Quarterly updates from your USA, Caribbean, Bermuda, Central and South America Council Members

Mark Coles FCA

Greetings, fellow ICAEW members in the Eastern US and the Caribbean.

I wanted to keep you updated with activities at Chartered Accountants’ Hall, discussions and decisions taken at the Council meeting in June, the Annual Council Conference in July, as well as events being organized by Chartered Accountants Worldwide Network USA (formerly ACAUS).

The June Council meeting includes the annual election of Office Holders. Julia Penny was elected as President, Mark Rhys as Deputy President and Malcolm Bacchus as Vice President.

Restoring trust in the profession remains a key objective of the ICAEW. In that regard, the ICAEW is proposing to update the CPD requirement (ICAEW announces new CPD policy from November 2023 ). The proposal for the new annual requirement is that all active members will complete between 20 and 40 hours of verifiable and relevant professional education each year, along with two to four hours of ethics training. Following consultation, ICAEW Council has approved the principles of the revised CPD Policy. The new ICAEW CPD Policy will be launched in November 2023.

Many of you familiar with the CPE process for US CPA’s will note similarities.

It has been decided to remove all paywalls from Faculties effective January 1, 2023. As many of you know, the ICAEW publishes much high-quality content, and this decision will increase value to members and increase exposure of the content. It will also assist members in meeting the new CPD requirement. I encourage you all to take advantage of this offering.

As an update on the ongoing review of ICAEW Governance, following the report of the Governance Working Group (GWG), the Governance Implementation Group (GIG), consisting of about 20 members of Council is drafting proposals which will clarify the relationship between, and the responsibilities of, Council, Board, Committees and the Executive, and the process of discussion, approval and implementation.

As always, I welcome any thoughts on these and any other issues that you may have so that I can communicate them back to Council and the Board as appropriate. I also serve on the ICAEW Board as well as Council.

Both Philip Varley (elected last year as the Council Member for the Central, South and West Coast US and Central and South America) and I are also Directors of Chartered Accountants Worldwide Network USA, and of which all of you located in the US are members, through which most of our events throughout the US are organized. We encourage you review the website (https://cawnetworkusa.com/) and the wide range of events that CAW Network USA is organizing for members (https://cawnetworkusa.com/whats-on/), which include in person and virtual events, webinars on demand and podcasts.

You can contact me at mark.r.coles@gmail.com or by phone or text at 917 613 6327.

Best Wishes,
Mark

Philip Graham Varley MBA FCA

Greetings, fellow ICAEW members in the Americas. I wanted to keep you apprised of activities at Chartered Accountants Hall, and of discussions and decisions taken at the June Council meetings and Annual Council Conference. I would also like to seek feedback regarding the issues of most concern to you.  Also, to members in Colorado, ask for your input to the kinds of meetings you would like to attend. At the Institute level, a couple of related issues will have direct impact on international members from late 2023, and those are the revision of the required annual CPD requirement, and to help attainment therewith, the removal of paywalls for Faculties.

As many of you will be aware, there have been a number of high profile business failures recently within Europe for which audit firms have been fined. Contemporaneously, a number of newspapers have taken it upon themselves to challenge whether audit firms are delivering what the public expects of them, and the UK Government has proposed the creation of a new Audit, Reporting and Governance Authority (ARGA) in 2024 which will have sweeping powers to regulate the profession.
One of the key goals of the ICAEW this year is to restore trust in the profession.  After public consultation, it is anticipated that a new policy will require all active members to complete between 20 and 40 hours of verifiable and relevant professional education each year, along with two to four hours of ethics training. Specific requirements based on occupational status of ACAs/FCAs are being debated at this time. Because of these new CPD requirements and in order to make compliance as easy as possible, together with being able to provide the same value of membership to all members irrespective of where in the world they reside, it has been decided to remove all paywalls from Faculties effective January 1, 2023. Details will be communicated in due course.

Within the Institute itself, the biggest issue under consideration currently is its governance.  A Governance Implementation Group, consisting of about 20 members of Council is drafting proposals which will clarify the relationship of the Council, Board and Executive and Committees thereof, together with the responsibilities of each and the means by which matters are floated for discussion, approval and implementation. I would welcome any thoughts on the above issues so that I can communicate them back to Council.
Changing gears now to the local level, in Colorado we have held two in-person meetings so far this year, a visit to the Denver Botanic Gardens, and to a static airshow at Centennial Airport. I would like to arrange more frequent get togethers and would appreciate your interest in the following themes:

Pub evening e.g. Landsdowne Arms in Highlands Ranch

Golf tournament

Garden walkabout, e.g. Botanic Gardens, Hudson Gardens

Wildlife attraction e.g. Zoo, Butterfly Pavillion

Inside Museum visit e.g. Colorado School of Mines Gem Museum, Forney Transportation Museum

“Treasure Hunt” by car – clues to navigate to specific locations to answer a question followed by lunch – prize for the winner!

After Christmas Party

Any other ideas not mentioned above….

If you could provide your feedback to me on the professional and social issues mentioned above, I would be grateful.  I can be reached by phone at 303 946 1941, or by email at philipvarley@gmail.com

If you have any urgent matters you would like me to discuss at Council, the next meeting will be held on October 3.

Philip Graham Varley MBA FCA

A year has passed since I was elected to Council, and by the end of June, I will have met with fellow Council members, in person, for four meetings. I have also been a participant in over a dozen video calls, whose agendas have varied from full Council meetings when travel restrictions were in place, to committee meetings, pre-Council briefings, and technical and regulatory updates. Most of these calls began at the most irregular hour of 2am in Denver.

Being on Council enables one to understand the complexity and vast array of matters with which our Institute is involved. There are particularly close workings with the UK government, as hardly a day passes without some call for more regulation of our profession.  

I have been asked by a number of our Americas members why our overseas ICAEW subscription is the same as that paid by UK residents. The view held by the Board is that we are a worldwide profession, and as technology has advanced, where one resides does not necessarily prevent one from joining online events and accessing content and guidance online. Accelerated by restrictions imposed by governments on in-person contact during the last two years, ICAEW has developed and delivered a significant amount of material online which can be accessed on demand at a time that suits you.

At the local level, in Colorado I have held two in-person social outings and will continue to do so. If you reside in Colorado, please open the email invitations that you receive from Chartered Accountants Worldwide Network USA. They will also be included in the monthly event bulletins you receive from ICAEW.

I am always interested in hearing your suggestions for moving the Institute and the profession forward, and can be contacted via email at philipvarley@gmail.com, or by phone at +1 303 946 1941.

Philip Graham Varley MBA FCA

I am excited about beginning my four year term representing members in the USA (Central, South and West Coast) and Central and South America. I look forward to expanding my connections with members throughout the region, beyond just the Denver Chapter and those I've had the pleasure of knowing over the past 10 years with ACAUS, now CAW Network USA. I strongly encourage any members new to the USA to join a CAW Network USA event to network in a friendly setting.

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