Quarterly updates from your Council Member for Canada

Q4 2024

Michael Baigel

Dear Members,

Warm greetings! With the end of 2024 and the festive holidays approaching, I hope you and your family have a time to rest and recharge.

Welcome to my first official communication as your ICAEW Council Member for Canada. If you have read my candidate statement or biography on the ICAEW website, you might have some background information about me. However, I wanted to take this opportunity to introduce myself on a more personal level.

Originally from Manchester, I qualified as an ICAEW Chartered Accountant and Licensed Insolvency Practitioner before requalifying as a Canadian Licensed Insolvency Trustee (LIT) when I moved to Toronto in 2000. Upon arrival, I had no job, no place to live, and only one acquaintance who informed me at the airport that he would be returning to the UK in two weeks. Despite this uncertain start, I decided to stay based on his recommendation that Canada was a fantastic country. His advice proved true—I found employment, a home, married a Canadian woman, and enjoyed such a wonderful experience that I became a Canadian citizen in 2007.

For over 35 years, I’ve worked in insolvency, helping small businesses navigate financial challenges. I set up my own practice, Baigel Corporation in 2017 which has provided me with the opportunity to volunteer more, not only for the ICAEW, but also for the Canadian Ski Patrol and some local not-for-profit associations. Before starting my own practice, I worked at Deloitte, BDO, Begbies Traynor and was the Practice Leader of a small business restructuring team at a national Canadian insolvency practice.

As we know, the business landscape is full of challenges, with shifting regional dynamics and global economic challenges. But as ICAEW members, we are uniquely positioned to make a real difference here in Canada. Our shared commitment to integrity, professionalism, and high standards equips us to help businesses through challenges, through innovation, resilience, and strong financial foundations.

As we close out the year, a reminder to add to your check list:

1. Membership renewal is approaching and it's worth noting the positive changes ICAEW has made in recent years.

• Most paywalls from Faculties have been eliminated, allowing all members access to valuable information included in their dues, which will remain unchanged in 2025.  
• A reminder that all events for ICAEW members in the region are complimentary, and this year we launched the Critical Skills series across North America. These CPD events, including advanced Excel training from ICAEW member and Microsoft MVP David Benaim), as well as soft skills such as strategic storytelling, growth mindset for resilience and executive and leadership presence, have been a huge success and rated highly by our members.
• In 2025 we will expand the virtual Critical Skills series and launch a 4-part AI series which we know you will find valuable.
• If you hold a leadership position within a team, have you thought about participating in these interactive webinars with your team? These sessions are led by experts in their respective fields and present a valuable learning opportunity at no cost. We have received positive feedback from members who have attended these workshops with their teams, so consider this as a value-add to your membership.
• You would have also received a curated email featuring over 30 CPD hours of relevant ESG content, including articles, videos, and courses. This content aims to keep you informed about important sustainability practices, which are crucial for today's business world. ICAEW will continue to provide these valuable resources to help us all stay ahead of the curve.

These enhancements, in combination with the prestige of ICAEW membership and the practical benefits accessible on our extensive website, should streamline the membership renewal process as the year comes to a close.

2. Alongside member renewal please confirm your compliance with the ICAEW’s CPD requirements. To address some common queries:

• There is no requirement to use ICAEW's CPD form; you are free to keep your records in any form, as long as they can be presented to ICAEW upon request for monitoring purposes. Likewise, you do not need a CPD certificate to support verifiable hours; instead, you can use an email confirming webinar participation, meeting agenda, etc are also adequate.
• Your CPD activities encompass a broad range of professional development efforts, from listening to leadership podcasts and attending local events to the conventional practice of reading relevant articles. The sole compulsory component is one hour of ethics training, for which ICAEW offers a complimentary course.

• Learn more about CPD and what is counted as verifiable

If you have fully retired, there's no CPD requirement and a life membership option could prove highly cost-efficient. If you are currently unemployed, on reduced hours and on low income, please consider the lower membership rates available.

