CGA-Canada Welcomes Adoption of New Public Accounting Regime in Quebec

VANCOUVER , Nov. 20 /CNW/ - The approval of new public accounting regulations by the Quebec government is a welcome development for the public, the business community, and the accounting profession itself, says the Certified General Accountants Association of Canada (CGA-Canada). The regulations complete a process to update the province's public accounting regime that included adoption of legislation in December 2007 .

"This means that businesses will benefit from greater choice and competition in the marketplace and the public will benefit from a public accounting system that is fair and robust," says Anthony Ariganello, President and Chief Executive Officer of CGA-Canada. "The regulations enable those CGAs who meet the requirements to offer the full range of services that they have been trained to provide. The public can be satisfied that CGAs across the country meet the highest standards of education and professional conduct."

The Regulation respecting the public accountancy permit of the Ordre des comptables généraux accrédités du Québec enables qualified CGAs to offer the full range of public accounting services to for-profit and publicly listed companies. CGAs who satisfy the prescribed professional requirements and wish to practice in this area will be required to obtain a permit from the Ordre des CGA du Québec (CGA-Quebec). Until now, CGAs had the legislative authority to provide public accounting services to a number of entities, including not-for-profit organizations.

"The government of Quebec and CGA-Quebec are both deserving of congratulations," says Terry LeBlanc, Chair of CGA-Canada. "This regulation eliminates a barrier to interprovincial trade and labour mobility and will benefit companies that do business in both Quebec and other parts of the country."

In August 2005 , a panel was constituted under the Agreement on Internal Trade (AIT) to rule on a challenge filed by CGA New Brunswick and CGA-Canada. It found Quebec's measures denying CGAs the right to practice public accounting in Quebec to impair trade and recommended legislative changes. The Quebec government committed to address the problem.

About CGA-Canada

Founded in 1908, the Certified General Accountants Association of Canada serves 73,000 Certified General Accountants and students in Canada and more than 80 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice.

CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.

For further information: Media enquiries, Taylore Ashlie, Director, Communications, CGA-Canada, Telephone: [phone], Cell: [phone], [email protected]; Diana Sorace, Communications Advisor, CGA-Canada, Telephone: [phone], Email: [email protected]