Adoption of the CMA regulations - Public accounting is at last a reality for
all professional accountants in Quebec

MONTREAL, May 5 /CNW Telbec/ - Satisfied that the public accounting ordeal is finally over, the Ordre des comptables en management accrédités du Québec (Quebec CMA Order) was delighted by the Conseil des Ministres' decision today to approve the regulations that will enable the Quebec CMA Order to issue public accountancy permits to members who meet all of the regulatory requirements. "Five years after the government's decision to end the CA monopoly over public accounting and two and a half years after the law was passed that was supposed to give effect to its intention, we can finally consider the matter closed," stated the Chair of the Board of the Order, Claude Paul-Hus, FCMA.

"The least that can be said," added Paul-Hus, "is that the process was long and arduous, and plagued with difficulties and ambiguousness that were in large part caused by those who were protecting special interests and doing everything they could to kill time. Ultimately, time and common sense reigned in this matter and we are thrilled with the outcome and grateful for the collaboration of the Office des professions and the government."

Now that all professional accountants have access to public accounting, businesses are likely to benefit from greater competition, which will probably dampen the escalation observed in assurance fees. They will not complain about that. And this is certainly another feather in the cap for CMAs, even though public accounting may not be at the core of their expertise. For potential candidates to the CMA profession as well, it means access to an accounting designation that opens all the doors. "In a word, this news will definitely not make everyone happy," said the Order's spokesperson, "but there is something positive in it for everyone." Paul-Hus also mentioned that the CMA Order has alone waged a number of battles over the years and that even though it has not won all of them, it can nevertheless hold its head high now that this saga has come to an end. "The future, perhaps nearer than some believed, will show just how clear-sighted we were throughout this process," he concluded.

When the regulations of the Order come into force in just a few weeks, interested CMAs, like CAs and CGAs, will be able to obtain public accountancy permits once they have met all of the standard requirements imposed on all three of accounting orders, which are directly associated with the competencies required to practice public accounting.

About the Quebec CMA Order

The Ordre des comptables en management accrédités du Québec, which has more than 9,300 members and candidates to the profession, provides leadership to the CMA profession through the enforcement of high standards intended to enhance the performance of organizations. CMAs create value within organizations through an integrated and systematic approach to strategic and financial management.

For further information: Ginette Bourbonnais, Communications Department, Ordre des comptables en management accrédités du Québec, [phone], 1-800-263-5390, extension 246, [email protected]