progress update annual report 2017 // cpa ontario annual report 2017 even as we work to support...

PROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEPROGRESS UPDATEAnnual Report 2017

VisionThe Canadian CPA is the pre-eminent, globally respected business and accounting designation.

About CPA OntarioCPA Ontario protects the public interest by ensuring its members meet the highest standards of integrity and expertise. CPA Ontario serves and supports its more than 89,000 members and 19,000 students in their qualifi cation and professional development in a wide range of senior positions in public accounting, business, fi nance, government, not-for-profi ts and academe. Chartered Professional Accountants are valued by organizations of all types and sizes for their fi nancial expertise, strategic thinking, business insight, management skills and leadership. For information about the profession, visit cpaontario.ca.

Providing certifi cation, continued training and learning for the profession

EDUCATOR

Developing cutting-edge ideas and thinking that evolve

the profession

THOUGHT LEADER

Upholding the public’s trust in, and ensuring the integrity of, the profession

REGULATOR

Championing the interests of our profession with the

business community

ADVOCATE

Serving our members and students with a commitment to

quality and effi cient delivery

PROVIDER

Roles

Core Values and Behaviours

The following values and behaviours are key to CPA Ontario’s culture. They are refl ected in the work we do, how we treat each other, and how we represent ourselves.

Think and act with a student and member-fi rst mindset while protecting the public interest.

Always strive for the highest levels of professionalism.

Be open-minded and nimble as we adapt to an evolving environment.

Strive for personal accountability in everything we do.

Act with integrity at all times, in all situations.

Adopt a “one company” mindset, collaborating across functional lines.

Align activities and eff orts to focus on results and outcomes.

P R O G R E S S U P DAT E // 1

Contents

2

Message from the President & CEO

3

Message from the Chair

4

Progress Update

6

Members

10

Students

13

Regulatory & Standards

15

Financials

23

CPA Ontario Council and Executive Management Team

24

Standing Committees of Council, Regulatory Committees and Advisory Committee

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Even as we work to support members who are navigating change in their fields and industries, CPA Ontario is also working to ensure its own health and sustainability amid shifting conditions. This work is important not only for our own members but for the health of our profession across Canada; CPA Ontario represents 45% of the country’s CPAs. And we are proud of the great number of CPAs giving back to the community by committing their time and expertise to activities such as CPA Ontario Associations, committees, tax clinics, student recruitment and our mentorship program. I would like to thank our Council, volunteers, and our dedicated employees for their commitment and contributions to the profession over the past year.

It’s been a good year for the organization in many respects. We had a successful year financially, in part due to high demand for our education programs. We reached the official conclusion of the unification process with the provincial government’s passage of the Chartered Professional Accountants of Ontario Act,

2017 – a milestone to celebrate. And we continued to position ourselves for future success with the adoption of a new Enterprise Risk Management strategy and through the advancement of a multi-year digital renewal process, to name just a couple of examples.

This year’s Annual Report links all the work we’ve undertaken in fiscal 2017 back to our four key strategic priorities, offering a window onto our progress against our strategic plan over the past year. I hope you’ll take some time to see how CPA Ontario is working to uphold the high standards that unite and define our designation, while driving increased influence, learning, and growth for the profession.

CPA Ontario continues to focus intently on our traditional role as a protector of the public trust and a steward of the profession. But today, playing our traditional role requires us to play a new one: acting as an insightful, responsive resource to CPAs as they navigate unprecedented change.

As a profession, we’re navigating a new landscape in which traditional rules don’t always offer sufficient guidance. First principles of ethics and integrity remain fundamental to our identity and to our work as business leaders and financial experts. As CPAs, we don’t just follow the rules, we do the right thing.

But deep technological and economic changes are reshaping our roles and challenging ideas at the heart of what we do, like what it means to accurately measure value and performance. In this context, defining and redefining good practice is urgent work that we must undertake together as a professional community.

We know that our members believe CPA Ontario’s most critical role is to protect the public trust as the regulator of our designation. This message came through loud and clear in member research we conducted this year. CPAs also told us that they’re interested in finding new ways to come together to share ideas about the complex and rapidly changing business landscapes they face.

Responding to these priorities, CPA Ontario is working with members to convene the critical conversations that will help them as they continue to play their vital role in business and society.

Through events like Diversity Day, we’re taking more steps to amplify our members’ voices and insights. We know they have valuable perspectives to share from across the economy—from C-suites to start-ups, and from policy tables to non-profit organizations.

Carol Wilding, FCPA, FCA

President & CEO

Message fromthe President & CEO


Johanne Charbonneau, FCPA, FCGA

Chair

Message fromthe Chair

completion of a new Association framework that will help CPAs engage with each other at the local level, strengthening their networks, exchanging ideas, and pursuing professional development.

CPA Ontario is also laying the foundation for members to connect with peers along new dimensions and through new channels. In the years ahead, a new communities-of-interest program will help members connect around shared interests and experiences – whether with fellow CPAs in similar fields and industries, with networks of fellow entrepreneurs, or with segments of the profession such as women in finance, internationally educated professionals, or young career-builders.

The same member research that highlighted our profession’s enthusiasm for engagement and contribution also found that CPAs feel deep pride in their designation. I’ve been proud to be a CPA from the earliest days of my career – and my experience as Chair of Council over the past year has deepened that sense of pride. I’ve gained new insight into the vibrancy and diversity of our professional community, and I’ve appreciated even more fully the scale of CPAs’ contributions across the economy and society. It’s impressive – but not surprising – that this year’s research found a profession poised and ready to do even more.

As a final note, I would like to thank the employees and management of CPA Ontario for their dedication to the profession and their tremendous work during the past year. I would also like to thank my colleagues on Council for their guidance and oversight throughout the year. CPA Ontario is well poised for the future.

Our profession attracts leaders who are interested in creating big-picture value – not only delivering strong performance for their own clients and employers, but contributing to the well-being and prosperity of society as a whole.

In the member research CPA Ontario carried out this year, a cluster of findings caught my attention. Among the offerings members wanted most were opportunities to volunteer, to support younger professionals as mentors, and to contribute to their communities and their profession.

