Chartered Accountants Act, 2010, S.O. 2010, c. 6, Sched. C

• Jurisdiction: Ontario

Chartered Accountants Act, 2010

S.O. 2010, CHAPTER 6
Schedule C

Historical version for the period October 25, 2010 to May 16, 2017.

Last amendment: 2010, c. 15, s. 216.

CONTENTS

Definitions and Interpretation

Definitions

1 In this Act,

“appeal committee” means an appeal committee established by the by-laws; (“comité d’appel”)

“by-laws” means the by-laws made under this Act; (“règlements administratifs”)

“capacity committee” means the capacity committee established by the by-laws; (“comité de détermination de la capacité”)

“complaints committee” means the complaints committee established by the by-laws; (“comité des plaintes”)

“council” means the council of the Institute; (“conseil”)

“discipline committee” means the discipline committee established by the by-laws; (“comité de discipline”)

“document” includes data and information in electronic form; (“document”)

“firm” means an entity registered under section 21 as a firm; (“cabinet”)

“Institute” means The Institute of Chartered Accountants of Ontario; (“Institut”)

“limited liability partnership” means a limited liability partnership as defined in the Partnerships Act; (“société à responsabilité limitée”)

“professional corporation” means a corporation incorporated under the Business Corporations Act that is established by one or more members of the Institute; (“société professionnelle”)

“public accountant” and “public accounting” have the same meanings as in the Public Accounting Act, 2004; (“expert-comptable”, “expertise comptable”)

“registrar” means the registrar of the Institute appointed by the council; (“registrateur”)

“student” means an individual registered as a student of the Institute in accordance with the by-laws. (“stagiaire”) 2010, c. 6, Sched. C, s. 1.

Interpretation – rights not affected

2 This Act does not affect or interfere with the right of any person who is not a member of the Institute to practise as an accountant. 2010, c. 6, Sched. C, s. 2.

The Institute

Institute continued

3 (1) The Institute of Chartered Accountants of Ontario is continued as a corporation without share capital under the name The Institute of Chartered Accountants of Ontario in English and Institut des comptables agréés de l’Ontario in French. 2010, c. 6, Sched. C, s. 3 (1).

Composition

(2) The Institute is composed of its members. 2010, c. 6, Sched. C, s. 3 (2).

Powers, etc., of natural person

(3) For the purpose of carrying out its objects, the Institute has the capacity and the rights, powers and privileges of a natural person. 2010, c. 6, Sched. C, s. 3 (3).

Implied provisions do not apply

(4) Section 92 (implied provisions for corporations) of the Legislation Act, 2006 does not apply to the Institute. 2010, c. 6, Sched. C, s. 3 (4).

Note: On a day to be named by proclamation of the Lieutenant Governor, section 3 is amended by adding the following subsection:

Application of Not-for-Profit Corporations Act, 2010

(5) The Not-for-Profit Corporations Act, 2010 does not apply to the Institute, except as may be prescribed by regulation. 2010, c. 15, s. 216 (1).

See: 2010, c. 15, ss. 216 (1), 249.

Section Amendments with date in force (d/m/y)

2010, c. 15, s. 216 (1) - not in force

Objects of the Institute

4 The objects of the Institute are,

(a) to promote and protect the public interest by governing and regulating the practice of individuals and firms as Chartered Accountants in accordance with this Act and the by-laws, including,

(i) establishing, maintaining, developing and enforcing standards of qualification,

(ii) establishing, maintaining, developing and enforcing standards of practice,

(iii) establishing, maintaining, developing and enforcing standards of professional ethics,

(iv) establishing, maintaining, developing and enforcing standards of knowledge, skill and proficiency, and

(v) regulating the practice, competence and professional conduct of individuals and firms as Chartered Accountants;

(b) to promote and increase the knowledge, skill and proficiency of members of the Institute, firms and students;

(c) to promote and protect the welfare and interests of the Institute and of the accounting profession;

(d) to meet and maintain the standards that the Institute, as a designated body within the meaning of the Public Accounting Act, 2004, is required to meet and maintain in order to be authorized to license and govern the activities of its members as public accountants under that Act; and

(e) to promote and protect the public interest by licensing members of the Institute as public accountants and regulating those members and professional corporations as public accountants under the Public Accounting Act, 2004, when authorized under that Act to do so, in accordance with that Act, this Act and the by-laws. 2010, c. 6, Sched. C, s. 4.

