Reaching a milestone - CPABC and... · Reaching a milestone 503 BC students pass the 2010 UFE. ... A case component was added in 1974; ... As a result, a CPA, for example, can come

Exploring pathways to the CACA specialist designations – Part 1Reportable transactionsA quiz on independence

In this issueMeet BC’s National Honour Roll students + see the UFE 2010 results recap and our list of successful candidates

On the Cover

January 2011

Reaching a milestone 503 BC students pass the 2010 UFE

Our future Our success

Congratulations to our 42 successful 2010 UFE writers. The Uniform Evaluation requires focus,

dedication and a deep understanding of our business. The partners and staff would like to

congratulate all of our writers, especially Catherine Wong who has placed on the National

Honour Roll. Soon to be accredited as Chartered Accountants, our rising talents include:

Vancouver

Jayden Bourgard

Curtis Budgell

Emily Chan

Sibil Chan

Susie Chang

Ratika Chaudhary

Queenie Chou

Alina Ding

Sandra Ferenz

Bonnie Fung

Sherry Fung

Kim Fussell

Joshua Grubner

Kristal Hamakawa

Nick Hamill

Erika Hirabayashi

Nicholas Ho

Edward Holmes

Irena Jesovnik

Nicole Kelemen

Daisy Kong

Christopher Lim

Winnie Lin

Danny Liu

Michael Lloyd

Nancy Ly

Christy Martin

Martie Rose Mendoza

Rachid Nayel

James Orr

Aaron Shuto

Stefanie So

Jimmy Sum

Adrienne Taylor

Megan Terrill

Sarah Walsh

Andrew Williams

Catherine Wong

Langley

Joanne Lee

Jon Morrison

Prince George

Bryan Albano

Andrew Lee

The partners, principals and staff at MacKay LLP Vancouver would like to congratulate our seven successful writers of the 2010 Uniform Evaluation for Chartered Accountants. We commend the hard work, dedication, and focus of our team members to achieve such impressive results on the 2010 UFE. A special mention to Mason Bennett who placed on the National Honour Roll.

Chartered Accountants & Business Advisors

www.mackay.ca

Vancouver1100 - 1177 West Hastings Street

Vancouver, BC V6E 4T5Tel: (604) 687-4511

Toll Free: 1 (800) 351-0426

Surrey#112, 7565 - 132nd Street

Surrey, BC V3W 1K5Tel: (604) 591-6181

Kelowna500-1620 Dickson Avenue

Kelowna, BC V1Y 9Y2Tel: (250) 763-5021

Toll Free: 1 (866) 763-5021

Congratulationsto our newest generation of leaders!

Libby MacKenzieKelowna

Matija NecemerSurrey

Rachel ThomasSurrey

Mason BennettVancouver

Lee CrightonVancouver

Graeme Low Ah KeeVancouver

Cindy LiuVancouver

The partners, principals and staff at MacKay LLP Vancouver would like to congratulate our seven successful writers of the 2010 Uniform Evaluation for Chartered Accountants. We commend the hard work, dedication, and focus of our team members to achieve such impressive results on the 2010 UFE. A special mention to Mason Bennett who placed on the National Honour Roll.

Chartered Accountants & Business Advisors

www.mackay.ca

Vancouver1100 - 1177 West Hastings Street

Vancouver, BC V6E 4T5Tel: (604) 687-4511

Toll Free: 1 (800) 351-0426

Surrey#112, 7565 - 132nd Street

Surrey, BC V3W 1K5Tel: (604) 591-6181

Kelowna500-1620 Dickson Avenue

Kelowna, BC V1Y 9Y2Tel: (250) 763-5021

Toll Free: 1 (866) 763-5021

Congratulationsto our newest generation of leaders!

Libby MacKenzieKelowna

Matija NecemerSurrey

Rachel ThomasSurrey

Mason BennettVancouver

Lee CrightonVancouver

Graeme Low Ah KeeVancouver

Cindy LiuVancouver

January 2011 ica.bc.ca 5

contents

10

On the Cover

Meet BC’s UFE Honour Roll Students!13 BC students make

the 2010 national

honour roll

6 Notes from the President ICABC sponsors new BIV

CFO of the Year Awards

8 For the Profession Exploring pathways to the CA

36 Tax Traps & Tips Reportable transactions

38 PD News Winter PD Highlights

40 Plugged In News for and about members

& students Memberannouncements FVCAAeventnotice ICABCSocialNetworking

Groupeventnotice BCAGMnotice NoticetoAllICAYT

members46 Ethical Dilemmas A quiz on independence

24UFE Results Recap for BC and CASB + See the list of BC’s 503

successful candidates!

30CA Specialist Designations Part 1 of a new four-part

series on specialist

designations for CAs

FSC logo RRD to place

6 ica.bc.ca January 2011

January 2011, No.492

Published eight times annually by the Institute of Chartered Accountants

of British Columbia.

EditorMichelle McRae

Design Blindfolio Design

604-761-9212

AdvertisingAdvertising In PrintPhone: 604-681-1811Fax: 604-681-0456

Senior Director of External AffairsLesley MacGregor

Institute CouncilPeter R. Norwood, FCA

President

Lenard F. Boggio, FCA1st Vice-President

Gordon Holloway, FCA2nd Vice-President

Michael Macdonell, CATreasurer

Olin Anton, CAJohn (Jack) Arnold, CA

Linda Lee Brougham, CAKyman Chan, CA

Karen Christiansen, CAJohn Crawford, CA

Andrew (Sandy) Hilton, CADavid Hughes

Sheila Nelson, CAJohn Sims, FCAKenneth Tung

Praveen Vohora, CAEric Watt, CA

Chief Executive OfficerRichard Rees, FCA

BeyondNumbers is printed in British Columbia and

mailed eight times annually to more than 9,000

chartered accountants and more than 1,800 CA students

in public practice, industry, education, and government

service throughout BC, Canada, and other countries.

BeyondNumbers’ editorial and business offices

are located at:

Suite 500, One Bentall Centre, 505 Burrard St., Box 22

Vancouver, BC V7X 1M4

Phone: 604-681-3264

Toll-free in BC: 1-800-663-2677

Fax: 604-681-1523

Internet: www.ica.bc.ca

Opinions expressed are not necessarily

endorsed by the Institute.

BeyondNumbers supports the CA profession in BC

by sharing news from the Institute and news about

members, by sharing viewpoints on issues of specific

interest to members, and by promoting member

involvement in Institute activities.

Publications Mail Agreement No: 40062742

As we kick off the New Year, I’d like to start by acknowledging BC’s 503 successful UFE writers—13 of whom made the National Honour Roll. Wow! Congratulations on a job well done! Profiles of our honour roll students appear in this month’s magazine, along with a recap of the 2010 results for CASB students and a complete list of BC’s successful candidates. I’d also like to take this opportunity to inform members about a new and

exciting Institute partnership designed to celebrate achievement in another arena: The ICABC is now the presenting sponsor for Business in Vancouver’s inaugural BC CFO of the Year Awards. Finalists will be chosen based on their leadership in finance, contributions to strategic decision-making and growth, and overall performance and execution. These finalists will be featured in a special edition of Business in Vancouver magazine, and the winners will be announced at a gala reception in May 2011. Past Institute president, Peter Roberts, FCA, will represent the Institute on the judging panel.Given the breadth of our members’ experience, and the number of CAs in

CFO—or equivalent—positions, we hope to see significant CA representation among the nominees. On that note: If you’d like to nominate someone for a CFO of the Year Award, please visit Business in Vancouver’s website at www.biv.com/cfoawards/index.asp to download more information or submit a nomination package.

—Peter Norwood, FCA

Notes from the President

Congratulations!

CONGRATULATIONSTO OUR Ufe wRITeRS. 8 TIeS CUT IN 2010!

Left to Right: Daniel Lai, Hussain Haji, George Kovalyov, Monique Wei, Emily Mahannah, Tiffany Bevan, Jason

Mosberian, and Ketan Vohora

Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8

Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com

CONGRATULATIONSTO OUR Ufe wRITeRS. 8 TIeS CUT IN 2010!

Left to Right: Daniel Lai, Hussain Haji, George Kovalyov, Monique Wei, Emily Mahannah, Tiffany Bevan, Jason

Mosberian, and Ketan Vohora

Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8

Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com


For the Profession

For every CA student who passed the UFE in 2010—and for those who expe-rienced the same rite of passage in

previous years—the UFE is inextricably linked to the process of becoming a chartered accountant. For many, this rite of passage is what makes the CA designation truly unique.

The reality, however, is less absolute. While it’s true that the UFE has been with us since 1939, the exam has changed significantly over the years. A case component was added in 1974; the exam was shortened to three days in 2002; and the material covered has changed substantially, correlative to changes in standards (like the move to IFRS). This means that a member who wrote the exam in 1955, for example, and a student who wrote the exam in 2010 can share the experience of having passed the UFE, but not the experience of having passed the same UFE.

Furthermore, the UFE is not a milestone for all BC members, as some never write the exam. How can this be? Simply put: immigration and reciprocity. The ICABC has mutual recognition agreements with 15 other countries, which are recognized as having training and education substantially equivalent to those of Canadian CAs. As a result, a CPA, for example, can come to Canada, successfully complete our reciprocity exam, and join the BC Institute as a full CA, with the same rights and responsibilities—and, we believe, the same skills and knowledge—as a successful UFE writer.

Clearly, therefore, the notion that every CA in BC undergoes the same experience in earning their designation is a bit of a myth. And soon, the paths to the CA may become even more varied.

In today’s world, it is naive to assume that everyone who will eventually become a CA will have decided on this career path by the time they’ve graduated from high school, and then take the traditional route through commerce and into a public practice firm. People are now more likely to move to different countries, shift careers, and change their interests multiple times over the course of their professional lives. Therefore, the CA profession’s training and qualification paths must recognize that the best and brightest can come from non-traditional paths and vary in age and life experience. So while the UFE will remain the backbone of the certification process for the foreseeable future, it is time to explore additional pathways into the profession.

With this in mind, national discussions are currently underway to determine how our profession can ensure that it welcomes the right people at the right time. We believe that, for many, the pathway to the CA will still include a commerce undergraduate degree, an articling position in public practice, and the writing of the UFE. But we know others will join the ranks of CAs with non-commerce backgrounds (in BC, 20% of our new CAs already come with degrees outside of commerce); some will shift into the CA profession from other careers; and others will join the CA profession after immigrating to Canada. We need pathways that welcome them all.

If there is any doubt about the necessity of these discussions, we need only look around. We know that population growth in Canada will come from immigration. We also know that governments across the country are requiring fair access to the professions. In the past, we’ve managed to ensure that CAs in Canada remain respected the world over by proactively changing our education and training process amid global trends. Once again, it’s time to consider making changes.

In the coming months, as the discussions about pathways into the profession take place, we will keep you informed about any proposed changes. We hope you will understand that some of these changes might lead to pathways different from your own—pathways that might not include the UFE.

Rest assured that any changes will keep to our very high standards, and that any individuals we welcome into the profession will be ones we are proud to stand beside as colleagues. Just as every mutual recognition agreement and every change to the Competency Map is based on ensuring that CAs have the highest professional standards, any changes to pathways will ensure that the bar for entrance remains high. While the UFE is a big part of our culture, our standards are most critical to our brand. These should never be compromised.

Exploring Additional Pathways to the CABy Richard Rees, FCACEO

National discussions are currently underway to determine how our profession can ensure that it welcomes the right people at the right time

The greatest reward is helping others achieve success.

www.GrantThornton.ca Audit • Tax • Advisory

Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

Congratulations to our talented team for their recent accomplishment in passing the Uniform Evaluation (UFE) for chartered accountancy. We’re very proud of them—and equally proud of those who contributed to their success.

At Grant Thornton LLP, helping others achieve success is our business. It’s also our passion. Whether we’re helping clients reach their goals, supporting our colleagues in achieving their potential, or volunteering for the community, the desire to make a difference every day is what motivates our people—that’s the Grant Thornton experience.

Left to right:Andrew Ingenhorst, Alex Lau, Molika Trueman, Greg Vandergaag, Steven Holden, Andrew Malashewsky, Susan Inouye, Perry Lawlor, Catherine Lot, Daniel Kim, Carol Peng, Riley Lefebvre, and Cara-Mia Mitchell.

This ad prepared by: ryan edwards CLienT: granT ThornTon FiLe name: gT 2010 bC UFe ad ad #: gT-10-56 Trim size: 9.0” x 11.5” (Live area 8.0” x 10.5”) CoLoUrs: CmyK

The greatest reward is helping others achieve success.

www.GrantThornton.ca Audit • Tax • Advisory

Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

Congratulations to our talented team for their recent accomplishment in passing the Uniform Evaluation (UFE) for chartered accountancy. We’re very proud of them—and equally proud of those who contributed to their success.

