Public Accounting Licensing
Public Accounting Licensing
Information on applying for licences and renewing licences
The Institute has been granted authorization by the Public Accountants Council (PAC) to license and govern our members in the practice of public accounting, effective from November 1, 2006.
Applying for licences (licence not currently held)
Members who are not currently licensed may apply for a public accounting licence. The application and related information, including the amount of the application fee, may be accessed on the Institute’s website at Application for Public Accounting Licence.
Applying for certificates of authorization (professional corporations)
A professional corporation that is not currently authorized to practise public accounting may apply for a certificate of authorization by accessing the Institute’s website at Registration of Professional Corporation.
Renewing Public Accounting Licences
Members who currently hold a public accounting licence will be required to renew their licences with the Institute. The Institute has established a licensing period commencing November 1st in each year and ending on October 31st of the following year (November 1, 2006 is the date from which the Institute has been granted licensing authorization).
Requirements for Renewal of a Public Accounting Licence
In order to be eligible for an automatic renewal of your public accounting licence as of June 16, 2011, you must meet the following basic requirements:
You must also meet the additional criteria noted below for an automatic renewal:
For renewals as of November 1, 2008 and for subsequent years, in the event that a licensee does not meet either the minimum of 2,500 total eligible hours or the minimum of 1,250 eligible hours in public accounting services, the Institute’s Public Accounting Licensing Board (PALB) may exercise discretion to determine whether to renew a licence. The PALB may renew a licence by exercising its discretion but in doing so must be satisfied that the licensee otherwise has the required capabilities, competence and current skills to provide public accounting services.
For licence renewals for the 12-month period commencing November 1, 2009 and each subsequent licence renewal period, the PALB, when exercising its discretion, will place greater weight on the public accounting services eligible hours reported by the licensee to determine whether to renew the licence.
In preparation for licence renewals licensees should consider their ongoing eligible hours accumulation and the need to meet the 2,500 total eligible hours and the 1,250 eligible hours in public accounting services in order to have their licences automatically renewed. It is recommended that licensees carefully track their hours in the manner set out on the Public Accounting Experience Certification Report. Those who believe that they may not meet the eligible hours requirement should consider immediately modifying their practices to add additional clients and services so that they would be able to meet the eligible hours requirements necessary for automatic licence renewal.