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:
The designated bodies named in the Act are the:
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:
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.
These designated bodies now operate under one banner as Chartered Professional Accountants as a result of CPA Ontario signing two unification agreements in April and June 2014 with CMA Ontario and CGA Ontario respectively. As of July 2, 2014 all members of the three bodies now carry a CPA in addition to their legacy designation.
As a result of this unification, CMA Ontario and CGA Ontario have resigned their authorizations to license and govern the activities of their members as public accountants on April 1, 2014 and July 2, 2014.