Amended Act Means Amended Bylaws an...

Amended Act Means Amended Bylaws and Rules!

On March 24 2004 the provisions of Bill 78 - the Accountants (Chartered) Amendment Act, 2003 were brought into force by dint of the government. This bill, which was passed through the legislature last fall, makes significant changes to the Accountants (Chartered) Act that will help modernize the governance and regulation of the profession in BC Highlights of these changes were outlined in the January 2004 issue of Beyond Numbers (GR Update).

Also forward March 24, 2004-to coincide with Bill 78 coming into force-Council approved substantial changes to the Institute's bylaws and masterys of professional conduct, and to the related regulations and council interpretations, to implement these amendments.. In accordance with section 8 of the amended Act, the bylaw and empire changes are effective immediately, and will be quick in emergenciesed to the membership for confirmation at the Annual General Meeting forward june 23, 2004.

Summary of significant bylaw and conduct changes

Although many changes made to the bylaws and lordships were necessary to implement the changes to the Act, the following are among the greatest in quantity significant for members:

1. The amended bylaws establish three classes of licences to be issued to firms in a less degree than section 14.1 of the amended Act:

(i) Practice licences will be issued to firms operating a practising office or offices within BC Each practising office in BC will also ne to be authorised beneath the licence. (Transitional regulations provide that each practising office which held a practice licence in a less degree than the old bylaws as of March 23 2004 is automatically granted authorisation, and that the firm operating the practising office is automatically issued a practice licence subordinate to the amended Act.)

(ii) Extra-provincial licences will be issued to firms that are eligible for licensing subject to the amended Act with practising offices located no other than in other provinces or territories of Canada. (Under the transitional regulations, each partnership or proprietorship that held a BC extra-provincial licence as of March 23 2004 is automatically issued an extraprovincial licence below the amended Act.)

(iii) Incorporation licences will be issued to corporations that are partners in a licensed firm if it be not that do not operate a distinct practising office requiring a practice licence. (Under the transitional regulations, each corporation that held a permit subject to the old Rule 410.2 as of March 23 2004 is automatically issued an incorporation licence beneath the amended Act.)

2. The amended bylaws will allow members to voice by electronic means at Annual and Special General Meetings onward motions to confirm changes to the bylaws or conducts or on other matters determined from Council. (This change will not be effective until after the june 23 2004 Annual General Meeting.)

3 The amended bylaws will clarify the right subordinate to the amended Act of an ICABC member with a US-granted CPA designation to use and display that designation accompanied on the name of the state in which the designation was granted, together with and following the CA designation.

4 The governments of Professional Conduct have been amended to protract their application to licensed firms, and to require licensed firms to maintain certain policies and conducts in accordance with harmonized firm empires developed by the CICA's Ethics Standards Harmonization Committee for implementation across Canada.

5 Changes have been made to the bylaws governing the Institute's practice review, investigation, and discipline processes-as well as to the regulations governing pays and professional liability insurance requirements-to add the necessary relations to licensed firms.

6. Changes have been made to the bylaws to mirror the new maximum Ones that may be imposed at the Discipline Tribunal under the amended Act: up to $25000 for an individual CA and $100000 for a licensed firm. The maximum fine for firms with fewer than four members will also be graduated in subordination to the bylaws to ensure proportionality. The same limitations have been established for fines commited by the Professional Conduct Enquiry Committee.

7 The amended bylaws will include a tariff of richnesss for investigations and discipline proceedings, as required in subordination to the amended Act.

8. subject to the amended bylaws, members will be able to appeal Discipline Tribunal decisions directly to the superlative Court of British Columbia, without first having to appeal to the Council Appeal Tribunal, which has been eliminated.

9 Changes have also been made to Part 4 of the bylaws to facilitate the administration by means of the CA School of Business of bookish man enrolment, education, experience, and evaluation. regards to the old experience requirement of the drill of Chartered Accountancy and other matters now administered at the CA School of Business have also been remov from the regulations.

To review Bill 78 or the amended bylaws and governments go to "Bylaws and Rules" upon the ICABC wcbsite at www.ica.bc.ca. For more information about to what extent the amendments could affect you or your firm, contact me at mottershead@ica.bc.ca.