News Release

Ontario Government Modernizes Accounting Profession

New Public Accounting Act To Take Effect

November 1, 2005

News

TORONTO — The Ontario government is modernizing the accounting profession by making public accounting licences more accessible under the Public Accounting Act, which takes effect today, announced Attorney General Michael Bryant.

"The new Public Accounting Act will broaden opportunities for accounting professionals without compromising our high, internationally recognized public accounting standards," said Bryant. "The Public Accountants Council will modernize the profession by implementing an efficient and competitive licencing structure."

Bryant also announced appointments to the Public Accountants Council, which will set new regulatory standards, making public accounting licences more accessible under the Public Accounting Act, 2004.

The Public Accounting Act will enable qualified Chartered Accountants, Certified General Accountants and Certified Management Accountants to obtain a licence to practise public accounting. In the past, access to public accounting licences was largely restricted to Chartered Accountants.

The council will be made up of 17 members - nine public members appointed by the Ontario government, including the chair, William J. Simpson Q.C., four members appointed by the Institute of Chartered Accountants of Ontario, two members appointed by the Certified General Accountants of Ontario and two members appointed by the Society of Management Accountants of Ontario. It will oversee the approval and enforcement of standards relating to education, experience, examinations, practice inspections, professional conduct and development, and disciplinary procedures.

Once the council sets standards - and the Institute of Chartered Accountants of Ontario, the Certified General Accountants of Ontario and the Society of Management Accountants of Ontario have shown to the council that they can meet the standards - these associations will become directly responsible for licencing and regulating individual public accountants.

"We are committed to ensuring that public accounting standards remain high," said Brian Hunt, FCA, president and CEO of the Institute of Chartered Accounts of Ontario. "We believe that with the new Public Accounting Act, the government has created a system that continues to protect the public interest, and maintains the existing high standards for public accounting."

"We are committed to heightening protection of the public interest through our new voice on the council, role as a licensing body and, ultimately, through the high-calibre public accounting services CMAs will provide," said David Hipgrave, president and CEO, Society of Management Accountants of Ontario.

"We are resolute in our commitment to ensure Ontario's accounting standards are unparalleled," said Bruce Hutton, CFP, FCGA, chair of the board of governors of the Certified General Accountants of Ontario. "We welcome the Public Accountants Council implementation of higher, internationally recognized standards as established by the International Federation of Accountants, and look forward to co-operating with our colleagues from the other two accounting bodies and the public members on Ontario's newly reconstituted Public Accountants Council."

Contacts

Greg Crone
Minister's Office
(416) 326-1785

Brendan Crawley
Communications Branch
(416) 326-2210

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