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4 Sponsors & Advertisers
5 Editor’s Note
6 Vision
7 Cairman’s Message
8 Prime Minister of Canada
9 Premier of Ontario10 Consul General of India
11 ICAI President
12 ICAI Vice President
13 Guest Speaker, Dipika Damerla
14 Guest Speaker, Tasia Batstone
Te information contained in te annual magazine is based on sources believed to be reliable, but its accuracy is notguaranteed. Reasonable efforts ave been made to determine te accuracy of information received. Readers areadvised to seek appropriate legal/financial advice prior to relying on any information contained erein.
Website Address:www.icaitoronto.com
Article Credits:Kevin Dancey
Murtaza Dean
Mano Malotra
Sailes Mulki
Reka Paranape
Cover Design Concept:Manny Gauba
Graphics
Brett Eng Design3045 Soutcreek Road Unit 16,
Mississauga, Ontario
416-451-5782
Publisher: Toronto Capter of
te Institute of Cartered
Accountants of India
PO Box 1069,
Toronto ON M5K 1P2
Media Partners:
Follow us on:
Te Capter publises temagazine annually. Commentssould be sent to te TorontoCapter [email protected]
17Secular
Stagnation
26Compassion
20 Accounting and
Asssurances Update
15One National
Accounting Body
28COSO 2013Framework
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T h e I n s t i t u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
22 Toronto Capter
in Retrospect
15 One National Accounting Body
17 Secular Stagnation
20 Accounting and Assurances Update
22 Toronto Capter in Retrospect
24 Managing Committee
26Compassion, Saping Your Life28 COSO 2013 Internal Controls
32 Year in Review
41 Members Directory
45 Recognizing our past Cairmen
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T h e I n s t i t u t e
o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o C
h a p t e r
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MANMOHAN GAUBA
5
T h e I n s t i t u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
Ladies and Gentlemen:
Welcome to te 8t Annual Gala of te Toronto Capter of te Institute of Cartered Accountants
of India (ICAI). I am deligted to present to you te 8t edition of our Annual Magazine. Todaymarks a very special day as we, te Brand Ambassadors of te Indian Accounting Profession,
welcome, for te first time, leadersip of te Unified National Body of te Canadian Accounting
Profession, CPA Canada.
You may recall, at te last year’s gala we recognized and celebrated our abilities to “Soar in
Unison and Excel as Individuals”. I am very proud to present to you tis year’s teme tat
celebrates our unique strengt to connect wit ig performance teams as perfectly mesed
gears enabling iger levels of success for te businesses we serve.
We are once again privileged to receive a number of outstanding contributions from our
accomplised autors. We capture te istoric milestone of Unification of te Canadian
Accounting Profession. Never losing sigt of our culture and umility, we review te significance of
compassion as it sapes our lives. Te tecnical content of te magazine covers te 2013 COSO
Internal Control Framework and an update on Accounting and Assurance matters. Last but notleast, we discuss te impact of te US economy and its prospects of making a comeback in
2015. Te magazine rounds up by recognizing our past Cairman, reminiscing Capters’ ourney
so far and sowcasing tis past year.
My eartfelt tank you goes to our generous sponsors, contributing autors, creative designer, my
past and present fellow Directors, Capter’s Communications, Social, Professional Development
and Sponsorsip committees for teir efforts, ideas and guidance in making tis edition a
success.
Please oin us in celebrating our successes tis past year and ave a wonderful time at te gala.
Sincerely,
Manmoan Gauba CPA, CA MBA
Editor and Vice Cairman, Toronto Capter of ICAI
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KEY OBJECTIVES OF THE CHAPTER ARE:
TO HELP promote and foster a sense of community, loyalty, fellowsip, fraternity, partnersip
and professionalism among te members of te ICAI living in te GTA.
TO PROVIDE information and guidance to its members troug te Mentoring Committee.
TO ADVOCATE te quality and professional standards of Cartered Accountants wo are
members of te ICAI in te Canadian Society troug programs, activities and events of educational,
social, caritable, cultural, recreational, sporting and professional nature involving members and teir
families.
TO ESTABLISH and maintain close relationsip wit Cartered Accountants from India, ICAI
and its Capters and oter organizations tat ave synergies of interests.
TO CONDUCT regular meetings involving members for excange of information on topicsof mutual interests, by organizing tecnical sessions on accounting, auditing, information tecnology or
any oter topics wic are of interest to te members.
DISSEMINATION and informal consultation related to te development of accounting
profession in different sectors by keeping members informed of te recent canges in accounting
profession in Canada, India and at International level (Canges in accounting standards and
regulations, corporate governance, and taxation or any oter topic tat is relevant to te members).
TO LIAISE witin te guidelines of te ICAI, wit te professional bodies in Canada ( e.g.
Cartered Professional Accountants Canada (CPA, Canada), Cartered Professional Accountants
Ontario (CPA, Ontario) and oters) to increase and enance te awareness of ICAI and its members to
eventually acieve full reciprocity.
Te Toronto Capter of ICAI (1st Nort American Capter) is a not for profit organization incorporated
under te provincial laws of Ontario, establised for te Alumni of ICAI wit te primary
objective of providing networking and professional development opportunities
across Greater Toronto Area (GTA).
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C h a p t e r
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T h e I n s t i t u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
AMIT GOYAL
Friends,
It is my privilege to welcome you to te 8t Annual Gala of Toronto Capter of Institute of Cartered
Accountants of India (ICAI), te first Nort American Capter of te ICAI.
Te Capter as come a long way since its inception and I am proud to be a part of tis ourney tat
began in 2006 wit only 70 members. Today we ave close to 700 contacts in our communication
distribution list. We ave successfully maintained te entusiasm and commitment amongst our
members troug numerous professional development and social networking events; and continue to
provide mentoring and career guidance assistance to our members.
During te year, te Capter ad discussions wit CPA Canada to assess te impact of unification of
tree accounting bodies in Canada. Wile CPA Canada is evaluating te existing Memorandum of
Understanding (MoU) and Evaluation of Experience (EvE) patway for ICAI members, we at te Capter
are continuing our efforts for full reciprocity and are determined to play an important role in broadening
te relationsip between te two Institutes.
We are grateful to our sponsors for teir unwavering support in all our endeavors. Tis year, teir
generous contribution as exceeded te previous years’ records. Our Corporate Sponsor Scotia Bank
as recently renewed teir commitment for te next tree years. Collins Barrow as continued teir
support as a Platinum Sponsor for tree consecutive years. We are also proud to ave CPA Ontario as
our strategic partner and Platinum Sponsor second year in a row.
Te Managing Committee is te backbone of our Capter tat as worked relentlessly troug-out te
year. I tank eac individual for enancing te obectives of te Capter by contributing teir time and
ideas. I also take tis opportunity to tank all te members of ICAI wo consistently encourage us to
take te Capter to newer eigts. I wis to congratulate my friends from te West coast wo ave
decided to come togeter to start anoter Canadian Capter in Vancouver, tus creating ICAI foot-print
from coast-to-coast.
I am truly onored to lead tis dynamic group of talented professionals and look forward to building astronger presence and eminence of te Capter in te Canadian market.
Sincerely,
Amit Goyal, CPA, CA
Cairman, Toronto Capter of ICAI
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C h a p t e r
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C h a p t e r
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A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
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A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
CA. K. RAGHU
I congratulate you all on te 8t Annual Gala Event of te Toronto Capter of te Institute of
Cartered Accountants of India. Te Toronto Capter of ICAI, te first Nort American Capter
establised by ICAI as provided a platform to sare and disseminate knowledge amongst our
members as well as proect te image of Indian Cartered Accountants in Canada. It as alsoelped in developing excellent relationsip between te accounting fraternities of India and Canada.
Te Indian accountancy profession as consolidated itself and as since come a long way in its
sagacious existence of 65 years. Te Institute of Cartered Accountants of India tat troug its
more tan 220,000 membersip in India and it’s over 10,000 membersip abroad is playing its due
role in different national economies across te globe. It testifies te global reac of Indian Cartered
Accountancy qualification due to its strong tecnical content. It is matter of pride tat ICAI members
abroad are adding glory to its alma mater and I am very sure tat te ICAI members will continue to
work in same professional zeal to position te brand Indian Accountant wit teir contribution to
society.
Being an extended arm of te ICAI, te Capters owe a special relationsip to teir parent institute
by carrying suc activities, wic bring an aura to te ICAI mission of being value to te accountancy
profession. Te Toronto Capter of ICAI as successfully endeavoured to play an active role in
providing a forum for te members of te ICAI in Canada for furterance of teir professional pursuits
and knowledge on one and and promoting bonomie amongst te professional bretren.
I congratulate te entire managing team of Toronto Capter of ICAI for keeping te Capter vibrant
and for organizing various programmes of professional interest and oter informal meets for te
benefit of our members.
Wit best wises,
CA. K. Ragu
President, Te Institute of Cartered Accountants of India
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A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
CA. MANOJ FADNIS
It is eartening to note tat te Toronto Capter of Te Institute of Cartered Accountants of India
is organizing its 8t Annual Gala Dinner on November 22, 2014 and is bringing out its Annual
Magazine to commemorate tis auspicious occasion.
Knowledge and skill set of Cartered Accountants allow tem to provide a wide range of services
and guidance to te organizations to elp excel in today's igly competitive environment. In tis
era of tecnology enabled open economies, te accountants ave to keep temselves well
informed of te canges in te environment and find solutions to te callenges and cope wit
unfavourable conditions.
I compliment te role overseas Capters play in augmenting te profession on foreign soil. Te
Capters serve as a common forum wit global reac werein te ICAI members can meet and
interact professional ly. Tus providing an opportunity for networking, in addition to keeping te
members abreast of te latest developments and elping tem to contribute more to te society
and in turn bring more glory to India and Indian accountancy profession.