CPA Ontario has a strong tradition of connecting members with opportunities to contribute, both within and beyond their professional roles. This tradition has been powered by a commitment to helping members thrive, and also by an understanding of how much CPAs have to offer – how much communities and society stand to benefit from CPAs’ insights and leadership.

The best-known volunteer program of CPA Ontario is our annual series of tax preparation clinics for Ontarians with lower incomes. Beyond this signature program, our members’ commitments include a diverse range of mentorship, non-profit governance, advisory, school-ambassadorship, and other roles. Collectively, these efforts attract new entrants to our profession, support early-career CPAs, and increase the health and resilience of organizations across the province and beyond.

I would like to thank the Ontario Government and congratulate Carol Wilding, our President & CEO, and her team for the great accomplishment of the passage of the Chartered Professional Accountants

of Ontario Act, 2017. Ontario was the final province to obtain its legislation and this milestone now concludes unification of the profession in Canada.

As our unified organization has grown in size and complexity, I and my fellow Council members have worked to evolve our governance mechanisms as well. Among a number of important advances in the governance realm this year, we streamlined our committees, established a standing Human Resources Committee, developed an executive compensation policy, strengthened our performance management oversight and enhanced the nominations process for Council.

In addition to facilitating CPAs’ contributions in governance and advisory roles, CPA Ontario helps CPAs connect with their peers. This year saw the

Attract a robust pipeline of new entrants to the profession

As the demand for highly skilled business leaders continues to grow, training and accreditation options

for talented people are proliferating. One goal of our unifi cation process was to build a designation with the size and scope to compete for top talent — and CPA Ontario is working energetically to fulfi l that objective.

We’re expanding the range of outreach and recruitment activities we undertake to attract outstanding candidates — from top graduates in business, accounting, and fi nance programs to internationally educated professionals (IEPs) seeking to adapt their skills and credentials to the Canadian market. From our extensive web of post-secondary relationships across Ontario to our partnerships in important economies around the world, we’re drawing strong new candidates to pursue our designation.

As the regulator of Ontario’s more than 89,000 CPAs, our primary mission is to protect the public interest. To fulfi l that mission, we not only uphold high standards as a regulator, we also work to attract and develop outstanding new candidates to the designation, and deliver services and supports that help our members advance their careers.

This report summarizes our progress over the past year on four strategic priorities that are vital to the strength of our profession and to the health of our organization.

Progress Update

Build member connectivity

Today’s professionals need to navigate through complexity to drive success in an ever-changing marketplace.

Meeting organizations’ evolving needs requires lifelong learning and adaptation. We know our members are constantly investing in their own future performance by adopting new tools and technology, analyzing emerging trends, and networking with new partners.

One of our core strategic objectives is to serve as a resource to members as they expand their own capabilities and networks. As our members work to create value for their clients and organizations, we support them by connecting them with peers, subject-area experts, and learning resources. In addition to helping members excel professionally, we also help them thrive as individuals and as community members by connecting them with opportunities for contribution, engagement, and thought leadership.


Strategic Priorities


Maintain high standards

CPA Ontario regulates its members, students and fi rms with a mandate to protect the public interest and

maintain the good reputation and integrity of the profession. Setting high standards and protecting them rigorously has always been central to our mission. Through practice inspections, investigations, and, where required, disciplinary action, we protect the public and safeguard their confi dence in our designation.

CPA Ontario’s commitment to upholding the public trust has always been steadfast. Under our current strategy, that commitment is manifest not only in our rules and monitoring work but in the culture we foster in collaboration with our members. Our CPA Code of Professional Conduct, our intensive professional development requirements, and the increasing openness and transparency of our discipline processes all refl ect the seriousness with which we treat the standards, norms, and values of our profession.

Create a strong brand and demand

CPAs have insights and expertise that can benefi t not only their own clients and employers, but leaders across the

public, private and non-profi t sectors. CPA Ontario promotes CPAs’ perspectives and amplifi es their voices through events, public engagement, and opportunities for community leadership. CPA Ontario itself also helps to represent and articulate the profession’s outlook on business and policy issues. This year, we sustained strategic partnerships with leading infl uencers and business-community organizations, including the Economic Club of Canada, the Ontario Chamber of Commerce, and the Toronto Region Board of Trade; we also embarked on a new relationship with Women in Capital Markets, the largest network of professional women in the Canadian capital markets industry. A national brand-building initiative on the theme of Navigating Change promoted CPAs’ business leadership capabilities.

Together, these e� orts build public awareness of our designation and the remarkable professionals who are part of it. A strong reputation benefi ts all CPAs: it reinforces CPAs’ skills and value; it attracts talented new entrants to the profession; and it ensures that CPAs have a place at key decision-making tables where their insights can help drive strategic, evidence-based strategies.

On the following pages, we have highlighted our activities for fi scal 2017. This icon system demonstrates how each activity delivers against one or more of our four strategic priorities. Attract Build CreateMaintain


Member Research

To ensure that our work is grounded in solid evidence about members’ needs and wants, we conducted an extensive course of research this year. The research included a large survey of CPA Ontario members, and focus groups with key member segments. The research fi ndings have been shared across our membership and leadership teams, and mined for actionable insights. These insights will drive our work to enhance member experience and create added value next year and beyond.

Digital Transformation This transformation encompasses many initiatives. Our digital transformation process is grounded in an organization-wide commitment to adapting our tools and processes to continually enhance our relevance and responsiveness to our members, students, and stakeholders.

• In fi scal 2017, CPA Ontario developed a new web infrastructure and managed a deep content update. The new website was launched in April 2017; it is easier to navigate, search, and access on mobile devices. It is also the most visible part of a deeper digital transformation aimed to make CPA Ontario more effi cient and eff ective.

• Fiscal 2017 also marked the completion of the fi rst phase of an overhaul of our professional development portal; this included a new look with improved navigation, search and registration process.

• CPA Ontario has committed to the development of a new organization-wide infrastructure — accompanied by an enterprise-wide data management approach — to ensure a better experience for students and members. We conducted a needs assessment and issued an RFP for an appropriate CRM (customer relationship management) solution; implementation of the new CRM system, together with a redesign of key processes, will enable us to better serve students and members.

• A new telephony system was launched; it includes enhanced tools for tracking questions, requests, and feedback we receive from members; this provides us better insight into members’ and students’ needs so that we can ultimately serve them better.