At Grant Thornton LLP, helping others achieve success is our business. It’s also our passion. Whether we’re helping clients reach their goals, supporting our colleagues in achieving their potential, or volunteering for the community, the desire to make a difference every day is what motivates our people—that’s the Grant Thornton experience.

Left to right:Andrew Ingenhorst, Alex Lau, Molika Trueman, Greg Vandergaag, Steven Holden, Andrew Malashewsky, Susan Inouye, Perry Lawlor, Catherine Lot, Daniel Kim, Carol Peng, Riley Lefebvre, and Cara-Mia Mitchell.

This ad prepared by: ryan edwards CLienT: granT ThornTon FiLe name: gT 2010 bC UFe ad ad #: gT-10-56 Trim size: 9.0” x 11.5” (Live area 8.0” x 10.5”) CoLoUrs: CmyK


On the Cover

Meet BC’s UFE Honour Roll Students for 2010! By Michelle McRae, Editor

Jaleh AfroozeJaleh was born in Shiraz, Iran, and immigrated to Canada at the age of 15, settling in BC’s Lower Mainland area. A graduate of Simon Fraser Univer-sity, Jaleh earned a bachelor of business ad-

ministration with a concentration in accounting (with honours) in 2008. In 2010, she earned a master of professional accounting from the University of Saskatchewan.

Jaleh is currently articling with KPMG LLP’s Burnaby office, working in the firm’s Enterprise group. “I’m pursuing the CA for the opportunities that come with it,” she says. “Also, I want a designation that will provide job mobility, as I like exploring different places!”

Describing herself as “super active,” Jaleh lists a number of outdoor activities as favourite pastimes, including biking, hiking, snowshoeing, skiing, rock-climbing, swimming, and jogging. Baking is another beloved hobby, and she also enjoys spending time with family and friends.

“My parents and my brothers, Sina and Arash, have been very supportive and understanding throughout the UFE process,” she says. “Also, my friend Golnar kept my spirits up with encouraging phone calls, and my friend Masih kept me laughing, no matter how stressed I was!”

For her success on the UFE, Jaleh also credits key individuals at her firm. “First and foremost, there’s my mentor at KPMG Enterprise, Amrit Sanghera,” she says. “Her support was invaluable, and I owe her big time! She was really the best mentor I could ever have asked for!

“I also have to thank my study buddies at KPMG—especially Michelle Iorio and Ellen Liu,” she adds. “Michelle definitely helped me stay on track with my technical knowledge, and

It is with great pleasure that we introduce the 13 BC students who made the National Honour Roll for the 2010 UFE: Jaleh Afrooze, Douglas Allan, Landon Bailey, Mason Bennett, Wilson Cheung, Asifa Hirji, Albert Ho, Daphne Huang, James Porter, Christopher Schaufele, Meaghan Vanderlinden, Ei-Lyn (Catherine) Wong, and Ka Yun (Kayan) Yu.


Ellen helped me stay calm, as she was so great at doing it herself! I learned a lot from them, and would not have been able to pass without them.”

Also key to her success, Jaleh says, were the KPMG national UFE program and the MPAcc program, and she gives particular thanks to the instructors.

To future UFE writers, Jaleh says: “Attitude is everything! Be patient with your progress throughout the process. It’s an unforgettable learning experience, and a life experience you will cherish for the rest of your life, so embrace it!”

Doug AllanDoug was born in Toronto, Ontario, and grew up in Vancouver, BC. After high school, he headed back east to attend McGill University in Montreal, where he majored in accounting,

with a concentration in finance. In 2008, he graduated with a bachelor of commerce degree, earning honours with great distinction.

Today Doug’s an articling student with Ernst & Young LLP in Vancouver, working in the audit practice. “I currently work almost exclu-sively with financial services firms,” he says. “I enjoy the technical challenge of the industry, as well as the people I get to meet and work with along the way.”

Doug says his decision to pursue the CA designation was heavily influenced by his grandfather, William Winspear, CA, and his now father-in-law, Jim Stuart, CA·CIRP.

“My grandfather had a great lifestyle, both professionally and in terms of family, and Jim

had the same perfect mix of work and play,” he explains. “I always admired their careers.”

Doug’s grandfather earned the regional gold medal from the ICAA on the 1957 UFE,* and now that he himself has made the honour roll, Doug attributes a lot of his success to his family.

“First and foremost, I couldn’t have succeeded without my wife Michelle,” he says. “She kept my mind off of the UFE in the evenings and on weekends, which was pivotal to keeping me motivated. Also, without the support of my parents and my brother and sister all these years, I would have burned out.”

Doug also credits his colleagues at Ernst & Young, saying: “My study partners, Nevin Lau and Allan Cheng, helped me stay motivated day after day, and brought strengths to compliment my weaknesses. In addition, my UFE mentor, Ashley Kates, CA, helped me stay focused and confident.”

Doug believes that maintaining a confident attitude is key to success on the UFE.

“I expected the exam to be a physically draining experience—one in which my ability to keep a cool head and stay focused would be more important than my technical expertise,” he says. “And that was, more or less, how it turned out.”

He advises future writers to work hard, but also take time off to recharge. For Doug, this meant watching movies, listening to music, barbecuing, and spending time with family.

“Don’t take any chances,” he adds. “Make sure you walk into the UFE with no regrets.”

*The Alberta Institute renamed its UFE gold medal the Francis G. Winspear FCA Gold Medal of Excellence in 1993, in honour of Doug’s great grandfather.

Landon Bailey Landon Bailey was born in Calgary, Alberta, and grew up in Kelowna, BC. He studied at the University of Victoria, and earned a bachelor of commerce, with a major in international business,

in 2006.“I didn’t expect to go into accounting after

that,” Landon says, “but through interaction with CAs in the workplace and friends in the program, I was drawn to the blend of technical and business skills, the broad range of career opportunities, and the reputation of the CA designation.”

Today, he’s an articling student with KPMG LLP in Victoria.

“All of my colleagues at the firm went out of their way to support and encourage each of us writers throughout the UFE process,” he says. “I’m grateful for that, and also for the feedback, encouragement, and humour of my study partners at KPMG, Ryan Finner and Heather Crow. They helped build my confidence and kept me going through the summer—GO Bayside!”

Landon’s biggest thanks, however, go to his wife Samantha. “Samantha supported me through a career change, then two years of CASB leading up to the UFE,” he says. “And, together with our two dogs, she helped me stay busy, active, and balanced throughout the summer.”

He believes this balance was key to his success. “If you don’t offset the studying with some-

thing you enjoy, you risk feeling overworked and burned out in the weeks before the UFE,” he explains. “Mountain biking, surfing, camping,

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and reading—these hobbies all helped me main-tain some balance during the summer.”

As for the actual writing of the UFE, Landon says it came more naturally than he’d expected.

“I didn’t believe it when past writers told me this would happen, but after an entire summer writing practice cases, I found it to be true,” he recounts. “Nevertheless, I still left the exam with little idea of how I’d actually done, so I had to trust that my preparations had given me the skills necessary to be successful.”

Landon advises future writers to maintain some perspective.

“I think many students are intimidated by the technical breadth of the exam,” he says, “but it’s important to realize that, at the end of the day, it’s the underlying skills you develop throughout the study process that will have the greatest bearing on success in the UFE. Find a proven study program, trust in it, and then don’t worry too much about the UFE itself. And relish the time you spend not studying over the summer, because that’s important to the process too.”

Mason Bennett Mason was born and raised on Salt Spring Island, BC. He studied commerce, with a con-centration in accounting, at the University of BC’s Sauder School of Business, and earned a

bachelor of commerce degree (with honours) in 2008.

Today, he’s articling with MacKay LLP at the firm’s Vancouver office.

“I chose to pursue the CA designation because I felt that it provided an excellent opportunity to continue my education while still gaining practical work experience,” he says. “Ultimately, this balance of education and experience seemed to be the best way to prepare myself for a career in the business community.”

Balance also factored into Mason’s study approach for the UFE. “There were times when I became concerned about my progress, but I managed to maintain a balanced schedule du-ring the summer leading up to the UFE,” he says. “Because of this, I was able to enjoy my free time.”

During this free time, Mason kept his mind off the UFE by staying active with outdoor

activities such as hiking, and by training for a triathlon. He advises future UFE writers to find similar outlets during the stressful months leading up to the exam.

“Find a hobby or activity that you can focus on outside of studying,” he says. “Know that you won’t be able to study everything, but have faith that your study plan will provide a solid foundation for the UFE.”

Also key to this solid foundation is a good support network.

“I’m grateful for my loving girlfriend, Shelane Wiseman, CA, who wrote the UFE in 2009,” Mason says. “Her support helped me maintain a level head during the summer. I was also fortunate to have a great study partner at MacKay, Graeme Low Ah Kee. Graeme helped me improve with his constructive feedback, and also made the summer much more enjoyable.

“Lastly,” he adds, “I want to thank my family for their support and encouragement.”

With the UFE now behind him, Mason is focusing on other overarching goals. “I’m looking forward to continuing my career growth,” he says. “I plan to become involved in meaningful ventures that are intellectually challenging and provide a positive contribution to the community. Specifically, I’m interested in sustainable business practices and entrepreneurial development.”

Wilson CheungWilson was born and raised in Vancouver and studied at the University of BC. In 2010, he earned a bachelor of commerce with a specialization in accounting. Along the way, he also completed

the co-op program.“My original intention when I enrolled at

UBC was to specialize in marketing,” he says, “but as I progressed through my undergrad, I realized that the CA path provided the opportunity to keep learning and adapting, and the opportunity to travel internationally.”

Now an articling student with KPMG LLP in Vancouver, Wilson is currently working in the firm’s audit practice, focusing on the information, communication, and entertainment industry.

“The people at KPMG played a huge role in my success on the UFE,” he says. “Especially my mentors, Karen Lo and Danny Gollogly, CA,” he says. “Their guidance and support gave me strength and confidence throughout the UFE process. It took a while to refine my outlining approach, but we finally found one that worked for me. Also, the preparation the firm provided

CONGRATULATIONS UFE WRITERS!

We are pleased to congratulate our successful Uniform Evaluation writers in Vancouver and Langley. We look forward to your continued success as valuable members of our team.

Front row: Joy Tou, Liana Lau, Winnie Tong, Tarah Miller, Victoria Lo, Eva Soppit Back row: Nathan Lau, Reid Duthie, Ankur Merwaha, Peter Wu, Jason Dong, Laura ShiellMissing: Jack Cartmel, Sean Deissner, Desiree Friesen, Karvin Lee

BDO is one of the leading accounting and advisory firms in Canada with 95 offices nationwide, and 13 in British Columbia alone. Our professionals have the expertise to serve owner-managed, large and mid-market companies, communities and non-profits in a broad range of industries.

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BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

dap_beyondnumbers_sep09.eps 9/9/2009 1:56:57 PM

CONGRATULATIONS UFE WRITERS!

We are pleased to congratulate our successful Uniform Evaluation writers in Vancouver and Langley. We look forward to your continued success as valuable members of our team.

Front row: Joy Tou, Liana Lau, Winnie Tong, Tarah Miller, Victoria Lo, Eva Soppit Back row: Nathan Lau, Reid Duthie, Ankur Merwaha, Peter Wu, Jason Dong, Laura ShiellMissing: Jack Cartmel, Sean Deissner, Desiree Friesen, Karvin Lee

BDO is one of the leading accounting and advisory firms in Canada with 95 offices nationwide, and 13 in British Columbia alone. Our professionals have the expertise to serve owner-managed, large and mid-market companies, communities and non-profits in a broad range of industries.

www.bdo.ca

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

through its in-house training program training program training ensuredthat I was well equipped for the exam.”

Wilson also attributes his success to his studypartners, Lindsay Chiang Lindsay Chiang Lindsay (an Chiang (an Chiang articling student articling student articlingwith Ernst & Young LLP) Young LLP) Young and Jason Dong (an Dong (an Dongarticling studentarticling studentarticling with BDO). “I couldn’t havedone it without them,” he says. “They made “They made “Theystudying fun,studying fun,studying and I’m grateful for all the greatdiscussions we had.

“I would also like to thank my thank my thank family my family my and family and familyfriends for their continual support,” he adds.“I’m sure they’re tired of me of me of talking about talking about talking theUFE!”

Even with all of this of this of support, Wilson says theexam was extremely difficult. extremely difficult. extremely “It’s is the hardestexam I’ve ever written in my life,” my life,” my he says. “Iactually hadactually hadactually an epiphany during epiphany during epiphany the during the during third day,when I thought: this isthis isthis the is the is last the last the day last day last of day of day the of the of UFE the UFE the . UFE. UFE Igot quite excited. Then I realized that I wasn’tactually finishedactually finishedactually and still had the other half of half of halfthe exam to write...”

Looking back,Looking back,Looking Wilson believes time manage-ment is crucial to success on the UFE.

“My advice“My advice“My to future writers is to maintain alevel of confidence of confidence of and tranquility,” he says.“Don’t start studying in studying in studying overdrive whenever youget stressed, because you don’t want to burn outbefore the exam. Fill your nights and weekends

with lots of activities of activities of to keep yourself busy. yourself busy. yourself Ioften went rollerblading or rollerblading or rollerblading biking, and I alsotook up rock climbing. Hanging out withfriends is another great way to way to way combine fun andrelaxation.”

Asifa HirjiAsifa was born inToronto, Ontario, whereshe lived until age eight.After three years inCalgary, Alberta, herfamily finallyfamily finallyfamily settled finally settled finally inVancouver, BC. Asifaattended Simon Fraser

University, and studied business administrationwith concentrations in accounting and accounting and accounting finance.In 2008, she earned a bachelor a bachelor a of business of business ofadministration (with honours) and a minor a minor a ineconomics.

Today, Asifa is Asifa is Asifa articling with articling with articling KPMG LLP’sBurnaby office,Burnaby office,Burnaby working in working in working the firm’s Enterprisegroup. She says “the challenge” was what drewher to the CA program: CA program: CA “I like the fact that thedesignation forces you to go beyond the blackand white numbers and look at look at look business issues,rather than just accounting issues.” accounting issues.” accounting

There are few exams few exams few more challenging than challenging than challenging the

UFE, and Asifa describes Asifa describes Asifa the three days of the of the ofexam as an “emotional rollercoaster.”

For helping her helping her helping manage the ups and downs ofthe UFE experience, Asifa gives Asifa gives Asifa a lot a lot a of credit of credit of totwo of her of her of mentors: Ian Mackerricher and ClintMurphy, CA (both CA (both CA formerly with formerly with formerly KPMG).

“Without Ian, I don’t think I think I think would havesurvived the summer before the UFE,” she says.“He helped me stay focused stay focused stay and was alwaysavailable to talk things talk things talk out. And while Clintwasn’t directly involved directly involved directly in my CASB my CASB my or UFEexperience, he taught me to always believein myself and in my abilities—this was aninvaluable lesson throughout the stressful andsometimes de-motivating study de-motivating study de-motivating period study period study leadingup to the exam.

“It also helped that I studied at the KPMGBurnaby officeBurnaby officeBurnaby all summer,” she adds. “Therewas always someone around to boost myconfidence, provide insightful advice, and tellme to go home when it was past 5 pm!”

Her friend Shiraz Charania, CA·CBV, alsoprovided ongoing support. ongoing support. ongoing “Shiraz helped mekeep things in perspective,” Asifa says, Asifa says, Asifa “and hecontinually checkedcontinually checkedcontinually in with me to make sure Iwas doing okay.” doing okay.” doing

To help take her mind off the off the off exam when notstudying, Asifa relied Asifa relied Asifa on her favourite hobbies:

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watching Indian movies, listening to Indian music, and reading.

Her advice to future UFE writers is to take all the unsolicited advice they receive, including her own, and filter, filter, filter.

“Over the UFE summer, you’ll hear a lot of different advice from a lot of different people,” she says. “At the end of the day, you need to figure out what is going to work best for you and just focus on doing that.”

Albert HoThough he was born in Winnipeg, Manitoba, Albert has lived in BC since the age of five. He grew up in Richmond, where he currently resides, and attended the Sauder School of Business at the

University of BC, graduating with an account-ing degree in 2007.

Now an articling student with Johnsen Archer LLP, Albert works in the firm’s Surrey office, providing assurance and tax services to a variety of private enterprises.

“Nothing is set in stone yet,” he says of his plans for the future. “There’s still so much more

for me to learn. My aim is to continue to broaden my role and experience in public practice. And with the UFE finally behind me, I’m looking forward to the many challenges and opportuni-ties ahead.”

According to Albert, the most difficult aspect of the UFE-writing experience was waiting each morning for the exam to begin.

“It was nerve-wracking,” he says. “But once the exam did start, my nerves disappeared, and I was able to focus. The need to maintain such a high level of focus for three consecutive days was extremely challenging though. I was so mentally drained by the end that it took several hours for the satisfaction and relief to actually kick in.”

Albert advises future UFE writers to prepare for a rollercoaster ride. “You’ll feel like you’re on top of the world one day, and then have your confidence shattered the very next day after writing a tough sim[ulation],” he explains. “This is a normal part of the process, and the key is to learn from these setbacks so that you can come back focused and ready the next time around.

“Also,” he adds, “engaging in fun activities during evenings and weekends will help you relieve stress and stay mentally sharp.”

For Albert, these fun activities included watching and playing tennis, and trying out new restaurants

with his girlfriend Fontaine. “I’d like to thank Fontaine for her support and encouragement throughout the CASB modules and the UFE process,” he says. “I would not be where I am today without her. I’m also grateful for the constant support of my family—they’ve always had the utmost faith in me.”

Other thanks go to his study buddy at Johnsen Archer, Tyler Wong. “His endlessly positive attitude helped guide me through the ups and downs of the UFE summer,” Albert says. “I’d also like to thank Ryan Calder, CA,* for implementing the firm’s UFE prep program, and the rest of the staff who assisted with UFE training and mentoring.”

*2005 UFE Honour Roll.

Daphne HuangDaphne was born and raised in Vancouver. She attended the University of BC, graduating with a bachelor of arts degree in classical studies and psychology in 2006, and earning a diploma in

accounting in 2008.Currently articling with PwC LLP in the firm’s

© 2010 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member fi rm of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity. 0704-10 1210

Mani Al-Khafaji Kiran AujlaRobyn BellJohn BinsteadAndrew BlackKyle BunnellLeigh BurbidgeSerena ChanMichael CliffJoshua ContantKelly CunninghamBrent D’AndreaMarkus Delves

Darren DevineHarkeet GhagSteven GrippoConnie GuoErin HayKristy Hislop Terry HoRobyn HooperDaphne HuangJudy HuangIdania Huerta MunozAllan HungTanner Johnston

Erin JoynerJasmin KohlAmy LangStephanie MasonLucas McLeanDavid MilliganAmrit MinhasAinslie Muzzin Jason NalewanyjRichard OrmistonThomas PhilippsonWilliam PicklesMonica Polonis

Michael PottsDavid RajanayagamBrent ReimerSina RezaiTeri RobinsonJessica RockliffJoseph SalterIqbal ShangheraHamid ShekarchiCorey SheltonLeja SimpsonJacqueline StevensAndrea Stuart

Jennifer SungStefanny TamAshleigh TaylorNatalie TimlerShahed TootoonianJeannette Vergara CanolesCrysta WebbLaura WensleyMandy YipSharon M YuenSharon T Yuen

Congratulations to our successful writers of the 2010 Uniform Evaluation for Chartered Accountants in BC

Special congratulations to Daphne Huang, who achieved a place on the National Honour Roll

63 reasons to celebrate

© 2010 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member fi rm of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity. 0704-10 1210

Mani Al-Khafaji Kiran AujlaRobyn BellJohn BinsteadAndrew BlackKyle BunnellLeigh BurbidgeSerena ChanMichael CliffJoshua ContantKelly CunninghamBrent D’AndreaMarkus Delves

Darren DevineHarkeet GhagSteven GrippoConnie GuoErin HayKristy Hislop Terry HoRobyn HooperDaphne HuangJudy HuangIdania Huerta MunozAllan HungTanner Johnston

Erin JoynerJasmin KohlAmy LangStephanie MasonLucas McLeanDavid MilliganAmrit MinhasAinslie Muzzin Jason NalewanyjRichard OrmistonThomas PhilippsonWilliam PicklesMonica Polonis

Michael PottsDavid RajanayagamBrent ReimerSina RezaiTeri RobinsonJessica RockliffJoseph SalterIqbal ShangheraHamid ShekarchiCorey SheltonLeja SimpsonJacqueline StevensAndrea Stuart

Jennifer SungStefanny TamAshleigh TaylorNatalie TimlerShahed TootoonianJeannette Vergara CanolesCrysta WebbLaura WensleyMandy YipSharon M YuenSharon T Yuen

Congratulations to our successful writers of the 2010 Uniform Evaluation for Chartered Accountants in BC

Special congratulations to Daphne Huang, who achieved a place on the National Honour Roll

63 reasons to celebrate


Tax CATax CATax Program, CA Program, CA Daphne is one of 53 of 53 of CASBstudents taking the taking the taking expanded experience oppor-tunity (EEO)tunity (EEO)tunity path in BC.

“It’s a fantastic a fantastic a program that has provided mewith the opportunity to opportunity to opportunity go directly into directly into directly a field a field athat interests me,” she says. “Other CA students CA students CAhave asked me whether I thought the lack of lack of lackaudit experience would have a negative a negative a impacton my UFE performance, and now I canhonestly sayhonestly sayhonestly that say that say it didn’t.”

Daphne believes that a strong a strong a support strong support strong systemwas key to key to key her success on the UFE.

“I was very fortunate very fortunate very to have an extensivesupport network at network at network PwC,” she says. “My UFE “My UFE “Mymentors, Dmitry Uduman Dmitry Uduman Dmitry and Grace Tu, wereextremely patientextremely patientextremely with me. They shared They shared They theirstudy tipsstudy tipsstudy and personal experiences, and tooktime out of their of their of busy schedules busy schedules busy to mark a mark a marknumber of my of my of cases. my cases. my Grace also provided mewith the excel template that became my most my most myvaluable study tool. study tool. study Kyla Zhao Kyla Zhao Kyla was also verywilling towilling towilling listen to my concerns my concerns my and talk me talk me talkthrough my bad my bad my days.”

Daphne also thanks her study partner study partner study at PwC,Markus Delves, and study partners study partners study ChristopherLee and Emily Mahannah Emily Mahannah Emily (both articling with articling with articlingSmythe Ratcliffe). “They kept “They kept “They me focused andencouraged me to study harder study harder study when I was

lacking motivation,”lacking motivation,”lacking she says. “My family “My family “My and family and familyfriends were also incredibly supportive incredibly supportive incredibly through-out the whole process, providing me withencouragement and much needed confidence.”

To celebrate completing the completing the completing UFE, Daphnerecently tookrecently tookrecently a took a took trip a trip a to Asia. Travelling is Travelling is Travelling one ofher favourite pastimes, along with along with along cooking. Shealso enjoys running, and says going to going to going the gymevery afternoonevery afternoonevery helped her manage her stresslevel in the lead-up to the exam.

“It was a great a great a way to way to way shake off UFE off UFE off stress andswitch to something enjoyable,” something enjoyable,” something she says. “Myadvice to future writers is to set a schedule a schedule a andstick tostick tostick it—take evenings and weekends off.Pick upPick upPick a hobby a hobby a and hobby and hobby do it after your studysessions, to get your mind off the off the off day.

“Also,” she adds, “I think the think the think most importantthing tothing tothing realize is that it’s impossible to knoweverything thateverything thateverything is potentially examinable potentially examinable potentially on theUFE, so focusing on focusing on focusing how to how to how approach andanswer theanswer theanswer questions is a more a more a effective strategy.”

James PorterJames was born and born and born raised and raised andin Victoria. He attendedCamosun College, andcompleted a bachelor a bachelor a ofbusiness administrationwith a focus a focus a in account-ing ining ining 2007 (his was thethird graduating class

from Camosun’s bachelor’s degree program).In February 2008, February 2008, February James began articling with articling with articling

Burkett & Abercrombie, CAs. There, he special-izes in personal, corporate, and trust taxation,with the majority of majority of majority accounting of accounting of engagements accounting engagements accountingfocused on medical/legal professionals andsmall, family-run businesses.

James says he was “very well “very well “very prepared” whenit came to writing the writing the writing UFE, thanks to theDensmore Consulting UFE Consulting UFE Consulting prep course. Never-theless, he found the three days of the of the of examsurprisingly draining.surprisingly draining.surprisingly

“I knew it knew it knew would be a draining a draining a experience,” draining experience,” draining hesays, “but I didn’t expect to be so exhaustedwhen I left the exam room on day 1—especially day 1—especially daybecause I’d felt particularly well particularly well particularly equipped forthat part of the of the of exam.”

To recharge and rebuild his confidence, Jameswent on a long a long a bike long bike long ride—just one of many of many of

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to all of our successful UFE writers on their individual achievements and their unprecedented pass rate!


taken in the summer leading up to the UFE.“I’d made a habit of finishing every study day

with a 25km bike ride, followed by a 1km swim or a couple hours of martial arts (Karate and Ko-budo),” he recounts. “This helped me deal with the stress of the day’s simulations, and helped me sleep well. So when it came to the actual exam, I kept to this routine.”

James advises future UFE writers to make physical fitness a “concurrent goal.” He also cau-tions against over-studying. “The Densmore Consulting course ingrained in my mind the importance of a balanced study plan, and I think it’s the primary reason I didn’t burn out,” he explains. “I never studied for more than seven hours a day, or more than five days a week.”

