Adjudicative Tribunal Decisions – October 2023
The adjudicative committees of CPA Ontario are an independent tribunal that hears and decides disciplinary and regulatory matters referred to it by CPA Ontario and appeals from those matters. The most recent discipline decisions, settlement agreements, good character decisions, and appeal decisions can be found below.
Discipline Committee
Michael Iannone (1984, Stouffville)
Rule 104.2 – Failure to cooperate with the regulatory process of CPA Ontario
Between September 20, 2022 and February 8, 2023, the member failed to cooperate with the regulatory process of CPA Ontario by failing to reply promptly in writing to communications from the Standards Enforcement Department of CPA Ontario, to which a written reply was specifically required.
Finding:
On June 15, 2023, the member was found to have committed professional misconduct by breaching Rule 104.2 of the CPA Ontario Code of Professional Conduct.
Sanction:
Reprimand
$5,000 fine
Notice to all members of CPA Ontario and all provincial CPA bodies
Costs: $2,957.50
The member was revoked on September 27, 2023 for failing to comply with the Decision and Order of the Discipline Committee dated June 15, 2023.
Omar Farooqui
Rule:
Rule 102 CPA Ontario Student Code – Professional misconduct
Rule 103 CPA Ontario Student Code – Association with false or misleading information
Rule 401 CPA Ontario Student Code – Maintenance of the good reputation of the profession
Conduct:
It was alleged that between November 2018 and February 2021, Farooqui engaged in professional misconduct by attempting to mislead CPA Ontario personnel; created or associated himself with information which he knew or should have known was false or misleading; and failed to act in a manner which maintained the good reputation of the profession and served the public interest.
Order:
On May 16, 2022, in accordance with By-Law 9.4.2, the Discipline Committee granted a stay of proceedings on the conditions that the Registrar accept the resignation of Farooqui and deregister him as a student with CPA Ontario; and that notice of the allegations and stay in this matter be provided to all members of CPA Ontario, all provincial bodies, and the public.
Gary Edgecombe, CPA, CA (1992, Elmvale)
(Settlement Agreement)
Conduct:
The member failed to co-operate with the regulatory processes of CPA Ontario (Rule 104.2) and perform his professional work in accordance with generally accepted standards of the profession (Rules 202 and 206.1)
Terms:
On August 17, 2023, the following settlement terms were approved:
- $15,000 fine
- Immediate and irrevocable surrender of Public Accounting Licence
- Four-month suspension, commencing the fifth month following the approval of the Settlement Agreement
- Practice restriction
- Notice to all members of CPA Ontario, the Public Accounting Standards Committee, and all provincial CPA bodies
- Newspaper publication of suspension and practice restriction
- $47,000 costs
Karen Jakubos [suspended CPA, CGA] (2011, Wasaga Beach)
(Settlement Agreement)
Conduct:
The member acted as the engagement partner for the review of financial statements without a Public Accounting Licence, failed to co-operate with the regulatory processes of CPA Ontario, failed to carry out her professional services with integrity, objectivity, and due care, and failed to perform her professional work in accordance with generally accepted standards of the profession.
Terms:
On August 17, 2023, the following settlement terms were approved:
- $20,000 fine
- Barred from ever holding a Public Accounting Licence
- Four-month suspension
- Practice restriction
- Notice to all members of CPA Ontario, the Public Accounting Standards Committee, and all provincial CPA bodies
- Newspaper publication of suspension and practice restriction
- $47,000 costs
Admission and Registration Committee
Good Character Matters
If the Registrar is not satisfied that an applicant for registration as a student or admission to membership is currently of good character, the matter may be referred to the Admission and Registration Committee for a decision. The Public Accounting Licensing Board may also refer a person seeking a licence for a good character hearing.
Name: A. A.
Reason for referral:
Suspension of Ontario College of Pharmacists certificate of registration pursuant to proceedings arising from the Applicant’s theft of narcotics from the pharmacy she was employed with.
Outcome:
On July 12, 2023, the tribunal found the Applicant to be of good character, as despite the serious nature of the misconduct, there was no evidence that the Applicant had engaged in any subsequent misconduct, there was a sufficient passage of time since the misconduct, the Applicant was remorseful, had developed a robust support system, and provided an undertaking to the Registrar to undergo an independent medical examination at her own cost prior to submitting an application for membership. The tribunal directed the Registrar to register the Applicant as a student of CPA Ontario.