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Ontario’s CPAs create enormous value for their clients, for their organizations, and across the economy. As our members move through their careers, CPA Ontario helps them continually build their skills and knowledge, stay connected to peers and experts, and navigate changes in their business environments.

This year, CPA Ontario has been investing in enhanced service to members across the board. Some concrete signs of our progress are already in place — for instance, our new website is live and we’ve improved our annual dues payment process — but these developments are just part of an overall program of upgrading and renewal that will continue to improve member experience and deliver tangible benefi ts in the years ahead.

UPDATEMembers

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First Cohort of CPA Ontario Fellows

This year, 59 Ontario CPAs were elected as Fellows of our designation, the highest honour our profession can bestow. These new FCPAs are the inaugural cohort to be recognized by our unifi ed body. Representing the breadth and diversity of the profession, they include CEOs, CFOs, and Treasurers of some of Canada’s largest fi nancial institutions, accounting fi rms, insurers, and public companies. Also honoured as Fellows were government ministers, senior public servants, university professors, and leaders in the healthcare and not-for-profi t sectors. CPA Ontario is proud to acknowledge the achievements and contributions of these outstanding members, and we look forward to celebrating the excellence of future cohorts of Fellows as they are nominated and elected by their peers in the years ahead.

First Honorary Member: Tom Warner

CPA Ontario’s members may vote to confer honorary membership on an individual who has given valuable and distinguished service to the organization or has otherwise made an outstanding contribution to the accounting profession in Ontario. This year, Tom Warner, former Vice-President, Regulatory & Standards, was elected as the fi rst honorary member of the unifi ed organization. During his 36 years of service, Tom ably guided and infl uenced the setting and interpretation of provincial and national accounting standards. Widely respected as both an advocate and an authority, Tom has been a vigilant and insightful steward of the reputation of our profession and CPA Ontario is proud to welcome him as an honorary member.

Build

Member Connectivity

CPA Ontario is active in helping members connect with other CPAs across the province and beyond, through networking events, mentorships, and local associations. Members tell us they want to connect with their peers around shared experiences and interests; we’re responding by laying the foundations for new communities-of-interest that members can activate online and in-person. These groups will let CPAs benefi t from each other’s insights and experience — whether they’re entrepreneurs, professionals in a particular sector or industry, young CPAs, women in fi nancial leadership roles, or internationally educated professionals (IEPs). This year, it has also become easier for members to engage at the local level: CPA Ontario has harmonized its Associations to support members as they connect and contribute in the communities where they live and work.

Learning and Development

CPA Ontario is working on many fronts to improve and expand learning opportunities for members. One notable trend is that growth in members’ use of virtual learning tools is outpacing in-person opportunities.

• This year, we continued to adapt our professional development off erings to meet members’ evolving needs. The opportunities extend far beyond core accounting and assurance topics, covering areas such as strategy and governance, wealth management, leadership, and information technology.

• Our multi-year digital transformation initiative will enhance our PD portal, making it easier for members to see what’s available and take the next step toward relevant learning opportunities online or in-person.

• In fi scal 2017, we received two important signals about members’ professional development priorities. Our member research told us CPAs wanted more online learning. And their behaviour affi rmed this preference: growth in demand for online learning strongly outpaced growth in demand for in-person learning. Our investments in fi scal 2018 respond to this trend: we’re placing increasing emphasis on podcasts, virtual classrooms, webinars, and other fl exible online off erings that meet our members’ PD needs while fi tting into their busy schedules.

Attract

Build

CPA Ontario Fellows 2016

Members


• Building on the success of a framework we’ve already implemented in our student programs, we’re creating a Member Journey tool that will help members not only build competencies in particular subject areas, but advance toward specific career-development goals, such as preparing for partnership in a firm or a CFO position.

Contribution and Engagement

Ontario CPAs have a strong tradition of creating value not only in their professional capacities, but as engaged community leaders. And CPA Ontario has a rich history of facilitating their contributions. This year, more than 2,000 Ontario CPAs delivered volunteer tax preparation support to Ontarians with lower incomes, preparing tax returns through our Tax Preparation Assistance program, which will celebrate its 50th anniversary next year. Hundreds of members also volunteered their time to promote the CPA designation at high schools and Post-Secondary Institutions; to mentor students and young professionals; and to share insights with fellow CPAs through forums, events, and publications.

Affinity Programs

CPA Ontario continues to deliver concrete benefits to members through a range of affinity programs, including insurance plans with TD, Manulife, and Sun Life Financial. This year, we renegotiated and enhanced our agreement with TD Insurance, ensuring members’ access to preferred rates for home, and car insurance.

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By the numbers

89,00741% Female59% MaleTotal number of

CPA Ontario members

> 80%of individuals agreed or strongly agreed that they were proud to

be a CPA, and that their CPA designation helps their career.

70%of CPA Ontario members are interested in opportunities to

connect with fellow CPAs through communities of

interest.

24Number of harmonized

member Associations across the province.

Special Update: Legislation

In May 2017, the Ontario government passed the Chartered

Professional Accountants of Ontario Act, 2017, legislation that officially recognizes CPA Ontario as regulator of the province’s more than 89,000 accounting professionals. This milestone is the capstone of our unification process; it marks the formal conclusion of a complex and ambitious collective effort, and inaugurates a new chapter for our profession.

The Honourable Premier of Ontario Kathleen Wynne

and Carol Wilding, President & CEO

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Profile

Why CPA?

The CPA designation carries recognition and credibility that prove their value especially in business partnerships. In my career, I have been instrumental in creating new partnership models involving different sectors: governments, universities, and businesses, including start-ups. My CPA background has helped to build confidence with partners that these new models would deliver the predicted benefits for all sides.

How does your training help you create unique value?

Many times in my career, I’ve noticed things being done “the way it was done before” — often with this phrase being used as justification. My CPA training has given me the insight to know where creative innovation is possible within the regulations. It’s let me find new, sustainable approaches beyond the usual conventions.

Patrick Horgan CPA, CMA

Vice-President, Manufacturing, Development and Operations, IBM Canada

How do CPAs add value in your field?

