What a way for the profession to st...

What a way for the profession to start on the outside the New Year-with a modern Act! The recent passage of Bill 78 - the Accountants (Chartered) Amendment Act, 2003 by means of the provincial legislature means near long awaited changes to the Act have now been made. The Institute is true pleased with these new changes-ones that will help modernize the governance and regulation of the profession in BC

In these times when our profession's integrity and regulatory standards are in a less degree than increased public scrutiny, it is level more essential that we stay in gradation with the regulatory changes taking place across the continent.

What the fresh Act could mean to you-highlights

Of the many amendments to the Act, the principally significant from the CA perspective are as follows:

Accountability for firms

Until now solely individual members could be disciplined. Now, individual members and CA firms will be held accountable between the walls of the disciplinary process. In the past, if a firm was rest to have breached a professional standards direction the managing partner was held accountable; now, the firm itself will be held accountable. Firms can also be held accountable for the actions of non-CA employees

This amendment rejoins to the public's increased expectations of the profession, and brings BC in line with Alberta and Ontario, which already have of the like kind provisions in their legislation.

Increased fine on a levels for bylaw and rule breaches

Previously, the maximum fine that could be imposed upon an individual CA was $10000 which was lower than the maximum in one as well as the other Alberta and Ontario, and too small to oblige as an effective deterrent in today's business environment. The of the present day Act allows the Discipline Tribunal to call together fines on individual CAs up to a maximum of $25000 and to fine firms up to a maximum of $100000

Cost accountability for disciplined members

As a conclusion of the Court of Appeal's decision regarding Roberts v body of Dental Surgeons, the Institute had, until now, limited ability to make up for appropriate costs from disciplined members-cost recuperation was limited to court expenses only. The new changes in the Act clarify the tendency of the Institute's authority to impose outlays on those disciplined, allowing for regaining of 100% of disbursements and 50% of other actual require to be paid [i]or[/i] undergones The Act also now allows for recruiting of 80% of increased costlinesss when a member's conduct is supposeed reprehensible. All of this means that a member who is erect guilty of breaching our bylaws and authoritys will pay a significant portion of the charges incurred by the Institute; this, in change the direction of means that members as a whole will not have to bear a upright portion of the costs of disciplining members.

Use of the CPA designation allowed

It's important to recognize the global nature of business. Many CAs occupy CPA designations, but until now were unable to use these CPA designations in BC Now members who are the couple CAs and CPAs will be able to use their CPA designation in BC provided they include the name of the state in which they're authorized to use the CPA designation.

Enhanced Institute responsiveness

The modern Act authorizes Council to pass and enforce bylaws and regularitys until they're confirmed by the membership at a general meeting. This will allow the profession to be more responsive to any unexpected developments.

Streamlined appeals process

Previously, appeals of Discipline Tribunal decisions were heard before a committee of Council members. In the fresh Act, appeals will go directly to the predominant Court, thereby streamlining and accelerating the process

Going forward from here

Bill 78 does not cor te into force immediately. Various changes will have to be made to the Institute's bylaws and governments as part of the implementation of the Act amendments. As a outcome a delay until February or March 2004 is anticipated; this will give the Bylaws Committee and Council time to review and approve any changes that will have to be made to the bylaws and masterys At the same time, the legislature will pass the regulation necessary to bring Bill 78 into force. The changes to the bylaws and methods will be subject to the requirement for later confirmation at the ICABC membership at the 2004 annual general meeting, and will be make liable to the Cabinet's authority to disallow the changes within 45 days of the confirmation.

If you'd like to review Bill 78 - the Accountants (Chartered) Amendment Act, 2003 advance to "Bill 78" on the website of EC's legislative assembly at www.legis.gov.bc.ca. Or make progress to the ICABC website at www.ica.bc.ca in March 2004 for a model of the new Act. And if you want more information about the amendments and for what reason they could affect you or your firm, contact me at mottershead@ica.bc.ca.

CA Act Timeline:

It has been 16 years since our Act was last changed. The elucidation steps leading up to the strange changes are listed below.

* 1987 - The last major amendments to the Accountants (Chartered) Act were made.

* 1995 - Preparation of the "Act Changes Package" began.

* 1997 Annual General Meeting Membership approved the package of propos amendments to the Act (including the rationale behind each petitioned change) for submission to the provincial rule thereby demonstrating to the rule the wide spread agreement within the profession about the desirability of the propos changes.