Small Practices Committee Update 2007

The inaugural meeting of the Small Practices Committee was held at the Institute in late September. The very successful interactive sessions included presentations from Institute and CICA staff with frank, productive discussions on a variety of significant issues.

Selection of Executive

Committee members selected the following Executive Committee:

Chair:	Michel Lavigne, Ottawa
Vice Chair:	Edward Fink, Toronto
Communications Director:	Frank Fazzari, Vaughan
Technical Director:	Christene Scrimgeour, London

Issues Prioritization

Committee members identified and prioritized the following key issues for attention:

Review and respond to the CICA’s Framework for Owner Managed Enterprises. The framework is based on the existing CICA Accounting Handbook but has its focus strictly on supporting owner-managed businesses. The committee felt that this framework will have a significant impact on a large number of small practitioners;
Work with the CICA to streamline the Professional Engagement Manual (PEM) and the development of a set of sample working paper files;
Identify best practices for smaller engagements in collaboration with the Institute’s Practice Inspection area;
Develop a communication strategy to effectively reflect small practitioners concerns to the Institute and the CICA

Action Plan

The full committee is schedule to meet in early January 2008. The key issue on the agenda will be the drafting of the response to the Framework for Owner Managed Enterprises. As well, the committee will set up individual work-groups to move forward on the other issues identified

Institute Consultation

The Institute consulted committee members regarding potential changes to Section 216 of the Rules of Professional Conduct (Members accepting commissions). Committee members offered their views on the issues and have been asked to seek input from the broader small practices community. We will monitor this issue for further developments.

All member comments and suggestions are welcome. Please send you input to lkan@icao.on.ca

Michel Lavigne
Chair