Tuesday, August 7, 2007


Expansion of qualifying experience criteria approved
At the recent AGM, Institute members approved the expansion of CA experience criteria. Effective Sept. 1, 2007, we will recognize qualifying experience in approved CA firm training offices in areas in addition to audit and assurance, and in carefully selected corporations and government departments with approved CA Training Programs.

Prescribed Disclosure for Public Accountants
There is a requirement to disclose in statements, opinions and reports that a licence is held, or that the professional corporation or firm is authorized to practise public accounting. French language wording is now available.

Shape the Future of Private Company Financial Reporting
Private company accounting standards are changing and you have the opportunity to influence how.

2007 Uniform Evaluation (UFE)
Final Deadline: August 31, 2007

2007 - 2008 Annual Membership Fees

2007 Associate Membership Data Renewal and Fees
Due: August 31, 2007

2007 Membership Candidate Registrant Renewal
Deadline: August 31, 2007

2007 CARE Program
Preparation Course and Examination Registration

Tax Receipts
2006 Continuing Professional Development Declaration

Public Accounting Licence
CKE and SOA/UFE Preparation Programs
Update Profile - MemberSmall Practices Advisory Committee
Announcement of Small Practices Committee members

The Need for Legal Liability Reform
The Institute’s latest roundup of international news coverage shows the world is moving ahead of Canada on this issue.

2007 Annual Report
The Institute's 2007 Annual Report is now available.

New Look for the CA Profession
We have a new, more colourful look! The CA profession is exchanging its old green logo for a more modern, colourful and dynamic visual identity which better reflects the confidence, leadership and value provided by the more than 72,000 CAs and 10,000 CA students in Canada and Bermuda.

Public Accounting Licensing
Information regarding applying for licences, renewing licences, licensing fees and frequently asked questions on public accounting are available.

New Professional Liability Insurance Requirements
The Institute’s Council has adopted the recommendations of the Canadian CA profession's Public Trust Task Force that uniform minimum professional liability insurance (PLI) requirements be adopted across the country to take effect as of January 1, 2008.

CheckMark Spring 2007
The 2007 spring issue of CheckMark is now available.
Public Accounting in Ontario
Bill 94, The Public Accounting Act, 2004 came into force as of November 1, 2005. A that time, a new 17-person Public Accountants Council (PAC), consisting of nine public representatives (including the Chair), four CAs, two CMAs and two CGAs, was constituted to develop new high standards required by the Act, as well as to assume an oversight role of all accounting bodies authorized to license their members.

The new Act enables the PAC to oversee a public accounting standard for Ontario benchmarked against the high, internationally recognized public accounting standard that Chartered Accountants have been required to meet. In the future, that standard can only be increased.

The PAC has developed stringent criteria and processes for comprehensively reviewing and assessing the qualification and regulatory standards of the accounting bodies designated in the Act (the Institute, CGA Ontario and CMA Ontario). The PAC's granting of authorization requires that a designated body demonstrate that it meets the Standards that the PAC has adopted. The Institute has been granted authorization by the PAC to licence and govern members in the practice of public accounting effective on November 1, 2006.

The PAC's Standards, which took effect as of June 20, 2006, meet the requirement of s. 19(4) of the Public Accounting Act, 2004 that the standards for public accounting licensing "shall be no less rigorous than the internationally recognized standards under the (former) Public Accountancy Act as they existed on June 9, 2004" (the date on which the new Act was adopted by the Legislature). The internationally recognized standards that existed under the former legislation were the standards of qualification and regulation that CAs are required to meet.

The new Standards that are now in effect include:

rigorous education, examination and practical experience requirements that are substantially equivalent to the requirements that the Institute has established;
the enforcement of exacting rules of professional conduct related to the practice of public accounting;
mandatory, cyclical practice inspection of licensees;
professional liability insurance programs for public accounting work;
continuing professional development requirements; and
comprehensive discipline mechanisms.

Under the new Act , Certified Management Accountants (CMAs) and Certified General Accountants (CGAs) can only become eligible for licensure if their respective bodies demonstrate to the new PAC that their qualifying and regulatory programs meet the standards that have been adopted by the PAC.

PAC Handbook - Professional Competency - pdf
PAC Handbook - Practical Experience - pdf
Chronology: The New Public Accounting Act, 2004
CA Representatives on the Reconstituted Public Accountants Council Professional Development at the Institute
The Institute supports and encourages life-long learning for members and does this in a number of ways:

through the identification, development and delivery of PD seminars and residential in-depth programs
through on-going collaboration with other provinces and the CICA in determining resources and needs for member PD support, and reciprocity arrangements for costs and accessibility of PD programs throughout the country
through the creation and strengthening of long-term strategic partnerships with Ontario Universities
through consultation with members - by way of surveys, course evaluations, task forces and the newly created PD Advisory Group

The Institute has focused its learning strategy in the subject matter areas which CAs are typically recognized as experts, and in the career transition points which many CAs encounter. These are:

Subject matter competencies
Accounting and Financial Reporting
Organizational Effectiveness
Corporate Finance
Management Skills
Wealth Management

Career Transition Points
General Management and Leadership roles

Seminars and Executive Development Programs

Professional development is delivered through two primary means:

Our Seminar Series of Courses , which are half-day, one-day and two-day seminars, focus on the subject matter competencies noted above. Each year, the Institute offers over 600 seminars in over twenty locations throughout the province. These seminars are delivered in a Fall/Winter Program, which runs September to February, and in a Spring/Summer Program, which runs from May to July. We produce a PD Catalogue for each Program, with the Fall/Winter PD Catalogue available in August and the Spring/Summer PD Catalogue available in March.

Our Executive Development Programs focus on the career transition points noted above, with particular emphasis on leadership development, and the personal and organizational skills needed to be an outstanding leader.

Click on the left hand navigation options for more information on our Seminars and Courses, Executive Development Programs, Registration and Information or Mandatory CPD.
Vision, Values and Mission
Vision Statement of Canada’s Chartered Accountants
We are Canada ’s most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles.

Value Statement of Canada’s Chartered Accountants
Chartered Accountants are valued for their integrity and expertise.

Mission of the Institute of Chartered Accountants of Ontario
Our mission is to foster public confidence in the CA profession by acting in the public interest and helping our members excel.

Guiding Principles
Set and enforce the highest standards of qualification, education, experience and practice
Promote professional excellence through developing, monitoring and enforcing the highest standards of competence and ethical conduct
Encourage members to enhance their capabilities continually
Respond to members' ongoing professional needs
Promote the attractiveness of the profession to the best students and help them become Chartered Accountants
Serve as the primary voice of the accounting profession in Ontario


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