The Council engaged Promontory Financial Group Canada, ULC to conduct a review of its future mandate primarily as a result of the unification of the three designated accounting bodies in Ontario. Promontory has released its report and it was received by the Council on March 24, 2015.
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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