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The Accounting Professions Act, 2010 

The Accounting Professions Act (comprised of the Certified General Accountants Act, Certified Management Accountants Act and the Chartered Accountants Act) was enacted into law on May 18, 2010. It was the result of extensive and detailed consultations spanning many months between the accounting profession and officials in the Ministry of the Attorney General.

It also replaced prior legislation governing the Institute of Chartered Accountants of Ontario, CGA Ontario and CMA Ontario. 

The prior acts governing the accounting profession were in need of significant changes to better reflect the operating realities of the profession in the 21st century. It was widely felt that piecemeal amendments to the 1956 Act were no longer adequate to this task, requiring the creation of completely new legislation. 

The Chartered Accountants Act, 2010 significantly strengthened the profession's regulatory scope by: 

  • enhancing authority regarding settlement agreements in disciplinary cases that would provide for sanctions without an admission of guilt or a finding of professional misconduct;
  • strengthening the ability of the Discipline and Appeal Committees to award costs including those of investigations, prosecutions and appeals;
  • increasing penalties for the illegal use of a protected designation from the current $300 to $10,000;
  • providing the profession with the authority to obtain court orders for custody of the records in possession or control of members who have died or disappeared, or have neglected or abandoned their practices without making provisions for the protection of client interests; and by
  • removing inconsistencies between provisions of the current Act and the Statutory Power Procedures Act regarding hearings before tribunals.