In the tech world, CPAs bring valuable financial expertise; they can be important additions to teams whose expertise otherwise centres around engineering, tech, and design. Often it’s the financial side that’s the missing ingredient in a potentially successful new venture. Technology on its own will not magically come to market. It needs a solid business plan.

How would you like to see CPA Ontario building connections in the field?

For the reasons I just stated — the imbalance that can arise in the start-up world between tech and engineering knowledge versus business knowledge — CPAs can be invaluable to incubators. If CPA Ontario found a way to build links between CPAs and the start-up community, that could be powerful.

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UPDATEStudents

New Post-Secondary Institution Funding Model

CPA Ontario developed a diversifi ed approach to funding. Our new model balances two key priorities: funding research for advancing the profession through publications in top academic journals around the world, and funding applied research to support our commitment to thought leadership. Our increased emphasis on thought leadership will also be evident as we support new collaborations between members and academics through symposiums on issues such as big data analytics and artifi cial intelligence.

Expanded Recruitment Strategy CPA Ontario is pursuing an enhanced recruitment strategy that aims to attract the most talented candidates not only from accounting programs but from business, fi nance, and other programs likely to provide a strong foundation for entry into CPA training. This year, our Chartered for Finance conference — which gives undergraduate students a chance to learn from and network with CPAs and recruiters in fi elds such as investment banking, asset and wealth management, private equity, and consulting — received more than twice as many applicants as there were spots available; most of these were non-accounting students. Following the conference, 95% of attendees expressed an interest in pursuing the CPA designation.

Top students and outstanding professionals from around the world pursue the CPA designation because of the reputation it has earned, the skills it confers, and the opportunities it off ers. At CPA Ontario, one of our key priorities is continuing to build the strength and vitality of the profession by further developing our capacity to attract exceptional domestic and global talent.

CPA Ontario cultivates an extensive web of partnerships with Post-Secondary Institutions, immigrant-serving agencies, and employers. We have also been working — especially over the past couple of years — to enhance our online presence and the digital tools we off er to both current and prospective students. Together, these eff orts are helping to build awareness of the opportunities, show outstanding candidates clear pathways into the profession, and help current students achieve the ambitious goal of becoming CPAs.

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CFE Honour Roll Students 2016

P R O G R E S S U P DAT E // 1 1

International Talent

CPA Ontario understands the value internationally educated professionals (IEPs) can create in Ontario and beyond when they choose the CPA designation. We off er a range of services to help IEPs adapt their credentials to the Ontario context. We also actively communicate the possibilities of the designation through 72 immigrant-serving agencies and associations in Ontario, as well as 11 agencies that operate abroad, off ering pre-arrival career guidance to prospective newcomers.

One notable new initiative this year was Diversity Day, an event highlighting opportunities for IEPs that featured:

• practical guidance on international career transitions from CPAs and from government and service-agency representatives;

• success stories from internationally trained CPAs;

• a panel discussion hosted by journalist and television host Steve Paikin.

ACAF

The Advanced Certifi cate in Accounting and Finance (ACAF), a program that helps students and people already in the workforce build job-ready skills for intermediate accounting and fi nance positions, will now be delivered entirely by Post-Secondary Institutions, not by CPA Ontario. This change stands to benefi t everyone connected to the program: colleges will now take the lead on a program that aligns well with their other off erings and students will be able to access government support for their studies.

Attract Build

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By the numbers

19,45353% Female

47% MaleTotal number of students

pursuing their CPA designation with CPA Ontario.

2,400+ Members of the Institute of

Chartered Accountants of India (ICAI) — in India and around the world — who registered for the fi rst ever webinar co-presented by CPA Ontario and the Toronto Chapter of the ICAI. The webinar

off ered information for ICAI members thinking of pursuing

the CPA designation in Ontario.

17Post-Secondary Institutions in Ontario off er 47 diff erent CPA-

accredited programs.

83Total number of partnerships

with immigrant-serving agencies, community organizations and associations to connect global talent with the CPA program.

950Number of Ontario employers pre-approved as meeting the

CPA Practical Experience Requirements.

Steve Paikin hosts CPA Ontario’s

inaugural Diversity Day

Students


Why CPA?

The designation puts you ahead of the pack. When you’re starting your career, it gives you that extra element of credibility that gets you onto the shortlist. In addition to being a shorthand for your capabilities, being a CPA builds your own confidence: you know you’ve completed a rigorous program, and you have strong skills.

Any other thoughts for students?

Your CPA designation can take you in a lot of directions. It can give you options

Sharon Barnes-Simmonds CPA, CGA

Director, Accounting, TIFF

Profiles

to work in any industry, or in any branch of finance. Your career will depend on the path you choose — and as a CPA you have plenty of choices.

How can new CPAs make a difference?

When organizations are making big business decisions, they’re increasingly looking for support in areas like data analytics to ensure their approaches are grounded in solid evidence. So for any CPA — but especially those just entering the field — I’d say if you can combine your business and financial knowledge with tech skills, that’s pretty powerful.

Why CPA?

The most important benefit of being a CPA is your potential for growth. The designation gives you the comprehensive financial management skills and the soft skills that make an effective senior executive.

What advice would you give to students?

Understand the fundamentals and the business context. Whatever the specific task — whether you’re reconciling

Russ Jones CPA, CA

Chief Financial Officer, Shopify

accounts, or looking at risk — keep the bigger picture in view and you’ll be more effective.

How do CPAs add value in your field?

In the tech industry, the ability to understand, analyze, and ensure the validity of company data is critical. CPAs are also well equipped to position themselves alongside developments like machine learning — the combination of powerful computation with the insight and presentation skills of a CPA is a big asset.

Attract Build

New Digital Tools

This year, we’ve released an interactive tool designed to help prospective students gauge their readiness for the CPA program. Prospective students can now enter relevant information about their academic progress to date at any Ontario university, and learn instantly how well their credits match the CPA program’s prerequisites. This self-assessment option is a quick, efficient way for students to see where they stand before seeking a formal transcript review by our staff.


UPDATERegulatory & Standards

Critical Conversations

CPAs are navigating environments of immense complexity and rapid change. In this context, CPA Ontario believes that the work of maintaining the profession’s reputation goes beyond upholding high standards and enforcing the rules. Part of our role is to convene critical conversations about what constitutes good practice at a time when traditional measures and defi nitions of value are being challenged, and when powerful new technologies are transforming the roles and capabilities of fi nancial leaders.

