National CA Letter to Provincial Ministers on the AIT

As the world is calling for more stringent regulation of financial services, debate is ongoing in Canada over planned changes to the Agreement on Internal Trade (AIT) between provinces. Unless managed with care, these changes risk a "race to the bottom" in professional competency requirements in the field of public accounting. 

In the midst of this debate, Kevin Dancey, FCA, President and CEO of the Canadian Institute of Chartered Accountants, has written a letter to all provincial ministers with responsibility for implementing the AIT's proposed labour mobility provisions. This letter, and an accompanying question-and-answer document, respond to an earlier "open letter" from CGA Canada objecting to a proposal by the Government of Ontario to exempt its legislated, internationally recognized qualification standards for public accountants from the AIT's planned "automatic certification" provisions. 

Without such an exemption, these provisions would allow less qualified practitioners from other provinces to gain licensing rights in Ontario, which would undermine this province's Public Accounting Act and compromise the mandate of its independent Public Accountants Council. Ontario CAs are calling for the exception to be upheld, followed by all provinces adopting legislated public accounting competency standards.