CMA Ontario is pleased that public accounting reform in Ontario has taken another important step forward. Effective June 20, 2006, the Standards of The Public Accountants Council for the Province of Ontario, as submitted to the Ministry of the Attorney General, have been adopted.

The standards have been developed pursuant to Section 19 of the Public Accounting Act, 2004 as the minimum standards that a designated body must meet in order to be authorized to license and govern the activities of its members as public accountants. The standards, in accordance with the Act, are no less rigorous than the internationally recognized standard under the Public Accountancy Act as they existed on June 9, 2004. For a copy of the standards, please see below.

CMA Ontario is in support of the new standards. We believe they are strong, initial standards that meet and exceed the rigor as required by the Act while allowing for variations in processes, provided those variations are demonstratively equivalent. They are consistent with the government's public policy objective of making public accounting licenses more accessible while meeting its commitment to protect businesses, investors and the public through high regulatory standards.

CMA Ontario has played an active role in every stage of the public accounting reform process, from initial consultations with regulators to our role on the Council and the establishment of the standards. Internally, the Society has been working on building the foundation for a post-designation public accounting licensing process. The model will require CMAs interested in pursuing public accounting to develop and demonstrate specific public accounting competencies through course work, examinations and practical work experience, with a portion of this experience to be gained in an approved training office. With the standards in place, the components of this model can now be fully developed.

To be approved as a licensing body, CMA Ontario must demonstrate to the Council that our programs and processes meet the standards. The Council's review will encompass our education, examination and experience requirements as well as our ongoing practice and regulatory requirements, such as practice inspections and rules of professional conduct.

Throughout public accounting reform, CMA Ontario has been committed to meeting the high expectations of the business community and heightening protection of the public interest. Over the coming months, we look forward to demonstrating our highest professional standard of service to the Council, and ultimately to the public at large.