New CPA Act to complete the unification of Ontario’s accounting profession
TORONTO, April 27, 2017 – CPA Ontario welcomes the introduction of a new Chartered Professional Accountants of Ontario Act that, once passed, will finalize the unification of Ontario’s accounting profession.
“The introduction of this new CPA Act by the Ontario government marks a historic moment for the accounting profession in this province by moving us towards finalizing our unification in Ontario and across Canada,” said Carol Wilding, FCPA, FCA, the President and CEO of CPA Ontario. “The CPA Act supports our continued mandate to protect the public interest while ensuring the province has a deep pool of highly qualified and regulated professional accountants to meet the needs of Ontario’s growing economy.”
While Ontario’s accounting profession has for all practical purposes been “unified” for years by agreement of the legacy organizations, it is essential the many benefits of unification to the public and professional accountants alike be enshrined in Ontario law.
CPA Ontario will be a stronger and well-resourced regulator with a membership meeting uniformly high ethical and practice standards that are the same as those in the other provinces and territories. The move from the CGA, CMA and CA designations to a common CPA profession will both end marketplace confusion and provide Ontarians with the protection and comfort of knowing they are working with a regulated accounting professional. For people seeking to enter the accounting profession, there are multiple pathways accessible to help Canadians and the internationally educated become Ontario CPAs.
“On behalf of our members and students, CPA Ontario would like to thank Premier Kathleen Wynne, Attorney General Yasir Naqvi, Minister of Finance Charles Sousa and MPPs from all parties for their thoughtful engagement with the profession in the drafting of the legislation,” said Johanne Charbonneau, FCPA, FCGA, Chair of CPA Ontario Council. “We look forward to working with the government and members of the Ontario Legislature to complete the passage of the CPA Act into law.”
About the Chartered Professional Accountants of Ontario
CPA Ontario protects the public interest by ensuring its members meet the highest standards of integrity and expertise. CPA Ontario serves and supports its more than 87,000 members and 19,000 students in their qualification and professional development in a wide range of senior positions in public accounting, business, finance, government, not-for-profits and academe. Chartered Professional Accountants are valued by organizations of all types and sizes for their financial expertise, strategic thinking, business insight, management skills and leadership.
For more information, please contact:
Chartered Professional Accountants of Ontario
416-969-4271 or 1-800-387-0735, ext. 271