Public Accounting Act, 2004

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No published amendment links yet for this Act.

Sections133

• [s0]

  Definitions and Application

• 1Definitions

  1 In this Act, “CPA Ontario” means the Chartered Professional Accountants of Ontario continued under subsection 4 (1) of the Chartered Professional Accountants of Ontario Act, 2017; (“Ordre”) “CPA Ontario by-laws” means the by-laws and any other instruments made by CPA Ontario’s council under section 65 of the Chartered Professional Accountants of Ontario Act, 2017; (“règlements administratifs de l’Ordre”) “Minister” means the Attorney General or such other member of the Executive Council to whom responsibility for the administration of this Act is assigned or transferred under the Executive Council Act; (“ministre”) “prescribed” means prescribed by the regulations made under this Act; (“prescrit”) “professional corporation” means a corporation incorporated under the Business Corporations Act; (“société professionnelle”) “public accountant” means a person who either alone or in partnersh…

• 1.
• 1 #2Definitions
• 2Public accounting services

  2 (1) For the purposes of this Act and subject to any limitations that are prescribed, the practice of public accounting means providing, on a basis that is independent of the person for whom the services are being provided, either of the following services: 1. Assurance engagements, including an audit or a review engagement, conducted with respect to the correctness, fairness, completeness or reasonableness of a financial statement or any part of a financial statement or any statement attached to a financial statement, if it can reasonably be expected that the services will be relied upon or used by a third party. 2. Subject to subsection (3), compilation services, if it can reasonably be expected that all or any portion of the compilations or associated materials prepared by the person providing the services will be relied upon or used by a third party. 2004, c. 8, s. 2 (1). Inclusion …

• 2.
• [s3]

  Licensing of Public Accountants

• [s4]
• 3Public accounting licence required

  3 (1) A person who is engaged in the practice of public accounting shall, (a) in the case of an individual, be licensed in accordance with this Act; and (b) in the case of a professional corporation, hold a certificate of authorization in accordance with this Act. 2004, c. 8, s. 3 (1). Exception (2) Despite subsection (1), a person is not required to be licensed in accordance with this Act if the person provides public accounting services exclusively in respect of, (a) any public authority or any commission, committee or emanation of a public authority, including a Crown corporation; (b) any bank, loan or trust company; (c) any transportation company incorporated by an Act of the Parliament of Canada; or (d) any other publicly-owned or publicly-controlled public utility organization. 2004, c. 8, s. 3 (2). Other practices not precluded (3) A person is not required to be licensed in accord…

• 3.
• 4Mandatory CPA Ontario membership

  4 (1) To be eligible to be licensed under this Act, a person must be a member of CPA Ontario. 2021, c. 4, Sched. 7, s. 2. Loss of licence on ceasing to be a member (2) A person’s licence under this Act is revoked on the day the person ceases to be a member of CPA Ontario. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 4.
• 5Licensing

  5 A person is entitled to be licensed as a public accountant under this Act if the person, (a) is a member of CPA Ontario; (b) applies in the manner set out under the CPA Ontario by-laws and pays the fees established by CPA Ontario; and (c) meets the requirements set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 5.
• 4 #7Mandatory CPA Ontario membership
• 6Licensing of persons from other jurisdictions

  6 (1) CPA Ontario may license any person from another jurisdiction who is permitted to practise as a public accountant in that jurisdiction to practise as a public accountant in Ontario if the person, (a) is a member of CPA Ontario; (b) applies in the manner set out under the CPA Ontario by-laws and pays the fees established by CPA Ontario; and (c) meets the requirements set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Same, period of licence (2) In exercising its discretion under subsection (1), CPA Ontario may issue to the person either, (a) a temporary licence for a specified period; or (b) a licence for the same period as a licence issued under section 5. 2021, c. 4, Sched. 7, s. 2. Terms, conditions (3) A temporary licence or licence issued under this section is subject to such terms and conditions as CPA Ontario may specify. 2021, c. 4, Sched. 7, s. 2. Section Ame…

• 6.
• 7Renewal of licence

  7 (1) A person who is licensed under this Act is entitled to have the licence renewed if the person, (a) applies in the manner set out under the CPA Ontario by-laws and pays the fees established by CPA Ontario; and (b) meets the requirements set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Non-application (2) Subsection (1) does not apply with respect to temporary licences. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 5 #9Licensing
• 8Period of licence

  8 (1) Every licence that is issued or renewed under this Act is effective as of the date on which it is issued or renewed and, unless revoked, expires on the date set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Date of issuance or renewal and expiry (2) A licence shall bear the date on which it is issued or renewed and the date on which it expires. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 8.
• 9Revocation of licence

  9 (1) CPA Ontario may revoke a licence in the circumstances and in the manner set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Issuance of new licence (2) CPA Ontario may, in accordance with the procedures set out under the CPA Ontario by-laws, issue a new licence to a person whose licence is revoked, if the person meets the requirements set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 9.
• 10Fees

  10 CPA Ontario may establish fees payable to it in respect of licensing under this Act. 2021, c. 4, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 2 - 30/04/2021

• 10.
• 6 #11Licensing of persons from other jurisdictions
• [s12]

  Professional Corporations

• 11Professional corporations permitted

  11 (1) A person or two or more persons licensed under this Act to practise public accounting as individuals or as a partnership may establish a professional corporation for the purpose of practising public accounting and the provisions of the Business Corporations Act that apply to professional corporations within the meaning of that Act apply to such a corporation. 2004, c. 8, s. 11 (1). Requirements (2) CPA Ontario may establish requirements, (a) governing certificates of authorization to permit professional corporations to carry on practice as a public accountant; (b) establishing conditions or restrictions that apply to professional corporations carrying on practice as a public accountant; and (c) setting out the terms and conditions upon which any licensee in good standing may be permitted to incorporate a professional corporation for the purpose of carrying on practice as a public …

• 11.
• 7 #13Renewal of licence
• 12Application of Act and regulations

  12 This Act and the regulations apply to an individual who is licensed under this Act even if the individual practises as a public accountant through a professional corporation. 2004, c. 8, s. 12.

• 12.
• [s15]

  Offences and Penalties

• 8 #15Period of licence
• 13Prohibition, use of title, etc.

  13 (1) Unless licensed under this Act, an individual shall not, (a) practise as a public accountant; (b) take or use the name or title of “Public Accountant” or “expert-comptable”, or their equivalent in any other language; (c) take or use the designation “Licensed Public Accountant”, “expert-comptable autorisé” or the initials “LPA” or “ECA”, or any of their equivalents in any other language, whether alone or combined or intermixed in any manner with any other words or initials; (d) take or use any term, title, initials, designation or description implying that the individual is licensed as a public accountant; or (e) otherwise hold themself out as being licenced as a public accountant. 2004, c. 8, s. 13 (1); 2021, c. 4, Sched. 7, s. 4 (1). Same, corporations (2) Unless it holds a valid certificate of authorization under this Act, a corporation shall not, (a) practise as a public accoun…

• 13.
• 14Obtaining licence or certificate of authorization by false representation

  14 (1) No person shall wilfully procure or attempt to procure, (a) the issuance to himself or herself of a licence or the renewal of a licence under this Act; or (b) the issuance to a professional corporation of a certificate of authorization or the renewal of a certificate of authorization under this Act,

• 14.
• 9 #17Revocation of licence
• [s18]

  by making or producing, or causing to be made or produced, a false or fraudulent representation or declaration, either orally or in writing, and including by electronic means 2004, c. 8, s. 14 (1); 2021, c. 4, Sched. 7, s. 5. Offence and penalty (2) A person who contravenes subsection (1) is guilty of an offence and on conviction is liable to a fine of not more than $25,000. 2004, c. 8, s. 14 (2). Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 5 - 30/04/2021

• 15.
• 10 #19Fees
• 15Abuse of licence

  15 (1) No person shall, (a) use a licence that has been issued under this Act to another person; (b) allow a licence issued to him or her under this Act to be used by any other person; or (c) not being licensed under this Act, use or have in his or her possession any document purporting to be a current or valid licence issued to the person under this Act. 2004, c. 8, s. 15 (1). Offence and penalty (2) A person who contravenes this section is guilty of an offence and on conviction is liable to a fine of not more than $25,000. 2004, c. 8, s. 15 (2).

• 16.
• [s20]
• 16Costs

  16 (1) In addition to the fine, on conviction for an offence under this Act, a court may order that the convicted person pay to CPA Ontario some or all of the costs reasonably incurred by it in prosecuting the offence and in undertaking the investigation related to the subject-matter of the prosecution. 2004, c. 8, s. 16 (1); 2021, c. 4, Sched. 7, s. 6. Same (2) Costs payable under this section are deemed to be a fine for the purpose of enforcing payment. 2004, c. 8, s. 16 (2). Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 6 - 30/04/2021

• 17.
• [s21]
• 17Limitation

  17 No prosecution under sections 13 to 15 shall be commenced more than two years after the time when the subject-matter of the prosecution arose. 2004, c. 8, s. 17.

• 17.1Repealed

  17.1 Repealed: 2021, c. 4, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 2017, c. 8, Sched. 3, s. 77 (2) - 17/05/2017 2021, c. 4, Sched. 7, s. 7 - 30/04/2021

• 18.
• [s23]

  Regulation of Public Accounting Power and duties of CPA Ontario

• 19.
• 18Duties

  18 (1) CPA Ontario shall undertake the regulation of public accounting in the public interest by, (a) licensing and governing the activities of its members as public accountants in accordance with this Act and the regulations made under it, the Chartered Professional Accountants of Ontario Act, 2017 and the CPA Ontario by-laws; (b) establishing and maintaining public accounting standards under section 19, including raising the standards as required; (c) ensuring that the CPA Ontario by-laws meet or exceed the public accounting standards; and (d) maintaining public confidence in public accounting through the appropriate prosecution of offences under this Act. 2021, c. 4, Sched. 7, s. 8. Powers (2) For the purposes of subsection (1), CPA Ontario may, (a) consider matters of common interest and concern to public accountants, and submit representations to any ministry or public body with ref…

• 20.
• 19Public accounting standards

  19 (1) CPA Ontario’s council shall establish and maintain public accounting standards in accordance with this section. 2021, c. 4, Sched. 7, s. 8. Same (2) The public accounting standards shall reflect the public interest in the delivery of superior-quality public accounting services, and be no less rigorous than the standards made under this section as they existed immediately before section 8 of Schedule 7 to the Accelerating Access to Justice Act, 2021 came into force. 2021, c. 4, Sched. 7, s. 8. Same (3) The public accounting standards shall include standards relating to, (a) post-secondary education requirements that are necessary for a public accounting training program, including requirements in respect of courses that are relevant to public accounting; (b) pre-licensing education and study requirements that are supplementary to the post-secondary education requirements; (c) pre-l…

• 21.
• [s26]
• 20Annual report

  20 (1) No later than 120 days after the end of each financial year, CPA Ontario shall forward to the Minister a copy of an annual report for that year containing the following information: 1. A report on the licensing of public accountants, including the number of licences granted, suspended, revoked and reinstated in that year, and the imposition of any restrictions on licenses in that year. 2. A summary of any public accounting standards adopted or modified in that year. 2021, c. 4, Sched. 7, s. 8. Same (2) CPA Ontario shall make its annual report publicly accessible by publishing it on its website and by making it available as a document or in any other format, on request and at cost, to members of the public. 2021, c. 4, Sched. 7, s. 8. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 8 - 30/04/2021

• 22.
• 21Roll of Public Accountants

  21 (1) CPA Ontario shall maintain and publish a roll to be called “The Roll of Public Accountants in Ontario” in English and “Tableau des experts-comptables de l’Ontario” in French. 2021, c. 4, Sched. 7, s. 8. Form and contents (2) The Roll shall be maintained in the form set out under the CPA Ontario by-laws, and shall contain the information set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 8. Roll to be available to the public (3) CPA Ontario shall ensure that the Roll is publicly available. 2021, c. 4, Sched. 7, s. 8. Section Amendments with date in force (d/m/y) 2017, c. 8, Sched. 3, s. 77 (5) - 17/05/2017 2021, c. 4, Sched. 7, s. 8 - 30/04/2021

• 23.
• 22Review of public complaints

  22 (1) If a member of the public makes a complaint about the conduct of a public accountant to CPA Ontario and has exhausted CPA Ontario’s internal procedures for the handling of the complaint but remains unsatisfied with the manner in which the complaint was handled, the member of the public may, in the circumstances set out under the CPA Ontario by-laws, make a request in accordance with the procedures set out under the CPA Ontario by-laws that CPA Ontario’s handling of the complaint be reviewed by the person or body specified in the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 8. Same, reviewer (2) The person or body specified for the purposes of subsection (1) shall not be or include an employee of CPA Ontario, a member of CPA Ontario’s council, or a member of any committee established by CPA Ontario’s council. 2021, c. 4, Sched. 7, s. 8. Recommendation (3) After conducting a review…

• 24.
• [s29]
• 23Annual report of designated bodies
• 23-36

  23-36 Repealed: 2021, c. 4, Sched. 7, s. 8. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 8 - 30/04/2021

• [s30]

  Miscellaneous

• 24Designated body to provide information
• 25.
• [s31]
• 26.
• 37No costs, etc., recoverable by unlicensed person