In suc a dynamic context, I am very appy tat te Toronto Capter of te Institute as made its
mark felt by providing a platform for excellent interaction wit various stakeolders.
We as brand ambassadors of te Indian accountancy profession sould always strive to maximize
our full potential to demonstrate our competitive edge as one of te best in its class.
I compliment te Toronto Capter on its past pursuits and I am sure tat in times to come one will
see te Toronto Capter taking itself to iger level of professional excellence.
Wit best regards,
CA. Mano Fadnis
Vice President, Te Institute of Cartered Accountants of India
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T h e I n s t i t u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
DIPIKA DAMERLA
Dipika Damerla was first elected to te Ontario legislature in 2011 as te MPP for Mississauga East-
Cooksville. Se was re-elected in 2014.
Damerla currently serves as Associate Minister of healt and Long-Term Care, responsible for Long-
Term Care and Wellness. Damerla was a senior policy advisor to te Minister of Economic
Development and Trade before becoming an MPP. Se as served as Parliamentary Assistant to
te Minister of Tourism, Culture and Sport, te Minister Responsible for te 2015 Pan/Parapan
Games, te Minister of Community and Social Services, and te Minister of Infrastructure.
Before getting involved in politics, Damerla was a reporter at OMNI TV, were se covered local
issues in te GTA. Damerla began er career in te financial services sector and as worked at two
of Canada’s largest banks. Se earned er MBA from te Rotman Scool of Management at te
University of Toronto and er Cartered Accountant (CA) designation in India. Damerla’s extensive
community involvement includes volunteering wit Carassauga and founding te cloting drive
Vastra Daan. Se is a proud moter and longtime resident of Mississauga.
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TASHIA BATSTONE
Tashia Batstone is the Vice President of Education Services with CPA Canada.
In this capacity, Ms. Batstone has overall responsibility for CA, CMA, CGA and CPA student
qualification standards and assessment, CPA Canada’s professional learning and development
education products and services, specialization programs, and the Canadian accounting
profession’s international qualification appraisal program.
Ms. Batstone has spent most of her career in accounting education teaching accounting at both
Memorial University of Newfoundland and the University of Pittsburgh. Prior to joining CPA Canada,
Ms. Batstone spent 6 years as CEO of the Institute of Chartered Accountants of Newfoundland and
Labrador during which time she Chaired the CA Professional Learning Committee. Ms. Batstone
also Chaired the Certification Steering Committee, which was responsible for overseeing the
development of the new CPA professional program.
Ms. Batstone’s responsibilities give her a unique perspective on the education requirements for
professional accountants in Canada, from initial qualification to lifelong learning. This wide spectrum
of experience allows her to bring broader views to the development of new and innovative
strategies for the education and career development of professional accountants.
In addition to her professional activities, Ms. Batstone is a member of the Advisory Board for the
Faculty of Business at Memorial University, and Chair of the Faculty of Business Associates
Program, and a member of the Audit Committee for the Anglican Foundation of Canada.
Ms. Batstone, a member of the Institutes of Chartered Accountants of Newfoundland and Labrador
and Ontario, received her FCA designation in 2011 in Newfoundland and Labrador and 2013 in
Ontario.
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C h a p t e r
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T h e I n s t i t u t e
o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
Canada’s 190,000 member accounting
profession is now represented by a single
national body – Cartered Professional
Accountants of Canada (CPA Canada).
Te Certified General Accountants
Association of Canada (CGA-Canada)
oined CPA Canada October 1, 2014,
completing te integration of te country’s
national accounting bodies. CPA Canada
was establised last year by te CanadianInstitute of Cartered Accountants (CICA)
and Te Society of Management
Accountants of Canada (CMA Canada).
Wit integration, Canada as one of te
largest national accounting bodies in te
world. CPA Canada is recognized as a
strong, influential voice for advancing
sound public policy bot domestically and
on te global stage.
Wit tat added clout comes clarity. It is
now easier for stakeolders to understand
wo represents te Canadian professionnationally and internationally.
Our more influential voice also will elp
protect te interests of Canadian
enterprises tat comply wit accounting
and auditing standards set outside our
borders.
Integration of te national bodies is te
latest milestone acieved as Canada’s
accounting profession continues its
transition to te new Cartered
Professional Accountant (CPA)
designation. Timing for use of te CPA
designation will vary across te country
because te profession is provincially
regulated.
Wen unification is fully completed, te
profession will be positioned to better
serve te public interest by establising
common codes of professional conduct,
disciplinary systems and licensing
regimes.
Recognizing the
impoRtance of foReign
tRained accountants
A key element of unification is te new
CPA certification program, built on te
strengts of te tree legacy designations.
Graduates earning a CPA designation will
ave te tecnical skills required in te
marketplace, as well as te softer skills
tat are increasingly becoming more indemand. In sort, tey will understand
te organization, ave te rigt
interpersonal skills and understand te
numbers.
Te CPA profession also is developing a
separate certificate program – te
Advanced Certificate in Accounting and
Finance – to prepare individuals for unior
and intermediate accounting positions.
however, we will not be able to meet te
strong demand for accounting
professionals domestically. We will begin
negotiating new agreements witorganizations suc as te Institute of
Cartered Accountants of India once te
development of te CPA professional
program is completed in 2015. Tese
agreements must recognize te value of
te education and experience gained by
accounting professionals in teir ome
countries. We also will review te CA
Evaluation of Experience program to
determine ow best to position it as a
pat to te CPA.
CPA Canada is committed to supporting
foreign trained accountants before tey
arrive in Canada.
Our organization works closely witCitizensip and Immigration Canada and
Economic and Social Development
Canada on ways to speed up te pre-
arrival assessment of credentials. We are
exploring pre-arrival supports suc as
robust on-line learning to allow foreign
trained professionals to complete
additional education requirements in teir
ome country.
Finally, we will soon launc an on-line
course to elp internationally trained
accountants understand te cultural
norms of te Canadian accounting work
environment.
We are committed to enancing te
capabilities of professional accountants
troug a wider range of education and
support.
(Te views and opinions expressed erein are tose of te autor and do not necessarily represent te views and opinions of te Toronto Capter of ICAI.)
Contributed by
KEVIN DANCEY President and CEO, Chartered Professional Accountants of Canada
ONE NATIONAL BODY
Kevin Dancey, President and CEO, CPA Canada, speaks to te organization after te
integration of Canada’s national accounting bodies on October 1, 2014.
FOR CANADA’S ACCOUNTING PROFESSION
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Contributed by
SHAILESH MULKI Member
Te concept of “Secular Stagnation” wasfirst introduced by noted American
Economist Alvin hansen in is address
titled "Economic Progress & Declining
Population Growt" at te 51st meeting of
te American Economic Association at
Micigan on Dec 28, 1938. Te paper
was set in te aftermat of te great
depression wic lingered on for about
ten years wen gross demand fell
drastically along wit sarply lower
population growt resulting in low
investment for several years consecutively.
his paper defined te essence of “Secular
Stagnation” as sick recoveries tat die in
teir infancy and depressions wic feed
on temselves and a ard and seemingly
immovable core of unemployment. Te
cause for “Secular Stagnation” is te lack
of investment wic in turn is due to lower
demand during a recession causing a
spiral effect. A declining population
growt (not a decline in population) furter
aggravates te lack in demand. Alvin
hansen stated tat in te absence of
programs designed to stimulate
consumption, full employment of te
productive resources is essentially afunction of te vigor of investment activity.
In November 2013 at te International
Monetary Fund’s (IMF) fourteent Annual
Researc conference Larry Summers, te
Former US Sectary of Treasury, revived
tis long forgotten concept. Subsequently
tere as been a lot of debate around tis
concept as it relates to te current global
economic scenario. Te trigger for Larry
Summers’s speec was te lack of
recovery in US GDP after te sarp slump
following te bankruptcy of Lemann
Broters in Sept. 2008. Te aftermat of
te 2008 crisis as been profound and in
severity ust sligtly beind te great
recession. Te Fed Funds rate was cut to
0.00-0.25% in Dec 2008 and we now
ave rates at zero for six years wit te
earliest cance of a rate ike expected by
Q2 of 2015. In te intervening period we
ave seen a few un-sustained false dawns
resulting in tree rounds of Quantitative
Easing acronymed QE1, QE2 & QE3. We
are currently at te cusp of anoter pase
were US economic growt seems to be
picking up wit 212,000 obs added to te
economy in 2014, ousing prices and
demand gatering pace and a pickup in
retail spending and revolving credit (largely
credit card debt) wic indicates optimism
amongst consumers.
Let's take a look at were te US
economy is poised as regard to "Secular
Stagnation" from te point of view of fall in
aggregate demand leading to a fall in
investment.
As per US Bureau of Labor Statistics, 8.8
million obs ad been lost during te
recession from 2008-2010 and it took
about four years to claw back tese lost
obs by May 2014. In tis period te US
population grew by about 10 million & te
labor force increased marginally by 1.9
million from te period jan. 2008 to
August 2014 at an annual rate of 278,000.
Tis is substantially lower tan te annual
rate of 1.5 million observed during te 10
year period from 1998 to 2008. Te
reason for te fall in te growt of te
labor force is twofold, firstly significant
portion of te work force tat did not find
teir way back were categorized as
discouraged workers and were no longer
counted to be part of te labor force and
te second reason is te retirement of te
baby boomer generation. Tese
demograpic canges ave resulted in
lower aggregate demand by te US
consumer, wic accounts for about 2/3rd
of US GDP. Te ob gains seen in te
recovery period since 2010 ave been
barely enoug to factor in population
growt wic means tat aggregate
demand from consumers as plateauedout. Anoter factor is tat a significant
portion of te obs gains ave been in
lower paying obs wic means lower
aggregate demand. As population ages,
especially so in a recessionary
environment, demand for good & services
reduces as spending is concentrated in
ealtcare and basic living expenses. Te
broader unemployment measure U-6 at
11.8% is well above 9.2% in 2008, toug
again substantially better tan te peak of
17.2% reaced in April 2010. Te labor
SECULAR STAGNATIONCAN THE US ECONOMY
BREAK OUT IN 2015?
