Public Accounting in Ontario
Bill 94, The Public Accounting Act (Act), 2004 came into force as of November 1, 2005. At that time, a new 17-person Public Accountants Council (PAC), consisting of nine public representatives (including the Chair), four CAs, two CMAs and two CGAs, was constituted to develop new high standards required by the Act, as well as to assume an oversight role of all accounting bodies authorized to license their members.
The PAC has developed stringent criteria and processes for comprehensively reviewing and assessing the qualification and regulatory standards of the accounting bodies designated in the Act (The Institute of Chartered Accountants of Ontario, CGA Ontario and CMA Ontario). The PAC's granting of authorization requires that a designated body demonstrate that it meets the Standards that the PAC has adopted. The Institute of Chartered Accountants of Ontario has been granted authorization by the PAC to licence and govern members in the practise of public accounting effective on November 1, 2006. The Institute of Chartered Accountants of Ontario uses the registered name Chartered Professional Accountants of Ontario (CPA Ontario).
The PAC's Standards, which took effect as of June 20, 2006, meet the requirement of s. 19(4) of the Public Accounting Act, 2004 that the standards for public accounting licensing "shall be no less rigorous than the internationally recognized standards under the (former) Public Accountancy Act as they existed on June 9, 2004" (the date on which the new Act was adopted by the Legislature). The internationally recognized standards that existed under the former legislation were the standards of qualification and regulation that professional accountants are required to meet.
The PAC's Standards include: