the foremost professional associations across Canada. This seminar will be provided by Derrick Leue, VP Insurance Programs at LMS PROLINK. Derrick is the national team leader for the CMA's Professional Liability Insurance Program and looks forward to having a chance to meet with you in-person.

We encourage you to take advantage of this seminar.

Rick Lightheart, FCIS, CAE, CMA, FCMAVice President, Operations
Christa Janke, CMAManager, Operations

Policy Point Rescinded

At their February 25, 2008 Board meeting, the CMA British Columbia Board rescinded point I.A.3 of the New Public Accounting Policy

I.A.3
"The applicant must hold a Bachelor or graduate level degree as defined by the CMABC (refer the Appendix C). An applicant who has five years of continuous certified membership in good standing will be considered as having fulfilled the degree requirement. "

Registration Available for Taxation I and Audit II

Registration for Taxation I (no prerequisites) and Audit II (prerequisite Audit I) is now available through distance education with the University of Waterloo at the following link: https://student.dce.uwaterloo.ca/dceforms/ce_registration/cma_reg_form.html.

Both courses will begin February 20th Please check previous post titled CMA Public Accounting Overview for course length, cost etc. Course outlines for Taxation I and Audit II are also posted on this blog and can be accessed using the links to the right

CMA Public Accounting Overview

The CMA Public Accounting Program is comprised of 2 topic areas:

Auditing

Taxation

The Auditing material is divided into two courses – Audit I and Audit II. Each course is 12 weeks in length, and has two assessment components – a midterm and a final exam.

The Taxation material is divided into 3 courses – Taxation I, Taxation II, and Taxation III. Each course is 9 weeks in length and has two assessment components – a midterm and a final exam.

The Auditing and Taxation courses are offered in conjunction with the University of Waterloo Continuing Studies Department. The courses are offered exclusively as distance learning and the materials for the courses are accessed through the University of Waterloo Continuing Studies web site.

For Audit I and II detailed PowerPoint lessons support the readings and are narrated by the instructor of the class. Additionally on-line discussion boards will facilitate learning and provide candidates access to the instructor and other classmates. Candidates will be required to sit for the midterm and final exams at a specified centre arranged by their respective provincial bodies.

For Taxation I, II, and III the website will facilitate candidate learning though directed readings and the completion of group assignments. These groups will be composed of 3-4 individuals and candidates will have access to a group forum hosted on the course web site in order to assist groups who are geographically dispersed.

Prospective candidates must be a Certified Management Accountant in good standing in order to be eligible to enrol for these courses

The cost of each of the 5 courses is $750 plus GST. Materials such as textbooks or the CICA Handbook are not included in this fee.

Taxation I Course Outline

Course Outline

This course is the first part of a three-part course series designed to prepare CMAs to take and pass the Ontario Public Accountants Council’s licensure exam.

Description
We hope you are prepared for an active and engaging learning experience. Taxation, all appearances to the contrary, is a lively and engaging area of study. Clashing interpretations of tax law can spark energetic debates - especially when your own money is involved! It is often unclear how tax laws should be applied to real life situations, with no pre-existing "answer" to a dispute. The study of taxation thus requires independent analysis, argumentation, and interpretation. Memorization of facts and formulas will not take us very far in the study of taxation.

Since discussion and debate are so vital for learning about taxation, this course will be highly participatory. You will not only be reading about taxation in this course. You will also be working with other students to assess and resolve tax situations. Everything you read will be applied to solve problems, and you will have to convince others of the correctness of your approach. Thus, in this course, you will be "learning by doing", not just learning by reading.

Objectives
The provisions of the Income Tax Act are not a series of rules and formulae to be memorized and applied. By understanding the reasons and concepts behind the legislation, how the various provisions interrelate and the tax consequences of various choices you will be able to apply the available tools and techniques to accomplish client objectives with predictable results.

This three-course introductory series in federal income tax law is designed to:

1. Explain the theoretical concepts behind the specific provisions of the law,
2. Apply the law in practical problems and case settings,
3. Interpret the law, taking into account the specific wording of the provisions, judicial decisions and the Canada Revenue Agency's position, and
4. Introduce basic tax planning concepts through problem application.

Course Sessions

Week	Session Title
Week 1	Module 1: Using the Income Tax Act (ITA)
Week 2	Module 2: Tax Liability and Intro to Employment Income
Week 3	Module 3: Employment Income and Income from Property
Week 4	Module 4: Income from Property and Intro to Capital Gains
Week 5	Mid Term Exam (45%)
Week 6	Module 5: Capital Gains (continued)
Week 7	Module 6: Other Sources of Income and Deductions
Week 8	Module 7: Computing Taxable Income for an Individual
Week 9	Module 8: Computing Tax Payable for an Individual
Week 10	Module 9: Tax Payer Rights and Obligations
Week 11	Final Exam (55%)

The Instructor for this course is Dr. Stanley Laiken

Educational Background
Ph.D., Business Administration, University of Western Ontario, 1972M.B.A., Wharton Graduate Division, University of Pennsylvania, 1969H.B.A., Business Administration, University of Western Ontario, 1966