He’s grateful for his three study partners along the way: Sean Hosick (articling with Tyce Carle-Thiesson CAs) and Paul Rokeby-Thomas and Han Shu (both with Lee and Sharpe CAs). “The four of us stuck through very loud construction at the University of Victoria library,” he says, “and we challenged each other to develop the skills necessary to succeed.”

James also thanks the partners at his firm: Chuck Burkett, CA, CFP, TEP, and Lance Ab-ercrombie, CA. “The wide variety of practical experience they’ve given me during my articling

time helped me develop the analytical skills nec-essary to challenge the UFE,” he says. “I also credit two of my non-accountant friends, Oliver Strange and Katie Price, for giving me confi-dence and strength, and helping me stay somewhat level-headed throughout.”

Chris SchaufeleChris was born and raised in Maple Ridge, and is a graduate of Simon Fraser University, where he studied accounting and business. In 2008, he earned a bachelor of business administration

with a concentration in accounting.While working toward his university degree,

Chris also completed four co-op terms with KNV Chartered Accountants LLP in Surrey. “I credit the SFU co-op program for jumpstarting my career and my pursuit of the CA designation,” he says. “I’d been intrigued by the idea of pursuing this designation for quite some time, and it seemed like a natural progression as I moved forward with my education and career.”

Chris became a full-time articling student with KNV in 2008, and says the firm has been an

invaluable training ground in the years leading up to the UFE.

“I’d like to thank my firm for the excellent support I’ve received, especially during the summer before the exam,” he says. “The partners and staff have gone out of their way to ensure my success, and it’s something I wholeheartedly appreciate.”

Chris also singles out his UFE study buddy at KNV, Alicia Jobb. “I’d like to thank her for, and acknowledge, her support,” he says. “I found it extremely challenging to stay focused over the summer, especially when simulations didn’t go well, but Alicia helped keep me focused and provided helpful support and feedback.

“Finally,” he adds, “I’d like to thank my family for their support, and especially for always being there for me when I needed it over the summer.”

Chris advises future UFE writers to do their best to stay on track: “Stay focused over the summer, and stick to your study plan—no matter how impossible or endless the process might seem. But don’t over study; never down-play the importance of downtime. Take your evenings and weekends off to recover and take your mind off of things.”

For Chris, that meant scheduling time to play and watch hockey, watch movies, and be with friends and family.

Congratulations to KNV’s

2010 Successful UFE Writers

KNV believes the key to motivation is a unique balance of desire, determination, and commitment. Wade, Alicia, Amanda, John, Sakina, Chris and Lavonne truly embody these elements in their unrelenting pursuit of goals and commitment to excellence. We are incredibly proud of our students who passed the 2010 Uniform Evaluation and look forward to their future contribution as part of our team of outstanding professionals. Special congratulations to Chris Schaufele who made the National Honour Roll.

“The great thing in the world is not so much where we stand, but rather in what direction we are moving.”

- Holmes

Independent Member firm of DFK International

www.knv.com Wade Paulhus, Alicia Job, Amanda Sytsma,

John Demetri, Sakina Rashid, Chris Schaufele, Lavonne Stewart

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tain a life outside of studying. Leave at 5pm and don’t study on weekends. Make plans with friends or find a hobby—it will help you to stay motivated and avoid burning out.” (In her spare time, Meaghan likes to go horseback riding, play volleyball, shop, travel, and hang out with friends.)

“I have to say, maintaining a strong work ethic of studying five days a week and continually writing case after case was much harder than I anticipated,” Meaghan admits, “but, in the end, I’ve found the UFE experience empowering. Looking back and seeing how far I have come is really exciting.”

*2009 UFE Honour Roll.

Catherine WongBorn in Petaling Jaya, Malaysia, Catherine was just two years old when her family immigrated to Canada. She grew up in Vancouver, and at-tended the University of

BC, where she studied accounting and transpor-tation and logistics. In May 2008, she graduated with a bachelor of commerce.

Catherine cites the example set by her brother, Mark Wong, CA (now a manager at Ernst & Young LLP in Bermuda) as a major factor in her decision to enter the CA program.

“It was the natural choice for me by the time I finished university, because I already viewed the CA as the stepping stone that would provide me the most opportunities for any career I chose to pursue in the future,” she says. “Also, some of the most interesting people I’ve met are CAs, and I know that getting this designation will put me in very good company.”

Catherine is an articling student with Deloitte & Touche LLP in Vancouver, and she attributes much of her UFE success to the support of her colleagues at the firm.

“My mentor at Deloitte, Jennifer Yeung, CA, marked my cases with an iron fist—a personal touch that ensured I didn’t make the same mistake twice,” she says. “I’m grateful for the support of all my co-workers during the UFE process, and I want to give special thanks to my study group for having the patience to put up with me the entire summer.”

Keeping her mind off the exam in the evenings often proved difficult, she says, but playing tennis, running, reading, and spending time with family and friends helped.

“I want to thank my family and friends for their support,” she adds, “and my brother Mark, for pointing me in the right direction.”

“Despite all the advice from past years’ writers, the UFE process was far more pressing and draining than I would have ever expected,” he admits. “After months of build up, the three days of the exam went by like a blur, and I when it was all over I felt a mixture of relief and ex-haustion, but was thrilled that it was all done. And knowing that I’ve followed through on my commitments to myself and my career, and making it all the way, is extremely rewarding.”

Meaghan VanderlindenMeaghan has experienced life in four Canadian provinces so far: She was born in Calgary, Alberta, and spent her teenage years in Victoria, BC; in between, her family also

lived in Thornton, Ontario and Winnipeg, Manitoba.

After high school, Meaghan chose to stay in BC for her post-secondary studies, enrolling in busi-ness courses at the University of Victoria. She graduated with a bachelor of commerce from UVic in 2008, and completed an MPAcc degree from the University of Saskatchewan in 2010.

Meaghan is now articling with KPMG LLP in the firm’s Vancouver office, where she focuses on the real estate sector.

“I hope to work overseas for a while and continue specializing in real estate,” she says. “Later on down the line, I could see myself teaching accounting at a post-secondary institu-tion—following in the footsteps of my mom.”

Meaghan describes her family and loved ones as her biggest supporters.

“I would like to thank my mom Barbara, my dad Jos, my brother Craig, and my boyfriend Cameron Tullis, CA, for being there for me—not just during the UFE but through life. I would not be where I am today if it wasn’t for all of them.”

For her success on the UFE, Meaghan also thanks her various study partners at KPMG Vancouver. “I’m grateful to all of them, but especially to Victoria Mah and Jodi Litzenberger,” she says. “And I want to thank my mentor at KPMG, Matt Stevens, CA,* for challenging me and encouraging me every step of the way.”

Creating a support system is key, Meaghan says, especially in the stressful weeks leading up to the exam.

“I would also advise future UFE writers to take any setbacks as learning experiences,” she adds. “Make sure to keep your confidence and main-

THE FUTURE IS HERE.The partners and staff of Saturna Group are extremely proud to recognize Yi Chen and Christine Pan for successfully completing the 2010 UFE. Such achievement requires desire, determination, and effort, which are qualities that Yi and Christine have exemplified during their road to success. We are excited to have such enthusiastic and highly motivated professionals serving our valued clients.

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Looking back, Catherine says the actual exam was comparable to the case writing she’d done with her study group.

“Obviously being in the real situation creates a bit more stress, but it ultimately felt like it was just another case,” she remembers. “I expected to be much more nervous on the three days of the exam, but it wasn’t an issue. I just focused on getting it done.”

Catherine advises future UFE writers to be pa-tient with their progress. “You’ll be frustrated at the start,” she says, “but you’ll reach a point where the light bulb goes off. Before then, you have to learn how to write the exam, so don’t get too fussed about getting the right answer to start with.”

Kayan Yu Born in Vancouver and raised in Coquitlam, Kayan studied biochem-istry at the University of BC. She graduated in 2006 with a bachelor of science and a minor in finance. In 2007, she

completed the Diploma in Accounting Program (DAP) at UBC’s Sauder School of Business.

“The courses I enjoyed the most during uni-

versity were the courses related to my finance minor,” she recounts. “During my last semester at UBC, I went to a DAP meeting out of curiosity, and decided right then that I wanted to become a CA. The idea that I could take my CA designation and turn it into almost any career I wanted was very appealing.”

Today Kayan is articling with KPMG LLP in the firm’s Burnaby office. Over the long-term, she plans to have a career that enables her to make a positive contribution and effect change. Right now, however, she’s just happy to put the UFE behind her.

“Before I started studying for the UFE, I was sold on the idea that my summer was going to be the best summer of my life,” she says. “Everyone described their UFE experience as a vacation. In actuality, my summer was incredibly stressful and frustrating. By the time the exam came, my only motivation was to avoid having to do it again!”

Kayan is thankful for all those who helped her pass the exam.“I’d first like to thank my family who have always been there me,” she says. I’d also like to thank my

childhood friends Allison Ning [articling with Vanderluit & Associates] and Craig Sherneck [articling with Walsh King], who also wrote the UFE this year, for supporting me. I’d like to thank my UFE mentors at KPMG, Sara Lien, CA, and Rohan Raheja, for marking my exams and making sure I stayed on track. Finally, I’d like to thank my study buddy Leigh Stuart Burbidge [articling with PwC LLP] for motivating me and providing a steady stream of caffeine for those long days at the library.”

An avid traveller, Kayan recently took a six-week trip to celebrate finishing the UFE, travelling to China, Montreal, and New York. With the results now in, she offers this advice to future writers:

“Follow your intuition and trust yourself. Be sure to adapt a study plan or writing technique to suit your own needs and style. And don’t hesitate to lean on your support system—they’re there to help you when you really need it.”

PhotographyLandon Bailey and James Porter were photographed by Deddeda Stemler of Photography by Deddeda in Victoria. The remaining students were photographed by Kent Kallberg of Kent Kallberg Studios Ltd. in Vancouver.


O nce again, CASB students enjoyed great success on the Uniform Evalua-tion (UFE), one of the world’s most

challenging exams. The 2010 results show that 1,136 CASB students—the highest number in CASB’s ten-year history—demonstrated the level of competency required to become a CA; moreover, 954 did so on their first attempt.

BC students enjoyed great success this year: 503 successful candidates are from this province, and 430 of these candidates passed on their first attempt. Also this year, 24 of the 50 individuals who made the National Honour Roll this year are CASB students, and 13 are from BC.

Congratulations to all of you!

UFE Results Recap for BC and CASBBy Dr. Sheila Elworthy, CA

About the results recapIn conjunction with the CICA and the other provincial institutes, the ICABC adheres to the 2009 national agreement on how to present the results. The approach focuses on flow-through rates rather than pass rates. Extensive additional data continues to be provided to and reviewed by councils, CASB, and educators.

UFE flow-through rateThe number of students who write the UFE and ultimately become CAs is what determines our flow-through rate. More than 96% of the students who have written the UFE in recent years ultimately passed the exam, which should be reassuring for CASB students who have yet to write (or pass) the UFE.

Year Flow-Through% 2006 97.0% 2007 96.8% 2008* (cumulative 2nd attempt only) 96.5%

BC school performance BC schools continue to produce successful candidates, as indicated in the following table:

School NumberofSuccessfulCandidates British Columbia Institute of Technology 14 Camosun College 8 Capilano University 4 Kwantlen Polytechnic University 11 Langara 2 Okanagan College 20 Royal Roads University 6 Simon Fraser University 83 Thompson Rivers University, Open Learning 11 Trinity Western University 7 University of British Columbia 168 University of the Fraser Valley 10 University of Northern British Columbia 14 University of Victoria 46 Vancouver Island University 7

Competency-based educationEducation, experience, and evaluation each play a role in the process of becoming a CA. CASB provides the education, CATOs deliver the experience, and the evaluation is measured on the UFE. This year’s success demonstrates the effectiveness of this approach in preparing students for long-term careers.

EEO successThis year we’ve seen the largest group of successful candidates who trained in expanded experience positions. A total of 26 candidates from the CASB region—including 18 from BC—trained outside public practice and successfully challenged the UFE. We expect this number to continue to grow with the number of EEO CATOs in the coming years.

Again, congratulations!CASB is proud of the 503 BC candidates who were successful on the 2010 UFE, and we extend special congratulations to the 13 BC students who made the National Honour Roll.

Dr. Sheila Elworthy, CA, is the vice-president of learning for the CA School of Business.