Over the past year, we have convened a Tax Symposium, a Risk Management Symposium, a Practitioners’ Conference, and a range of events for fi nancial and accounting professionals across the public, private, and not-for-profi t sectors. We’ve also contributed to conversations about non-GAAP fi nancial measures, the eff ects of emerging technologies on CPAs’ roles and responsibilities, and other issues of concern to our members and the

broader business community. We’ve also participated in national discussions on fi nancial matters through appearances on CBC’s On the Money.

Benchmarking Review In September 2016, our Regulatory & Standards group commenced a review of the practices of comparable regulatory bodies to ensure that CPA Ontario’s investigative and disciplinary approaches are in line with current best practices. Ongoing enhancement of our regulatory processes to ensure their effi cacy and relevance is critical to our mission. In addition to assessing our processes relative to those of other bodies whose missions are comparable to ours, we’re taking steps to make our standards and approach more transparent to our members and to the general public.

Code of Conduct

The new CPA Code of Professional Conduct was ratifi ed at our Annual Meeting in September. The Code was completed last year, but members’ ratifi cation of the Code was an important expression of shared belief in its value and principles.

Practice Inspections

CPA Ontario members and fi rms engaged in public practice are regularly inspected. This year, the Regulatory & Standards group inspected 1,281 CPA practices; 94% of the practices inspected required no further action.

Protecting the public is at the heart of CPA Ontario’s mission. As the regulator of our profession, we set high standards for Ontario’s CPAs and support accounting professionals as they work to serve their clients and organizations with impeccable integrity. We also monitor the profession with rigour and vigilance, managing an active program of practice inspections and investigations, and exercising discipline where necessary.

To ensure that the CPA designation remains synonymous with strong, credible fi nancial and business leadership, we also help our profession to engage in critical research and dialogue as tools and business environments change. We work with members and subject-area experts to evolve our rules, standards, and guidelines so that they continue to serve as relevant and eff ective manifestations of CPAs’ long-standing commitment to ethical practice.

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By the numbers

1,281practices inspected by

Regulatory & Standards.

200 public complaints assessed in

fiscal 2017.

94%of inspected practices required

no further action.

18discipline hearings were conducted in fiscal 2017.

Advising

Thousands of CPAs make use of our confidential advisory service every year. This year, our advisors fielded more than 6,300 calls from CPAs seeking expert guidance as they worked to resolve a technical accounting or financial question with the highest degree of professionalism and integrity. In the years ahead, CPA Ontario will make increased use of data analytics in order to provide enhanced guidance to our members.

Disciplinary Actions

We addressed over 200 complaints and conducted 18 discipline hearings, resulting in $360,000 in fines. There were 14 membership revocations arising from disciplinary processes in fiscal 2017.

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Kelly Gorman joined the CPA Ontario leadership team this year. Previously, she was Deputy Director of Enforcement and Chief of the Office of the Whistleblower at the Ontario Securities Commission.

Why CPA?

The CPA training equips you with critical thinking capabilities that are adaptable to many different industries and business areas. In my own career, I started out in public accounting, moved to a role in banking, and then into shareholder reporting for large public companies. Since then, I’ve worked in securities regulation and now in my current position with CPA Ontario.

Kelly Gorman CPA, CA

Vice President, Regulatory & Standards

Profile

What’s new in regulatory and standards?

The regulatory side of our work is critically important, and it’s a constantly evolving business in today’s fast-paced environment. In other words, a lot is always new. To give the briefest possible answer, though, I’d say we’re working to enhance the guidance side of what we do. Thousands of members make use of our confidential advisory services every year, and we’re aiming to use new data and predictive analytics tools so we can develop helpful materials on key emerging issues. In short, our goal is to have great, detailed answers ready before the questions come in.


UPDATEFinancials

net assets is due to the excess of revenues over expenses for fi scal 2017, $15.5 million, slightly off set by remeasurement gains and losses from pension and employee future benefi ts. Higher revenue from almost all revenue streams and a focus on managing costs eff ectively contributed to the $15.5 million excess of revenues over expenses.

CPA Ontario’s capital comprises net assets invested in land, building and equipment, and other capital assets, internally restricted net assets and unrestricted net assets. In fi scal 2017, CPA Ontario established an operating reserve of $21.5 million as internally restricted net assets intended to support the organization’s day-to-day operations in the event of unforeseen shortfalls or special projects. The reserve may also be used with approval from Council for one-time, non-recurring expenses that will build long-term capacity, such as research and development, or investment in technology or other infrastructure. CPA Ontario remains in a strong fi nancial position to meet unforeseen contingencies and to invest in the advancement of the profession.

CPA Ontario generated cash fl ow from operating activities of $13.2 million in fi scal 2017 (2016: $0.3 million) while its investing activities used $16.7 million (2016: $8.2 million).

The working capital position, defi ned as current assets minus current liabilities, is healthy at $31.3 million (2016: $14.3 million). The increase in working capital over the prior year is due mainly to the fi scal 2017 operating surplus. Any working capital in excess of CPA Ontario’s normal operating needs is invested in accordance with CPA Ontario’s investment policy approved by Council. With the exception of real estate, the majority of the organization’s assets are in liquid or near-liquid investments.

Management’s Discussion and Analysis

INTRODUCTION

The past year has been a successful one for CPA Ontario. Strong performance across our key revenue streams – member dues and fees, education, and professional development – combined with eff ective cost management have enhanced our overall position.

We will be drawing on this fi nancial strength in the years ahead as we proceed with some critical investments, most notably in technology that will help to improve our service to members and students and accelerate our operations.

Sound fi nancial stewardship of CPA Ontario is essential to the stewardship of our profession. Our ability to invest in rigorous regulatory oversight – to protect the public interest and maintain the high standards that defi ne our profession – rests on our fi scal health. Similarly, our capacity to build for the future – to attract a robust pipeline of new recruits, build members’ skills and capabilities, and create a strong brand and demand for the designation – is fueled by our collective investments in the designation today.

The discussion that follows lays out the fi nancial position, results of operations, and cash fl ows of CPA Ontario for the year ended March 31, 2017, including the key drivers of our revenues and the targets of our recent and upcoming investments. It should be read in conjunction with the summarized audited fi nancial statements and accompanying notes for the same year-end.

