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Province launches consultations on new chartered professional accountant designation

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Jobs and the Economy Minister Theresa Oswald.

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Jobs and the Economy Minister Theresa Oswald. Photo Store

The Selinger government wants your opinion on bringing in a new chartered professional accountant designation in Manitoba.

In a statement Jobs and the Economy Minister Theresa Oswald said today the goal is to bring current professional accounting bodies under the single Chartered Professional Accountants (CPA) of Manitoba.

She said across the country, chartered accountants, certified management accountants and certified general accountants are being merged together into a new chartered professional accountant regulatory body. All provinces, including Manitoba, are 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," Oswald said. "This will help us find an approach that doesn't negatively affect the bottom line for these organizations."

The province says as the CPA designation is adopted in Manitoba, the existing accounting regulatory bodies have asked that some public accounting services be restricted to CPAs only including audits, reviews and preparing financial statements. These kinds 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 said the changes proposed by the accounting profession could mean other financial service workers, such as bookkeepers, no longer allowed 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 done by any financial worker.

You can participate in the consultation and learn more about the changes here.

Consultations close Sept. 30.

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