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About Us

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The Public Accountants Council for the Province of Ontario (the Council) is a corporate body that was continued under the Public Accounting Act, 2004 (the Act). Its purpose is to ensure that public accounting in Ontario is practised in accordance with internationally respected public accounting standards that reflect the public interest in the delivery of superior quality public accounting services.

The  Council oversees the regulation of public accounting in the public interest by:



 

Developing and maintaining the standards that a designated body must meet in order to be authorized to license and govern the activities of its members as public accountants and raising the standards as required;



 

Determining which designated body meets the standards, when it meets them and whether it continues to meet the standards after it is authorized to license and govern the activities of its members as public accountants;


 

Overseeing the designated bodies in their capacity to license and to govern the activities of their members as public accountants; and


 

Maintaining public confidence in public accounting through the appropriate prosecution of offences under the Act.

The designated bodies named in the Act are the:

Certified General Accountants Association of Ontario

Certified Management Accountants of Ontario

Chartered Professional Accountants of Ontario (formerly known as Institute of Chartered Accountants of Ontario)

Public accounting is the business of expressing independent assurance and certain other services in respect of financial statements and other financial information of enterprises where it can reasonably be expected that the services will be relied upon or used by a third party.

The Standards of the Council require a designated body that seeks to be authorized to license and govern the activities of its members as public accountants to meet certain minimum standards relating to its:
 

education, examination and practical experience requirements;





 

rules of professional conduct, mandatory practice inspections of public accountants, the use of generally accepted accounting principles and generally accepted assurance standards, discipline procedures, the issuing of new licences to former licensees, the issuing of licences to persons who are permitted to practice in other jurisdictions, and mandatory professional liability insurance;


 

governance standards respecting the licensing and governing the activities of its members as public accountants.

The Council's initial Standards were adopted on June 20, 2006.  They were amended and restated on July 11, 2012, December 24, 2012 and January 8, 2014.

 

Recent Developments

The designated bodies are currently engaged in unification efforts.  The Standards of the Council will be amended, as necessary, once unification is completed.

As a result of the execution of a Unification Agreement with the Institute of Chartered Accountants of Ontario on April 1, 2014, Certified Management Accountants of Ontario resigned its authorization to license and govern the activities of its members as public accountants granted by the Council on January 24, 2012.

Members of Certified Management Accountants of Ontario became members of Chartered Professional Accountants of Ontario.

 


 


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