FINANCIAL POSITION

CPA Ontario strengthened its net asset position in fi scal 2017, which at March 31, 2017 stands at $59.9 million (2016: $44.7 million). The change in


This year our education team focused on ramping up new CPA program registrations and on helping legacy students complete their transition into the CPA preparatory course and the professional education program. Overall, students enrolled in 8,949 preparatory courses (2016: 6,328) and 15,543 professional education program modules (2016: 9,550). The contribution margin from CPA programs in fiscal 2017 is $7.6 million, or 34.2% (2016: $4.3 million, or 33.6%). The significant increase in contribution margin dollars is due to higher enrolment in both CPA preparatory courses and the professional education program.

The increase of $6.3 million in student fees this year is due to two main factors. First, in fiscal 2017 all CPA Ontario students had to pay a full student fee, whereas in the prior year some students benefited from a fee holiday during the unification period. Second, the harmonization of the student fee rate resulted in an increase in student fee revenues from a segment of the student population.

Professional Development (PD) programs. PD revenue increased by $0.8 million, from $10.1 million in fiscal 2016 to $10.9 million in fiscal 2017. The increase in revenue was driven by new emerging channels of delivery, including webinars and seminar broadcasts, and higher affinity program sponsorship revenue from a new affinity partner contract.

Expenses. Total expenses for fiscal 2017 were $81.6 million compared to $96.3 million in fiscal 2016. The prior year included $14.4 million in one-time integration-related expenses. Therefore, expenses related to ongoing operations were slightly lower in fiscal 2017 compared to the prior year ($81.6 million vs. $81.9 million). These expenses include spending on regulatory work, the delivery of education and professional development programs, member counseling and support services, and the promotion of the CPA brand to students, employers, government and the public. Expenses in fiscal 2017 also included new spending in strategic areas, member research, risk management, and technology investments. Economies of scale were achieved in fiscal 2017 as lower expenses from operations supported higher revenues.

CPA Ontario believes that the current cash and investment position, combined with anticipated cash flow from operations is sufficient to meet working capital and capital expenditure requirements.

RESULTS FROM OPERATIONS

CPA Ontario operations in fiscal 2017 resulted in a surplus of $15.5 million compared to a deficit of $4.4 million in fiscal 2016. The significant improve-ment in financial results is due to membership growth, robust growth of enrolments in CPA programs, student fees from new students, a focus on managing costs, and the absence of integration costs. These factors helped CPA Ontario absorb the loss of $7.6 million in contribution margin from legacy education programs in fiscal 2017, as the phase-out of these legacy programs was completed in fiscal 2016.

Total revenues of $97.1 million in fiscal 2017 (2016: $91.8 million) was derived from three main sources: member dues and fees, education, and professional development. These three revenue sources represent 96% of total revenues in fiscal 2017 (2016: 96%).

Member dues and fees. CPA Ontario collected $46.3 million in dues and fees from members in fiscal 2017 (2016: $40.8 million), representing 48% of CPA Ontario’s revenues (2016: 44%). Member dues and fees provide funding for CPA Ontario’s regulatory functions related to protecting the public trust, such as practice inspections; investigations and responses to complaints; and activities related to the Public Accountants Council for the Province of Ontario. In addition to our regulatory role, CPA Ontario delivers a wide range of member services, including ethics counseling, career services, networking opportunities, and affinity programs. Member dues and fees also help enable CPA Ontario to invest in technology and process improvements to enhance the member and student experience, and to deliver economies of scale in the years ahead.

Education programs. Education program revenue and student fees totalled $35.8 million (2016: $37.2 million), of which $22.3 million (2016: $12.9 million) was revenue from the CPA preparatory course and the professional education program; nil (2016: $17.1 million) was from legacy education programs, and $13.5 million (2016: $7.2 million) was from student fees. Revenue from legacy education programs ceased in the prior year as the phase-out of legacy programs was completed.


CPA Ontario’s strong performance this year flows from the choices and efforts of the recent past. Unification continues to deliver operational savings. Revenue from student education programs is strong as redesigned offerings are relevant, competitive, and well-tailored to the market. The Ontario govern-ment’s introduction of the Chartered Professional

Accountants of Ontario Act, 2017 on May 17, 2017, completed unification in Ontario, thereby recognizing our important role as regulator and the professional body for Ontario accountants.

Just as this year’s financials reflect returns on investments in unification and student programs, today’s efforts – in Enterprise Risk Management strategy, digital transformation, brand-building, and enhanced professional development programs – will yield a stronger CPA Ontario in the years ahead, to the benefit of our members, students, and all Ontarians.

RISK AND RISK MANAGEMENT

Risk management framework: CPA Ontario is committed to maintaining an Enterprise Risk Management (ERM) framework that ensures risk management is an integral part of the organization’s activities. The CPA Ontario ERM framework is guided by the following key principles:

• Governance and Oversight. Ensuring that we have the proper oversight on risk and that risk decisions are made within the framework of the organization’s risk appetite.

• Infrastructure. Confirming that we have the skills, tools and templates to enable risk identification, assessment and management.

• Practices. Applying the ERM process for identifying, assessing, managing, monitoring, reporting, and escalating key risks.

The ERM framework is supported by a policy that establishes key risk management roles and responsibilities for the organization.

Risk governance. Risk oversight of CPA Ontario activities resides with Council and the Executive Team.

• Council oversees and reviews the effectiveness of the organization’s risk management program, reviews key risks and mitigation strategies, approves the ERM policy and, together with the Executive Team, determines the organization’s risk appetite. Council also assesses the strategic plan and objectives to ensure the organization’s plans are aligned with its articulated risk appetite.

• The CPA Ontario Executive Team actively participates in the ERM process by reviewing key risks and ensuring effective management of such risks. The Team supports the integration of ERM with strategic management and decision- making processes.

Risks to CPA Ontario. CPA Ontario is exposed to a variety of enterprise risks in the course of normal operations that can impact the organization and execution of strategic initiatives. These risks stem from the complex and rapidly changing environment in which the organization operates. CPA Ontario regularly identifies and assesses its key risks to ensure they are effectively managed. Key risk areas include infrastructure, member and student experience, geopolitical and economic shifts, and changes in regulations. Overall risk categories for CPA Ontario include brand and reputation, strategic, operational, technology, financial and human capital.