Looking forward to 2025, I am excited about an upcoming partnership with the Canadian Chamber of Commerce. This collaboration will provide access to industry and government leaders, local benefits, and complimentary seats to premium events. Many of our international regions partner with active business chambers to deliver valuable events to members so keep an eye out for details and make sure you are opted-in to receive our notices to these events.

I also look forward strengthening the connections within our ICAEW community in Canada through our Contact Members. Currently, there are approximately 1,400 ICAEW members in our Canadian network, forming an integral part of our globally interconnected professional community. This network not only fosters professional growth but also offers a wealth of opportunities for collaboration, knowledge sharing, and support amongst members, contributing to a dynamic community of accounting professionals in Canada.

In my new role on Council, I will be stepping down from my role on the ICAEW Members and Commercial Board and I encourage anyone interested in filling that spot to reach out to ICAEW at global@icaew.com. It is short notice, but I will be attending the ICAEW Council meeting in December and would be glad to hear from you with any issues that you may wish me to raise.

Finally, I hope to see some of you in person at our gathering in Toronto on December 3. I will also be travelling to Calgary at the end of January 2025 (for some ski training) and hope to arrange a meeting with some fellow members there too. I am looking forward to connecting with you all at some point over the next few years and working together to build a stronger community here in Canada.

Accountingly yours,

Michael Baigel
ICAEW Council Member for Canada

Q2 2024

Richard Nunn, BSc, BFP, FCA

As I pen this note, the seasons are transitioning from spring to summer—sometimes in Canada, that happens over a single weekend! Similarly, change is unfolding at the ICAEW. In this newsletter, you will hear from our new Chief Executive, Alan Vallance. I had the privilege of being on the selection panel for this role, and I am confident that Alan possesses the skills, experience, and vision to propel the ICAEW forward, building upon the legacy of Michael Izza.

This time of year, also marks the release of the ICAEW's Annual Report, which highlights our performance and plans. The AGM is set for early June, and I encourage you to read the report. It underscores the numerous initiatives underway and the significant impact the ICAEW is making. Many years ago, I participated in a strategy session with the Council where we explored anchoring our strategy around the Sustainable Development Goals set forth by the United Nations. Today, it’s gratifying to see that this approach has become standard practice in many corporations. I am proud that the ICAEW was a pioneer in this vital area. Our institute leads in many ways, which is why I remain deeply involved in its governance.
As mentioned in previous posts, we have been reforming the governance structure of the ICAEW. A key aspect of this reform is the refresh of the Board to make it more streamlined and focused. Consequently, I have been appointed to the new Board and will be stepping down from my Council seat. This aligns with our commitment to separating the Council and Board roles for better governance. This will be my last post as a Council Member, but I will continue to be involved with the ICAEW through my role on the Board. I remain committed to making the ICAEW the best it can be.

Thank you all for your support and engagement.

Richard Nunn
ICAEW Council Member for Canada

Q4 2023

Richard Nunn, BSc, BFP, FCA

Welcome everyone to the Q4 newsletter. It has been a busy time for our Institute, the Council is undertaking the most significant governance reform in its history and this multiyear project includes professionalizing its board, reframing the role of Council and many other initiatives. This will set ICAEW up effectively to confidently progress into the future.

We also have announced a new CEO, Alan Vallance. I was privileged to serve on the CEO Selection Panel which has worked diligently since the spring to select the new CEO. We will say goodbye to Michael Izza, who has led us for 17 years in May and Alan is well positioned to build upon his legacy.

I encourage you to reach out to me if there are items affecting the future of our profession or your role where you think the ICAEW should lean in or where the ICAEW could help you to succeed. In the meantime, I wish you all the best wishes for a peaceful and restful holiday season.

Richard Nunn
ICAEW Council Member for Canada

Q2 2023

Richard Nunn, BSc, BFP, FCA

Greetings fellow Chartered Accountants,

We are now into the dog days of summer and I hope you are managing to avoid the wildfire smoke. It has been a busy period for the Council, with meetings in May, June and July. There are important governance reforms being implemented to ensure that the ICAEW remains relevant and fit for purpose and enjoys the respect of our many stakeholders. This has been somewhat consuming for the Council agenda as it is important to get this right. A search is underway for a permanent Chair of the Board as previously this role was held by the President who only serves a one-year term. The Chair will be able to focus more on the longer-term future of the organization and work collaboratively with the CEO. You may have read that our long-serving CEO, Michael Izza, has announced his retirement effective December 2023. He will be hard to replace as he has served the ICAEW faithfully for over 16 years. I have been asked to serve on the search committee for the new CEO and that work has commenced. So these are important decisions that will affect the organization's future that has been at the top of the global accounting profession in terms of reputation and influence.

June is traditionally the end of the President’s year and we welcome a new president. We said a big thank you to Julia Penny for her Presidential year and welcomed Mark Rhys as he starts his term. He has a focus on the members that are in business to make sure the ICAEW is a strong voice for them as well as its members in practice.

Just a note from me on CPD. There are new requirements coming so please take a moment to read about those. They are not intended to trip us up with another compliance requirement but simply to demonstrate to our regulators and others that our members are professionals and keep themselves current. The team has been working diligently to make sure it is as easy as possible to get credit for the professional education you probably already do to keep yourself relevant in your field of business.

I also wanted to congratulate Michael Baigel, a member based in Toronto, who has recently been appointed to the Members and Commercial Board. So now we have two Canadian voices at the governance level of ICAEW.

If you have any feedback or suggestions please do write to me.

Have a great summer

Richard Nunn
ICAEW Council Member for Canada

Q1 2023

Richard Nunn, BSc, BFP, FCA

Hello fellow members in Canada,

After a snowier, darker winter than normal in many parts of Canada many of us are emerging into Spring. These extreme weather events do underscore the importance of climate changes on our lives and importantly the role we as accountants have to play in the determination and evaluation of the impact of Environmental, Social and Governance (ESG) reporting.

I encourage you to look at the ‘Climate Assurance: The role of Internal Audit’ event and read the content in the bulletin on sustainability, ESG assurance & reporting, and the role we have to play in this fast emerging topic.

As warmer weather comes we will hopefully have a chance to connect in person, but I did also want to highlight for you that we do have a linked in group ICAEW members in Canada – I would encourage you to join that group and dialogue with your fellow members.

Richard Nunn
ICAEW Council Member for Canada

Q4 2022

Richard Nunn, BSc, BFP, FCA

Dear fellow Canadian members,

In early December we held member events in Vancouver, Montreal and Toronto, thanks to Ian, Susan and Ravi, our contact members for hosting these opportunities to get together again after three years away. Hopefully we will be able to get together a bit more in 2023 so keep an eye out for invitations.

I did want to highlight some changes to access to really excellent content for 2023 that comes with your membership, as part of a wider initiative to support members with their lifelong learning, from January 2023 your ICAEW membership will include access to the content of the Audit and Assurance Faculty, Financial Reporting Faculty and Tax Faculty, and all ICAEW Communities – find out more – (previously this content was behind a paywall). You can select these when renewing your membership for the year so please note that when you renew for 2023.

As always please reach out to me if there are any matters you wish to discuss, and I hope to see many of you in 2023.

Wishing you and your families warmest wishes for the holiday season,

Richard Nunn
ICAEW Council Member for Canada

Q3 2022

Richard Nunn, BSc, BFP, FCA

Dear fellow Canadian members,

I trust you enjoyed the Canadian summer, this land is so beautiful at this time of year.

There are some items I wanted to highlight for you as noted in the ICAEW annual report.

Record Student intake

As mentioned in Michael Izza’s foreword, 2021 saw a record ACA student intake of 11,049. This marks a huge 18% increase on 2020, and 15% more than our previous global high in 2019.

