Ontario Recognizes Merger of Accountant Designations
New Law Creates Greater Clarity and Transparency in the Accounting Industry
Ontario is improving clarity and transparency in the accounting industry through a new law that establishes a single self-regulating body for professional accountants in the province.
Previously, three separate laws governed three separate designations for accountants, which set out similar rights and duties and was confusing for consumers and businesses alike.
The new Chartered Professional Accountants of Ontario Act, 2017 establishes the Chartered Professional Accountants of Ontario (CPA Ontario) as a self-regulating body. The new law recognizes the merger of the three designations, and allows for greater transparency in the industry by giving the Attorney General the authority to review and advise on the activities of CPA Ontario and to approve certain types of its bylaws.
Strengthening the accounting profession in Ontario is part of our plan to create jobs, grow the economy and help people in their everyday lives.
- The Chartered Professional Accountants of Ontario Act, 2017 formally merges the three main accounting bodies in Ontario — the Institute of Chartered Accountants of Ontario (ICAO), the Certified Management Accountants of Ontario (CMAO) and the Association of Certified General Accountants of Ontario (CGAO).
- With the passage of the new law, CPA Ontario becomes the only self-governing body recognized in statute for accountants in Ontario. All other provinces have brought forward similar legislation that recognizes the merger of accounting designations under the CPA.
“This new law will be beneficial to people and businesses looking for the services of our province’s many excellent, highly qualified accounting professionals. By implementing clearer laws and reducing the regulatory burden on industry, we’re helping this critical profession thrive.”
“This is a milestone for the accounting profession in Ontario. I would like to thank the province for its thoughtful engagement with the accounting profession throughout the unification process. CPA Ontario looks forward to working with the province and our members, students and stakeholders to build upon this new beginning for accounting in Ontario.”