A Change In Licensing For Public Accountants

On December 5, 2002 the Ontario Legislature passed into law Bill 213 the Justice Law Amendment Act 2002. For those of you that have not followed these developments, this Bill has the effect of changing the governance of public accounting in Ontario. Its intent is to allow equal access to public accounting licenses to the members of all three accounting bodies operating within Ontario: the Institute of Chartered Accountants of Ontario, the Certified General Accountants Association of Ontario and the Society of Certified Management Accountants of Ontario. Currently, only members of the Institute of Chartered Accountants of Ontario are allowed to hold public accounting licenses.

Ron Daniels, the Dean of the Faculty of Law at the University of Toronto, has been appointed to develop the regulatory infrastructure to implement this legislation. All three accounting bodies will be represented in this change process. We anticipate there will be standard examination and practical experience requirements. A governing body will be convened with representation from across the profession and possibly the capital markets and other stakeholders.

It is critical that Ontario maintains a very high standard of public accounting. Our access to international investment and the stability of our capital markets depend upon investor confidence in the financial information they use. Daniels must pay close attention to American and other international accounting standards to maintain worldwide confidence in our investment climate.

Here at VMSW we have 2 of the 3 accounting bodies represented, Chartered Accountants and Certified General Accountants. We have also employed Certified Management Accountants in the past. We have people who do not have, or are not pursuing, an accounting designation. Our philosophy has been that letters do not necessarily equate to success. We value ethics, commitment, knowledge and customer focus in our team members. That being said, the attainment of any one of the 3 professional accounting designations is a major accomplishment in a person's life. It represents that person's commitment to excellence. It demonstrates self discipline and a command of the knowledge of the profession. To combine these skills with the personal attributes we so highly value is a formula for success.

Obviously this change in legislation will have an impact on our profession. Although we do not know what form that impact will take, we do know that we will still need to compete in our market. We will continue to develop innovative services to meet the needs of our clients, and we will seek out and retain those people who can make a meaningful contribution to VMSW, regardless of their designation.

Our Core Values and our Mission Statement define the way we do business. This evolution in the governance of public accounting will not change these fundamental principals. We will adapt to whatever comes out of this process, and VMSW will continue to provide the highest quality of professional service to our clients.

Brent VanParys

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