– – – Consultation Important to Understanding Impact on Small Businesses and Non-profits: Minister Oswald
The public is being asked for feedback as the province moves forward with introducing a new chartered professional accountant designation in Manitoba, Jobs and the Economy Minister Theresa Oswald announced today.
“Unifying the current professional accounting bodies into the Chartered Professional Accountants of Manitoba will streamline accounting services, modernize the profession and ensure accountants continue to meet national professional standards,” said Minister Oswald.
Across Canada, chartered accountants (CA), certified management accountants (CMA) and certified general accountants (CGA) are being merged together into a new chartered professional accountant (CPA) regulatory body. All provinces, including Manitoba, are working towards creating new self-regulating CPA organizations in time for the first CPA graduates, expected in late 2015.
“Before proceeding, we want to hear from Manitobans about how these proposed changes will affect Manitoba businesses, charities and non-profit organizations,” Minister Oswald said. “This will help us find an approach that doesn’t negatively affect the bottom line for these organizations.”
As the CPA designation is adopted in Manitoba, the existing accounting regulatory bodies have requested that some public accounting services be restricted to CPAs only including audits, reviews and compiling financial statements. These types of public accounting services are typically required when the work will be used by a third party such as a board, shareholder or a bank.
Oswald noted the changes proposed by the accounting profession could mean other financial service workers such as bookkeepers, would no longer be able to offer these specific public accounting services. This could have an effect on businesses or non-profit organizations.
Other financial services such as basic bookkeeping, internal use of financial statements or tax return preparation would not be restricted only to CPAs and could continue to be performed by any financial worker. Each province has taken a different approach to determining which accounting services are restricted to CPAs.