DAY 3
8:00-9:00
10:45-12:00
WEDNESDAY, NOVEMBER 26, 2008
COFFEE/TEA & CONTINENTAL BREAKFAST/ REGISTRATION
KEYNOTE SPEAKER:
***image5*** Dr. Lloyd Atkinson - Economic and Financial Consultant
What’s in store for the Canadian Economy?
In these challenging and turbulent economic times, it can be difficult to tell
where the economy is headed. How should we read the current indicators?
Where is the buried treasure located, ripe for investment? Leading Economist
Lloyd Atkinson draws us a map of Canada’s current and future economy. With
a successful track record spanning decades, he applies his experience to
predict future economic developments within Canada.
Atkinson’s comprehensive, in-depth presentation directly addresses the
concerns of your industry. Calculating factors ranging from tax policy and
unemployment, to energy and poverty, he paints a clear and compelling
picture. Placing both the Old and the New Economy in balance, he shows you
what’s happening now and what comes next. Atkinson provides you with
accurate, clear-sighted predictions that will make major contributions to your
success.
The New International Economy
Isn't this a dead horse? Didn't the melt down of the stock markets destroy
forever the idea that this time it is different? NO!! Yes, stock markets got
seriously overvalued in the latter part of the '90's for reasons that we better
understand today, but destroying the idea of a new economy? Not at all. The
New Economy was never about stock market values of technology stocks, it
was about productivity. And in the U.S., at least, the rebound in productivity
has been stunning! And the benefits to be recorded will be huge: living
standards, real wages and salaries, real corporate profits, governmental
revenues (and hence the programs for which government is responsible) will all
be dramatically higher than otherewise. Lloyd will explain why this is key to
meeting the needs of an aging population and what all this means for you.
9:00-10:15
13:30-16:00
CONCURRENT SESSIONS
(simultaneous interpretation available for all sessions)
EVENT 3-1
FINANCIAL SERVICES
9:00-10:15
Supporting the DM as Accounting Officer
Changes made under the Federal Accountability Act have resulted in expanding
the role of Deputy Ministers as Accounting Officers. With these changes,
finance staff in departments will have to deal with new demands, requirements
and expectations. Mike Hawkes will be speaking about his vision of the role
Finance Officers will play in supporting CFOs and Deputy Ministers as they
meet these new demands.
Speaker:
Mike Hawkes, Chief Financial Officer (CFO),Public Works and Government
Services Canada
13:30-14:30
Health Canada Budget Management Framework
(BMF)
The Health Canada BMF is a comprehensive approach to budget management
practices and introduces best financial management practices to all aspects of
the budgeting cycle, with a focus on standardized and integrated procedures.
It provides an overview of budget management governance responsibilities of
key stakeholders through a Policy on Budget Management, and four Directions
documents: Initial budget allocations; Forecasting and Variance Analysis;
Pressures Reviews and Reallocations; Monitoring, Control and Reporting.
Speaker:
Edward de Sousa, Executive Director, Financial Management, Health Canada
15:00 – 16:00
Developing Effective Systems of Internal Control
Parliament and Canadians expect that government is well managed with
prudent stewardship of public funds, safeguarding of public assets, and the
effective, efficient and economical use of public resources. The CFO supports
the deputy head by developing and maintaining systems of internal control
related to financial management and departmental accounts.
Speakers:
Gonzague Guéranger, Senior Director, Financial Management Policy
Application, Office of the Comptroller General
Bernie Geiger, Director, OCG Policy Renewal, Financial Management Policy
Application, Office of the Comptroller General
Fred Jaakson, Executive Director, Systems, Forensic and Horizontal Audits,
Office of the Comptroller General
EVENT 3-2
FINANCIAL REPORTING
9:00-10:15
International Financial Reporting Standards (IFRS)
IFRS are coming to Canada
In 2006, the Accounting Standards Board (AcSB) of the Canadian Institute of
the Chartered Accountants (CICA) announced its decision that all Publicly
Accountable Enterprises (PAE) will, in the near future, be required to report
under International Financial Reporting Standards (IFRS). Essentially, for
years beginning on or after January 1, 2011, Canadian Generally Accepted
Accounting Principles (GAAP) will be converged to and replaced by IFRS for
these corporations.
This change will apply to all enterprises listed on the stock exchange and to
other organizations that are responsible to large or diverse groups of
stakeholders, including Crown corporations. IFRS will therefore affect
governments in Canada in a variety of ways.
Mr. Paul G. Cherry, Chair of the AcSB, will explain why Canada has taken the
decision to converge to IFRS. Also, Mr. Cherry will discuss the overall strategy
of the CICA to address the conversion to IFRS, how it fits with other countries
and the general approach taken by Canada to achieve this change.