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A c c o u n t a n t s o f I n d i a T o r o n t o C
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A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
market as vastly improved in 2014 from
te earlier years but it is not strong
enoug to drive up consumption wic
increases aggregate demand. It is poised
at a point currently were furter gains in
employment numbers could pep up te
economy.
Te consequence of a relatively tepid
labor market & recession is tat te
savings rate as umped iger as people
try to put away cas for a rainy day. Tis
is different from te outlook in te pre-
recession years wen te tendency was to
spend most of te current income and
also some part of future income. Te
savings rate wic is measured as
personal savings as a percentage of
disposable personal income as moved
sarply iger from levels of 2.52% in
2005, 3.28% in 2006, 2.95% in 2007 to
6.13% in 2009, 5.6% in 2010, 6.01% in
2011, 7.22% in 2012 before easing of sligtly in 2013 to 4.86 & 5.2% in 2014.
Te implication of tis sarp ump in te
savings rate is tat funds tat could ave
been spent on consumption ave been
invested in financial assets contributing to
te drop in aggregate demand.
As aggregate demand as not picked up,
companies are less eager to invest and
ave been oarding cas in teir balance
seet. As per data from St. Louis Fed
Financial Assets eld by Non Financial
Corporate Business is at a record level of
$16.779 trillion. Tis includes oldings or
Mutual Fund Sares at 218.12 billion,
treasury Securities at $39.32 billion,
ceckable Deposits and currency at
$332.23 billion and most of tese are at or
close to record igs. Tis oarding of
cas in Balance Seet due to lack of
opportunity in "business investments" as
been exemplified by “Apple” wic as a
cas pile of about $160 billion and is
under pressure to make acquisitions tat
will earn possibly "double digit" return as
against returns of 1% in fixed income
products, currently diluting Return on
Capital for te sareolders. Companies
are coming under pressure to eiter pay
dividends or buy back sares if tey
cannot invest in new or Greenfield
ventures.
GDP growt in te US after tecontraction of 0.3% & 2.8% in 2008 &
2009 respectively, GDP growt it as been
modest 2.5%, 1.6% 2.3% & 2.2% from
2010 to 2013 in te recovery pase. As
per te FOMC GDP growt forecasts for
2014 is at 2-2.2%, for 2015 at 2.6-3%, for
2016 at 2.6-2.9% & for 2017 at 2.3-2.5%.
US GDP grew at over 3% for 2
consecutive years in 2004 & 2005. Te
last time US economy grew at over 4%
was in te mid 1990's wic indicates
plateauing out of growt over a prolonged
period. Even in boom times of te mid
2000's economic growt was at best
modest.
japan is an example were te bursting of
te real estate and stock bubble in te
early 1990's resulted in te discount rate
falling from 6% in early 1990 to 0.5% by
mid 1995. Te rate fell furter to zero and
several quantitative monetary stimulus
measures ave failed to lift te economy
out from its deflationary spiral. In tat
sense inflation could be viewed as te
lesser of te two evils!!
Eurozone and japan being exporting
economies depend on foreign demand to
boost aggregate demand are facing
deflationary pressures. US being te
largest net importing nation is now facing
te pressure of importing deflation from
tese countries.
Q4 2014 and h1 2015 will really be te
key to determining weter tis concept
of “Secular Stagnation” is left beind or
becomes an even more colloquial term.
Weter te US economy is able to
actually leave te legacy of te 2008
recession beind and move strongly
forward will only be confirmed on ow
economic data will old up in Q4 & te
first alf of 2015. Te labor market,
consumer spending as measured by retail
sales data & consumer credit will old te
real key.
Closer to ome for us in Canada, te
pace of US economic recovery is of
profound importance as about 70% of
bot imports and exports are from or to
USA. As per a recent study from Statistic
Canada about tree-quarters of
Canadians live witin 160 KMs of te
Canada-US Border. Wit significant
dependence on te US economy (about
eigt times te size of Canada) and very
strong trade ties, an upward breakout of
growt in te US will only open prospects
of growt for Canada.
SOURCES AND REFERENCES
1. Economic Progress and Declining
Population Growth, Alvin H. Hansen, The
American Economic Review Vol. 29, No. 1
(Mar., 1939)
2. Federal Reserve Website -
federalreseve.gov
3. St. Louis Fed Website - stlouisfed.org
(Te views and opinions expressed erein are tose of te autor and do not necessarily represent te views and opinions of te Toronto Capter of ICAI.
Te autor can be reaced at [email protected])
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20
T h e I n s t i t u t e o
f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o C
h a p t e r
1. ACCOUNTING
inteRnational financial
RepoRting standaRds (ifRs)
Pronouncements effective for annual
periods beginning on or after january 1,
2014
Investment Companies and Segregated Accounts of Life Insurance EnterprisesMandatory date for first-time adoption of
IFRS by investment companies andsegregated accounts of life insurance
enterprises - fiscal years beginning on or
after january 1, 2014.
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) Amendment to IFRS 10 introduces an
exception for investment entities to the
principle that all subsidiaries are
consolidated. Amendments define
investment entities and require them to
measure subsidiaries at fair value through
profit or loss.
IAS 32 Financial Instruments:Presentation Offsetting Financial Assets
and Financial Liabilities (Amendments to
IAS 32): amendment addresses
inconsistencies identified in applying some
of the offsetting criteria.
IAS 36 IMPAIRMENT OF ASSETS
The standard was amended to modify
certain disclosure requirements about the
recoverable amount of impaired assets if
that amount is based on fair value less
costs of disposal.
IAS 39 Financial Instruments The standard was amended to allow
hedge accounting to continue in a
situation where a derivative, which has
been designated as a hedging instrument,
is novated to effect clearing with a central
counterparty as a result of laws or
regulation, if specific conditions are met (in
this context, a novation indicates that
parties to a contract agree to replace their
original counterparty with a new one).
Similar relief will be included in IFRS 9
Financial Instruments.
IFRIC 21 Levies This new interpretation provides guidance
on the accounting for levies imposed by
governments. The Interpretation clarifies
the obligating event that gives rise to a
liability to pay a levy.
PRONOUNCEMENTS EFFECTIVE
FOR ANNUAL PERIODS
BEGINNING ON OR AFTER JULY 1,
2014
IAS 19 Employee Benefits Amendment to IAS 19 simplifies the
accounting for contributions to defined
benefit plans that are independent of the
number of years of employee service.
PRONOUNCEMENTS EFFECTIVE
FOR ANNUAL PERIODS
BEGINNING ON OR AFTER
JANUARY 1, 2016
IFRS 10 Consolidated Financial Statements and IAS 28 Investments in
Associates and joint Ventures
Amended to eliminate an inconsistency
between IFRS 10 and IAS 28 in dealing
with the sale or contribution of assets
between an investor and its associate or
oint venture. Subsequent to the
amendments, a full gain or loss is
recognized when a transaction involves a
business (whether it is housed in a
subsidiary or not) and a partial gain or loss
is recognized when a transaction involves
assets that do not constitute a business,
even if these assets are housed in a
subsidiary.
IFRS 11 Joint Arrangements Amendments add new guidance on how
to account for the acquisition of an
interest in a oint operation that constitutes
a business.
IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets Amendments clarify that the use of
revenue-based methods to calculate the
depreciation of an asset is not appropriate
because revenue generated by an activity
that includes the use of an asset generally
reflects factors other than the
consumption of the economic benefits
embodied in the asset.
IAS 16 Property, Plant and Equipment and IAS 41 Agriculture Amendments require bearer plants to be
accounted for in the same way as
property, plant and equipment in IAS 16
because their operation is similar to that of
manufacturing. Bearer plants are used
solely to grow produce over several
periods. The produce growing on bearer
plants will remain within the scope of IAS
41.
Contributed by
MURTAZA DEAN Member
ACCOUNTINGAND ASSURANCES UPDATE
OVERVIEWCanada has a reputation of playing a big part in the global
accounting standard-setting arena — and that’s despite our
small size of slightly more than 3% of the world’s capital
markets. It is imperative to keep our fingers on the changing
issues in the accounting and assurance standards world.
For Canadian companies, new standards mean enhanced
access to international capital, funding, and investment.
This article provides a brief summary of recent developments
from the standards setters; including International Financing
Reporting Standards (IFRS), Accounting Standards for
Private Enterprises (ASPE) and Accounting Standards for
Not-for-Profit Organizations (ASNPO). I have also provided a
brief summary of a proposed Assurance update which may
affect your auditors and their procedures.
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(Te views and opinions expressed erein are tose of te autor and do not necessarily represent te views and opinions of te Toronto Capter of ICAI.
Te autor can be reaced at [email protected])
IAS 27 Separate Financial Statements Amended to allow entities to use te
equity metod to account for investments
in subsidiaries, oint ventures and
associates in teir separate financial
statements.
PRONOUNCEMENTS EFFECTIVEFOR ANNUAL PERIODS
BEGINNING ON OR AFTER
JANUARY 1, 2017 IFRS 15 Revenue from Contracts withCustomers Te core principle of te new standard is
for companies to recognize revenue to
depict te transfer of goods or services to
customers in amounts tat reflect te
consideration to wic te company
expects to be entitled in excange for
tose goods or services. Te new
standard contains enanced disclosures
about revenue, provides guidance for
transactions tat were not previously
addressed compreensively (for example,
service revenue and contract
modifications) and improves guidance for
multiple-element arrangements.