We are managing these risks through rigorous project management, enhanced customer service, and prudence in fiscal management, including building a strong balance sheet to mitigate against economic contingencies. The new Chartered Professional

Accountants of Ontario Act, 2017 will also strengthen our organization and the profession to benefit members, students and the public interest.

Financial risks. In the normal course of business, CPA Ontario is exposed to financial risks that have the potential to adversely affect its operating and financial performance. The risks associated with CPA Ontario’s financial instruments are: credit, liquidity and market (i.e., currency, interest rate, and other price risk). Please refer to the audited financial statements for the year ended March 31, 2017, for a description of CPA Ontario’s exposure to these financial risks.

CPA Ontario manages these risks in accordance with its investment policy. The objective of the policy is to reduce volatility in cash flow and earnings and to safeguard assets by setting the parameters for the asset quality and proportion of fixed income and equity securities in which the organization invests. Based on the nature of the investments and the constraints imposed by the organization’s investment policy, it is management’s opinion that CPA Ontario is not exposed to significant risk in respect of financial instruments.


MANAGEMENT’S RESPONSIBILITY FOR THE SUMMARIZED FINANCIAL STATEMENTS

Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1 to the summarized financial statements.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on the summarized financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810 “Engagements to Report on Summary Financial Statements”.

OPINION

In our opinion, the summarized financial statements derived from the complete audited financial statements of Chartered Professional Accountants of Ontario for the year ended March 31, 2017 are a fair summary of those financial statements, on the basis described in Note 1 to the summarized financial statements.

Chartered Professional Accountants Licensed Public Accountants June 22, 2017 Toronto, Ontario

Report of the Independent Auditor on the 2017 Summarized Financial Statements

To the Members of Chartered Professional

Accountants of Ontario

The accompanying summarized financial statements of Chartered Professional Accountants of Ontario, which comprise the summarized statement of financial position as at March 31, 2017, and the summarized statements of operations, changes in net assets and cash flows for the year then ended and the related notes, are derived from the complete audited financial statements of Chartered Professional Accountants of Ontario for the same period. We expressed an unmodified audit opinion on those financial statements in our report dated June 22, 2017.

The summarized financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summarized financial statements, therefore, is not a substitute for reading the complete audited financial statements of Chartered Professional Accountants of Ontario.


Summarized statement of financial position

Anita K. Ferrari

FCPA, FCA

Finance & Audit Committee, Chair

On behalf of Council:

Johanne Charbonneau

FCPA, FCGA

Chair

As at March 31 (in thousands of dollars)

A S S E T S 2017 2016

Cash $ 2,113 $ 5,589

Investments and other current assets 56,110 38,625

Long-term and restricted investments 23,275 23,312

Capital assets 9,091 11,187

$ 90,589 $ 78,713

L I A B I L I T I E S

Accounts payable and accrued liabilities $ 11,266 $ 14,044

Deferred revenue and expenditures 17,025 17,528

Employee future benefits obligation 2,403 2,408

$ 30,694 $ 33,980

N E T A S S E T S

Unrestricted $ 34,840 $ 41,212

Operating reserve 21,500 -

Other internally restricted 3,555 3,521

59,895 44,733

$ 90,589 $ 78,713

(See accompanying notes on page 22.)


Summarized statement of operations

For the year ended March 31 (in thousands of dollars)

R E V E N U E S 2017 2016

Member dues and fees $ 46,291 $ 40,750

Education 35,831 37,245

Professional development 10,924 10,063

Professional standards 2,491 2,443

Investment and other 1,579 1,347

$ 97,116 $ 91,848

E X P E N S E S

Operations $ 28,594 $ 25,496

Education 23,436 27,144

Professional development 8,828 8,607

Marketing and communications 7,293 6,425

Professional standards 6,398 5,834

Registrar 4,325 5,002

Student outreach program 2,743 3,362

$ 81,617 $ 81,870

O P E R AT I N G S U R P L U S B E F O R E I N T E G R AT I O N 15,499 9,978

Integration - 14,386

E XC E S S ( D E F I C I E N C Y ) O F R E V E N U E S OV E R E X P E N S E S $ 15,499 $ (4,408)



Summarized statement of changes in net assets

Summarized statement of cash flows


2017

UnrestrictedOperating

reserveInternallyrestricted

Total

Balance, beginning of year $ 41,212 - 3,521 $ 44,733

Excess of revenues over expenses 15,499 - - 15,499

Investment income earned (34) - 34 -

Remeasurement gains and losses from pensions and employee future benefits (337) - - (337)

Internal fund transfer (21,500) 21,500 - -

Balance, end of year $ 34,840 21,500 3,555 $ 59,895

2016

UnrestrictedInternallyrestricted

Total

Balance, beginning of year $ 49,292 - $ 49,292

Deficiency of revenues over expenses (4,408) - (4,408)

Funds placed in trust (3,500) 3,500 -

Investment income earned (21) 21 -

Remeasurement gains and losses from pensions and employee future benefits

(151) - (151)

Balance, end of year $ 41,212 3,521 $ 44,733



O P E R AT I N G AC T I V I T I E S 2017 2016

Excess (deficiency) of revenues over expenses $ 15,499 $ (4,408)

Adjustments to determine net cash provided by operating activities 2,344 3,324

Changes in non-cash working capital items (4,600) 1,428

Cash flows from operating activities 13,243 344

Cash flows used for investing activities (16,719) (8,225)

Net change in cash during the year (3,476) (7,881)

Cash, beginning of year 5,589 13,470

Cash, end of year $ 2,113 $ 5,589



On April 1, 2014, CPA Ontario (ICAO) entered into a unification agreement with the Certified Management Accountants of Ontario (“CMA Ontario”) to unify the operations of CPA Ontario and CMA Ontario (“the first unification agreement”) with an effective date of April 1, 2014.

On June 23, 2014, CPA Ontario and The Certified General Accountants Association of Ontario (“CGA Ontario”) entered into a unification agreement to unify the operations of CPA Ontario and CGA Ontario (“the second unification agreement”). The second unification agreement had an effective date of July 2, 2014. Collectively, the unified entities operate under the registered business name of CPA Ontario.