Speaker:
Paul G. Cherry, FCA, Chair, Accounting Standards Board of the
Canadian Institute of Chartered Accountants
IFRS implications for the Public Sector
The transition of private sector Canadian Generally Accepted Accounting
Principles (GAAP) to IFRS will not directly affect Canadian GAAP issued for the
Public Sector in Canada by the Public Sector Accounting Board (PSAB) of the
Canadian Institute of Chartered Accountants (CICA). Nonetheless, IFRS hold
the potential to become a very significant secondary source of GAAP for
governments in Canada and their implementation could therefore have an
impact on public sector accounting.
In this session Mr. Andrew Newman will provide an overview of the significant
differences and similarities between IFRS and current Canadian GAAP. Also, Mr.
Newman will explain where IFRS will fit in the accounting of the federal
government.
Speaker:
Andrew Newman, CA, Partner, Audit, Public Sector Practice, KPMG
13:30-14:30
International Standards : Public Sector Accounting
and Audit Standards
International Public Sector Accounting Standards Update
World-wide, International Public Sector Accounting Standards (IPSAS) are
gaining in acceptance as many governments are now either using them or
planning to implement them. As Canada is known to have a robust set of
Public Sector Accounting Standards, the Canadian Institute of Chartered
Accountants (CICA) has for many years participated actively in helping develop
the IPSAS.
The Public Sector Accounting Board (PSAB) of the CICA does not plan at the
moment to converge Canadian Public Sector Generally Accepted Accounting
Principles (GAAP) to IPSAS. Nonetheless, IPSAS are a significant secondary
source of GAAP for governments in Canada and their development could
potentially influence the evolution of government accounting in Canada.
Mr. Richard J. Neville has served as the Canadian representative on the
International Public Sector Accounting Standards Board (IPSASB) for many
years. He will give us an insight as to the context in which IPSAS are being
developed and he will provide us with an interesting update of the most recent
activities of the IPSASB.
Speaker:
Richard J. Neville, FCA, Canada’s voting member on the International
Public Sector Accounting Standards Board
Implementation of International Standards on Auditing (ISA) in
Canada
In 2006, the Auditing and Assurance Standards Board (AASB) of the Canadian
Institute of Chartered Accountants (CICA) approved a strategy to adopt the
International Standards on Auditing (ISA) issued by the International Auditing
and Assurance Standards Board (IAASB) as Canadian Auditing Standards
(CAS). The ISA will become effective CAS for audits of financial statements for
periods beginning on or after December 15, 2009. Internationally and in
Canada, the same audit standards are used to audit financial statements in
both the private sector and the public sector. The move to ISA will therefore
affect all audits performed in Canada, including public sector financial
statements audits.
Mr. John Rossetti, Assistant Auditor General at the Office of the Auditor General
of Canada will provide us with an overview of the background and reasons for
Canada to adopt ISA. He will also guide us through some of the changes that
could impact the work of preparers of financial statements and some of the
questions or processes that we can anticipate from the new requirements that
will be imposed on our auditors by these new audit standards.
Speaker:
John Rossetti, CA, Assistant Auditor General, Office of the Auditor
General of Canada
15:00 – 16:00
Financial Reporting in Governments: Current Topics
of Interest
Expectations of Audit Committees regarding Financial Reporting
Under the Treasury Board Policy on Internal audit which came into force on
April 1, 2006, all large departments and agencies must establish department
and agency audit committees (DAAC). Reporting directly to the Deputy Head,
DAAC’s objective is to provide advice on and review department's spending
control and accountability processes. These new governance structures may
lead Deputy Heads to change the way they look at various aspects of financial
management and reporting. To address this change, financial officers will need
to prepare themselves to answer new questions and queries that will be raised
by their Deputy heads or by DAAC’s members directly.
Mr. Arn van Iersel, is a member of the Audit Committee of Environment
Canada. To help us understand some of the expectations that audit committee
may have from the perspective of financial reporting, Mr. van Iersel, will share
with us his experience and how he views the role and responsibilities of Audit
Committees.
Speaker:
Arn van Iersel, FCGA, Professional Financial Consultant and Advisor
Update on Departmental Audited Financial Statements and Related
Financial Reporting Issues
In this session, Mr. Bill Matthews, Executive Director of Government
Accounting Policy and Reporting at the Office of the Comptroller General of
Canada, will provide us with an update of various initiatives impacting financial
reporting in governments. Mr. Matthews will discuss the latest issues related to
the preparation of departmental audited financial statements. Topics addressed
will include items such as the Treasury Board Accounting Standards (TBAS) 1.2
on the Departmental and Agency Financial Statements, the potential
requirement for quarterly financial statements and the impact of other current
initiatives. In addition, Mr. Matthews will provide us with a summary of the
most recent and upcoming changes proposed by the Public Sector Accounting
Board (PSAB) of the Canadian Institute of Chartered Accountants (CICA) and
their potential impact on government accounting.
