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Proposed Accounting Professions Act Media Release

CGA Ontario Welcomes the Proposed Accounting Professions Act

 
TORONTO, ON, March 23, 2009 — The Certified General Accountants of Ontario (CGA Ontario) both welcomes and supports the proposed Accounting Professions Act announced today. If passed, the Act would provide increased public transparency for accounting professionals, while granting their governing bodies the ability to better protect their clients and the public. The Act would help to further define the authority of the three accounting bodies: the Certified General Accountants of Ontario, the Institute of Chartered Accountants of Ontario and the Society of Management Accountants of Ontario, working toward greater equality for accounting professionals across Ontario and increasing accountability.

“The new legislation would be very helpful to us as we seek to modernize the governance of our accounting body. We appreciate the willingness of the government to work with us on the bill and to ensure we have the tools we need moving into the future,” said Doug Brooks, CGA, CEO, Certified General Accountants of Ontario.

The proposed Accounting Professions Act expands on the Public Accounting Act 2004, modernizing the regulation of public accounting and clarifying its definition by further determining activities required by license.

The Act:

1. Makes all three statutes public acts; at present Certified General Accountants (CGAs) and Certified Management Accountants (CMAs) have private acts.
2. Defines the power of bodies to govern their members including, the power to admit members, ensure their competence through entry standards, inspect or investigate member practices, and discipline members who break the rules.
3. Ensures that information received by the regulatory bodies for carrying out their duties is kept confidential.
4. Increases the fine for improper use of the bodies’ designations to a maximum of $10,000.

"We are pleased to see the Accounting Professions Act introduced in the Ontario legislature today as it ensures that the Association and Certified General Accountants , act transparently, further strengthening our role in protecting public interest,” said Ted Wigdor, vice‐president of government and corporate affairs.

Certified General Accountants of Ontario is a self‐governing body that grants the exclusive rights to the CGA designation, and controls the professional standards, conduct and discipline of its members and students in the province of Ontario. Certified General Accountants (CGAs) are committed to meeting the needs of their businesses and organizations with insight and leadership. In Ontario, there are more than 19,000 CGAs and approximately 9,000 students working towards their designation.

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For more information contact: Amy Mulhern, Manager of Public Relations, CGA Ontario
Telephone: 416‐544‐4781 / 1‐800‐668‐1454 ext. 8311
Email: amulhern@cga‐ontario.org