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Keith ACTONDaniel ADAMSKevin AGEMAManhal AL-KHAFAJIBryan ALBANOMelodie ANDERSONAndrea ARMITAGEKirandeep AUJLAKevin BALDWINSONRobyn BELLKyle BERGSTROMPeta BESTTiffany BEVANJohn BINSTEADAndrew BLACKNolan BLACKIEClayton BOLTONJayden-Lee BOURGARDMichael BOWCOCKDaniel BOWERMANChristopher BOWRALee BRADSHAWStephen BROWNAlissa BRYDENPriya BUBBERCurtis BUDGELLKyle BUNNELLLeigh BURBIDGEBenjamin CAMEDerek CANDYJack CARTMELMichael CASALERyan CAVANDaniel CHAMBERSEmily CHANHong Nathan CHANSerena CHANSibil CHANVictoria CHANSubash CHANDGurdev CHANDIDarryl CHANGShelly Yih-Wen CHANGSusie CHANGHsuan-Yi (Jenny) CHAOMonique CHARBONEAUEllina CHARIPOVARatika CHAUDHARYRamanjit CHEEMALixin CHEN

Congratulations to BC’s 503 Successful UFE Candidates for 2010!

Yi CHENAllan CHENGQuan CHENGVincent CHENGAlexander CHEONGAlice CHEUNGLindsay CHIANGJeanie CHOIEdmond CHONGCharles CHOUQueenie CHOUAaron CHOWDaniel CHOWMay CHOWVenus CHOWHee Young CHUNGJessica CLARANCEDustin CLARKSarah CLARKAdrienne CLAROTTOAmanda CLIFFMichael CLIFFAlison COLLINSCourtney COLLINSJoshua CONTANTSuzanna CRESCENZOLee CRIGHTONHeather CROWJulie CRUISEKelly CUNNINGHAMRobert CURRANBrent D’ANDREAAdrian DASTURGemma DAVISSean DEISSNERMarkus DELVESIoannis DEMETRIKassi DESROCHERSDarren DEVINEAvthar DHALIWALJasbir DHALIWALNavdeep DHALIWALRaveena DHALIWALJason DHAMIAdrian DICKMANWenwen DINGJason DONGKatherine DONNELLYWilliam-Francis DOS SANTOSSean DOUGHERTYHeather DOWNEYNimrat DUHRALina DUQUEReid DUTHIEMatthew EDENCourtney ENGWendy ENNSJustin EZEKIELNathan FALLISWalter FAWCUSSandra FERENZZico FERNANDESRyan FINNERCory FLECKTamara FLINDELLJason FOTHIan FREWMartene FRIESENTyler FRIESENLee FULLA

Bonnie FUNGJoyce FUNGSabrina FUNGSherry FUNGKimberly FUSSELLRobert GEIERYlena GERSHTEINHarkeet GHAGJacklyn GIDDAKara GILLILANDChristopher GREGSONSteven GRIPPORichard GROVESJoshua GRUBNERGui GUIConnie GUOVolodymyr GUSAKHussain HAJIRyan HALESKristal HAMAKAWANicholas HAMILLRyan HAMILTONTawnya HAMILTONIan HARCUSWilliam HARPERShawn HARRISONKen HARVEYTimothy HARVIEErin HAYCrystal HEShuo HEBenjamin HELLEWELLLaura HENDERSONKathleen HILLEriko HIRABAYASHIBetty HOIrene HONicholas HOTerry HOSteven HOLDENTerence HOLMESLiang Chin HONGMartina HORVATHOVASean HOSICKShuming HUChia-Mei HUANGLi Xin HUANGShaohua HUANGXinlin HUANGYe Xi HUANGIdania HUERTA MUNOZAllan HUNGEvany HUNGRyan HUNGTun HUNGAndrew INGENHORSTSusan INOUYEMichelle IORIONoel ISBERGGeorge JAMESBrandon JANGAman JANJUAMarika JAROSZKIEWICZLisa JARVIEBraden JENSENIrena JESOVNIKMichael JIANGAlicia JOBBTanner JOHNSTONErin JOYNER

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Anuja JUMANILisa JUNGChristopher JURYTheodore KEBEDENicole KELEMENSatinderjit KHATKARDaniel KIMYun-Hsuan KOJasmin KOHLWing Yan Daisy KONGGeorgiy KOVALYOVChelsea KRAFTAdrian KUBASVikramjit KULLARChin Hang LAIDaniel LAIAmy LANGDonnelle LANGAlex LAUClive LAULiana LAUNathan LAUNevin LAUBrian LAVECKGary LAWPerry LAWLORChristopher LAWSONJames LAWSONAndrew LEEBrenda LEECalvin LEEJessica LEEJoanne LEEJonathan LEEKarvin LEETony LEERiley LEFEBVREAndrew LEUNGJanet LEUNGFrances LEVITTLi LINa LISuet Wai (Yukie) LIYixing LIYong Tao LIChristopher LIMCathy LINChuan Chiao LINHsin LINLora LINPaulina LIPSKAJodi LITZENBERGERBochun LIUDanny LIUEllen Xinyi LIUNing LIUXin LIUMichael LLOYDVictoria LOJane Anne LONGCatherine LOTGraeme LOW AH KEEAmanda LOWDENLeah LUDVIGSONNancy LYAnnie MARyan MAScott MACCORMACScott MACEACHERNElizabeth MACKENZIE

Erin MACKILLOPJordan MACLELLANBrandon MACNEILRoss MACPHERSONOwen MADRICKVictoria MAHEmily MAHANNAHStephanie Y-W MAKJunaid MALAM-HASSAMAndrew MALASHEWSKYSoni MANDNicholas MARACHJonathan MARKSChristina MARTINStephanie MASONLaura MAZURAlexander MCAULAYKyle MCELWEEHeather MCGHIELucas MCLEANShahilla MEGHANIMartie MENDOZAAnkur MERWAHAKali MEYERGeoffrey MIACHIKATarah MILLERDavid MILLIGANAmrit MINHASCara-Mia MITCHELLZoe MITCHELLHeidi MOPaul MOORESandra MORFORDKevin MORRISJonathan MORRISONCarolina MORSEJason MOSBERIANStephanie MUNROAllana MURRAYCharles MUTANDAAinslie MUZZINJason NALEWANYJRachid NAYELMatija NECEMERChristine NELSONMichael NGTanya NICHOLISHENChristopher NICKELAllison NINGElena NOVIKOVAMark NOWOSTAWSKIKevin O’REILLYRaymond OLTHUISRichard ORMISTONJames ORRTed PACSONChristine PANTatiana PANASSOVAMarco PARENTEScott PARKKathryn PARKERJay PARLEYParminder PARMARWade PAULHUSMark PAXIANLejla PEKARICBo PENGDustin PEWARCHUKThomas PHILIPPSONWilliam PICKLES

Daniel POELMANMonica POLONISDavid POPEMichael POTTSJane PROVINCIANOJames QIMirza RAHIMANIParveen RAIDavid RAJANAYAGAMNicole RAMSAYSakina RASHIDBrenton REIMERSina REZAIMichelle RICHIERMatthew RICHMONDDaniel ROBERTJessica ROBERTSTeri ROBINSONJessica ROCKLIFFRamil RODRIGUEZPaul ROKEBY-THOMASEvgenia ROLZINGAlisa ROSENBERGDale ROSSJeffrey ROSSGregory RUITENBECKKristin RUMMELLRyan SAHOTAKristen SALIJoseph SALTERWilliam SASSValerie SAUVEJameel SAYANIAdam SCHELLAngela SCHMIDKevin SCHMIDTPatricia SCHOENROTHChristopher SCOTTJennifer SCOTTDavid SEBASTIANJustin SEBULSKYFrancesco SEMINARARupam SHAHTimothy SHAMIqbal SHANGHERAHeather SHARPEHamid SHEKARCHICorey SHELTONCraig SHERNECKLaura SHIELLLori SHIPPYHan SHUAaron SHUTOLeja SIMPSONDian SINAGALorne Angus SINCLAIRJason SISKAGwennie SIUEmily SLUGGETTJames SMEATONNick SMITHStefanie SOJeminah SOLIMANAndrew SOMERSEva SOPPITMatthew SPLINTERRyan STASCHUK

continuedonpage28


Jacqueline STEVENSJonathan STEWARTLavonne STEWARTRichard STOLZAndrea STUARTYuki SUGIYAMAJimmy SUMJennifer SUNGBrent SUTHERLANDAmanda SYTSMADayna SZYNDROWSKIKyle TAKEUCHIStefanny TAMJunko TAMASHIROKevin TANGAdrienne TAYLORAshleigh TAYLORMegan TERRILLGeoffrey TESSAROLORachel THOMASRobyn THOMSONJason TIESSENNatalie TIMLERJennie TOJulia TOMPAWinnie TONGShahed TOOTOONIANJoy TOUShaun TROWSDALEMolika TRUEMANWan-Hsien (Nina) TSAI

Yun-Lin TSENGNina TURKIEWICZJameel VAGHELARoberto VALENTEJeffrey VAN JAARSVELDKimberly VAN WIERENGregory VANDERGAAGTatjana VAREPJan VEIELGianni VELTRIJeannette VERGARAOmar VISRAMKetan VOHORAJonathan VONDETTEJamie WALGRENSarah WALSHLingya WANGElizabeth WARNICAJeffrey WASYLIWBenjamin WATERERCrysta WEBBSiqi WEIWen (Alice) WENLaura WENSLEYScott WHITERobert WIDDESSRyan WILCOXAndrew WILLIAMSJeremy WOENSDREGTBrenda WOLFRAMAmanda WONG

Richard WONGTimothy WONGTravis WONGTyler WONGDorothy WOOBentley WOODPeter WOODRUFFChun WUJacqueline WUYi WUJeffrey WUBSErsu XUYing XULee YAKUBOWICHShuangjie YANGYi YAOKrystal YEEMelissa YEOMANSMan Wah YIPJeffery YOUNGJennifer YUKevin YULawrence YUENSharon YUENSharon YUENKyung-Ah YUNSara ZACHARIASRong ZHAOCong ZHOUMin ZHOUXiaoling ZHOU

BC’s Successful UFE Candidatescontinued

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Mark A. ZlotnikC.A., CLU

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H.G. (Howie) Young

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Bruce K. BergerB.A., CFP

W.A. (Bill) FinlayB.A., C.A.

Lynn NewsomeKen McNaughtonCFP, CLU, CH.F.C., RHU,

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Carrie LyleB.COMM., MBA, CMA, CIM

Heidi U. PullemCFP, CDFA

Matthew W.P. Anthony

B.A., CFP

Aeronn ZlotnikB.A.

Nancy PereiraGBA

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CH.F.C.

Martin ZlotnikB.COMM., LL.B

Mark A. ZlotnikC.A., CLU

P.M (Pip) SteeleB.COMM., CFP, CLU, CH.F.C.

Robert E. OlsonB.A.

H.G. (Howie) Young

CFP

Bruce K. BergerB.A., CFP

W.A. (Bill) FinlayB.A., C.A.

Lynn NewsomeKen McNaughtonCFP, CLU, CH.F.C., RHU,

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Ross GibsonDIPT.T

John V.R. WarkB.COMM., C.A., CFP, CLU,

CH.F.C.

Amin E. JamalA.C.I.I., CLU, TEP

Michael A. HealeyB.A., CFP, RHU

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B.A., CFP

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Jack ShafferCFP, CLU, CH.F.C.l

Steven KouB.COMM., B.SC., CGA


CA Specialist Designations SeriesBy Marlyn Won, CA, CMA, MAcc, and Michelle McRae

Part 1: CA·CIAUnder an agreement between the CICA’s National Specialization Council and the Institute of Internal Auditors (IIA), the CICA recognizes the IIA’s Certified Internal Auditor (CIA) program as the specialist certification program for CAs working in internal audit.

The CIA designation was established in 1974. It is recognized internationally, and there are now more than 60,000 active CIA designees worldwide. The designation signifies proficiency in internal audit, management controls, corporate governance, and risk management, and, as such, is applicable to all sectors.

To gain some insight into what it means to hold this designation, we spoke to three BC CA·CIAs: GurmitAujla,CA·CIA, is the director of Internal Audit at the British Columbia Lottery Corporation in Richmond. He earned his CA·CIA designation in 2000. DavidChiang,CA·CIA, is the general manager and director of Professional Services with ACL Services Ltd., a Vancouver-based software

When it comes to your career, have you considered using the CA designation as a springboard into a specialty area? Specialization is a topic of interest for many ICABC members—from newly qualified CAs wanting to explore career options to well-established CAs looking to increase their expertise in a particular field. If you’re among them, you may be wondering if earning a CA specialist designation is the right choice for

you at this point in your career. To help you answer this question, we’ve put together a four-part series on the six CA specialist designations currently endorsed by the Chartered Accountants

of Canada (see chart on page 31). Our first instalment profiles the CA·CIA designation for CAs working in internal audit. Look for information on the CA·CBV, CA·CIRP, CA·CISA, CA·IFA, and CA·IT designations in upcoming issues of the magazine.

Our thanks to the CA specialist designees who agreed to be interviewed for this series.

company that provides audit analytic technologies to the governance, risk, and compliance market. He earned his CA·CIA designation in 2001. Lisa Dorian, CA·CIA, is the president of PowellDorian, a consulting firm in Vancouver that focuses on governance, risk, and controls to help companies maximize and protect share-holder value. She earned her CA·CIA designation in 2004.