PRONOUNCEMENTS EFFECTIVE
FOR ANNUAL PERIODS
BEGINNING ON OR AFTER
JANUARY 1, 2018
IFRS 9 Financial Instruments Tis new standard replaces te
requirements in IAS 39 Financial
Instruments: Recognition and
Measurement for classification and
measurement of financial assets.
accounting standaRds foR
pRiVate enteRpRises (aspe)
PRONOUNCEMENTS EFFECTIVE
FOR ANNUAL PERIODS
BEGINNING ON OR AFTER JANUARY 1, 2014
Employee Future Benefits, Section 3462
Te new standard requires immediate
recognition of all gains and losses arising
from defined benefit plans as tey are
incurred, tus eliminating te deferral and
amortization accounting. Te new
standard also requires for te plan
obligations and plan assets to be
measured at te balance seet date. Inaddition, past service costs are now
recognized in te current period for
defined contribution plans.
Disposal of Long-lived Assets and Discontinued Operations, Section 3475 Tis standard was amended to modify te
definition of a discontinued operation by
creating a iger tresold for a disposal
to be classified as a discontinued
operation, tus resulting in fewer disposals
qualifying as discontinued operations in
practice.
PRONOUNCEMENTS EFFECTIVEFOR ANNUAL PERIODS
BEGINNING ON OR AFTER
JANUARY 1, 2016
Subsidiaries, Section 1591 Tis new Section requires te use of
udgment to determine wen control isobtained troug means oter tan equity
interests. Te guidance on accounting for
subsidiaries controlled troug equity
interests as been brougt forward from
te previous standard uncanged.
Investments, Section 3051 Tis Section as been amended to clarify
tat investments subect to significant
influence and certain oter non-financial
instrument investments are included in te
scope of te standard, wereas oter
investments (suc as subsidiaries and
interests in oint arrangements) are
excluded.
Interest in Joint Ventures, Section 3056 Tis new standard specifies te
accounting by an investor for an interest in
a oint arrangement according to weter
it is an interest in ointly controlled
operations or ointly controlled assets, or a
ointly controlled enterprise. Te option to
account for all types of oint arrangements
using te proportionate consolidation
metod, cost metod or equity metod is
eliminated.
accounting standaRds foRnot-foR-pRofit
oRganizations (asnpo)
PRONOUNCEMENT EFFECTIVE
FOR ANNUAL PERIODS
BEGINNING ON OR AFTER
JANUARY 1, 2014
Reporting Employee Future Benefits by Not-for-Profit Organizations, Section 3463 Tis new Section provides guidance for
defined benefit plans on te recognition
and presentation of remeasurements and
oter items tat differ from te guidance in
Employee Future Benefits, Section 3462 in
Part II of te handbook.
2. ASSURANCE
PRONOUNCEMENTS EFFECTIVE
FOR AUDITS OF FINANCIAL
STATEMENTS FOR PERIODS
ENDING ON OR AFTER
DECEMBER 15, 2013
CAS 315 – Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its
Environment
Tis standard replaces te existing CAS
315 and incorporates canges resulting
from revisions to CAS 610. Canges
include more guidance on wen to apply
CAS 610 and matters tat te auditor
needs to consider wen making inquiries
and obtaining understanding of internal
audit function.
CAS 610 - Using the Work of Internal
Auditors
Tis standard replaces te existing CAS
610. It establises a strengtened
udgment-based framework for use by te
external auditor in deciding weter and, if
so, to wat extent, to use te work of te
internal audit function.
PRONOUNCEMENT EFFECTIVE
FOR REVIEWS OF INTERIM
FINANCIAL STATEMENTS FOR INTERIM PERIODS OF FISCAL
YEARS BEGINNING ON OR AFTER
DECEMBER 15, 2014
Section 7060, Auditor Review of Interim
Financial Statements
Focus of te new standard is to assist te
audit committee in discarging its
responsibilities wit respect to interim
financial statements tat are to be issued
under te provisions of securities
legislation.
PRONOUNCEMENT EFFECTIVEFOR REPORTS DATED ON OR
AFTER APRIL 1, 2016
CSRS 4460 - Reports on Supplementary
Matters Arising from an Audit or a Review
Engagement
It addresses an increasing trend by
various tird parties, including regulators,
to place responsibility on te practitioner
to report on matters beyond te scope of
te audit or review of an entity’s financial
statements.
Independence Standards
A significant proposed cange is to
eliminate te reporting issuer tresold
currently in place wic allows for te
more restrictive independence
requirements to be applied only to audits
of reporting issuers wit eiter market
capitalization or total assets in excess of
$10 million.
21
T h e I n s t i t u t e
o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o C
h a p t e r
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22
T h e I n s t i t u t e
o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o C
h a p t e r
THE TORONTO CHAPTER IN RETROSPECT
2006
↑ First meeting with 70
members held to form the
Managing and Advisory
Committee to pursue
Chapter’s objectives
↑ Idea of forming 1st North
American Chapter to
promote the interests of
Indian CAs and to establish
a platform for networking
opportunities conceived by a
group of Indian CAs
2007↑ The Chapter holds its first Annual General Meeting
since its registration as an NFP entity
↑ The Chapter initiates dialogue with CICA (now CPA
Canada) and ICAO (now CPA Ontario) towards
reciprocity for Indian CAs
↑ The Toronto Chapter of ICAI (The Chapter)
incorporated as a not-for-profit (NFP) entity under
the laws of Ontario and is inaugurated by ICAI
President
↑ Deloitte supports Chapter’s objectives and
becomes a Platinum Sponsor
2008
↑ The Chapter and ICAI leadership meet
CICA (now CPA Canada) to continue
discussions for mutual recognition between
the two accounting bodies
↑ Chapter membership is now 150 strong
↑ KPMG supports Chapter’s objectives
becoming a Platinum Sponsor
2010↑ Membership of the Chapter crosses 200 mark
↑ The Chapter and ICAI President meet CICA (now
CPA Canada) and continue deliberations to finalize
the MoU between the two accounting bodies
↑ Scotia Bank endorses the Chapter as a Platinum
Sponsor
↑ The Chapter holds a two day comprehensive
workshop on IFRS to assist its members prepare
for adoption of IFRS in the Canadian accounting
landscape
2012
↑ Membership now stands past 250
↑ The Chapter teams up with CPA Ontario to bring an informative
Q&A session to increase its members’ awareness of the new
Evaluation of Experience (EvE) Program and its requirements
↑ The Chapter felicitates first batch of successful UFE candidates
under the MoU
↑ Collins Barrow endorses the Chapter by becoming a Platinum
Sponsor
2014
↑ The Chapter and CPA Canada meet to discuss the new curriculum and the impact of
Unification of Canadian accounting bodies on existing MoUs and EvE pathway↑ Membership reaches another milestone of 275 members
2009
↑ The Chapter adopts democratic
principles and appoints its first duly
elected Managing Committee
2013
↑ The Chapter boosts its
PD activities by
increasing the frequency
and covering a wider
spectrum for PD events
↑ The Chapter joins Social
Media by launching itself
on Facebook, Twitter and
↑ The Chapter embraces
new communication
tools for effective
dissemination of valuable
information.↑ CPA Ontario strengthens
its ties with the Chapter
by supporting it as a
Platinum Sponsor
2011
↑ A historic milestone is reached
with ICAI and CICA (now CPA
Canada) signing the MoU,
strategically positioning Indian
CAs to obtain the Canadian
CA designation
↑ Chapter strikes a significantbreakthrough welcoming
Scotia Bank as a corporate
sponsor for a term of three
years
“Sometimes you have to look back, to realize how far you have come.”
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Your Gateway to Doing Businessin India and the Middle East
DUBAI NEW DELHI
For Accounting, Assurance, Advisory, HR and Payroll, ProjectFinance, Legal and Corporate Services in Middle East and India
Contact: Manny Gauba
(M)+1 289 251 5565 (Canada)
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Contact: Sandeep Gupta
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SRG GLOBAL
TORONTO
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MANNY GAUBA Vice-ChairmanManny is te Managing Director of IMEC
Global Solutions and President/CEO of
4GlobalSolutions, business advisory firmsbased in Toronto, Dubai and Deli. Manny
specializes in raising debt and equity for
corporations elping tem meet teir
investment strategies and expansion in
global markets. Manny, an E&Y alumnus,
as eld various appointments wit Fortune
500 European companies in eavy electrical engineering, cemicals,
parmaceuticals and inection moulding industries. Manny is an FCA from
India, a designated Cartered Professional Accountant (CPA,CA) from
Ontario; Certified Public Accountant (CPA) from Micigan; and olds an
MBA from Queen's Scool of Business.
SUNIL HEDA Chair, Sponsorship CommitteeSunil heda is an Investment Advisor wit RBC Dominion Securities. Sunil provides Investment Management &
Wealt Planning Services in te GTA. Sunil is a Price Waterouse Alumnus and a designated Cartered
Accountant (CA) from India. Sunil is a seasoned financial services professional wit over 22 years’ experience
wit global financial institutions suc as CIBC, Citibank and te RBC Financial Group. Prior to moving to
Canada Sunil was te VP & head - Information Security for Citibank India. Sunil is a Cartered Professional
Accountant (CPA) and olds CIA, CRMA, CISA, CISM, and CRISC designations. Sunil actively participates in
local community organizations suc as RANA, Indo-Canada Cambers of Commerce, Lions Club and Markam
Board of Trade.
