Keith Anderson BCom, CPA, CA-IT, CITP in association with the Edmonton based firm of Romanovsky & Associates Chartered Professional Accountants
Keith Anderson, BCom, CPA, CA-IT, CITP
CA and AICPA IT Professional
Question : What is a CA•IT, CITP?
A CA•IT is a CA who brings a business-oriented approach to IT strategy and implementation, who applies business acumen, strategic insight and understanding of IT to help organizations succeed. Click HERE for more. CITP is a designation from the American Institute of Certified Public Accountants (AICPA) for IT Professionals.
Chronological Order of Professional Credentials
University of Alberta, Bachelor of Commerce degree (with distinction) 1985-1989
Relevant course study in:
Financial accounting - accounting related to Generally Accepted Accounting Principles (GAAP), preparation of financial statements, financial reporting, financial theory, economic models, accounting standards, corporate income taxes, financial statement analysis, price change accounting, historical cost models, current cost models, transaction recognition, business combinations, foreign currency, foreign reporting.
Management accounting - accounting related to management information requirements such as management information systems, budgeting, financing, cost accounting, breakeven analysis, planning and performance evaluation, cost-volume-profit analysis, sunk costs, job costing, process costing, cost allocation, capital investment, standard costing systems, transfer pricing, cost analysis, pricing.
Taxation - corporate compliance, corporate tax planning, tax minimization, tax deferrals, personal tax compliance, personal tax planning.
Information Technology - Management Information Systems (MIS) course study which included such curriculum topics as MIS Concepts, Control System Concepts, examining the different types of Information Systems, Validation Techniques, Database Design and Management, Data Communications, Decision Systems, Expert Systems, Planning for Systems Development, Cost/Benefit Analysis, Designing and Structuring an IT System, Implementation considerations, and Impact on Corporate Strategy. Also included is a Management Control Systems course which was case-based. Each case involved IT issues in solving the problems of Management Control in specific circumstances.
Business Finance - financial management and goals, financial institutions, time value of money, security pricing, risk and return analysis, capital budgeting, financing decisions, financial statement analysis, financial forecasting and planning, working capital management, financing alternatives, holding companies, mergers, consolidations, divestitures, reorganization, liquidation.
Business law - tort law, professional liability, contract law, real property law, business organization issues.
Marketing - market opportunities, target marketing, marketing information systems, consumer behaviour, market segmentation, market positioning, product life-cycle strategies, pricing strategies, promotion, strategic planning.
Economics - resource scarcity, demand/supply mechanisms, money/exchange mediums, expansion financing, financial markets, capital markets, fiscal policy, monetary policy.
Statistics - probability theory, probability distributions, random variables, sampling, estimation, statistical decision theory, linear regression, regression and correlation, variance analysis, time series and index numbers, non-parametric statistics.
Senior accountant with the Edmonton office of a major international accounting firm (1989-1993)
Diverse and in-depth experience in accounting, finance, taxation, and audits in the following industries:
Chartered Professional Accountant (CA) designation (1993)
Three year combination of practical professional experience and professional education culminating in over 6,000 hours of preparation for courses, exams, and the uniform CA final exam. The uniform CA final exam has been described by expert commentators as one of, if not the most, difficult exam of any of the professions ensuring a high level of successful candidate qualification. The practical professional experience and professional education focuses on integrating taxation issues, financial accounting reporting to management and external parties such as investors and financiers, management accounting providing relevant financial information to executive decision makers, and independent attest functions such as auditing into the business commerce model.
Many years in public accounting practice and business consulting services emphasizing accounting, taxation, consulting, and auditing in a small to medium sized business environment
Completion of a two year Canadian Institute of Chartered Professional Accountants (CICA) sponsored In-depth Income Tax course (1995 to 1997)
This course provides a detailed examination of income tax in Canada and is the usual course taken by lawyers, accountants, and other professionals for specialization in income tax. Specific areas covered include:
Acquisition/Change in control of corporations - CCPC status, SBC status, availability of CDA and RDTOH, anti-avoidance, de jure/de facto control, deemed year-end, loss utilization, effect on tax accounts.
Loss utilization - purchase/sale of losses.
Sell/Buy assets or shares - association issues, goodwill, loss utilization, cost bump, sale of accounts receivable, sale of depreciable property, replacement property rollovers, allocation of purchase price, earn-outs.
