HURRICANE RELIEF EFFORTS, SEPTEMBER 2017 September 11, 2017 Dear Members and Students, With more than 1,200 Canadian CPAs residing in the Caribbean, we are understandably concerned about reports of the devastation caused by hurricanes affecting the region. Indeed, our thoughts and best wishes are with our members and students whose lives have been impacted by Hurricane Irma and the other weather formations this hurricane season. We are particularly saddened to learn of the aftermath in Barbuda, St. Martin and the British Virgin Islands – and wish all islands a speedy recovery. There are also 220 students in the CPA pre-certification program throughout the region, some of whom reside in heavily affected areas. Eleven of these students are scheduled to write the Common Final Exam in a week and we are yet unable to reach one student who we remain concerned for. Over the years we have grown to know and love the region and the people we encounter – so we invite those of you who have been spared to join the staff of CPA Canada in contributing to the relief effort. How to help A simple way to help is to make donations to official hurricane relief funds such as: Caribbean Disaster Emergency Management Agency (CDEMA) Donate to the Canadian Red Cross Relief Fund Donate to Oxfam There are also many local efforts aimed at providing aid; please help where possible. In the meantime, on behalf of everyone at CPA Canada, we want to take this opportunity to wish you and your families safety and protection as you weather the rest of 2017. Regards, Nancy Foran Vice President, International CPA Canada in the Caribbean CPA Canada has been expanding in the Caribbean, and has already established chapters in the Cayman Islands, Barbados, and the Republic of Trinidad and Tobago to better support members there. The CPA preparatory courses and the PEP have been offered on the same timeline as the rest of Canada, with the first CPA graduate from the region passing the Common Final Examination in 2016, coming from Grand Cayman. CPA Canada has an established relationship with the Institute of Chartered Accountants of the Caribbean (ICAC), and has been recognized by the local accounting Institutes in the Bahamas, Barbados, the Eastern Caribbean, Guyana, Jamaica, and Trinidad and Tobago. CANADIAN CPAS – NAVIGATING CHANGE Canada’s Chartered Professional Accountants (CPAs) launched a new national advertising campaign that clearly demonstrates the value the profession brings in helping organizations chart a course for success in an ever-evolving economy. The new campaign focuses on the ability of CPAs to leverage their expertise and ethical fortitude to navigate through disruptive change by anticipating the unexpected, making sense of complexity and analyzing data to make successful business decisions. “CPAs are trusted, collaborative leaders and astute business strategists who have the ability to translate data into meaningful and successful business strategy,” explains Carol Wilding, chair of CPA’s Branding Committee. “The campaign outlines how CPAs anticipate the unexpected, make sense of complexity and analyze data to make business decisions that drive success.” The new campaign includes television, online video, print, digital and social creative. To learn more about the campaign, visit: CPAsNavigatingChange.ca EY JAMAICA BECOMES FIRST CPA CANADA PRE-APPROVED EMPLOYER OUTSIDE OF CANADA Chartered Professional Accountants of Canada (CPA Canada) has approved Ernst & Young (EY) Jamaica to be the first employer outside of Canada to offer a pre-approved training program. The pre-approved program is a practical experience route designed to provide aspiring Canadian CPAs opportunities to achieve the required competencies in a work environment under effective supervision and mentorship that has been pre-approved by the CPA profession. The practical experience requirements are a critical component of the CPA certification program that provides an essential supplement to the CPA Professional Education Program and the Common Final Examination. “The initiative is a win-win for all involved,” explains Nancy Foran, CPA Canada’s vice-president of International. “The students receive real-world work experience, while the employer and the profession benefit from the talents and abilities of the individuals seeking their Canadian CPA designation,” she added. Foran notes that other firms are expected to participate as well. Allison Peart, CPA, CA, EY Jamaica Country Managing Partner and Tax Partner, is credited as the driving force to have the local EY office participate and will take on the role of the pre-approved Program Leader. “There is value in providing our community with options when it comes to choosing an accounting designation,” says Peart. “The Canadian CPA offers its holders true global recognition and skills that go beyond technical competencies. It is therefore an honour to be among the first to tangibly recognize that value and to put systems in place for everyone to benefit,” Peart explained. CPA CANADA ACTIVELY PROMOTING PUBLIC SECTOR FINANCIAL REFORM Chartered Professional Accountants of Canada (CPA Canada) is an active participant and valued voice in regional efforts to bring about public sector financial reform. On July 21, 2016, CPA Canada supported a special seminar hosted by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) that focused on public sector reform. The session was attended by local Permanent Secretaries. CPA Canada was proud to support the Cayman Island Institute of Professional Accountants (CIIPA) Professional Development Week - Navigating the Future: Challenges Ahead November 23 - 25, 2016, focused on the public sector, and attended by over 260 delegates. Earlier this year, CPA Canada was a donor partner for a session in Nassau that officially launched a region-wide initiative addressing public sector management reform. The effort is being driven by the Institute of Chartered Accountants of the Caribbean (ICAC) in partnership with the World Bank and the International Federation of Accountants. CPA Canada is one of the largest national accounting bodies in the world and is influential in advancing sound public policy. Evidence of this is the organization’s Memorandum of Understanding with the U.K.