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December 14, 2007

Quebec CGAs granted new powers

Quebec CGAs granted new powers

 

Certified general accountants in Quebec have been granted the right to audit private sector companies, following a National Assembly decision.

The newly passed Bill 46, an Act to amend the Professional Code and the Chartered Accountants Act in respect of public accountancy, has been hailed by the Certified General Accountants Association of Québec (CGA-Quebec – Ordre des comptables généraux licenciés du Québec) as a “historic milestone”. It authorises CGAs holding a public accountancy licence issued by CGA-Quebec to conduct audit and review engagements and to issue special reports in the province.

CGA-Quebec chairman Pierre Samson said CGAs have waited many years for these legislative amendments.

“An injustice that had prevailed since 1946 has now been rectified,” he said. “The former measures prohibiting CGAs from conducting private-sector audits were wholly without merit. CGAs have all of the necessary skills to fulfil that role.”

Under the former legislative provisions, CGAs were authorised to conduct audits of municipalities with multi-million-dollar budgets but were prohibited from auditing private-sector companies, regardless of size.

Samson said the previous situation was in violation of the Agreement on Internal Trade.

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