The Chartered Professional Accountants of Ontario and the Certified General Accountants of Ontario Monday signed a unification agreement, the second last step to uniting this province’s accounting profession under the CPA designation. The final step will be the passing of a new Chartered Professional Accountants Act.
The signing of this agreement brings to a close a significant amount of collaboration and dedication to building a stronger unified accounting profession, both within this province and across Canada, all of which began in earnest in the spring of 2011. Ontario’s certified general accountants will now become members of CPA Ontario.
An earlier agreement was signed between CPA Ontario (formerly the Institute of Chartered Accountants of Ontario) and the Certified Management Accountants of Ontario, leading to CMAs becoming members of CPA Ontario in April 2014.
CPA Ontario says a united Canadian accounting profession will have a stronger voice at home and around the world, a single Canadian accounting designation, and one rigorous set of standards for qualifications and conduct — all of which will provide strong protection of the public interest.
“Our combined membership of more than 80,000 is now part of a unification movement that represents all of Canada’s more than 185,000 designated accountants,” said Robert Scullion, chairman of CPA Ontario, in a release.
In total, 74 per cent of CPA Ontario members who voted supported unification, while 97 per cent of CGA Ontario members who voted also favoured unification.
The leadership of CPA Ontario and CGA Ontario will now begin to integrate the organizations. As the final step to complete the unification of the accounting profession, CPA Ontario will seek a Chartered Professional Accountants Act from the Province of Ontario to replace the current acts overseeing the current designations.