Professional Designations
CBV (Chartered Business Valuator), Canadian Institute of Chartered Business Valuators
Academic and Professional Awards
Deloitte & Touche Professor, University of Waterloo, 1998-presentL.S. Rosen Award, in recognition of outstanding contribution to Canadianaccounting education, The Canadian Academic Accounting Association, 1997Distinguished Teacher Award, University of Waterloo, 1994

Audit II Course Outline

Course Outline

This course is the second part of a two-part course series designed to prepare CMAs to take and pass the Ontario Public Accountants Council’s licensure exam. Students develop their understanding of current practical auditing, with awareness of current research and the current business environment.
Major parts of the course focus on elements of the context in which auditing is carried out, including such topics as:
• The reasons for auditing
• Auditing problems (e.g., liability and other current issues)
• Auditing practice, which includes:

o audit planning

o internal control

o audit evidence

o audit procedures

o information technology, and

o audit completion and reporting

Objectives

To complete this auditing course, you will need to be able to:

1. Explain the reasons for external audits and their nature and scope.
   
2. Discuss the auditing environment, including explaining the nature of the audit expectation gap and explaining the effects of an auditor's professional and legal responsibilities.
   
3. Demonstrate your ability to evaluate audit risk and plan an audit.
   
4. Use audit procedures to assess control risk and evaluate internal control.
   
5. Apply judgemental and statistical sampling.
   
6. Describe procedures for the audit of information technology.
   
7. Prepare audit programmes to obtain audit evidence for assertions concerned with transactions and balances.
   
8. Interpret and explain different types of audit reports.
   
9. Discuss current issues in auditing.

To help you understand the role of auditors with a focus on public accountants (external auditors) who audit financial statements. The materials provided will include discussion and consideration of:
• The economic and legal reasons why audits are requested.
• The environment under which audits are conducted.
• The concepts underlying the practice of external auditing.
• The decisions an auditor faces in conducting an external audit.
• The audit process from start to finish.
• The current external auditing environment and likely future changes that will take place in that environment.

Course Sessions

Week	Session Title
1	Fraud Auditing and the Nature of Fraud
2	Overall Audit Plan and Audit Program
3	Audit Sampling Concepts
4	Audit of the Sales and Collection Cycle - Tests of Controls
5	Completing the Tests in the Sales and Collection Cycle
6	Audit of Cash Balances, Payroll and Personnel Cycle, and the Acquisition and Payment Cycle
7	Completing the Tests in the Acquisition and Paymetn Cycle - Verification of the Selected Accounts; Audit of the Inventory and Warehousing Cycle; Audit of the Capital Acquisition and Repayment Cycle
8	Completing the Audit
9	Using Advanced Skills; Internal Auditing and Government Auditing
10	Enterprise Risk Management and Governance
11	International Regulation of Financial Reporting
12	Canadian Regulation of Financial Reporting

The Instructor for this course is Dr. Morley Lemon:

Educational Background
PhD (1975) University of Texas at Austin
MBA (1972) University of Toronto
BA (1961) University of Western Ontario

Professional Designations
Fellow - elected by Institute of Chartered Accountants of Ontario (1985)
Certified Chartered Accountant - Texas (1974)
Chartered Accountant - Ontario (1965)

Academic and Professional Awards
Canadian Academic Accounting Association: L.S. Rosen Outstanding Educator Award (2004)
Institute of Chartered Accountants of Ontario Award of Outstanding Merit (2003)
University of Waterloo Distinguished Teacher Award (1998)
PricewaterhouseCoopers Professorship in Auditing (1993-2004)

Practice Tiers

As part of the new National Standards for Public Practitioners, approved by the Board in September 2007, all BC Society members currently registered as public practitioners (having an ownership interest in a CMA public accounting practice as defined under Bylaw 1.01) are being licensed into a Tier Level based on the practice mix information identified in their practice's most recent practice review.

The Tiers are as follows:

• Tier 0 - Other (Forensic Accounting)
• Tier 1 - Compilations
• Tier 2 - Review of Non-public entities
• Tier 3 - Audit of Non-public entities
• Tier 4 - Review and Audit of Public entities

A letter to each registered practitioner, advising them of the Tier they have been licensed to was sent out by certified mail (Xpress Post) on Friday, January 18, 2008.

Each practitioner now has 120 days to submit a written appeal if they wish to challenge the Tier level which they were assigned in the letter.

As of the date of this letter, each practitioner also now has a 3 year transitional period to allow for any adjustment to the make-up of their practice to insure that the practice will meet the ongoing hours of verifiable public practice experience (Section IV Continuing Compliance 11-13 of the New Public Accounting Policy http://www.cmabc.com/pdf/PublicPractice/NEW_PUBLIC_ACCOUNTING_POLICY.pdf required to sustain their license at the assigned Tier level.

Interim CMA Public Accounting Education Requirement (alternative syllabus - seminars)

CMA Alberta has taken the National Standards out of their public practitioners requirements due to long delays in establishing the CMA Ontario courses offered at the University of Waterloo. CMAAB is using a series of Institute of Chartered Accountant's seminars (11) as their education (seminar) component for licensing.