Speaker:
Bill Matthews, CA, Executive Director, Government Accounting Policy
and Reporting, Office of the Comptroller General of Canada, Treasury
Board of Canada Secretariat
EVENT 3-3
INFORMATION MANAGEMENT AND INFORMATION
TECHNOLOGY
9:00-10:15
Finding IT value – getting IT right
IT and its weaker sibling IM are pervasive and ubiquitous. The Government of
Canada has more than 40,000 civil servants delivering IT in some fashion or
other, spending upwards of $5 – 10 billion annually. And it never seems to be
enough. Nor does it (IT) always work.
The prospect and promise of Web 2.0, with its progeny – Web 3.0 – well on the
way will even tax scarce economic resources (i.e. money) further.
Is IT a sink hole? A tsunami? Or simply a rudderless ship?
How do we measure the value of such a large and critical part of overall
operations and the budget? More questions than answers but we have to start
somewhere.
Speaker:
Alex Beraskow, P.Eng., MBA, CMC, Partner within IT/NET.
http://www.itnet.ca/
13:30 – 14:30
A New Paradigm for Internal Controls Management
Part 1:
A New Paradigm for Internal Controls Management
Managing internal controls in an efficient and sustainable manner has become
an area of significant focus for both public and private sector organizations. For
federal government finance officers the heightened emphasis on controls is
driven by the Federal Accountability Act, the ensuing requirement for audited
departmental financial statements and the proposed suite of policy. Finance
officers outside the federal government have similar requirements for
regulatory compliance, production of audited financial statements and sound
management practices.
While simple in concept, achieving strong internal controls management has
been deceptively difficult. Compliance with regulatory requirements requires
substantial investment, but in many cases, has had a relatively low return in
terms of business benefits.
During the past several years, software solutions have emerged to facilitate
internal controls and risk management and monitoring of compliance. These
tools, either alone or in combination with one another, enable an organization
to manage the entire compliance lifecycle – from documentation of controls
and compliance policies and procedures to controls testing, including capturing
audit trails and approvals, remediation, and reporting. Increasingly, solutions
are supported by sophisticated document management, workflow and reporting
functionality.
Speaker:
Shelley Senova, Senior Managing Consultant, IBM Public Sector Financial
Management Practice
www.ibm.com/gbs/finmgmt
Part 2:
IT Solutions for Preventing and Detecting Fraud and Error
The prevention and detection of fraud and error can be costly and onerous. IT
solutions can: reduce the costs of compliance testing and control assessment
activities; enhance the effectiveness of these activities; focus on high risk
areas; and provide a level of audit assurance required for a controls-based
audit. In this session the speaker will explore the attributes and benefits of IT
solutions for facilitating internal controls management, risk management, and
compliance testing.
Speaker:
Sylvie Turcotte is a Solutions Consultant at SAP Canada, specializing in
Financials and associated SAP applications.
15:00 – 16:00
Tools for Effective Financial Statement Preparation &
Audit Readiness
Moving data from trial balance format into formatted financial statements and
preparing related working papers required for an audit can be a difficult task
without the proper tools. Tools such as CaseWare Working Papers will allow
departments and agencies to import trial balances, group financial statement
line items and link the data to dynamic financial statements fitting unique
reporting requirements, all the while providing the desired tools to manage the
financial and audit process.
Speaker:
Todd Eyolfson is the Director of Education at CaseWare International Inc.
EVENT 3-4
CGA Workshop
***This session is open to everyone***
9h 00-10h 15
13h 30-16h 00
Being Right Just Isn’t Enough
Or why being right makes you feel so bad
Following the rules is easy; we all know what we should do. But being right
doesn’t guarantee an ethical decision. This session will be lively and thought
provoking. Who knew ethics was fun?
Judy knew that the first order of business was getting the report done on time.
It was the right thing to do. After all, didn’t her manager remind her almost
daily that deadlines were a critical success factor?
So why did she feel so bad? It was likely because she knew that the original
mandate was wrong. As a result the entire premise of the report was off and
the end product was one more piece of politically correct pap.
When we are faced with two or more conflicting, legitimate demands (in this
case get it done on time versus produce a meaningful report) it feels like we
are always the loser. What Judy didn’t recognize is that she was actually facing
an ethical decision.
This workshop examines life’s ethical dilemmas using a standard format. It is
not a technical review of codes of ethical behaviour – nor is it a primer in
ethical philosophy. Instead participants will step beyond the rules, regulations
and codes that define our world and look at some of the tough (but common)
issues that defy prescriptive solutions.
Perplexing problems, annoying conundrums – from the mundane to the
terrifying - the steps and processes tor resolution are the same. Lively,
entertaining and thought provoking. When all solutions seem right but all have
consequences making a mindful decision goes a long way to feeling better.
Speaker:
Michelle Causton, MBA, FCGA
FREE
SEMINARS
Session details coming soon!
9:00-10:15
ELAN Financial Services
13:30-14:30
Association of Canadian Financial Officers (ACFO)