A UNIFIED ACCOUNTING PROFESSION
News
CA Manitoba and CMA Manitoba discuss merger report with government
CA Manitoba and CMA Manitoba submitted a report to the Manitoba government this past June detailing the results of their merger consultations. Representatives from the two bodies discussed the report’s findings, progress being made across the country and next steps and timing in a follow-up meeting with officials. Government officials indicated they would be open to working with the bodies on proposed new legislative framework, while continuing to monitor developments across the country.
Click here for the CA Manitoba member announcement
Click here for the CMA Manitoba member announcement
1 Comment - Leave a comment!
July 19, 2012 at 11:55 am, Bill said:
I have read the Manitoba report and I have serious concerns about a couple of items listed on page 2 of the report. I will quote directly from the Manitoba report to the government::
“There is general concern around undesignated and unregulated individuals providing public accounting services in Manitoba” “The new CPA legislation in Quebec addresses this issue, and we anticipate that uniform regulary proposals for CPA legislation will emerge as the national discussion evolves”
I do not believe it would be beneficial for Alberta or other provinces to introduce a legislation like Quebec, which is the only jurisdiction in North America where you need to have a professional accounting designation to perform compilation engagements. The CPA Act in Quebec lists compilation engagements as a restricted field of practice that only CPAs can perform. You don’t need a public practice license but you need to be a CPA. I believe businesses should have a final say and decide whether they want to hire a designated or non-designated accountant to prepare financial statements. Making it illegal for non-designated accountants to prepare financial statements is something that may work in Quebec (and in Quebec the three provincial accounting bodies have been in support of this), but in english Canada the CGAs have never supported this. In reality Quebec had this restriction before the CPA Act came in place, Bill 46 restricted compilation services to CAs, CGAs, and CMAs. As a matter of fact CGA Ontario stated firmly that only accounting services where a level of assurance is provided (audits and reviews) should be a restricted field of practice of designated accountants. The Ontario government took sides with CGA Ontario, and non-designated accountants can perform compilations in Ontario. I am very concerned about this issue because the Manitoba report indicates “uniform regulatory proposals for CPA legislation” will emerge in other provinces. The Institute of chartered accountants of BC has the same position as well, in a draft report dated April 2012. Here’s the link http://www.ica.bc.ca/pdf/cpa_draft_gov_submission3.pdf CGAs have traditionally rejected the notion that an accounting designation should be required for compilation of financial statements. If CPA Acts like the one in Quebec are enacted in other parts of Canada it will affect thousands of tax preparers and bookkeepers that perform compilation engagements today, it will also impact the price small businesses will have to pay for these services. In Alberta RAPA will need to be modified, right now only audits and reviews require an accounting designation in Alberta.