RAKESH DESAI Past Chairman; Chair, Membership CommitteeRakes is a senior manager wit Grant Tornton LLP Toronto/Mississauga in te Assurance and Advisory
practice. he as extensive experience in serving public and private companies in manufacturing, mining and
tecnology segments under IFRS and US GAAP regimes. Rakes as successfully taken companies public in
Canada. Rakes obtained is Indian Cartered Accountant (CA) designation and successfully obtained
Cartered Professional Accountant (CPA,CA) designation from Ontario in 2001. Rakes also olds Certified
Public Accountant (CPA) designation from Illinois, USA. Rakes completed a two-year secondment in UK wit
te IFRS Global Group of a public accounting firm working on firm's global IFRS and US GAAP training program
including preparing and facilitating training sessions for member firms across te globe. Rakes is an active
member of Canada-India Business Council and Indo-Canada Camber of Commerce
AMIT GOYALChairman Amit is te Senior Vice President and Cief
Financial Officer wit State Bank of India (SBI),
Canada. Amit is a key member of te seniormanagement team of te bank in Canada. Prior to
oining SBI Canada, Amit as worked wit many
international banks like Deutsce Bank, ICICI
Bank, Dundee Bank and Citco Bank. In is
professional career of more tan 20 years, Amit
as eld progressively senior positions in banking
and securities industry leading Treasury, Compliance, Operations and Finance
functions. he is a designated accountant from Canada (CPA, CA), USA (CPA) and
India (CA & CMA); and also olds US Securities licenses (FINRA S7 & S24) and
Canadian Securities certifications (CSC & PDO). Amit is a founder member of te
Toronto Capter and as served in various capacities since inception in 2006.
MOIN AHMED Chair, Professional Developement CommitteeMoin is a Senior Manager, Subsidiaries Accounting & Reporting wit Bank of Nova Scotia. Moin is a Deloitte
and Ernst & Young, Toronto alumnus. Moin as extensive experience in assurance and enterprise risk services
tat cover a wide spectrum of areas suc as external audit, internal audit and Sarbanes Oxley (SOX) compliance.
Moin is a Board Member and Audit and Finance Committee Cair of Settlement Assistance and Family Support
Services (SAFSS). he is a former Cair of Enterprise Resource Group in Scotiabank, Scotia Inter-Cultural
Alliance. In is stint in te Middle East, Moin was te Secretary of ISACA jedda Capter and member of te
ICAI jedda Capter. Moin currently serves as a mentor at Scotianbank’s jOIN mentoring program. he also
served as a mentor at te Toronto Regional Immigration and Employment Counsel (TRIEC) tat provides
guidance to new immigrants to Canada.
PRAG DEEP Member, Professional Developement CommitteePrag obtained er Cartered Accountant (CA) designation in India in 1990. Se was a merit rank older in bot
Intermediate and Final Examinations. Based in India, Prag began er career in public accounting assisting a wide
range of clients from large multinationals to small private companies and individuals. In 1999, Prag relocated to
Canada, learnt Frenc and oined Ernst & Young in Montreal. Prag later moved to oin Ernst & Young in Toronto.
Prag is currently a Senior Manager in E&Y`s human Capital service line and specializes in cross-border Canadian
and U.S. individual income tax matters including treaty interpretations. Prag is a designated Cartered
Professional Accountant (CPA,CA) and Certified General Accountant (CGA), bot from Ontario and as also
passed te Certified Public Accountant (CPA) exams from Micigan, USA.
24
T h e I n s t i t
u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
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NEERAJ MEHTA Chair, Social CommitteeNeera is a seasoned Investment & Retirement Planner wit Royal Bank of Canada. Neera provides a unique
blend of expertise and skills in elping is clients devise suitable Investment Strategy to ensure teir future well
being. Neera obtained is Cartered Accountant (FCA) designation in India, and subsequently pursued a
successful international banking career. Since moving to Canada, Neera is a Certified Financial Planner (CFP) and
also olds Canadian Investment Management (CIM) designation.
AJAY WIDGE Chair, Technology and Social Media Committee Aay is a Senior Proect Manager wit TD Bank and leads various proect initiatives for te Wealt Management
business line. he as over 28 years' experience in different areas of Front Office, Risk Management, Operations
and Accounting in te Capital Markets space. he as worked in India, Middle East and Nort America, olding
senior positions in mercant banking and investment management among oters. Aay obtained is Cartered
Accountant designation in 1985; e also olds oter professional designations, including CFA, PMP and DMS.
Aay served as Secretary of te Toronto Capter in te year 2011-12.
VISHAL SANGHA Chair, Mentoring Committee Visal is te Assistant Controller - Canada of Stewart Title Guaranty Company. In tis role e eads a team
responsible for external & regulatory reporting, accounting operations and taxation. Since moving to Canada in2001, Visal as worked in progressive roles in te financial reporting and taxation areas of large insurance
companies and multinationals. Prior to tat e worked for international companies in India and also taugt
management accounting and taxation at a management institute in Deli. Visal is a Cartered Accountant (FCA)
from India, a CPA, CA from Ontario and a CPA from te state of Delaware, USA.
MINAKSHI DALMIASecretary Minaksi is currently te Financial Controller wit DCR
Strategies Inc.; a Mississauga based financial services
company specialized in International prepaid creditcard solutions. Minaksi as a long standing
association wit public and private companies in
banking, insurance, non-profit, investment,
manufacturing, consultancy and tecnology areas.
Minaksi as worked extensively in India and Europe
before moving to Canada in 2003.
Minaksi obtained er Indian Cartered Accountant (CA) designation in 1998.
Minaksi is a member of Financial and Risk Management Advisory Committee of Red
Cross Canada.
SEEMANTININIGALYE-GHANGREKARTreasurerSeemantini works as Senior Manager,
Credit Risk Audit at Te Bank of Nova
Scotia. Se is Indian Cartered
Accountant wit over 10 years’
experience in banking and financial
services. Se as extensive Credit Risk
Management experience in mortgages, commercial and corporate
lending for businesses across industries suc as Infrastructure,
Information Tecnology, Mining, Automotive and Cannel Partner
Business. Se as worked wit TD Canada Trust, ICICI Bank and Citi
Group.
25
T h e I n s t i t u t e o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
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26
T h e I n s t i t u t e
o f C h a r t e r e d
A c c o u n t a n t s o f I n d i a T o r o n t o
C h a p t e r
In today’s busy world, we are so
engrossed in ourselves tat we ardly
ave any time to tink about oters. Our
lives appear to constantly revolve around
material pleasures. A major building block
of social relationsips is compassion and
caring for one anoter. It is terefore of
utmost importance tat we cultivate
compassion in our lives. Wit
compassion only can we seek true
appiness in our lives.
Te word, compassion, originates from
te Latin word “Compassio” wic means
“co-suffering”. Only wen we start
consciously treating everyone around us
equally despite our difference in
background, social class, or religion, can
we become open to one anoter. Co-
suffering implies feeling oters’ pain as
your own encouraging you to elp
someone in need. We may often be
tempted to assist oters out of pity or forself-recognition. Bot tese factors do
not elp te sense of dignity of oters.
Te sentiment of tinking of oters as our
own or true compassion and care is not
apparent wen compassion is not te
underlying reason for our actions.
Compassion is te adesive tat connects
us to oters, as it makes an impact on
oters. Wat we see around us today are
conflicts at all levels, from individual to
international. Families break easily, crime
is more prevalent in urban areas, and
nations are not esitating to go to war for
te sake of teir own economy. Te oneting tat makes conflicts and violence
trive is te lack of compassion.
Compassion is so strong tat once
embraced, it connects us wit all including
tose wo may ave upset or urt us.
Te 14t Dalai Lama Speaking in India
once said "Te true expression of non-
violence is compassion". Te rule is
simple, “Do unto oters as you would
ave tem do unto you”.
Anoter important aspect of compassion
is tat it as to be selfless and universal.
It cannot be limited to one’s own family or
friends or tose wo ave elped us in
our times of need. Te mindset tat "I
ave been tere for you, so you sould be
tere for me too" becomes te ultimate
result of tose compassionate relations.
Wat we need to do is open our minds to
extend our compassion to our broader
community, society, and nation, wereby
we are concerned for te well-being of
oters witout any selfis or ulterior
motives. Moreover, irrespective of wat
anyone as done to us, we sould
remember tat everyone makes mistakes,
and we can only forgive tem if we
develop compassion towards tem. Tis
may at first seem all too unrealistic to
follow, owever tere are great individuals
tat we sould aspire to learn from suc
as Gautama Budda and Maatma
Gandi.
I would like to narrate an interesting story
about Maatma Gandi ere…
"One day wile boarding a train one of
Maatma Gandi’s soes slipped off and
fell on te tracks. As it was impossible to
retrieve te soe from a moving train, e
quietly took off is oter soe and trew it
back on te tracks. Wen someone
asked wy e ad done tat, Maatma
Gandi smiled and said, 'te poor man
wo finds te first soe on te track will
now ave a pair e can use."
Wo else could ave ever tougt liketat? Maatma Gandi envisioned a poor
man witout soes, coming across a
single soe and desperately searcing for
te oter. his foresigtedness and
compassion prompted im to drop te
oter soe for te man to find and use.
Wat a way to elp oters selflessly!
We may still question wy we sould ave
compassion in our life. Compassion elps
us develop bot pysically and
emotionally. Most importantly it elps us
be appy wic we in turn pass on to
oters. No one disputes te fact tat
every individual strives for appiness.
Compassion is one of te main tools for
acieving tat appiness. Emotions like
atred and anger disturb our tranquility.
Anger is destructive and noting good
ever comes out of it. It’s antidote is
compassion.
Te uman mind by nature is loving and
gentle. From te moment we are born
until we die, we long for love. Recent
researc at harvard University by Mr.
David Rand sows tat adults and
umans’ first instinct is to elp oters and
not compete wit tem. Researc by Mr.
Dale Miller at Stanford Researc Scool of
Graduate confirms tis conclusion.
