This week, the groups representing accountants in Ontario and Quebéc told Canada’s national accounting organization, “it’s not you, it’s us… well, it’s also you.”
Driving the news: CPA Ontario and Québec CPA Order have made the dramatic decision to withdraw from Chartered Professional Accountants of Canada, per The Globe and Mail.
- The two provincial accounting bodies represent nearly 64% of the ~220,000 CPAs across the country. CPA Canada called the breakup “disappointing and shocking.”
- The exact cause of the rift isn’t clear, but it generally seems like Ontario and Quebéc just want to do their own thing, and CPA Canada didn’t want to give up that control.
Accounting bodies work together to protect the public, serve their members, and advance the profession. The idea is that the provincial bodies handle regulation and enforcement, while CPA Canada focuses on growing the profession. Ontario and Québec felt CPA Canada wasn’t giving them enough oversight to fulfill their role, and that they’d be better off alone.
- The disruptions for members are promised to be minimal, but the rift risks causing waves in the industry at a time when it could really use some cooperation.
Why it matters: The accounting world is losing its lustre. Last year saw a 7% drop in the number of people taking entry exams for the profession as the industry struggled to convince kids that accounting is, in fact, a cool job that shouldn’t be defined by a few scandals.—SB