Subsequent to the year ended March 31, 2017, on May 17, 2017 the Chartered Professional Accountants

of Ontario Act, 2017 was enacted and CGA Ontario, CMA Ontario and The Institute of Chartered Accountants of Ontario were amalgamated and continued as Chartered Professional Accountants of Ontario. Consequently, the Chartered Accountants

Act, 2010 was repealed.

CPA Ontario is exempt from income tax under subsection 149(1) of the Income Tax Act.

3. COMPARATIVE FIGURES

Certain figures of the statement of operations for 2016 have been reclassified to reflect the presentation applied to 2017.

Notes to the summarized financial statements

1. BASIS OF PREPARATION

These summarized financial statements are derived from the complete annual audited financial statements of Chartered Professional Accountants of Ontario for the year ended March 31, 2017, which were prepared in accordance with Canadian accounting standards for not-for-profit organizations.

A copy of the complete audited financial statements is kept on file at Chartered Professional Accountants of Ontario and can be provided upon request.

The set of criteria applied by management in preparing these financial statements is outlined in the paragraph below.

The figures presented in these summarized financial statements agree with or can be recalculated from the figures presented in the complete audited financial statements. Management believes that the summarized financial statements contain the necessary information and are at an appropriate level of aggregation so as not to be misleading to the users.

2. UNIFICATION OF THE PROFESSION

Chartered Professional Accountants of Ontario (“CPA Ontario”) is the registered business name of The Institute of Chartered Accountants of Ontario, which was incorporated under An Act to Incorporate The Institute of Chartered Accountants of Ontario by the Legislative Assembly of the Province of Ontario in 1883, was continued in 1956 under the Chartered Accountants Act, 1956 and in 2010 under the Chartered Accountants Act, 2010 (“CPA Ontario (ICAO)”).


CPA Ontario Council and Executive Management Team

The CPA Ontario Council is made up of 16 elected members of CPA Ontario and four public representatives appointed by the Lieutenant-Governor. The President & CEO, supported by an executive management team, is responsible for strategy and the day-to-day operations, including the roles of educator, regulator, advocate, thought leader, and provider of benefits and services to our stakeholders.

Key duties of a Council member include:

• Protect, and be seen to protect, the public interest.

• Protect the interests of the profession and members.

• Ensure the integrity and independence of CPA Ontario’s self-regulatory processes.

• Act consistently in accordance with the values and ethics of the profession.

• Set the strategic direction.• Approve the annual business plan and

performance targets.

CPA ONTARIO COUNCIL MEMBERS

Officers

Johanne CharbonneauFCPA, FCGAChair

Alan T. MakFCPA, FCAVice-Chair

Nigel WhiteFCPA, FCMASecretary

Anita K. Ferrari FCPA, FCATreasurer

COUNCIL MEMBERS- AT-LARGE

Chris BolandCPA, CA, CMA

Roseline BrennanCPA, CGA

Georgina M. DanielsFCPA, FCA

Ronald Harvey FCPA, FCGA

John Hsu FCPA, FCMA

Ian JeffreysCPA, CA

Michel LavigneFCPA, FCA

Delna MadonCPA, CA

Stephen McCaugheyCPA, CMA

Catherine L. RussellCPA, CA

Debra J. TaylorFCPA, FCGA

Dave VertCPA, CA

YOUNG CPA REPRESENTATIVE – NON-VOTING

Jennifer D. LeeCPA, CA

PUBLIC REPRESENTATIVES

Ginny Dybenko

Tim KennishLL.B

Graham T. ParsonsBA (Econ)

Robert C. WongB.Sc., MBA

EXECUTIVE MANAGEMENT TEAM

Carol WildingFCPA, FCAPresident & CEO(Pictured with Council)

Julie LamCPA, CAExecutive Vice-President & COO

Elizabeth CowieVice-PresidentGeneral Counsel

Kelly GormanCPA, CAVice-President, Regulatory & Standards

Richard PiticcoCPA, CAVice-President,Student Services

Nilpa SrivastavaVice-President,Marketing & Communications

VacantVice-President,Member Services


Standing Committees of Council

FINANCE & AUDIT COMMITTEE

Chair:

Anita K. FerrariFCPA, FCA

GOVERNANCE & NOMINATING COMMITTEE

Chair:

Nigel WhiteFCPA, FCMA

HUMAN RESOURCES COMMITTEE

Chair:

Cathy RussellCPA, CA

Regulatory Committees

APPEAL COMMITTEE

Chair:

Stephen R. Meek FCPA, FCA

Deputy Chairs:

Larry P. Bookman CPA, CA

John Love CPA, CMA

Allan E. Mackay CPA, CMA

Darroch A. Robertson FCPA, FCA

DISCIPLINE COMMITTEE

Chair:

Joan A. Cullemore FCPA, FCA

Deputy Chairs:

Randal J. Adamkowski CPA, CA

David Debenham CPA, CMA

Stephen F. Dineley FCPA, FCA

Stuart M. Douglas FCPA, FCA

Anne C. Mackenzie CPA, CMA

A. Douglas Nichols FCPA, FCA

MEMBERSHIP COMMITTEE

Chair:

Elaine Sequeira FCPA, FCA

Deputy Chairs:

Jordan Beallor CPA, CA

A. Ross Mitchell FCPA, FCA

PRACTICE INSPECTION COMMITTEE

Chair:

Jean Prichard CPA, CA

PROFESSIONAL CONDUCT COMMITTEE

Chair:

Robert G. Simon CPA, CA

Deputy Chairs:

Daniel J. Cremasco FCPA, FCA

Peter P. Farkas CPA, CA

Elena D. M. Hufton CPA, CA

PUBLIC ACCOUNTING LICENSING BOARD

Chair:

John Beech FCPA, FCA

Advisory Committee

SMALL PRACTICES ADVISORY COMMITTEE

Chair:

Edward Fink CPA, CA

Volunteer Leadership

The generous efforts of CPA Ontario’s many volunteers benefit all members and students in the CPA program, the profession and the public. We extend our sincere thanks to the many committee volunteers who gave their time and expertise during fiscal 2017.


cpaontario.ca/annualreport2017To view the complete Annual Report, visit


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