Strategic Plan

  1. Introduction
  2. Background
  3. Vision, Values and Mission
  4. Strategic Priorities and Objectives

Download the full strategic plan

Introduction

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

Background

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.

Vision, Values and Mission

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:

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 Priorities and Objectives

Strategic Priority 1The Institute will continue to perform to the highest level its regulatory responsibilities to uphold public confidence in the CA Profession in Newfoundland and Labrador.
 Objectives:
  1. Set and enforce high professional and ethical standards.
  2. Develop admission and certification standards that ensure all new members possess the required skills and competencies necessary to practice as a Chartered Accountant.
  3. Promote and improve the professional excellence of members by providing a comprehensive professional development program and by assessing the continued competence of members.
  4. Maintain and improve the competence of public practice firms by regularly reviewing their practices to ensure compliance with professional standards
  5. Ensuring professional standards and rules of professional conduct are adhered to by providing a means by which complaints against members can be dealt with in a fair and expeditious manner.
 
Strategic Priority 2The Institute will continue to provide services to its members to enhance their professional competence and help them excel.
 Objectives:
  1. Develop and administer a comprehensive professional development program to provide opportunities for all members in the province to maintain and enhance their professional competence.
  2. In conjunction with other Provincial Institutes of Chartered Accountants, develop a Member Advisory Service Program to provide comprehensive professional and practice advice to members throughout the province of Newfoundland and Labrador.
  3. Continue with a comprehensive communications strategy to inform members of changes to professional standards in particular IFRS, Accounting Standards for Private Enterprises and Canadian Assurance Standards.
Strategic Priority 3The Institute will undertake activities to attract competent and ethical people to the CA profession.
 Objectives:
  1. Increase the number of approved training positions (offices) in the province so that all interested qualified university students in the Newfoundland and Labrador have the opportunity to pursue a Chartered Accountants designation.
  2. Continue to work with the CA Education Foundation to promote the CA Profession as a career choice at Memorial University of Newfoundland and in high schools throughout the province.
  3. Continue to work with the national CA Profession to develop and promote comprehensive bridging programs for foreign trained accountants, career changers and non-accounting graduates.
  4. Develop admission policies and procedures to ensure adherence to interprovincial and international mobility requirements for accounting professionals.
 
Strategic Priority 4The 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.
 Objectives:
  1. Continue with technological developments and updating of Board policies to ensure that Institute processes are streamlined and modernized.
  2. Have a cross section of our members involved in committees - in particular encourage the participation of recent graduates. Undertake a review of committee responsibilities and structure and where appropriate include in their terms of reference a requirement for representation by specific attribute, e.g. recent graduate.
  3. Provide members with an on-line accurate, secure and convenient way to register for Institute activities and make all payments.
  4. Develop systems and expand the use of electronic media to ensure timely, accurate and efficient collection of member information and required compliance forms.
Strategic Priority 5The Institute will enhance its communications to:
  • members, public accounting firms and students to emphasize the important public responsibilities assumed by the profession and actively promote high ethical standards
  • government and other stakeholders regarding public policy matters on which the profession can offer objective and expert advice
 Objectives:
  1. Increase the frequency of face to face communications with members outside of the St. John’s area.
  2. Develop and update regularly a strategic communications plan.
  3. Develop and review regularly a media relations policy and key messages for the Institute.
  4. Communicate changes in professional standards, member activities and member news regularly with the membership through electronic and printed newsletters.
  5. Participate in the provincial and federal budgeting process by attending and providing input into pre-budget consultations and budget releases.
  6. Foster the opportunity to comment regularly on public policy matters which falls within the expertise of the CA Profession.
  7. Foster relationships with other Professional Associations, Business and Educational Organizations.
 
Strategic Priority 6The Institute will continue to work with the Canadian Institute of Chartered Accountants, other Provincial Institutes and Bermuda to:
  • ensure continued protection of the public through the development and harmonization of professional standards,
  • improve member services and communication,
  • promote and develop professional learning opportunities for all members,
  • assist in promoting the CA profession
  • develop synergies which increase the economy, efficiency and effectiveness of the CA Profession in Canada
 Objectives:
  1. Continue to participate in the Council of Senior Executives and the related Committees and Task Forces.
  2. Continue to participate in the Atlantic Regional Officers Group and assist in the development of increased economy, efficiency and effectiveness strategies for the CA Profession in the Atlantic region and Bermuda.
  3. Continue to support and participate in the CA Profession’s branding initiatives.

 

Download the full strategic plan