Depression and anxiety are linked to a
state of “self-focus” a preoccupation of
me, myself and I. Wereas wen youtink of oters your focus sifts from “I”
to “oters”, ence people feel connected.
Recent researc studies ave also
revealed tat compassion is embedded in
te brain and biology. humans are wired
to respond to oters in need and wen
umans feel compassion towards oters,
tey experience a cemical reaction in te
brain tat causes tem to be appier.
In conclusion, to be compassionate we
need to be self-reflective, non-judgemental
and become good listeners our own
development. Someting to reflect upon...
(Te views and opinions expressed erein are tose of te autor and do not necessarily represent te views and opinions of te Toronto Capter of ICAI.
Te autor can be reaced at [email protected])
Contributed by
REKHA PARANJPE Member
COMPASSIONSHAPING YOUR LIFE
Every man must decide whether he will walk in the light of creative altruism or the darkness of destructive selfishness.This is the judgement. Life’s most persistent and urgent question is, what are you doing for others?"
- Martin Luther King Jr.
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In 1992 te Committee of Sponsoring
Organizations of te Treadway
Commission (COSO) released its Internal
Control- Integrated Framework. Tis
framework earned broad acceptance and
as been widely used around te world.
After 20 years and to keep up wit te
canging financial and business
environment, an updated Internal
Control – Integrated Framework was
issued in May 2013. Te upgraded
framework is popularly known as 2013
COSO-ICIF. Te 1992 version will bereplaced on December 15, 2014 by te
upgraded 2013 COSO-ICIF version for
Sarbanes Oxley Act (SOX) section 404
evaluation of internal controls for
preparation of financial statements and for
certain listed companies. Most affected
companies and audit firms are now facing
a steep learning curve and scrambling to
catc up wit te new standard in 2014.
Te article summaries te seventeen
principles outlined in te new 2013
COSO- ICIF release.
Te 2013 COSO-ICIF retains te time
tested five integrated components of 1992COSO; control environment, risk
assessment, control activities, information
and communication and monitoring
activities. however seventeen principles
witin tese five components of 1992
COSO and eigty seven points of focus
ave been added as an additional
guidance. Te seventeen principles were
implicit and somewat idden in te 1992
version, tese ave now been made
explicit. For eac of te seventeen
principles 2013 COSO-ICIF also outlines
points of focus wic may assist
management and evaluators in
determining weter te principle ispresent and functioning.
CONTROL ENVIRONMENT
Te control environment is te set of
standards, processes, and structures tat
provide te basis for carrying out te
internal controls across te organization.
pRinciple 1: Te organization
demonstrates a commitment to integrity
and etical values.
Principle 1 includes four points of focus
and provides direction for te board of
directors or equivalent body (BOD) to
establis standards of conduct and set
te tone at top. Periodic evaluations are
to be done and deviations are to be
identified and rectified in a timely manner.
pRinciple 2: Te board of directorsdemonstrates independence from
management and exercises oversigt of
te development and performance of
internal control.
Principle 2 includes four points of focus
wit direction for te BOD to accept te
responsibility to establis te internal
controls. BOD sould operate
independently and apply relevant expertise
to provide oversigt for te system of
internal controls.
pRinciple 3: Management
establises, wit board oversigt,structures, reporting lines, and appropriate
autorities and responsibilities in te
pursuit of objectives.
Principle 3 as tree points of focus for
Management and BOD to consider all
structures of te entity wile establising
reporting line. Autorities, responsibilities
and limits are defined and delegated.
pRinciple 4: Te organization
demonstrates a commitment to attract,
develop, and retain competent individuals
in alignment wit objectives.
Principle 4 includes four points of focus for
te BOD to establis policies and
practices to attract, develop and retain
individuals. Periodic competency
evaluation is to be done and sortcomings
addressed. Succession and contingency
planning sould be is done for key
positions.
pRinciple 5: Te organization olds
individuals accountable for teir internal
control responsibilities in te pursuit of
objectives.
Principle 5 as five points of focus wic
advices Management and BOD to
communicate and olds individuals
accountable. Performance measures,
incentives and rewards sould be
establised and evaluated periodically.
Excessive pressures sould be
considered, evaluated and adjusted.Performance is to be measured
periodically.
RISK ASSESSMENT
Every entity faces a variety of risks from
internal and external sources. Risk is
defined as te possibility tat an event will
occur and adversely affect te
acievement of objectives. Risk is
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Contributed by
MANOJ MALHOTRA Member
SEVENTEEN PRINCIPLESOF 2013 COSO INTERNAL CONTROL
INTEGRATED FRAMEWORK
REVISION AT A GLANCE
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measured by the likelihood and impact on
occurrence.
pRinciple 6: The organization
specifies obectives with sufficient clarity to
enable the identification and assessment
of risks relating to obectives.
Principle 6 includes fifteen points of focus
which direct that risks should identifiedand assessed to meet operational,
compliance, external and internal reporting
obectives. Tolerances or acceptable level
of deviations should be quantified and risk
assessment should form the basis of
resources allocation.
pRinciple 7: The organization
identifies risks to the achievement of its
obectives across the entity and analyzes
risks as a basis for determining how the
risks should be managed.
Principle 7 includes five point of focus and
provides direction on risk identification at
all levels of the organization, consideration
of internal and external forces, assessing
risks, and risk response.
pRinciple 8: The organization
considers the potential for fraud in
assessing risks to the achievement of
obectives.
Principle 8 includes four points of focus
which direct organizations to consider
various types of fraud, opportunities and
motivations for frauds to occur.
pRinciple 9: The organization
identifies and assesses changes that
could significantly impact the system of
internal control.
Principle 9 includes three points of focus
directing BOD to consider changes in
external environment, assess changes in
business models and leadership changes
when conducting risk assessments.
CONTROL ACTIVITIESControl activities are actions established
through policies and procedures that help
to ensure that managements’ directives to
mitigate risks are carried out.
pRinciple 10: The organization
selects and develops control activities that
contribute to the mitigation of risks to theachievement of obectives to acceptable
levels.
Principle 10 includes six points of focus
directing BOD and management to
consider a mix of controls like automated,
preventive and detective and segregate
incompatible duties.
pRinciple 11: The organization
selects and develops general control
activities over technology to support the
achievement of obectives.
Principle 11 includes four points of focusdirecting BOD and management to
understand and establish infrastructure,
security and software controls.
pRinciple 12: The organization
deploys control activities through policies
that establish what is expected and
procedures that put policies into place.
Principle 12 includes six points of focus
directing BOD and management to
establish policies and procedures to
support deployment of management’s
directives. Responsibility and
accountability should be established. Allcontrol actions and corrective actions
should be timely and done by competent
persons.
INFORMATION ANDCOMMUNICATIONInformation is necessary to carry out
internal control activities. Management
generates and uses information from both
internal and external sources.
Communication is a continual iterative
process of providing, sharing and
obtaining necessary information. Internal
communication flows up, down and
across the entity. External communication
is twofold –inbound information and
outbound to external parties to meet
requirement or expectation.
pRinciple 13: The organization
obtains or generates and uses relevant,quality information to support the
functioning of internal control.
Principle 13 includes five points of focus
directing BOD and management to identify
information requirements. Relevant and
quality Data from internal and external
sources should be captured on a timely
and cost effective manner.
pRinciple 14: the organization
internally communicates information,
including obectives and responsibilities for
internal control, necessary to support the
functioning of internal control.
Principle 14 includes four points of focus
directing BOD and management to have
various communication process in place
(Internal, Management and BOD, Whistle-
blower hotline etc)
pRinciple 15: The organization
communicates with external parties
regarding matters affecting the functioning
of internal control.
Principle 15 includes five points of focus
directing BOD and management to have
various two way communication processin place with shareholders, partners,
owners, regulators, customers, financial
analyst and other external parties
including whistle-blower hotlines.
MONITORINGOngoing evaluations, separate evaluations
or some combination of the two to
ascertain if all components of the internal
controls are functioning.
pRinciple 16: The organization
selects, develops, and performs ongoing
and/or separate evaluations to ascertain
whether the components of internal
control are present and functioning.
Principle 16 includes seven points of focus
directing BOD to establish a baseline
understanding and consider the rate of
change. Knowledgeable evaluators are
used and obective feedback is provided.
The scope and frequency should be risk
based.
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pRinciple 17: The organization
evaluates and communicates internal
control deficiencies in a timely manner to
those parties responsible for taking
corrective action, including senior
management and the board of directors,
as appropriate.
Principle 17 includes three points of focus
directing BOD to assess results,
communicate deficiencies and monitor
corrective actions.
2013 COSO-ICIF is an important step inimproving corporate governance in all
entities. It is expected that these
seventeen principles will be embedded in
the governance, risk and control
architecture of all well managed
organizations. For further review and
better understanding, copies of the 2013
COSO-ICIF guide in four volumes is
available from the American Institute of
Certified Public Accountants (AICPA). The
Toronto chapter would endeavour to
conduct workshops on this upgraded
regulation in the comingdays.
RESOURCES - NEWLY RELEASED
COSO DOCUMENTS IN MAY 2013
Internal Control—Integrated Framework Executive Summary.Represents a high-level overview of the
2013 Framework and is intended for the
CEO and other senior management,
boards of directors, and regulators,
available free of cost from COSO website.
Internal Control—Integrated Framework- Framework and Appendices (186 pages) This volume sets out the Framework in
detail, defining internal control, describing
the components of internal control and
underlying principles, and providingdirection for all levels of management in
designing and implementing internal
control and assessing its effectiveness.
The appendices to this volume, including
a glossary, specific considerations for
smaller entities, summary of changes vs.
the 1992 version, etc., provide additional
reference but aren’t considered part of the
Framework.
Internal Control—Integrated Framework-
Illustrative Tools for Assessing Effectiveness
of a System of Internal Control (146 pages)
This volume provides templates and
scenarios to support management in
applying the Framework, specifically in
terms of assessing effectiveness.
Internal Control over External Financial
Reporting: A Compendium of Approaches
and Examples (159 pages)
This compendium provides practical
approaches and examples illustrating how
the components and principles set forth in
the Framework.
Included in this article are elements
including cube of Internal Control –
Integrated Framework Executive Summary
owned by ©2013, Committee of
Sponsoring Organizations of the Treadway
Commission (COSO), which have been
used with their permission.
(The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of the Toronto Chapter of ICAI.
The author can be reached at [email protected])
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November 16, 2013: 7TH ANNUAL GALA EVENT Te Capter osted its 7t Annual Gala Event at te Radisson Plaza hotel in Mississauga. Te event was attended by over 300
members and guests. Te event sowcased speeces from prominent guests tat included a video address from Mr. Subod
Agrawal, President ICAI, hon’ble Akiles Misra, Consul General of India in Toronto and a key note address by Mr. Brian hunt, CEO,
Canadian Public Accountability Board, on ow te accountancy profession is saping up for te future in Canada and internationally.
Te event ad an exciting line up of entertainment tat included interactive magic sows and illusionist tricks, a dance performance by
te Siamak Dawar group and a number of raffle draws of basketball and ockey tickets provided by sponsors for te members.
Te event received wide press coverage (Indian Express, Nort American edition).
December 18, 2013: RAISE THE BAR IN YOUR PRESENTATIONS
Presented by Manny Gauba, President & CEO of 4GlobalSolutions and current Vice Chairman of theChapter
Te session was eld at Scotiabank offices in Toronto and focussed on basic conventions and best
practices on preparing an effective PowerPoint presentation in a business setting. Te interactive and
informal session covered presentation templates, effective communication tips and use of additional
tools presenting your message clearly and succinctly. Te session was attended and well received by
over 60 Capter members.
December 18, 2013: VIDEO CONFERENCE PRESENTATIONby Kotak Mahindra Bank hosted from India
In te second part of te session, Kotak Maindra Bank in alliance wit Scotiabank presented a live video conference from India
informing te participants on ow to deal wit most frequently asked questions and/or callenges encountered by non-resident Indians
(ICAI members) wit setting up account in India, transfers between Canadian and Indian accounts, callenges on transfers, access to
personal manager etc. Te session addressed a number of questions from te members providing tem insigts into new banking
tools and regulatory compliance for te benefit of teir clients and temselves.
january 11, 2014: ONE DAY PROFESSIONAL DEVELOPMENT CONFERENCE Te Conference was eld at Novotel hotel in downtown Toronto and covered diverse and informative topics from IFRS, global
economy, international tax implications, restructuring & insolvency to fraud & corruption delivered by an excellent team of speakers.
Te presenters included Katleen Quinn and Lino Rollo, Senior Managers and IFRS experts from Grant Tornton LLP; Giulio Doria,
Director, Global Economy and Investments from Royal Bank of Canada; Daniel Weisz, Partner and restructur ing & insolvency
practitioner from Collins Barrow LLP; international and US tax experts from MNP LLP namely Tim Bloos, Partner and Victor Zou,
Senior Manager and Sandy Boucer, Senior Manager and fraud investigator from Grant Tornton LLP. Te session was attended by
over 75 members and was a resounding success as it offered excellent opportunity to get up to date wit current developments and
earn a number of continuing professional education ours.
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February 12, 2014: PERSONAL BRANDING
presented by Karen Wensley, Former Human Resources Leader & Retired Partner, Ernst &Young LLP The session was held at Scotiabank offices in Toronto and focused on soft skills particularly how to use your personal brand as a
roadmap to plan your career. Karen spoke about how to leverage your individual strengths to differentiate yourself; how to increase
your visibility; how to turn your network of contacts into mutually beneficial relationships; and how to attract and leverage mentors.
The session was built on real life examples from the accounting and business worlds and free worksheets from Karen’s book “The
Power of Personal Branding for Career Success”. The session was immensely helpful and very well appreciated by over 50 members
who were in attendance.
March 20, 2014: REFRESHER ON PERSONAL AND BUSINESS TAXATIONpresented by Yolanda Fonagy, Director Taxation, Scotia Bank
The session was held at Scotiabank offices in downtown Toronto. This session focussed on highlighting the major changes in tax
regulations as well as best practices in the tax landscape for personal and business taxation. Additionally, Yolanda focussed on tax
planning scenarios with respect to Employee vs. Contractor, incorporating personal service corporation and corporate reorganization
with respect to sale of shares vs. sale of business. The session also provided an overview of 2014 budget changes impacting the tax
payers. A very well presented session was attended and appreciated by over 60 members.
April 10, 2014: ACCOUNTING, AUDITING AND REGULATORY UPDATEpresented by Ratan Ralliaram, Partner and Ben Sencabough, Senior Manager, both at Deloitte
The session was held at Scotiabank offices in downtown Toronto. This session focussed on the recent updates on regulatory matters,
financial reporting and Canadian Assurance Standards including complex accounting matters impacting Canadian companies 2014
and beyond. The session was attended by over 75 members who were appreciative of the knowledge gained and the opportunity to
network with the speakers and fellow members.
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April 25, 2014: MEETING WITH CPA ONTARIO FOR EVE PROGRAM
Te Managing Committee members met wit senior members of CPA Ontario to continue te on-going dialogue and excange of information ensuring tat Indian CAs remained focused on appropriately complying wit te requirements under te EvE program. CPA
Ontario apprised in te meeting tat some of te revisions in te EvE program requirements are under works and CPA Ontario intends
to re-launc te program in te summer. Rakes Desai, Amit Goyal and Ranees Sapra represented te Toronto Capter at te
meeting. Attendees from CPA Ontario included Rob Gubbins, Director of Admissions; jacqui Mulligan, Associate Director, Education
and Sara Tweedie, Associate Director, Admissions
May 4, 2014: SPRING SOCIAL EVENT
Te igly anticipated Spring Social Event was eld at Katarina Banquet all in Mississauga for te Capter members and teir
families. Te event included interactive entertainment for te kids suc as magic sow, balloons and face painting activities, a Kids
talent sow and oter interactive games organized for members and teir families. Following lunc, te floor was opened to over 100
participants to dance and enoy teir Spring Social to its fullest. It was no surprise tat te event received raving reviews by all wo
attended.
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May 28, 2014: EFFECTIVE COMMUNICATION SKILLS & 10 SECRETS YOUR EMPLOYEES
AREN'T TELLING YOUpresented by Connie Stamper, Operations Manager, Robert Half Management Resources
Te session was eld at Living Arts Centre in Mississauga. In te session, Connie discussed effective communication skills required in
te current dynamic work environment; its significance and ow it can impact an employee and employer. Se also gave practical tips
to te audience in relation to effective communication skills and employer employee relationsip. Te session was a great success and
over 60 members attended it.
june 20, 2014: 7TH ANNUAL GENERAL MEETING (AGM) Te Capter eld its 7t AGM of its members at Novotel hotel in Mississauga. Mr. Rakes Desai, Outgoing Cairman, igligted te
activities and acievements and financial position of te Capter for te preceding twelve monts. Mr. Desai introduced te two new
Managing Committee members (Visal Sanga and Aay Widge) to te members wo were inducted into te committee to fill te
casual vacancies. Mr. Desai also tanked te outgoing MC members for teir contributions. Te AGM successfully completed its
statutory agenda and was widely attended by te Capter members.
june 20, 2014: ENTERPRISE RISK MANAGEMENT,presented by Himanshu Shah, Managing Director, PHDS Inc. and Past Chairman of the Chapter
himansu provided a valuable overview of ow to prepare an organization against enterprise risks, explaining te concepts of
Enterprise Risk Management including risk identification, assessment and response and monitoring in te context of information
tecnology as well as an IT risk management framework tat can be applied to any organization.
BIG DATA II AND CYBER SECURITY,presented by Charan Kumar, Partner, Collins Barrow LLP
Later Caran Kumar discussed te Big Data II and Cyber Security, in reference to global operations of diverse organizations suc as
investigation of wite-collar fraud. Te sessions were intensively interactive and a uge success wit over 80 members in attendance.
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july 17, 2014: LEADERSHIP INSIGHTS IN EXECUTIVE TRANSITIONSpresented by Raj Viswanathan, SVP and Chief Accountant, Scotiabank
The session was held at Scotiabank offices in Toronto. Ra discussed various attributes and skills needed as one rises up the ranks of
leadership. Building on real life examples, Ra provided leadership insights (i.e. lessons learnt) to help Chapter members in their career
enhancement obectives. The session provided valuable learnings to the members in attendance.
August 14, 2014: FLOW THROUGH INVESTMENTS, TAX SOLUTION FOR HIGH INCOME EARNERSPresented by Dennis Da Silva from Middleton Group
This presentation covered the strategies to use Flow through Investments to reduce taxes by Individuals, Corporations; Portfolio
composition and risk return characteristics of resources sector; also considerations relative to this to benefit our fellow accountants for
accurate tax reporting and tax treatment for Flow through Investments.
August 23, 2014: SUMMER PICNIC AT THE AFRICAN LION SAFARIWith over 135 members and their families oining, the summer picnic at African Lion Safari was a huge success. This event provided a
unique combination of summer picnic and socializing with the fellow members and their families. Members and their families enoyed
various highlights including “Elephant Encounter”, Creature Feature”, exciting bird & animal performances, boat & train tours, Pets’
Corner & Misumu Bay Wet Play and a mouth-watering all you can eat BBQ.