  37 (1) No person is entitled to recover any costs incurred or charges made as a public accountant unless the person was licensed under this Act at the time when the costs were incurred or when the services were rendered in respect of which the charges were made. 2004, c. 8, s. 37 (1); 2021, c. 4, Sched. 7, s. 9. Same, corporations (2) No corporation is entitled to recover any costs incurred or charges made as a public accountant unless the corporation was a professional corporation that held a valid certificate of authorization at the time when the costs were incurred or the services were rendered in respect of which the charges were made. 2004, c. 8, s. 37 (2). Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 9 - 30/04/2021

• 25Composition of the Council
• 27.
• 38Repealed

  38 Repealed: 2021, c. 4, Sched. 7, s. 10. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 10 - 30/04/2021

• [s33]
• 26Officers
• 28.
• 39Giving of documents

  39 Any notice or document required to be given under this Act may be given by a manner for giving notice set out under the CPA Ontario by-laws. 2021, c. 4, Sched. 7, s. 11. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 11 - 30/04/2021

• 18 #34Duties
• 27Resignation of member
• 29.
• 40Repealed

  40 Repealed: 2021, c. 4, Sched. 7, s. 11. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 11 - 30/04/2021

• 28Meetings of the Council
• 30.
• 41Dissolution of The Public Accountants Council

  41 (1) The Public Accountants Council for the Province of Ontario is dissolved and all its assets, liabilities, rights and obligations are hereby transferred to and vested in CPA Ontario. 2021, c. 4, Sched. 7, s. 12. Proceedings (2) Proceedings by or against The Public Accountants Council for the Province of Ontario that are not finally determined before its dissolution shall be continued by or against CPA Ontario. 2021, c. 4, Sched. 7, s. 12. Protection from liability (3) Section 40, as it read before its repeal by section 11 of Schedule 7 to the Accelerating Access to Justice Act, 2021, continues to apply with respect to the persons and matters to which it applied immediately before that date. 2021, c. 4, Sched. 7, s. 12. Section Amendments with date in force (d/m/y) 2021, c. 4, Sched. 7, s. 12 - 30/04/2021

• 19 #36Public accounting standards
• 29Voting at meetings of the Council
• 31.
• 42Regulations

  42 The Lieutenant Governor in Council may make regulations respecting and governing any matter that this Act describes as being prescribed. 2021, c. 4, Sched. 7, s. 12. Section Amendments with date in force (d/m/y) 2010, c. 15, s. 239 (2) - no effect - see 2021, c. 4, Sched. 7, s. 15 - 30/04/2021 2017, c. 8, Sched. 3, s. 77 (7) - 17/05/2017 2021, c. 4, Sched. 7, s. 12 - 30/04/2021

• 30Quorum
• 32.
• 43Repealed

  43 Repealed: 2017, c. 8, Sched. 3, s. 77 (8). Section Amendments with date in force (d/m/y) 2017, c. 8, Sched. 3, s. 77 (8) - 17/05/2017

• 20 #38Annual report
• 31Committees
• 33.
• 44Repealed

  44 Repealed: 2017, c. 8, Sched. 3, s. 77 (8). Section Amendments with date in force (d/m/y) 2004, c. 8, s. 44 (11) - no effect - see 2017, c. 8, Sched. 3, s. 77 (8) - 17/05/2017 2006, c. 19, Sched. B, s. 16 (2) - 22/06/2006 2017, c. 8, Sched. 3, s. 77 (8) - 17/05/2017

• 32Roll of Public Accountants
• 34.
• 45-

  45-50 Omitted (amends or repeals other Acts). 2004, c. 8, ss. 45-50.

• 21 #40Roll of Public Accountants
• 33Fees to Council
• 35.
• 51

  51 Omitted (provides for coming into force of provisions of this Act). 2004, c. 8, s. 51.

• 34Payment of expenses, salaries and pensions
• 36.
• 52

  52 Omitted (enacts short title of this Act). 2004, c. 8, s. 52. ______________

• [s42]
• 22 #42Review of public complaints
• 35Audit of accounts
• 36Accounts to be furnished to Minister
• 37.
• [s44]
• 38.
• 2021
• 39.
• 40.
• [s47]
• 41.
• [s49]
• 42.
• 43.
• [s51]
• 44.
• 45.-
• 51.
• 52.
• 2021 #58
• 39 #62Giving of documents
• [s64]
• 41 #66Dissolution of The Public Accountants Council
• 42 #68Regulations