Public Accountant Qualification Requirements of the New Canada Not-for-profit Corporations Act

• Be a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province;
  

• Meet the qualifications under any enactment of a province for performing an audit or review engagement; and

• Meet the independence requirements set out in the Act.     

Once the provisions of the new Act are in force, a member in good standing of the Institute or a professional corporation registered with the Institute will be required to meet the specific qualifications prescribed in Ontario’s Public Accounting Act, 2004 in order to be appointed as a public accountant to conduct an audit or review engagement for a federally incorporated not-for-profit corporation in Ontario. This means that:

• A member of the Institute will be required to be licensed by the Institute as a public accountant; and
  

• A professional corporation will be required to hold an Institute-issued certificate of authorization to practise public accounting in order to conduct such engagements.     

In the near future, Corporations Canada, a branch of Industry Canada, will contact the corporations affected by the new Act and will post information on the transition plan for the new Act on its website.  Inquiries regarding the implementation of the new Act should be directed to Corporations Canada via the “Contact Us” link on their website.