Gurmit Aujla, CA·CIA

David Chiang, CA·CIA

Lisa Dorian, CA·CIA

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Why did you pursue the CIA?Gurmit Aujla, CA·CIA: The opportunity to travel internationally and work with the opera-tional side of the business enticed me into the internal audit industry. The CIA designation allows you to be best-in-class and a leader in this field. It lays the foundation for working in the internal audit environment, and it’s the standard by which internal auditors demonstrate their competency and professionalism.

DavidChiang,CA·CIA: When I joined ACL Services, my mandate was to grow its technology-enabled consulting practice. It was a natural fit for me to extend my expertise by becoming a CIA. I initially compared the CIA and the CISA, as both are relevant for our consulting, but because my primary contacts in our customer base are chief auditors, the CIA was the preferred designation.

LisaDorian,CA·CIA: I was helping a financial services client set up their business, and one of the last items for me to do was to hire an internal au-ditor. When I suggested that the client outsource

CICA-Endorsed Specialist Designations

Specialist Designation Issuing Body or Website Accredited Organization

CA·CIA Institute of Internal Auditors cica.ca/cia(Certified Internal Auditor)

CA·CBV Canadian Institute of Chartered cica.ca/cbv(Chartered Business Valuator) Business Valuators

CA·CIRP Canadian Association of Insolvency cica.ca/cirp(Chartered Insolvency and and Restructuring Professionals Restructuring Professional)

CA·CISA Information Systems Audit cica.ca/cisa(Certified Information and Control Association Systems Auditor)

CA·IFA CICA Alliance for Excellence in cica.ca/ifa(Investigative and Investigative and Forensic Accounting Forensic Accounting)

CA·IT CICA Alliance for Excellence in cica.ca/it(Information Technology) Information Technology

since they didn’t require a full-time resource, they asked me to fill the role. After much consideration and discussion, I agreed. I recognized that in order to fulfil my responsibilities to the best of my abilities, I would need more training. I did some research and determined that the CIA designation would meet my needs perfectly. What I liked most about the CIA is that it provides a basis for the skills and knowledge required by anyone involved in internal audit.

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Gurmit: I got my CA in 1999 and my CIA shortly thereafter, in 2000. I was among the first group to receive the CA·CIA specialist designa-tion. At the time, I was working at my first job in internal audit, and the CIA designation was a great way to improve my technical skills and better understand the internal audit field.

What was the process like for you?Lisa: I found it to be fairly straightforward. I put in my required internal audit time and then wrote the exams. Since the skills of a CA are complementary to the internal audit profession, I only needed to write three of the four exams. I used a series of self-study books and studied during any spare time, including when I went on a three-week vacation to Mexico. I have to say that was one of my more “interesting” vacations! I sat by the pool for several hours every day, reading a book with the acronym “CIA” emblazoned across the front cover, and a few people asked me if I was studying to become a federal agent!

I think the entire process ended up taking around two years, start to finish. I made things a little more difficult on myself by choosing to sit for all three exams at once instead of spreading it

out more; however, I was happy I had that op-tion, as it forced me to commit to the process and prepare properly. The process itself has become somewhat easier now, as the exams are now computer-based, and results are instantaneous.

Now that I have the specialist designation, I maintain it by obtaining the majority of my continuing professional development hours in the area of governance, risk, and control, both through attending courses/ webinars and putting them on as well.

David: The process involved self-study to prepare for the four-part, multiple-choice exam (though, as mentioned, CAs and other certified professionals are exempted from one of the four exams). The benefit of self-study is that you can go through the materials at your own pace. When I wrote the CIA exams, they were paper-based, but now, you can walk into an exam centre and write the exam electronically whenever you feel ready.

I completed the CIA in less than one year and wrote all the CIA exams at the same time. With the convenient electronic examination process for newer candidates, a typical timeframe can be to write the exams over a period of a year or more. However, you still need the practical audit

Once I had the CIA designation, it made sense to apply for the specialist designation and become a CA·CIA to demonstrate my specialty in the area of governance, risk, and control.

At what point in your career did you get the CIA?David: I qualified as a CA in 1993 and received my CIA eight years later, in 2001. By that point, I was already well-established in the professional advisory area as a CA and certified management consultant. When I joined ACL, where the customer base is primarily internal audit profes-sionals, I saw the CIA designation as a means to establish credibility.

Lisa: I obtained my CIA 10 years post-CA qualification. I was fairly well-established already, having held controllership and CFO positions before trying my hand at consulting. When I agreed to get into internal audit, I wanted to make sure that I had the knowledge behind me to support and lend credibility to my work, and the CIA designation did that for me. And when I truly understood what internal auditing was all about, I realized that this was more than just a part-time gig, and that internal audit abso-lutely is a value-added role in any organization.


experience as part of the accreditation process.

Gurmit: It only took me a couple of months, but it depends on the amount of time you’re able to commit. It’s no easy task, but it’s worth the effort. What I liked best about the program was the wide breath of knowledge tested. And the focus on IT was a pleasant surprise.

What benefits have you experienced?Gurmit: The designation is good for career advancement and success, because you’re seen as the expert in your field. It increases your earning potential, and makes you more competitive in the job market. It also gives you opportunities to work with large international companies, as you’re able to apply your skill-set in different international settings.

While working with an international company, my CA·CIA designation gave me increased exposure to the Asian and European markets. It allowed me to work with colleagues from Asia, Europe, and Africa to get an understanding of their audit practices. Now, at the BC Lottery Corporation, the CA·CIA designation brings added respect, and quite often I am seen as the governance and control “go-to guy.”

David: As a specialist in technology-enabled audit, I’ve had the opportunity to work on some very interesting customer engagements, from fraud detection to enterprise-wide controls monitoring. As well, I’ve contributed to the development of market-leading technology solu-tions for data analysis and continuous auditing.

In addition, I’m frequently invited to speak as a thought leader on data analytics at professional conferences. I’ve presented at over 30 confer-ences, and enjoy sharing case studies and best practices. I’ve authored articles and contributed to various blogs, and I’ve also had the pleasure of travelling to different conference and client locations.

The CIA designation has also been especially helpful in my governance work as a member of several audit committees. It is an extra value-add when dealing with chief auditors, external auditors and other audit committee members—especially those not deeply familiar with controls.

But it’s not just about the designation. My membership in the IIA has allowed me to contribute to the internal audit profession—both at the chapter level, where I’ve served on a number of boards, and the international level, where I served on the Professional Issues Com-

mittee. And as an IIA member, I’m able to enjoy many social, networking, and educational oppor-tunities hosted regularly by the IIA Vancouver Chapter.

Lisa: Obtaining my CA gave me a very strong skill set for analytical thinking and problem solving, and my CIA designation has provided additional training and knowledge in the area of governance, risk, and control. By having a CA·CIA, I’m able to assure my clients that I have the appropriate skill-set to carry out my assignments.

I’ve also had the opportunity to conduct a lot of training sessions for finance and internal audit professionals. The specialist designation lends credibility, and provides a level of comfort to my audience, letting them know that I’m well qualified to speak on my subject matter. For me personally, I want to take the knowledge that I’ve gained and share it to the best of my ability, which is why I now spend the majority of my time training and speaking on this topic.

I have also found that there is a substantial amount of support material available through the IIA, and I appreciate that internal audit standards are very stringent and well thought-out to both support and guide internal auditors.


What’s the demand in the marketplace?David: In the last decade, there has been a tremendous increase in the number of CIAs because of the emphasis on stronger financial controls. US legislation such as Sarbanes-Oxley, as well as Canada’s equivalent legislation Bill 198, has fuelled this growth. And, it’s still going strong. President Obama recently signed the Dodd-Frank Act, which, when rolled out to the financial services sector, could be the sequel to SOx. All of this means that controls monitoring will remain top of mind for many CFOs and chief auditors, so this area of the profession is not likely to diminish anytime soon. Anyone contemplating internal audit or risk management work in the US will find the CIA a very useful designation, especially when combined with the highly regarded CA designation.

Many chief auditors also hold the CIA desig-nation, and it is recognized internationally as the premier designation for internal auditors. It is one of the fastest growing credentials in key developing areas such as China and Asia.

Lisa: I think demand is higher now than it’s ever been. The recent financial crisis and the ensuing difficult times have demonstrated the value that internal audit can bring to an organization. Internal auditors are process experts, and truly understand the linkages between objectives, risks, and controls. Companies that have benefited most from their internal audit depart-ments are those that have embraced internal audit as a true value-add, rather than just a compliance function. These companies have taken advantage of their internal audit teams by having them perform business process reviews and facilitate risk and control workshops to identify areas of potential weakness and find opportunities for improvement.

Gurmit: There is tremendous focus on risk, governance, and control at the board level. Internal auditors are well positioned to assist audit committees and boards in fulfilling their governance responsibilities. This creates high demand and opportunities for CA·CIA specialists.

Any advice or lessons learned?Gurmit: I’d advise CAs who are interested in internal audit to use the CIA as a launch pad for their careers. Use it to move you from good to great in the internal audit field. Use the designation to take control of your career and open doors to different job opportunities in the internal audit field. Use it to increase confidence (it makes you

Who should consider earning the CIA?Lisa: Any CA who is involved in or wants to be involved in the internal audit profession should consider it. As CAs, we understand basic audit techniques, but all of our training is focused on financial statement objectives. Internal audit is much different, focusing on internal control objectives. To be a good internal auditor, it’s important to be more operationally focused and consider things from a business process perspective. The CIA training helps refocus that thinking, and the designation is so valuable in demonstrating that you’re a specialist.

I also think that when a new CA is looking to move into industry that he or she should consider pursuing internal audit as an alternative to a role in finance. Internal audit gives you the opportunity to learn all facets of a business and provides a good career path for anyone who may want to move into a senior management role. In fact, when we perform quality assessment reviews for internal audit departments, one of the questions we ask is whether the company uses the internal audit department as a training ground for high-performing individuals who have management potential, as this is considered a best practice.

Gurmit: Anyone serious about a career in inter-nal audit or risk management should consider earning the CIA designation.

I think it’s a must-have for new hires in internal audit who want to move to the top management positions in the field. It shows commitment, profi-ciency, and professionalism, and demonstrates knowledge, skills, and competency in the internal audit field. The designation will help distinguish you from your competition, all other things being equal. I think it would be seen as a positive even for an individual who’s not in the internal audit field—with our expertise in risk and governance, CIAs would make a welcome addition to any finance department.

David: Anyone who is involved in controls and risk management would be ideal for this designation. Career-minded CAs who are con-sidering the internal audit profession or servicing clients who may be chief auditors would definitely benefit. The CIA can also be consi-dered if someone is contemplating a career in compliance or risk management.

the expert), and don’t be afraid to take on new issues and opportunities.

David: A well-developed internal audit department should have professionally trained auditors. Having CA·CIA specialists on staff is a tremen-dous asset to executive management and the audit committee, who often rely heavily on the expertise that these professionals bring.

Lisa: In order to add value to an organization, you need to demonstrate that you take your profession seriously. Obtaining a specialist designation like the CA·CIA is one of the best ways to demonstrate this. However, the obligation doesn’t stop there. Strive to be the best you can be in the organization by continuing to hone your skills. Learn how to write for best effect, take communication courses to allow you to communicate at all levels of the organization, and always pursue learning opportunities to keep you at the leading edge.

I’d also recommend joining networks like those offered through the IIA and even Linked-In groups, where you can join in on discussions related to topic areas that interest you. For example, I belong to several LinkedIn groups on risk management, since this is the area of specific focus for me, and I find the discussions highly valuable and insightful. What I like most is that these discussions provide the perspectives of peers and enable me to tap into their collective experience.

In summary...We hope these testimonials have given you some food for thought. If you’re a CA who’s keenly interested in internal audit, management controls, corporate governance, and risk manage-ment, the CA·CIA designation is clearly something to consider.

If you’d like to learn more about the designation, you can visit the CICA website at www.cica/cia and the IIA website at www.theiia.org. And if you want to explore other specialist areas, be sure to check out the February/March issue of Beyond Numbers for profiles of other designa-tions.

Marlyn Won, CA, CMA, MAcc, is the president of MW & Associates Advisory Services Ltd., a Vancouver-based management consulting firm.

