The accountancy profession is becoming more fragmented and diverse in today's changing business world, the chairman of the Canadian Institute of Chartered Accountants (CICA) told members of the Bermuda's counterpart organisation yesterday.

"The shape and structure of the profession is reflecting these changes,'' Don Penny said in a speech giving at the annual convocation luncheon of the Institute of Chartered Accountants of Bermuda. "We're seeing our members enter new and diverse fields, far beyond the traditional boundaries of chartered accountancy -- fields such as forensic acounting, strategic planning, and technology specialists.'' There are now more chartered accountants in government, the private sector and educational institutions than in the professional services firms. The firms themselves have become full-service, global business advisers.

The CICA and the affiliated Bermuda organisation are moving to review educational and governance systems to meet the challenges members were facing in the profession. Education was being geared to provide graduates with the specialised expertise they need.

"In Bermuda you will be particularly interested in knowing that we're moving toward international standard setting, in line with the needs of the capital markets around the world,'' he said.

Refering to the increasing tendency for plaintifs in cases against companies to file suits against outside auditors he said: "I'm pleased to say that we're close to resolving the complex issue of professional liability, so we can continue to develop new services from a sound base, without the risks inherent in what we think is an unfair legal situation, particularly for our members in professional services firms.'' Accounting bodies are also working with governments and companies to resolve the Year 2000 problem which could affect computer systems at the turn of the century.

In the age of Internet commerce the organisation has also launched Web Trust, a seal of approval which acts as an assurance to customers that the business offering goods on the electronic network has passed standards approved by chartered accountants. "Through a training and licensing system now being offered, CAs will be able to offer the Web Trust seal, which acts as a guarantee that a company has these policies, controls and procedures in place to safeguard the safe delivery of goods, and that confidential consumer information is safeguarded,'' he said.

The luncheon at the Hamilton Princess yesterday was held to honour recent graduates of the Chartered Accountant exam, and of the Certified Public Accountants exam.