Tax deferred rollovers of assets into corporations - section 85, estate planning, income splitting, elected values, capital gains exemption utilization.
International investment - inbound/outbound investments, branch vs. subsidiary, foreign affiliates, FAPI, withholding taxes, tax treaties, tax protocols, transfer pricing, thin capitalization.
Partnerships - taxation of partners, ACB, admission of partner, retirement and withdrawal, limited partnerships, corporate partnerships.
Trusts - 21 year deemed disposition, preferred beneficiaries.
Deceased taxpayers - accrual to date of death, rights or things, capital property, spousal rollovers, tainted trusts
Amalgamations - loss utilization.
Wind-ups - loss utilization, deemed disposition, cost bump.
Business take-overs - acquisition and divestiture issues.
Expansion into the - residence, immigration, emigration, permanent establishment, branch tax, financing,
Estate planning - estate freeze, family trusts.
Shareholder agreements - non-competition, shotgun, life insurance.
Attribution rules- arms/non-arms length issues.
A CA•IT is a CA who brings a business-oriented approach to IT strategy and implementation, who applies business acumen, strategic insight and understanding of IT to help organizations succeed.
Information Technology (IT)
Became one of the first CA-designated IT Specialists in Canada on June 6, 2003.
A growing accounting and consulting practice involving computers and software requires bridging the gap between the availability and capability of technology and the information needs of business management. A qualified accountant with computer consulting experience can relate to management information needs, understand technology and its benefits and limitations, and translate a technology solution to management information needs.
Many years of integrating hardware and software solutions into the practical small business world and consulting to business management. Emphasis on the trade off between cost and functionality and providing the most bang for the buck.
Internet solutions consulting. Without question, internet access is essential to compete even on the local business stage. Whether its e-mail, research, information gathering, or hosting services such as web pages or intranet capabilities, any business will stay competitive if internet resources are used effectively and efficiently.
Building computers and gaining a detailed knowledge of the best hardware products for the required situation.
Wide variety of software experience including all windows operating systems, most accounting systems, MS Office, most tax programs, network software installations.
Network hardware installations and setups through consulting with management on their needs and implementing a practical and efficient solution.
Installation and setup of various accounting solutions.
Consulting on hardware and software implementation decisions.
On July 1, 2014, all Chartered Professional Accountants in Alberta were be re-designated Chartered Professional Accountants (CPA). To be phased in over several years.
On August 31, 2015, received the AICPA (American Institute of Certified Public Accountants) designation for Information Technology (IT) Professionals.
Continuous Investment in CICA sponsored and other professional development courses
In today’s environment of constant legal, regulatory and business climate change, it is necessary for the professional advisor to invest in keeping his knowledge and skill level current. Keith believes this enables him to advise his clients better. He continues to attend courses in:
Owner/Manager tax planning - business structure, ownership issues, financing, income splitting, integration, shareholder agreements, remuneration issues, holding companies, purchase and sale of a business, multiplication of the small business deduction, restructuring the business, corporate simplification, debt forgiveness, foreclosures, bankruptcy, introduction of new shareholders.
Owner/Manager estate planning - $500,000 capital gains exemption, will planning, trusts, insurance, estate freezes.
GST updates - agents, notices of objection, elections, employee rebates, fiscal periods, intangible personal property, penalties and interest, real property, supplies of assets to business, supplies to non-residents, charities, health care sector, used goods sector, tourism sector, financial services, trusts and estates, seizures and repossessions, agriculture.
Tax updates - changes in legislation, recent court cases, Revenue Canada pronouncements and interpretations.
Investment planning - asset allocation, security valuation, financial markets, portfolio theory, risk profile, investment policy development.
Personal financial planning - investment decision-making, tax planning, estate planning.
Business valuations - fair market value, value and price, asset valuation, earnings/cash flow valuation, control/minority issues, internally/externally funded transactions, sale of assets vs. shares, goodwill.
Offshore trusts and tax havens - foreign reporting, penalties, information returns, locations of tax havens.
Trust taxation and creation - intervivos, spousal, family trusts.
Financial accounting - recent CICA pronouncements, changes to GAAP, international trends.
Corporate finance - financing solutions from debt to equity sources.
Advanced tax planning - tax planning for the small business owner, wealthy individuals.