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Accounting Professions Act, 2010
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.
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: