Our profession has been undergoing a period of change. On a national level, there have been significant strategic priorities set surrounding four main areas: Branding, Member Relations, Professional Learning, and Public Trust. On the provincial level, there have been considerable changes required as a result of the new Chartered Accountants Act, 2008. There have also been considerable changes in professional standards and in the range of services our members provide.
In order to continue to fulfil our mandate as an Institute - to serve our members and the public - we must adopt a strategic plan that will help us be proactive. The strategic planning process and the plan itself are designed to focus our activities to achieve the desired results. Our operational framework has therefore been developed over a five (5) year period, with a review process to be undertaken every annually. The planning process focuses attention on the areas where we should expend our efforts. By setting specific goals and priorities, we can evaluate initiatives in light of their contribution to the goals.
Our strategic plan is directed to meeting the vision and values as set out by the Canadian Institute of Chartered Accountants. It identifies six strategic priorities and for each priority sets out objectives to be undertaken. The CEO, working with various committees and the Board, developed an operational plan for each initiative. The operational plan includes action items, dates, responsibilities and budget requirements. Performance measurement is also included.
Communication of the plan to members is an integral part of the process. The plan itself will be communicated as well as annual reports on progress for each of the goals. The complete strategic plan will be available on the ICANL Website under the section - Member Services
The Institute of Chartered Accountants of Newfoundland and Labrador’s (ICANL’s) Strategic Planning Committee (the Committee) was established in the Fall of 2009 with a mandate to develop a new strategic plan for the Institute that identifies strategic goals and objectives from 2010 to 2015. The overriding philosophy was to create a living, breathing strategic plan that would be used on a regular basis to drive the activities of the organization. Members of the committee were very cognizant of the need to ensure the plan was concise with specific measurables so that it could be regularly reviewed and updated as necessary.
The Committee undertook a thorough assessment of the current state of the Institute including a review of the Institute’s main business activities, its success to date and the use of existing resources. The next step was to assess the current environment in which the Institute operates. Various processes were then conducted to achieve this environmental assessment including a SWOT analysis and a PESTEL analysis. The Committee then went on to conduct some “blue sky” thinking about where the Institute should be in 5 years and the role of the CA profession in the province given the environmental analysis and the available resources. From this analysis the committee felt it was able to reaffirm that ICANL was still in agreement with the Vision and Value statements for the CA profession which were developed nationally and adopted by ICANL in 2008. The committee then spent considerable time revising the ICANL’s mission statement to develop a concise and meaningful statement of purpose for the Institute.
Having completed this work in early February 2010, the committee then commenced a consultation process. The Committee conducted focus groups with CA’s and students across the province and in one-on-one interviews with key stakeholders such as The Public Accountants Licensing Board, Memorial University and Government. Feedback from these consultations highlighted many issues but much of the focus was around the need for opportunities to obtain professional development and the importance of the Institute’s self regulatory activities. As well, there was a definite opinion expressed from members outside the St. John’s area regarding the need for more face to face communication. Members also indicated concerns regarding the magnitude of standards change and the number of approved training offices - they want to ensure the profession continues to attract the best and brightest.
Based upon the environmental analysis and member consultation the Committee then identified specific goals and objectives for the Institute and developed strategies on how to achieve these goals within the current level of resources available to the Institute and to build this into a strategic plan.
In 2007 the CA Profession undertook a national process to review and update the Vision and Value statements for Canada’s CAs. In 2008 the ICANL Board adopted the new Vision and Value statements.
Vision Statement of Canada’s Chartered Accountants
We are Canada’s most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles.
Value Statement of Canada’s Chartered Accountants
Chartered Accountants are valued for their integrity and expertise.
As part of the strategic planning process and in consultation with key stakeholders the ICANL Board has adopted the following mission statement.
Mission Statement of Newfoundland and Labrador’s Chartered Accountants
Our mission is to uphold public confidence in the CA profession within Newfoundland and Labrador by acting in the public interest and helping our members excel.
The mission statement is embodied in the following guiding principles:
- Set and enforce the highest standards of qualification, education, experience and practice
- Promote professional excellence through developing, monitoring and enforcing the highest standards of competence and ethical conduct
- Encourage and facilitate the ongoing professional competencies of members
- Respond to members' ongoing professional needs
- Promote the attractiveness of the profession to the best students and help them become Chartered Accountants
- Serve as the primary voice of the accounting profession in Newfoundland and Labrador
|Strategic Priority 1||The Institute will continue to perform to the highest level its regulatory responsibilities to uphold public confidence in the CA Profession in Newfoundland and Labrador.|
|Strategic Priority 2||The Institute will continue to provide services to its members to enhance their professional competence and help them excel.|
|Strategic Priority 3||The Institute will undertake activities to attract competent and ethical people to the CA profession.|
|Strategic Priority 4||The Institute will continue to improve its efficiency and effectiveness by increasing the use of technology and by capitalizing on the expertise and experience of volunteers.|
|Strategic Priority 5||The Institute will enhance its communications to: |
|Strategic Priority 6||The Institute will continue to work with the Canadian Institute of Chartered Accountants, other Provincial Institutes and Bermuda to: |