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Institute Highlighted in Government "Access to the Professions" Announcement

Statement
Brian Hunt, FCA, President and CEO
The Institute of Chartered Accountants of Ontario

on

Introduction of the Fair Access to Regulated Professions Act, 2006

June 8, 2006

Thank you, Minister, and good morning, everyone.

I want to begin by commending Minister Colle and the McGuinty government for introducing the Fair Access to Regulated Professions Act. This is something Ontario's CA profession believes in very strongly as a matter of principle.

The principle at issue, in our view, is that our province must capitalize on human potential - wherever it's nurtured - in order to remain competitive as an economy, and healthy as a society.

But it's one thing to support a matter of principle. It's quite another to live this principle, as we in the CA profession strive to do every day. This is because we believe that enabling access to the CA profession by internationally trained accountants isn't just the right thing to do. It's something we've got to do - for two reasons.

Number one: Ours is increasingly a global profession. That's because, increasingly, business is going global. We live in an age when investment capital crosses borders with the push of a button. That's why the CA profession has worked hard to earn international recognition among our major trading partners - to facilitate the globalization of trade and investment, yes. But also to facilitate the global mobility of Chartered Accountants.

We need to operate on an international scale. Because as a profession we need to reflect the world in which we do business. So let me describe for you briefly how we "walk this walk", with just a few examples of what, taken together, we call "Access CA."

We participate in something called the International Qualifications Appraisal Board, or "IQAB." Its job is to assess the qualification standards of accounting bodies in other countries against Canadian CA standards, to enable access by qualified applicants.

Also, over many decades we have developed our registration and appeals process to what many consider "best practice" levels today. Both the process and their oversight of that process includes people who are not Chartered Accountants as voting members, to help ensure openness and fairness.

As well, working closely with Ontario's Ministry of Training, Colleges and Universities, the Institute has created what we call the "Occupational Career Path", which is easily accessible to prospective immigrants as they plan their futures. That way, prospective immigrants know the rules for becoming a Chartered Accountant up front, not after the fact. No surprises. 

All of these "Access CA" measures - and many more besides - ensure not just accountability, but transparency. How transparent? I'd ask you to go see for yourselves, at the Institute website, at www.icao.on.ca, under "Admissions." And we have a background document detailing the process for you to take away today.

So that's the first reason why Ontario's CA profession opens its doors to internationally trained accountants who can demonstrate the required competencies.

Here's the second: Like other facets of society, ours is an aging demographic. Many current CAs are heading toward retirement, together with their baby boom cohort. At the same time, because of the growing complexity of the corporate regulatory environment, the demand for CAs has never been higher.

Falling supply. Rising demand. It's as simple as that.

As a profession we're working hard to develop new ways to increase the supply of CAs to meet the growing demand for senior-level finance and accounting services. A key part of our strategy must be to facilitate entry to the profession by internationally trained accountants in a way that safeguards high professional standards.

But we can't do it alone. There's a role to be played here by employers, by universities and by governments. This is why we're so pleased to see Minister Colle and the McGuinty government step up to the plate as they have done here today.

Minister, in responding so decisively to the Thomson report, you've not only signaled to the world that Ontario is a welcoming place to build a professional career. You've also struck the all-important balance between fairness to immigrants - and the need to keep professional standards high, in the public interest.

We welcome the advent of this legislation, and we call on the remainder of Ontario's self-regulating professions to embrace it as well.

Thank you.