-based Chartered Institute of Public Finance and Accountancy (CIPFA). The MOU expands the capacity of the two organisations to better enhance the governance processes within public sector institutions worldwide. From an education standpoint, CPA Canada’s program offerings ensure the public sector can access high-quality training for its employees and also draw upon skilled individuals, including CPA Canada’s Public Sector Certificate Program, CPA’s Advanced Certificate in Accounting and Finance (ACAF) that includes an option for concentration on the public sector, and CPA Canada’s Professional Education Program (CPA PEP) that leads to the Canadian CPA designation. CPA CANADA’S AWARD WINNING FINANCIAL LITERACY PROGRAM COMES TO THE CARIBBEAN CPA Canada is delighted to announce the introduction of its financial literacy volunteer program to Barbados – the first country outside Canada. In partnership with the CPA Canada Barbados Chapter, the program was introduced by Lisa Padmore, FCPA, FCGA (pictured above), on Thursday November 10, 2016 during the Institute of Chartered Accountants of Barbados (ICAB) Accountants' Week. As a first step, the program focused on primary school children in Barbados with members presenting at the St. Christopher's and Roland Edwards Primary Schools. The students learned about the importance of setting priorities, budgeting and saving. This unique program gives CPA Canada members the opportunity to share their knowledge and expertise to help people of all ages improve their money-management skills. CPA Canada delivers financial literacy education at the grassroots level through our CPA member network. Our CPA members are professional financial experts who have a solid reputation and position of trust. Their top priorities are protecting and acting in the public’s interest, and they are active in their communities and have a long history of giving back. The program provides unbiased, functional and clear financial literacy information to the general public with all members going through a comprehensive training program before delivering the program in their communities. BARBADOS MEMBER FOR REPRESENTATION ON PRESTIGIOUS INTERNATIONAL COMMITTEE Lisa Padmore, FCPA, FCGA, prominent member of the Barbados accounting community, will serve as the representative of Chartered Professional Accountants of Canada (CPA Canada) on a global committee focused on sustaining the profession. Ms. Padmore will bring her valued experience and knowledge to the Professional Accountancy Organization Development Committee (PAODC) of the International Federation of Accountants (IFAC). The global organization is dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Ms. Padmore is an active member in the region, serving as president of the Institute of Chartered Accountants of Barbados (ICAB), vice-chair of CPA Canada’s Barbados Chapter, chair of the Membership Committee with the Institute of Chartered Accountants of the Caribbean (ICAC) and a partner at Ernst & Young in Barbados. “I am proud and humbled to have been chosen by CPA Canada and I look forward to actively contributing to the successful outcome of the goals and objectives of this internationally-focused committee, and as always, to bolstering the profession globally,” says Padmore. The IFAC committee consists of individuals from both developed and developing nations who focus on identifying solutions to challenges facing the development of strong, sustainable accounting organizations around the world. Nancy Foran, CPA Canada’s vice-president of International, firmly believes that Padmore’s solid comprehension of accounting issues will serve her well on the committee. “Lisa is acutely aware of the changing demands on the profession and is a focused, active and vocal member of the Caribbean accounting fraternity. Her ongoing support of the profession is deeply appreciated and we look forward to working with her in this new role,” said Foran. CPA CANADA SUPPORTS ACCOUNTANCY WEEKS CPA Canada is pleased to have supported “Accountancy Week” in several islands during the months of October and November 2016, having been present in Trinidad, Antigua, Barbados, the Bahamas and the Cayman Islands. In addition to providing sponsorship, topical experts were provided for various sessions across the region. CPA Canada also joined school outreach visits, hosted member meetings and was present at several student sessions. CPA Canada is committed to the recognition, growth and development of the accountancy profession in the Caribbean. TRINIDAD AND TOBAGO AND BARBADOS ASSESS CPA CANADA DURING SITE VISIT CPA Canada welcomed representatives from the Accreditation Councils of Trinidad and Tobago (ACTT) and Barbados (BAC) to their head office in Toronto, Ontario on October 18 and 19. During their visit, they met with key executives and staff, including CPA Canada’s CEO, Joy Thomas, to understand the programs and services provided by CPA Canada. The site visit was part of a formal process to assess CPA Canada’s application to be recognized as an awarding body in these two countries. To offer its professional designation, CPA Canada must be recognized as an awarding body under the legislation of both countries.