Suite 1100 1177 West Hastings Street Vancouver, BC, V6E 4T5 Telephone: 604.687.4544 Facsimile: 604.687.4577 www.bmmvaluations.com

Spencer Cotton: 604.697.5212 Jeff Matthews: 604.697.5203 Cheryl Shearer: 604.697.5293 Rosanne Terhart: 604.697.5286 Farida Sukhia: 604.697.5271

Vern Blair: 604.697.5276 Rob Mackay: 604.697.5201 Gary Mynett: 604.697.5202 Ron Parks: 604.697.5242 Hugh Livingstone: 604.697.5238

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Left to Right:

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Rosanne Terhart, Robert D. Mackay, Gary M. W. Mynett, Hugh G. L iv ingstone,

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Tax Traps & Tips

Reportable TransactionsBy Hayley Laker

On August 27, 2010, Canada’s Depart-ment of Finance followed the lead of the Province of Quebec, releasing

draft legislation requiring taxpayers to divulge the details of certain transactions that fit within what it characterizes as “aggressive tax planning.” While, at first glance, the proposed legislation appears less onerous than the Quebec legislation, failure to give the proposed federal rules adequate consideration could lead to troubling results for taxpayers and their advisors.

A brief overview of the federal legislationThe proposed rules generally require that an information return be filed in respect of any “reportable transaction.” In order to be reportable, a transaction must first be an “avoidance trans-action” as defined for the purposes of the general anti-avoidance rule (GAAR). In general, this is a transaction that results in a “tax benefit”1—either by itself or as part of a series of transactions—unless the transaction may rea-sonably be considered to have been undertaken or arranged primarily for bona fide purposes other than to obtain the tax benefit.

An avoidance transaction is “reportable” where two out of the three following hallmarks are present: 1. A promoter or tax advisor is paid a

“contingentfee.” A contingent fee includes a fee that is: a)

based on the amount of resulting tax bene-fit; b) contingent on the tax benefit being obtained; or c) attributable to the number of persons who participate or who have been provided access to advice regarding the tax consequences of the arrangement.

2. Thepromoterortaxadvisorrequired“confidentialprotection”withrespecttothetransaction.Confidential protection refers generally to confidentiality obligations with respect to details or structure of the transaction imposed by a promoter or tax advisor on the taxpayer.

3. “Contractualprotection”wasprovidedtothetaxpayer,advisor,orpromoter. Contractual protection may include: a) insurance or other protection against a failure of the trans-

action or series to achieve the indicated tax benefit; b) payment for or reimbursement of any expense, fee, tax, interest, penalty, or similar amount incurred in the course of a dispute relating to the trans-action or series; and c) assistance provided in the course of such a dispute.

A reportable transaction must be reported by a person who seeks to obtain a tax benefit from the transaction or series; a person who enters into a reportable transaction for the benefit of another tax-payer; and/or a promoter or advisor who is entitled to a contingent fee as described above. While each of these parties is subject to the reporting obligation, the filing of a complete disclosure by one of the parties would satisfy the obligations of all of the parties.

The information return must be filed by June 30th of the calendar year after the year in which the transaction first became a reportable transaction; this deadline applies even if the taxpayer has a taxa-tion year other than the calendar year. In addition, note that the “reportable transaction” may occur years before the related tax benefit arises in cases where the transaction is a part of a series of transactions undertaken to obtain said benefit.

The first consequence of failure to file an information return in respect of a reportable transaction is that the person obtaining the tax benefit from the transaction is liable for a penalty equal to the amount of the fees to which the promoter or advisor is entitled. In addition, for so long as the penalty and any interest thereon remains unpaid, the tax benefit may be denied.

Potential hazards There are a number of areas where the draft legislation may put taxpayers and their advisors at significant risk.

Confidential protectionThe definition of confidential protection is, arguably, too broad. For example, it may include relationships between taxpayers and their advisors if engagement letters are phrased without attention to these rules. Indeed, it has been suggested that an issue could arise as a result of something so simple as noting that an opinion or technical analysis is “Private and Confidential,” if the word “confidential” is understood to mean that the advisor is asserting confidentiality against the client.

Contractual protectionWhile a tax advisor may not provide obvious contractual protection, it is conceivable that fee reductions and/or write-offs in respect of a transaction that fails to provide the desired tax benefit could give rise to inadvertent applications of the reportable transaction rules.

1 The term “tax benefit” is defined in the current GAAR legislation as a reduction, avoidance, or deferral of tax or other amount payable under the Income

Tax Act, or an increase in a refund of tax or other amount under the Income Tax Act.

SeriesThe reportable transaction rules will apply to both: 1) transactions entered into after 2010, and 2) series of transactions that began before 2011 and were completed after 2010. The potential application of the rules to a series that began before the rules were proposed is very troubling—particularly given the expanded notion of the term “series,” resulting from the application of subsection 248(10) and the related jurisprudence.2

This expanded notion of “series” includes not only pre-ordained transactions, which are practically certain to occur, but also other transactions completed “in contemplation of” the series—with no requirement that the related transactions be pre-ordained or that there be actual knowledge of the series at the time.

Self-assessment of two GAAR requirementsThe proposed legislation is careful to point out that the filing of an information return in respect of a reportable transaction is not an admission that GAAR applies. However, given that the reportable transaction definition includes two of the three GAAR requirements (“tax benefit” and “avoidance transaction”), it is difficult to imagine—at a practical level—that CRA auditors will not regard it as such. And it will be cold comfort to the taxpayer if the apparent admission is rejected only after they’ve incurred the costs and aggravation of appealing to the Tax Court of Canada.

The upshotIn light of all of the uncertainties and risks sug-gested above, taxpayers would be well advised to avoid falling under the purview of the reportable transaction rules if at all possible.

Hayley Laker is an associate with Moskowitz & Meredith LLP, an affiliate of KPMG LLP. She specializes in international corporate tax.

2 Including, notably, OSFC Holdings Ltd. v.

Canada, 2001 FCA 260 and Canada Trustco

Mortgage Co. v. Canada, 2005 SCC 54.

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PD News

WINTER PD PROGRAMFor detailed course descriptions or a complete schedule of upcoming PD seminars, consult your winter 2011 PD brochure or visit our website at www.icabc-pd.com. To register, call the PD department at 604-681-3264.

FREE PDClimateChangeActioninBC–APanelDiscussiononRegulationsandOpportunitiesKick off the new year with this free PD event to get a current overview of climate change action in BC. This session will focus on the latest developments in BC and the risks and opportunities with respect to greenhouse gas emissions.

Through their front-line involvement in regu-latory compliance, the cap and trade program, and industry consultations, the panellists will be able to share valuable insights on current developments and opportunities in BC’s envi-ronmental landscape.

This seminar is FREE only for ICABC members. Pre-registration is required.Jan 18, 7:30-9:30am, Vancouver

Accounting & AssuranceNEW – ASPE:ASurveyoftheStandardsThis seminar is designed for individuals seeking an in-depth, detailed review of ASPE. Although it will focus solely on ASPE, rather than com-paring ASPE to IFRS or GAAP, the course will have broad appeal, and will be equally applicable to corporate and non-corporate private enterprises. Jan 20-21, 9am-5pm, Surrey

Jan 24-25, 9am-5pm, Kamloops

Jan 31-Feb 1, 9am-5pm, Victoria

Feb 7-8, 9am-5pm, Prince George

Feb 10-11, 9am-5pm, Abbotsford

Feb 14-15, 9am-5pm, Vancouver

Feb 17-18, 9am-5pm, Kelowna

Mar 10-11, 9am-5pm, Vancouver

IFRS–ApplicationtotheForestIndustryThis seminar will help participants understand the implications of IFRS for the forest indus-try—including the major challenges posed by the application of the standards in this sector. The course will provide broad but practical perspectives.Mar 10, 9am-5pm, Vancouver

NEW – PSAB101This seminar will help participants understand the types of entities that fall under the purview of the Public Sector Accounting Board, the applicable standards in the PSAB Handbook., and the impact of these standards on the preparation of financial statements.

The course will review the key recommenda-tions of the PSAB Handbook, and a variety of examples will be used to help participants under-stand the application of these recommendations.

The course will also examine the transitional issues that can arise during a first-time adoption, or as a result of changes to the standards or a change in the designation of an entity required to apply the PSAB Handbook.Mar 9, 9am-5pm, Vancouver

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ThinkonYourFeet®This practical, intensive workshop teaches par-ticipants how to speak spontaneously with clarity and impact. The goal is to help participants reduce the time it takes to communicate clearly.

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ProjectManagementEssentialsThis workshop will give participants a high-level understanding of the project management process, and will establish a common language, framework, and set of tools for project work. It will include hands-on, case-study-based practice with successful project management techniques, in a setting that both illustrates and requires collaborative behaviour.Mar 8, 9am-5pm, Vancouver

TaxationGST/HSTRefresherforProfessionalsThe application of GST/HST is often far more complex than practitioners or businesses realize. The harmonization of BC and Ontario in July 2010 has made this area even more complex.

This course will review important concepts, in-cluding: HST place of supply rules; taxable supplies and deemed supplies; input tax credit entitlements; and some of the more common and important exemptions and zero-rating provisions.Jan 26, 9am-5pm, Vancouver

NavigatingtheMinefieldofVoluntaryDisclosureThis seminar will help practitioners understand the voluntary disclosure process and how best to achieve optimal results for the client. Feb 22, 7:30-9:30am, Vancouver

TaxReturns-PersonalThis seminar will provide participants with a broad overview of the income tax provisions that can affect taxpayers when it comes to filing their personal tax returns. Jan 19, 9am-5pm, Vancouver

Jan 27, 9am-5pm, Victoria

TaxationofEmployeeBenefitsThis half-day seminar will review the income tax implications of benefits conferred on employees by their employers, including owner-managers and employees who are unrelated to the employer.Jan 21, 9am-12:30pm, Vancouver

CICA’s Commodity Tax Symposium – WEST

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• CRA update

For additional Symposium information and to register online, visit:

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Symposium Sponsor: Exhibitor:


Plugged In: News for and about members & students

Congratulations!Arvinder Bubber, FCA, of A.S. Bubber & Associates Inc in Surrey, was named Surrey’s Business Person of the Year in 2010. The award was one of eight presented at the 12th annual Surrey Business Excellence Awards, a Surrey Board of Trade event sponsored by Kwantlen Polytechnic University and the TD Bank. Bubber is the founding chancellor of Kwantlen Polytechnic University, and was nominated for his contributions to the community—particularly his commitment to making education more accessible for all.

Michael Cheung, CA, has been appointed vice-president of business development and investor relations at Zongshen PEM Power Systems Inc. Cheung was previously the chief financial officer of PenderFund Capital Management Inc.

Michael Dillabaugh, CA, was appointed manager of finance for the District of Sooke on November 1, 2010. He previously worked as an auditor with the Office of the Auditor General of British Columbia.

David Mitchell, CA, a partner with KNV Chartered Accountants LLP in Surrey, was named board chair of Fraser Health in November 2010. He replaced Gordon Barefoot, FCA, of Cabgor Management Inc. in Surrey, who stepped down in October 2010 after four years on the board (three of them as chair). Mitchell is also the director of the Peace Arch Hospital and Community Health Foundation (PAHCHF) board. In addition,

he is a director of the White Rock South Surrey Community Foundation and past-director of the Surrey Memorial Hospital Foundation. Mitchell has received the PAHCHF Laftin Award for Service, the White Rock South Surrey Chamber of Commerce Business Excellence Award for Independent Business Person of the Year, the Rotary Foundation of White Rock Paul Harris Fellowship, and a 2007 ICABC Community Service Award.

Martin Rutherford, CA, of Grant Thornton LLP in Kelowna, was appointed to the 2010/2011 board of the Okanagan Science and Technology Council in late October of 2010. The not-for-profit, membership-driven organization fosters an environment that supports science and technology initiatives by acting as a representative and advocate for the interests of members and the business community as a whole.

Hari Varshney, FCA, and Praveen Varshney, CA, would like to announce that after a very long run at Cathedral Place, Varshney Capital Corp. has moved to a new location: PO Box 11121, Suite 2050 - 1055 West Georgia St., Vancouver, BC, V6E 3P3. The phone and fax numbers have remained the same.

In memoriamOur deepest condolences to the family and friends of Anita Lynn Cochrane, CA (née Bassett). Anita passed away on October 5, 2010, following a courageous battle with cancer. She was 39 years old.Anita became a CA in December 1999, after completing her articles in Prince George. She subsequently moved to Vancouver,

where she and her husband Mike were married in 2001. Shortly after the couple’s honeymoon, Anita was diagnosed with breast cancer. Determined to live a full life, she remained active—continuing to work as a controller with Sun Rich Fresh Foods Inc. in Richmond, joining the Abreast in a Boat dragon boat team, and participating in the Weekend to End Breast Cancer (now known as the Weekend to End Women’s Cancers) fundraising event, for which she founded Team LiveStrong.She also became a competitive curler. An active member of the Royal City Curling Club, she competed on the team that

represented BC in the national mixed curling championships in 2008, where she was named the most sportsmanlike player. When she became unable to play, Anita started coaching. She took the ladies’ and junior girls’ teams to the provincials in 2009, and was named the BC Curling Coach of the Year for 2010. She also coached her father on the Australian Senior Men’s team, leading the team to a bronze medal at the world championships in 2010. Anita is survived by her husband, parents, brother, in-laws, and the many hundreds of friends she inspired. A celebration

of her life was held in Vancouver on October 16, 2010. Donations in her memory may be made in her name to the BC Cancer Foundation at www.bccancerfoundatlon.com or by calling 604-877-6040.