On January 11, 2008, the CMABC Practice Licensing Committee met and agreed that in the interim CMABC should move to the CMAA model in order to accommodate the growing list of CMA’s seeking Public Accounting Licenses since the May 2007 moratorium on public practice registrations.

Until the CMA Ontario courses become available online, CMABC Certified members seeking a Public Accounting License may take the following seminars offered by the Institute of Chartered Accountants of BC: (current offerings of these seminars are listed below. Information on future offerings of these seminars can be obtained on the ICABC website at http://www.icabc-pd.com/pd-seminars.php

Personal Tax Planning and Advice:

• Income Tax Refresher (Personal)
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=743
  2 Day Course
  January 25, 2008 9:00am – January 26, 2008 5:00pm
  Ocean Pointe Resort , Victoria, BC
  February 8, 2008 9:00am – February 9, 2008 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $650.00

Compilation/Corporate Tax

• Income Tax Refresher (Corporate)
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=661
  2 Day Course
  February 15, 2008 9:00am – February 16, 2008 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $650.00
• Compilation Engagements
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=692
  ½ Day Course
  February 7, 2008 9:00am – 12:30pm
  Sutton Place Hotel – Vancouver, BC
  Cost: $195.00
• Financial Statement Presentation & Disclosure
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=442
  1 Day Course
  February 12, 2008 9:00am – 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $350.00

Review Engagements

• Review Engagements
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=699
  1 Day Course
  February 13, 2007 9:00am – 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $350.00
• CICA Handbook Accounting Refresher
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=439
  2 Day Course
  March 7, 2008 9:00am – March 8, 2008 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $650.00

Audit Engagements

• Accounting, Auditing and Professional Practice Update
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=685
  1 Day Course
  February 8, 2008 9:00am – 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $350.00
• Audit of Simple (Small & Medium) Entities
  http://www.icabc-pd.com/pd-seminars-seminar.php?id=682
  1 Day Course
  February 5, 2008 9:00am – 5:00pm
  Sutton Place Hotel, Vancouver, BC
  Cost: $350.00

All seminars listed above must be completed within 2 years of application to become a licensed Public Practitioner

Once the Society (University of Waterloo) courses come on line, members registered under the alternative syllabus (above) will be allowed to complete the seminars in the group (eg. Personal Tax Planning & Advice, Compilation/Corporate Tax, Review Engagements or Audit Engagements) they have begun. Once the seminars in that group are completed, members will be required to finish the remainder of their studies under the Society (University of Waterloo) course syllabus.

5 Keys to Client Satisfaction

Satisfied clients increase the bottom line. They not only bring repeat business but also generate new business through word-of-mouth advertising. Fully satisfied clients are more immune to competitive actions and generate a stable business environment. Given these facts, here are 5 keys to client satisfaction:

1. Reliabilty - the ability to perform the promised service dependably, accurately and on a timely basis
2. Assurance - the knowledge and courtesy of partners and staff and their ability to convey trust and confidence
3. Tangibles - appearance of physical facilities, equipment, personnel, and communication materials (eg. email, letterhead etc.)
4. Empathy - caring, individualized attention
5. Responsiveness - willingness to help clients and provide prompt service

From "CRM Key to Delivering Customer Satisfaction", Eric Rutten, Momentum Magazine

Is Your Staff Motivated?

Staff motivation is an important driver of firm productivity, therefore, motivation is a highly relevant topic for an accounting practice. Understanding the dynamics of motivation at the staff level is critical. Motivation is defined as "those factors which cause an individual to behave in a manner that will assist them to achieve a particular desired goal". Motivation is "the tool by which we move individuals out of their comfort zones...it's the secret weapon for achieving firm goals". Here are some tips to increase staff motivation in your firm:

• Always try to understand what you are asking your staff member to give up or change. For instance, if you are asking them to acquire a new skill in order for them to move up in the firm, you are asking them to give up time that would be spent on other activities. If the staff member feels that they are already at full capacity with their client load, the prospect of more responsibility will not be motivating, but rather demotivating. Be careful of competing motivations.


• Be very clear about the goals that you want to achieve. It is wise to break longer-term or complex goals down into short-term or simple segments that are more easily understood and are more readily attainable. Goals that are too complex or too far in the future can be demotivating and discouraging. In order for you to manage the outcome (and this is what you want to do), the outcome must be very well defined and seen as attainable.


• Make sure that you provide sufficient support for the change that you are trying to motivate. If staff believe that the partner supports the change and that there are sufficient resources available for them to make the change, they will be more motivated to change.


• Collaboration with the affected staff members will generally increase motivation. Staff members who feel they have had some input in the planning of the desired change will be more motivated to carry it out.


• Reinforce, on a timely basis, incremental movement towards the goal you wish the staff member to achieve. Recognition of incremental goals met will keep motivation at a high level.

From "Think Through Ways to Motivate Staff" by Mort Shapiro, FCA, CMC, The Bottom Line December 2007 issue