Highlights of the CPA Act
From the Regulatory Affairs Team
O
n March 25, 2015, the Chartered Professional Accountants Act received Royal Assent,
and what started as a bill became a law of the province. By the time this issue of the
magazine reaches you, the CPA Act will have been proclaimed, bringing the bylaws,
bylaw regulations, and policies into place to complete the governance framework for our new
profession.
Highlighted here are some of the key provisions of our new legislation.
The first part of the Act sets out provisions for the organization and its purposes, the functioning of the board of directors, annual meetings and elections, and the process through which
the board is authorized to make bylaws.
Now officially amalgamated, the Certified General Accountants Association of British
Columbia, the Certified Management Accountants Society of British Columbia, and the Institute
of Chartered Accountants of British Columbia continue on as a corporation known as the
Organization of Chartered Professional Accountants of British Columbia, which may operate
under the name Chartered Professional Accountants of British Columbia, CPA British Columbia,
or CPABC. Please note that the legacy bodies ceased to exist immediately on the proclamation
of the new Act. All assets, liabilities, and responsibilities previously held by the legacy bodies
have now been assumed by CPABC.
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Daren Raoux CPA, CA
The objects or purposes of the organization
remain as follows:
• o promote and maintain the
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knowledge, skill, and proficiency of
members and students;
• o establish qualifications and
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requirements for admission and the
continuation of membership, and for
the enrolment and continuation
of enrolment of students;
• o regulate members and students;
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• o establish and enforce professional
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standards; and
• o represent the interests of members
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and students.
The Act includes sections relating to professional accounting corporations, registered
firms, practice review, investigations, and
hearings.
The section of the Act dealing with designations and prohibitions is of particular interest,
as it reserves the use of the titles “Chartered
Professional Accountant” and “Professional
Accountant” to CPABC members in good
standing and registered firms.
The practice of professional accounting is
restricted to CPA members in good standing
as authorized by CPABC, and comprises:
• erforming an audit engagement and
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issuing an auditor’s report in accordance
with the standards of the Chartered
Professional Accountants of Canada;
• erforming any other assurance
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engagement and issuing an assurance
report in accordance with the standards
of CPA Canada; and
• ssuing any form of certification,
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declaration, or opinion with respect to
information related to a financial
statement or any part thereof on the
application of financial reporting
standards of CPA Canada, or specified
auditing procedures in accordance with
the standards of CPA Canada.
T: 604.448.0200 • Toll Free: 1.855.448.0200 • wldtax.com
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20 CPABC in Focus • July/August 2015