The purpose of the Council 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 Chair of the Council is responsible for ensuring the effective governance of the Council and for facilitating effective performance by the Council and management.
All classified agencies require an MOU. The MOU is an administrative agreement between the responsible Minister and the agency that reflects the accountability framework and guides the mutual understanding of responsibilities of both the responsible minister and the chair of a classified agency.
The Public Accounting Act, 2004 was enacted on June 9, 2004 by the Ontario Legislature. The Act was proclaimed into force on November 1, 2005 and concurrently with the introduction of the CPA Act, it was complementarily amended effective May 17, 2017.
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