Announcements


FVCAA Event NoticeThe Fraser Valley CA Association (FVCAA) is pleased to announce a special keynote presentation with Auditor General Sheila Fraser, FCA, on February 17, 2011. The event will take place at the Ramada Plaza & Conference Centre in Abbotsford. There will be advance table sales for this breakfast meeting event. Register by emailing [email protected].

ICABC Social Networking Group Event Notice Save the Date!The ICABC Social Networking Group is planning a wine tasting event at the Regional Tasting Lounge in Yaletown. The venue is tentatively booked for Thursday, February 10, 2011. A registration email will be sent to ICABC members in the Lower Mainland in mid-January. We hope to see you there!

BC AGM Advance Notice:2011 AGM and Members’ Recognition DinnerThe ICABC’s 2011 annual general meeting is scheduled to take place on the afternoon of June 22, 2011, in Vancouver. Directly following the AGM will be the 11th annual Members’ Recognition Dinner. So mark your calendars now, and join us for both events! Details will be provided in upcoming issues of Beyond Numbers.

Notice to all Yukon Members: 2010 ICAYK AGM Draft MinutesThe 34th annual general meeting of the Institute of Chartered Accountants of the Yukon was held on June 25, 2010, at the Edgewater Hotel in Whitehorse. The draft minutes from the meeting are now available on the Yukon Institute’s website at www.icayk.com. If you do not have access to the Internet and would like to review the minutes, you can request that a hard copy of the draft minutes be mailed to you by contacting the BC Institute office at 604-681-3264 or 1-800-663-2677 (toll free in BC).

PRL Notice – Cancelled LicencesPursuant to its meeting of November 19, 2010, the Practice Review & Licensing Committee announces that the following firms are no longer in public practice under these names:

Firm Name CityAmy Brosinski ChilliwackDavid P. Chisholm Inc. VictoriaGayle Corry WhitehorseGlenn P Cowan KelownaMarsh & Marsh Inc. Vancouver

BCSC Launches New InvestRight Website The BC Securities Commission recently launched its redesigned InvestRight.org website, designed to help investors protect themselves against scams, Ponzi schemes, and investment frauds. The BCSC aims to help investors identify and avoid traps set by fraudsters, learn which investments are high risk, understand the risks of private company investment, and learn to recognize the red flags of investment fraud—like offers for high returns at no risk, insider tips, and the lure of tax-free investments offshore. Think it can’t happen to you or

someone you know? Consider this: According to the CSA Investor Index 2009 (commissioned by the Canadian Securities Administrators and conducted by Ipsos Reid), four out of ten Canadians have been approached with a fraudulent investment, and 4% of Canadians have given money to investment frauds.InvestRight is designed to help you

and your clients make informed investment decisions and know which questions to ask to avoid becoming victims of fraud. The site targets investors of all levels of sophistication. It offers a range of resources, including investor alerts about the latest scams, basic advice on working with an advisor, definitions of market language, and worksheets to help investors monitor their portfolios. To check out the new site, go to:

www.investright.org.


Association of Chartered Accountants in the USDid you know that there’s an organization for chartered accountants living in the US? Founded in 1980, the Association of Chartered Accountants in the US (ACAUS—commonly pronounced “a-cause”) is a not-for-profit professional and educational organization dedicated exclusively to representing the interests of CAs who are living in the United States. Currently, there are more than 6,500 such individuals, and almost 2,200 are from Canada (the balance come from Australia, England & Wales, Ireland, New Zealand, South Africa, and Scotland).

Two CAs with Canadian roots are at the helm of ACAUS: Lindi Jarvis, CA, is the president; and Robert McDonald, CA, is serving as secretary. Both have been involved with ACAUS since 2008.

Jarvis is a CA from Alberta and currently lives in New York City, where she specializes in forensic accounting as managing director of FTI Consulting. McDonald became a CA in Montreal and currently works as assistant treasurer of Furmanite Worldwide in Dallas, Texas.

“The ACAUS mission is to facilitate the professional success of our members,” Jarvis says. “If you live in, or intend to move to, the US in your professional career, then ACAUS is an important component of your working life. It’s a great way to stay connected with like-minded CAs who are living away from home. Also, the regular social events are a great way to network, and the periodic webinars are a convenient way to obtain continuing education.”

CAs who are members in good standing of the Canadian provincial institutes are automatically eligible to be members of ACAUS, at no charge. ACAUS is funded annually by the CICA and the other home institutes, to provide member services and benefits to US-based CAs.

To register as a member, email the following information to Mike Dexter-Smith, CA, the executive director of ACAUS, at [email protected]: • Your CICA membership number;• The name of your provincial institute; and • Your US address and phone number.

Once the information has been verified, ACAUS will establish your membership. For more information about ACAUS, including benefits of membership, go to www.acaus.org.

Plugged In: News for and about members & studentsPlugged In: continued


1) The correct answer is C.According to RPC 204, a “direct financial inter-est” includes a financial interest owned through an intermediary, over which the individual has control. Because Bob is able to choose the areas of investment for his self-directed RRSP, he is deemed to have a direct financial interest in Baskerville Corporation.

A is incorrect because it is unlikely that Jason would direct the investment decisions of the mutual fund; in addition, the mutual fund only sometimes holds shares of Baskerville, which suggests that it does not derive its value primar-ily from the corporation’s shares. B is incorrect because an investment made by a spouse is not considered a direct financial interest; in addition, direct financial interests held by a spouse are con-sidered separately within the independence rules. D is incorrect because Jim’s non-voting status means that he’s unable to exercise control over the investment club’s decisions.

2) The correct answer is A.According to the definition in RPC 204, Jane’s non-dependent children are not considered part of her “immediate family”; therefore, Edward’s

financial holdings are not relevant to Jane’s in-dependence. B is incorrect, because Jane’s husband Bill is considered part of Jane’s imme-diate family; therefore, Bill cannot hold a direct financial interest in BC Oil Inc. C is incorrect, because Jane’s father’s estate represents a mate-rial indirect interest in BC Oil Inc.; therefore, it violates Jane’s independence requirements. D is incorrect, because stock options qualify as direct interest, and Jane cannot hold a direct financial interest in BC Oil Inc.

3) The correct answer is B.According to RPC 204.4 (6b), this rule would only apply if Emma owned the shares, and if the holdings were not immaterial or if significant influence existed. A is incorrect according to RPC 204.4 (8), because Alfred’s wife qualifies as a close family member who owns more than 0.1% of the securities of the client or controls the client. C is incorrect according to RPC 204.4 (15), because Keith’s close family member holds a financial reporting oversight role. D is incorrect according to RPC 204.4 (17), because Martin was previously in a position to exert direct and significant influence on the subject matter.

Ethical Dilemmas continued from page 46

4) The correct answer is D.RPC 204.8 states that an independence impair-ment on an engagement not subject to the requirements of the independence rules (i.e., on an engagement where assurance is not being provided) should be disclosed in the member’s written report accompanying the financial state-ments. A is incorrect, because being a shareholder of the company is clearly a conflict of indepen-dence that should be disclosed. B and C are also incorrect; while it would be appropriate to perform either disclosure in advance of the engagement to inform the parties involved, neither one meets the minimum standard outlined in the RPC.

The messageHope you’ve enjoyed testing your knowledge of the independence rules. No doubt you did very well. But remember: If you ever need advice about independence matters, our Advisory Services department is here to help. All it takes is a phone call or an email.

Comments or questions? Contact me at [email protected].

The key to attracting and retaining top fi nancial talent is here.

Download your FREE 2011 Salary Guide or use our interactive salary calculator atroberthalf.ca/SalaryCentre.

© 2011 Robert Half. 0910-9009

1.800.803.8367

Congratulations to B.C.’s successful Uniform Evaluation Candidates of 2010.


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A Quiz on IndependenceBy Chris Utley, CA Director of Ethics

Issues involving independence make up some of the questions received by our Advisory Services department. This is hardly surprising,

given that independence is a complex and broad area, with each situation having to be reviewed on the basis of its own merits.

Ensuring that we maintain appropriate inde-pendence is fundamental to our ability to provide effective assurance services, and to our reputation as providers of effective assurance services. So this month, let’s have a bit of a quiz about the rules of professional conduct (RPC) regarding independence (as found in your Members’ Handbook). The questions are presented first, so no peeking to the end! A hint: Make sure you read the questions carefully.

Three of the questions focus on the independence of staff members on audit engagements, while the fourth concerns disclosure on a compilation engagement.

Before we begin—my thanks to the Institute of Chartered Accountants of Ontario, for granting permission to use and adapt their questions and answers, originally published in the ICAO’s 2010 CARE Preparation Program Practice Examination. (Copyright © 2010 The Institute of Chartered Accountants of Ontario.)

Ethical DilemmasThe questions1) In performing the audit of Baskerville Corporation (Baskerville), a CA firm named Holmes & Watson is trying to determine if some of its engagement team members have a direct financial interest in Baskerville for the purposes of the RPC on independence. In which one of the following scenarios does the engagement team member have a direct financial interest in Baskerville? A. Jason owns units in a mutual fund that sometimes holds shares of Baskerville. B. Alice’s spouse owns shares of Baskerville. C. Bob’s self-directed RRSP has shares of Baskerville. D. Jim is a non-voting member of an investment club that holds shares of Baskerville.

2) Jane Murray, CA, is the assurance manager on the audit of BC Oil Inc., a Canadian publicly-traded oil exploration and development company. Which one of the following situations is the most acceptable under the RPC on independence? A. Jane’s adult son, Edward, holds 2,000 common shares of BC Oil Inc. B. Jane’s husband, Bill, holds 300 common shares of BC Oil Inc. C. The estate of Jane’s father, of which Jane is the sole beneficiary, holds 20% of the outstanding

common shares of BC Oil Inc. (Jane’s father’s accountant is the executor of his estate.) D. Jane holds 1,000 call options on the common shares of BC Oil Inc.

3) Which one of the following relationships would not preclude the member or student from joining the assurance engagement team of the firm Spike & Lee? A. Alfred is an audit manager with Spike & Lee. His wife owns 5% of the shares in one of the firm’s

audit clients. B. Emma is a student with Spike & Lee. Her father owns shares in a major Canadian retailer. An

audit client of Spike & Lee holds shares in the same retailer. C. Keith is a CA with Spike & Lee. His brother is the CFO of one of the firm’s audit clients. D. Martin is a CA with Spike & Lee. He recently returned to the firm after working for three years

as controller for one of the firm’s audit clients.

4) Andrew Roberts, CA, is preparing financial statements for Atlas Corporation (Atlas), in which he is a significant shareholder. Andrew is not a member of management; rather, he is providing a compilation engagement for a standard fee and issuing a notice to reader report on the financial statements. Which one of the following options best describes the disclosure required with respect to this engagement? A. Andrew doesn’t have to disclose his investment in Atlas, because he isn’t providing assurance on

the financial statements. B. Andrew should disclose his investment in the company in a letter written directly to the other

shareholders. C. Andrew should disclose his investment in Atlas in his engagement letter for the compilation

engagement. D. Andrew should include a note in his notice to reader explaining the independence impairment

caused by his investment.

See page 43 for the answers...

A note to readers: As part of the Institute’s ongoing educational activities for the benefit of the profession, the Institute published an article in the October 2010 issue of BeyondNumbers about a disagreement between fictitious chartered accountants involving a fictitious municipality. It was never the Institute’s intention to refer to actual members or an actual municipality. In fact, the article was based on a number of different cases with many facts fictionalised. The article was never intended to describe any specific situation. Nevertheless, the Institute has learned that some people have recognized the individuals and the municipality that were involved in one of the cases on which the article was loosely based. The Institute deeply regrets that it did not do enough to disguise the identity of the members and municipality involved in an actual case. The Institute also wishes to stress that the actual case in question did not lead to any sort of finding of professional misconduct or wrongdoing against anyone. The Institute apologizes to the members and municipality involved in the actual case for any inconvenience or embarrassment they may have suffered as a result of publication of the article.

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Congratulations to our 85 successful 2010 UFE writers

In British Columbia, KPMG’s talented team of accredited Chartered Accountants will include:

Our partners and staff are proud to recognize the hard work and dedication required by each of our team members to achieve their exceptional results on the 2010 Uniform Evaluation. Special congratulations to Jaleh

Afrooze, Landon Bailey, Wilson

Cheung, Asifa Hirji, Meaghan

Vanderlinden, and Kayan Yu, who have earned a place on the National Honour Roll.

UFE 2010

KPMG’s many faces of success

© 2010 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Canada. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

Documents

Reaching a milestone - CPABC and... · Reaching a milestone 503 BC students pass the 2010 UFE. ... A case component was added in 1974; ... As a result, a CPA, for example, can come