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TheInstituteofChartered
AccountantsofIndiaToronto
Chapter
September 10, 2014: SESSION ON GLOBAL ECONOMIC OUTLOOK AND SCOTIA ITRADEpresented by Patricia Mohr, Vice-President, Economics & Commodities Market Specialist, Scotiabank and Kevin A. Fernandes,
National Sales Manager, Scotia iTrade
Te session was eld at Living Arts Centre in Mississauga and was presented by Scotiabank. During tese volatile economic times,
Patricia commented on te key question of te outlook for global growt, interest rates and currencies and te impact on te Canadian
economy in particular on energy, commodities and metal &
mineral, wic are te key sectors to te performance of te
Toronto Stock Excange. Te session provided meaningful
insigts to over 55 members in attendance. Te event also
included a session on Scotia iTrade by Kevin A. Fernandes,National Sales Manager. Scotia iTrade provides clients wit te
state-of-te-art trading and investing capabilities supported by
Canada's most international bank, Scotiabank.
September 25, 2014: MEETING WITH CPA CANADA FOR THE NEW CPA PROGRAM Te Managing Committee members met wit Tasia Batstone, Vice President, Education and jylan Kalil, Director, Education to
discuss te new CPA program and its impact on te ICAI members and te existing Memorandum of Understanding. Tasia and jylan
walked troug in detail te structure of te new CPA program as well as oter initiatives wic CPA Canada is taking to integrate te
internationally trained accountants in te Canadian landscape. Bot te organizations agreed on aving regular touc points as te
new CPA program gets implemented. From Toronto Capter, Amit Goyal, Cairman, Manny Gauba, Vice Cairman, Rakes Desai,
Past Cairman and Ranees Sapra represented te Toronto Capter at te meeting.
October 8, 2014: TAMING THE TECHNOLOGY TIGER-LEARN EFFECTIVE STRATEGIES TOGOVERN INFORMATION TECHNOLOGYpresented by Jodie Lobana
Tis PD event provided an effective governance framework on how to Tame te Tecnology Tiger. jodie discussed key governance
areas tat allow te board of directors in any organization effective oversigt over tecnology related investments. Se covered key
areas suc as Conscious Creation and Management, IT Risk Management wit special empasis on Cybersecurity, IT Outsourcing and
Offsoring Management and Emerging Tecnologies Management. Te session was attended by over 60 members.
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Sunil AdlakhaSelf Employed
Ashok [email protected]
Kailas Agarwal
Principal Advisor
KSS Consulting Inc.
Manish AgarwalSmart ERP Consulting
Avnish [email protected]
Piyush AggarwalCGAO
Salil [email protected]
Swapnil [email protected]
Jagatjit AhluwaliaRBC
Jasvinder Ahluwalia [email protected]
Moin AhmedSenior Manager
Scotiabank [email protected]
Asghar [email protected]
Pradip Anjaria Accounts Manager
Bio Nuclear Diagnostics Inc.
Arun [email protected]
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Madhu [email protected]
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Lalitha Arun [email protected]
Raman AyyarSelf employed
Yash Babber
Shailendra BaghelPartner
j S Bagel & Co.
Priyanka [email protected]
Rajesh BajajIndependent Business Consultant
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Kannan [email protected]
Ram BalakrishnanProect Director Internal Audit
WSIB
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Chetan BangalorewalaManager, Sared Systems
Rogers Communications
Nilesh BangalorewalaPhDS INC.
Jatinder BawaSelf Employed
Girija BettadpurSimmerman Penn LLP
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Rogers Communications Partnersip
Meena BhambhaniManager - Revenue Analytics
Bell Canada Inc.
VIjay BhambriPresident and CEO
Bluecip Services Inc
Sameer [email protected]
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Kaushik BhatiaManager
Deloitte [email protected]
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Airline Services International Inc
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Norman,Goldberg & Co LLP,
Cartered Accountants
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Charan Kumar BommireddipalliPartner
Collins Barrow LLP
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RBC
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Prasad Chandgadkar TD Bank
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Krishnan ChidambaramCItco (Canada) Inc.
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GE Canada
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Raeev Copra CA Professional
Corporation
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Pricing Solutions Ltd.
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Samir Dalal VP of Finance
Royal Laser
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Minakshi DalmiaController
Trucas
Sandeep [email protected]
Mohan DamleCief Financial Officer
Sout African Consulate General
Toronto [email protected]
Jugesh DangSenior Pricing Strategy Analyst
Medtronic of Canada
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Director, Governance Group TestingCIBC
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Collins Barrow LLP
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UBS Bank (Canada)
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Prag DeepSenior Manager
Ernst & Young LLP
Rakesh DesaiSenior Manager
Grant Tornton LLP
Mukesh DesaiController Multiuretanes Ltd.
Ashutosh DhancholiaManager, Regulatroy Reporting
ICICI Bank Canada
Rahul [email protected]
Sanjay Dhir VP Finance
Platinum Legal Group Inc
Jose DiasSenior Audit Manager
Scotiabank
Lakshmi DinavahiGroup Finance Director
RSA Group
Augustine D'[email protected]
Aseem DuaSr. Staff Accountant
BGD LLP, Cartered Accountants
Edgar [email protected]
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ArcelorMittal Dofasco Inc
Mahesh GargManager, Financial Reporting
CIBC
Manmohan GaubaPresident & CEO
4GlobalSolutions
Rakesh GoelRG Consultancy Services
Heresh Golani
Amit GoyalSVP & Cief Financial Officer
State Bank of India (Canada)
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Advanced Inc
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State Bank of India (Canada)
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Manoj GuptaNMG Professional Services Inc
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Atin GuptaPartner
MNP LLP
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RBC Dominion Securities
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Norman, Goldberg & Co LLP,Cartered Accountants
Ananda IyerSenior Financial Analyst
hitaci Construction Truck Mfg. Ltd.
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Services
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D. P. jain Professional [email protected]
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Accotax Inc.
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ICICI Bank Canada
Yash JhavarPaul Babber & Associates Ltd.
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Imple [email protected]
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Robert half International
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Global Maxfin Capital Inc
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State Window Corporation
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Bank of Nova Scotia
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Polytarp Products
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Amex Bank Of Canada
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Manager
Manulife Financial Corporation
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hai hassan Group
Vik KulkarniDirector, Operational Risk Moneris
Solutions Corp
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Cascades Inc.
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Mohammadi Lokhandwala Accountant
Rubin Coen CA
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Sanjeev MainiCorporate Controller
Cargojet
Zoher MalaSelf Employed
Manoj MalhotraInternal Assurance Manager
ArcelorMittal Dofasco.com
Jasbinder MannCorporate controller
Wolf Steel Ltd
Raj MantraManager Premium Receivables
Stewart Title Guaranty Company
Jacob MathewsController
Assured Auto/ Imperial Group
Harinarain MathurPartner h.R
Ontario Accounting & Tax Services
Manu [email protected]
Neeraj Mehta
Investment & Retirement PlannerRBC
Dharmesh MehtaManager Reliable
AOC INC.
Ketan MehtaFinancial Advisor
Femco SPRL
Mohan [email protected]
Mustafa MerchantMartinrea International Inc.
Parag [email protected]
Paras ModiProperty Accountant
Te Brown Group
Athar MohamedWestend Travel Inc.
Hamid MohammedInternal Audit Manager
CIBC
Donald [email protected]
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Krishnadas [email protected]
Ramachandran MukundanEcelon General Insurance
Company
Shailesh [email protected]
Rajesh [email protected]
Sreekumar Nair Associate
hMS LLP
Ramakrishna [email protected]
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Arshiya Nathani Assistant Manager - Financial
Services
Wittington Investments Limited
Shashikant [email protected]
Srikant Nayak VP Finance
Unit Park Management Inc
Anish Nayyar
Financial ControllerByrex Gems Inc.
Seemantini NigalyeSenior Manager
Scotiabank
Robert NoronhaPartner
Deloitte
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General Electric
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TD Bank Group
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Accountax Consulting
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Empress Blue Lys Inc.
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Royal Bank of Canada
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Fidato Taxfin Inc.
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Sears Canada
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Norman,Goldberg & Co LLP,
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Ontario Public Service
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Scotiabank
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GEEP Inc.
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Deloitte LLP
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Associate Director - FinanceMarc of Dimes Canada
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Randhir SandhuManager-Operations
ICICI Bank Canada
Ravi [email protected]
Vishal Sangha Assistant Controller
Stewart Title Guaranty Company
Mahesh [email protected]
Rajneesh Sapra Vice President Finance
Nexj Systems Inc.
Perumal Sarvanan
Tax ConsultantBarosa Tax and Accounting Services
Nimesh SavlaIndependent Consultant
Sudhir SethiFinancial Analyst
InnVest Reit
Sudhanshu SetiaPC Financial
Himanshu ShahManaging Director
PhDS INC.
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Accord healtcare Inc.
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Lower Lakes Towing Ltd.
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Brij [email protected]
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Professional Financial Group [email protected]
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Triveni Engineering & Industries Ltd.
Shankar SharmaCFO
Bank Dofar
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RBC Insurance
Rajesh [email protected]
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Nitin Shende Trovo Resources Inc.
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Sunil ShethCIBC Bank
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Pinedale Properties Ltd.
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Canadian Finance & Leasing
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Ajit SomeshwarPresident and CEO
CSI Consulting Inc.
Arun Soni Accountant
Rexdale hyundai
Murtaza SoniController Rice
Tool & Mfg. Inc.
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Catlin Canada Inc.
Rakesh Srivastavajayine Consulting Inc.
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Tax Auditor CRA [email protected]
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Scotiabank
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Russi SurtiPresident
Global Ventures Inc
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Sared Services West
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Rogers Canada
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Saw Media Inc.
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Ministry of Attorney General
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ADP Canada
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PartnerKPMG LLP
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TMX Group Limited
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