CIPFA

Looking ahead, ICAEW are in ongoing talks with the Chartered Institute of Public Finance and Accountancy (CIPFA), to explore the potential for working more closely together in the future. The vision driving the discussions is the creation of a single strong federated professional accountancy body with truly global reputation and reach. Please watch this space.

ICAEW – ‘Accountancy Body of the Year’

The 19th PQ Magazine annual awards took place in early May 2022 in London and saw ICAEW winning the Accountancy Body of the Year 2022 award. It is a testament to the institute’s amazing work in diversity, inclusion, sustainability and putting our key stakeholders at the heart of everything we do, and represents and recognises the achievements of everyone here at ICAEW.

Changing CPE requirements

Lastly, as I highlighted in my recent linked in post in the Canadian ICAEW members group there are important changes coming to Continuing Professional Education (CPE) requirements. Please see here for a summary of the changes.

As always please reach out to me if there are any matters you wish to discuss.

Kind regards,

Richard Nunn
ICAEW Council Member for Canada

Q2 2022

Richard Nunn, BSc, BFP, FCA

June is a month of change for the ICAEW leadership - the Presidential year completes at the AGM in early June when Will Brooks steps down and the new President, Julia Penny will take on the mantle.

What always strikes me about all of Presidents I have known is the commitment they have to ICAEW and pride in all the accomplishments of our members wherever they practice around the world. I wanted to take a moment to thank them for volunteering so much of their time and talent to ensuring the continued success of the ICAEW.

As always if there are any matters you would like to discuss, please contact me via LinkedIn or by email.

Richard Nunn
ICAEW Council Member for Canada

Q1 2022

Richard Nunn, BSc, BFP, FCA

Hello to all ICAEW members in Canada,

Hopefully by the time you read this things will be starting to warm up a little. It certainly has been a chilly start to the year in most parts of the country. The ICAEW Council has been busy over the past quarter as it considers and deliberates on recommendations generated from a review of the governance framework and I expect this will absorb a significant portion of the agenda for the coming year as the Council seeks to evaluate its governance practices to ensure they are fit for purpose.

The ICAEW continues to focus on providing relevant content for its members and in the digital age we now embrace I would encourage you to spend some time on the website and reviewing the links in this newsletter to access the deep and high quality resources that our institute has to offer. In particular there are many ICAEW Communities which allow you to connect on specific matters of interest to help advance your practice, business and knowledge.

As always if there are any matters you would like to discuss, please contact me via LinkedIn or by email.

Richard Nunn
ICAEW Council Member for Canada"

Q3 2021

Richard Nunn, BSc, BFP, FCA

Dear fellow Canadian members,

I trust you enjoyed the Canadian summer, this land is so beautiful at this time of year.

There are some items I wanted to highlight for you as noted in the ICAEW annual report. As mentioned in Michael Izza’s foreword, was the record ACA student intake of 11,049. This marks a huge 18% increase on 2020, and 15% more than our previous global high in 2019. Looking ahead, ICAEW are in ongoing talks with the Chartered Institute of Public Finance and Accountancy (CIPFA), to explore the potential for working more closely together in the future. The vision driving the discussions is the creation of a single strong federated professional accountancy body with truly global reputation and reach. Please watch this space.

ICAEW – ‘Accountancy Body of the Year’

The 19th PQ Magazine annual awards took place in early May 2022 in London, and saw ICAEW winning the Accountancy Body of the Year 2022 award. It is a testament to the institute’s amazing work in diversity, inclusion, sustainability and putting our key stakeholders at the heart of everything we do. It represents and recognises the achievements of everyone here at ICAEW and I would like to thank you all in helping us to achieve this award in 2022.’

Lastly, as I highlighted in my recent linked in post in the Canadian ICAEW members group, Click here to join, there are important changes coming to Continuing Professional Education (CPE) requirements. Please see a summary of the changes.

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Canada also has a network of contact members, who are points of contact for members' enquiries on living and working in Canada.

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