CPABC in Focus November/December 2014 | Page 24

Regulatory Working Group Roundtable Discussion (*Note: The September/October 2014 issue of CPABC in Focus detailed some of the changes slated to be implemented early in 2015—in time for the next CPD and member billing cycles. The issue also included profiles of the individuals who participated in this roundtable.) When did you begin this process? Pamela Skinner: We started the initial planning after we signed the three-way merger agreement in May 2013, and more formalized meetings have been taking place since August. We began by carefully assessing what we were trying to achieve—we knew we had to start at the grassroots level and work up to the bylaws. That’s what has taken us more than a year now. Jamie Midgley: Recognizing that all these recommendations will be subject to enabling legislation, the fact that the CPA legislation has not yet been introduced in BC has allowed us to focus on developing the best practices for CPABC without getting distracted by creating the governing documentation around those practices. We’ve maintained a focus on the future, and we’ve been through a process that enabled us to achieve consensus. Pamela: This consensus has allowed us to get to where we want to be with practices that will continue to effectively protect the public. Rick Lightheart: I agree. Our collaboration has been outstanding throughout. We’ve had some healthy, constructive discussions that have really strengthened the process. More on regulatory changes Visit bccpa.ca for detailed information about CPABC regulatory policies, including analyses of the changes from legacy policies and FAQs. 24  CPABC in Focus • Nov/Dec 2014 What was the first step in the process? Roger Merkosky: We first examined everything by departments—membership, CPD, ethics, practice review, registration—and then we determined what each of the three bodies was already doing. We spent quite a bit of time learning about everyone’s legacy structure and processes, and that was really instructive. Our next step was to start thinking about recommendations for the best practices for CPABC. And how did you make those decisions? Jamie: Consensus. Pamela: Absolutely. We had some lively debates, but I think we always ended up in a place where we had consensus. Liz Chan: From a process standpoint, once we had a thorough understanding of what each of us did and determined what we wanted to achieve, we had to do a “gap analysis.” It took a year, but what’s great is that we now have some solid material. Edward (Ted) Tanaka: Also, we were guided by international standards and/or national recommendations, depending on the area in question. In areas where there are standards set by the International Federation of Accountants [IFAC], such as ethics and discipline, we ensured that these standards were met. Weren’t the legacy structures guided by those same criteria? Ted: Yes, but standards evolve, and we had to make sure we were incorporating changes. Roger: As Ted says, this was an opportunity to double-check against any changes in national and international standards. DragonImages/iStock/Thinkstock O ne of the most critical and complex components of the unification process is the merging of the three legacy regulatory structures into one new structure for CPABC. Regulatory recommendations* have been approved by the Transitional Steering Committee (TSC), and the TSC is proposing that they be adopted by the CPABC Board following the enactment of, and subject to, CPABC legislation. To find out more about the year-long effort to establish a new regulatory framework, CPABC in Focus recently hosted a roundtable discussion with key members of the Regulatory Working Group (RWG): Liz Chan, CPA, CA; Rick Lightheart, CPA, FCMA; Jamie Midgley, CPA, FCA; Roger Merkosky, CPA, CA; Pamela Skinner, CPA, FCGA; and Edward Tanaka, barrister & solicitor.