Wed, Nov 2, 2005
The Public Accounting Act 2004 - Effective November 1, 2005, ends a Monopoly of over 50 years in Ontario.
The Act provides an encouraging challenge for the Society of Professional Accountants of Ontario (SPAO) said president, William Nichols. The Act provides the opportunity for the SPAO to be prescribed a designated body under subsection (a) of Section 42 (1) of the Act.
Section 42 includes the following:
42. (1) The Lieutenant Governor in Council may make regulations,
(a) prescribing an entity as a designated body;
Three Accounting bodies have, so far, been named as designated bodies in the Public Accounting Act 2004. The Society has the challenge and intention of working toward the goal of also becoming a designated body, the president said.
The Public Accounting Act 2004, provides also for the opportunity for "designated" bodies to qualify as "authorized designated" bodies, with authority to license members as Public Accountants in Ontario.Under the former Act, only the Institute of Chartered Accountants of Ontario ("ICAO") was permitted licensed public accountants in Ontario. The passage of the new Act effectively ends the monopoly enjoyed by the ICAO for over 50 years.