Thorunn Howatt
Northern News Services

Yellowknife (Sep 25/02) - People are looking at accountants a whole new way since the Enron scandal exposed a scheme of cooked books and fudged bottom lines.

Even in Yellowknife, change is hitting accounting practices.

"The Enron stuff is affecting auditors more specifically, but in general it impairs the whole profession's appearance."

"It makes us look not as good," said Cathy Monro, past president of the Institute of Chartered Accountants of the Northwest Territories and Nunavut.

After the Enron scandal, the Canadian Institute of Chartered Accountants responded quickly by creating a new public board to oversee companies that audit other public companies.

The idea was also pushed by the Canadian Securities Administration.

"It's like another practice inspection only much more thorough," said Monro explaining that the added level, set up in July, is supposed to reassure the public that accounting practices are solid.

All publicly-traded companies have to have an audit. Auditors give their opinion of a company's financial statements, "based on generally accepted accounting practices," said Monro.

In other words: they aren't lying about the company's financial health.

Chartered accountants from across the North and Western Canada were in Yellowknife for weekend meetings.

It's the 25th anniversary for the Northern ICANWTN. The Northern Group, from the NWT and Nunavut met Friday. Mike Huvenaars replaced Cathy Monro as president.

The Western group met on Sunday.

It was the first time their annual meeting has been held in Yellowknife.

The ICANWTN has 96 members.

Membership is mandatory for chartered accountants who work in the NWT or Nunavut.

During the meetings, NWT-Nunavut chartered accountants received a scholarship fund valued at more than $12,000 from the president of the Canadian Institute of Chartered Accountants, David Smith.