Meetings of the Institute

Annual meetings

5 (1) The Institute shall hold an annual meeting of the members of the Institute in accordance with the by-laws. 2010, c. 6, Sched. C, s. 5 (1).

General meetings

(2) The Institute or the council may at any time call a general meeting of the members of the Institute in accordance with the by-laws. 2010, c. 6, Sched. C, s. 5 (2).

The Council

Council of the Institute

6 (1) The council of the Institute is continued and shall manage and administer the Institute’s affairs in accordance with this Act and the by-laws. 2010, c. 6, Sched. C, s. 6 (1).

Composition

(2) The council shall be composed of,

(a) no more than 16 individuals, as fixed by the by-laws, who are members of the Institute and who are elected by members of the Institute in accordance with the by-laws; and

(b) four individuals who are not members of the Institute or of a self-regulating accounting body and who are appointed by the Lieutenant Governor in Council. 2010, c. 6, Sched. C, s. 6 (2).

Deemed reappointment

(3) An individual whose appointment under clause (2) (b) expires is deemed to have been reappointed until his or her successor takes office. 2010, c. 6, Sched. C, s. 6 (3).

Vacancy

7 (1) If the seat of an elected member of the council becomes vacant, the council shall fill the vacancy for the remainder of the member’s term in accordance with the by-laws. 2010, c. 6, Sched. C, s. 7 (1).

Same

(2) For the purposes of subsection (1), an elected member’s seat becomes vacant,

(a) if the member dies or resigns;

(b) if the member is removed from the council in accordance with the by-laws; or

(c) for any other reason specified by the by-laws. 2010, c. 6, Sched. C, s. 7 (2).

Officers of the Institute

8 (1) The council shall elect from among its members the officers specified by the by-laws to be elected. 2010, c. 6, Sched. C, s. 8 (1).

Same

(2) The council shall appoint as officers of the Institute,

(a) a President and Chief Executive Officer;

(b) a registrar; and

(c) any other officers specified by the by-laws to be appointed. 2010, c. 6, Sched. C, s. 8 (2).

Acting registrar

(3) The registrar may designate in writing an individual identified by the council for the purpose to exercise the powers and perform the duties of the registrar in his or her absence. 2010, c. 6, Sched. C, s. 8 (3).

Committees

9 (1) The council shall by by-law establish a complaints committee, a discipline committee, a capacity committee and one or more appeal committees, and may establish additional committees as it considers appropriate. 2010, c. 6, Sched. C, s. 9 (1).

Terms, conditions of appointment

(2) The council shall appoint the members of any committee established under this Act for the term and on the conditions that the council determines. 2010, c. 6, Sched. C, s. 9 (2).

Panels

(3) The by-laws may authorize a committee to sit in panels for the purpose of exercising its powers and performing its duties under this Act, and for any other purpose. 2010, c. 6, Sched. C, s. 9 (3).

Same

(4) A decision of a panel of a committee constitutes the decision of the committee. 2010, c. 6, Sched. C, s. 9 (4).

Delegation

Council may delegate

10 (1) The council may delegate any of its powers or duties under this Act to one or more committees, the President and Chief Executive Officer of the Institute or the registrar, subject to any restrictions or conditions that the council may specify. 2010, c. 6, Sched. C, s. 10 (1).

Registrar may delegate

(2) The registrar may delegate any of his or her powers or duties under this Act, other than the power to designate an acting registrar under subsection 8 (3), to one or more employees of the Institute identified by the council for the purpose, subject to any restrictions or conditions that the registrar may specify. 2010, c. 6, Sched. C, s. 10 (2).

Membership

Membership

11 The registrar shall admit as a member of the Institute any individual who meets the requirements and qualifications for membership that are established by the council. 2010, c. 6, Sched. C, s. 11.

Restrictions, conditions

12 The right of a member of the Institute to practise as a Chartered Accountant is subject to any restrictions or conditions imposed under this Act. 2010, c. 6, Sched. C, s. 12.

Classes

13 The council may by by-law establish classes of members, including Fellows and Associates. 2010, c. 6, Sched. C, s. 13.

Designation and initials

Designation

14 A member of the Institute has the right to use the designation “Chartered Accountant”. 2010, c. 6, Sched. C, s. 14.

Initials

15 (1) A member of the Institute has the right to use the initials “C.A.”, “CA”, “A.C.A.” and “ACA”. 2010, c. 6, Sched. C, s. 15 (1).

Same

(2) In addition, a Fellow of the Institute has the right to use the initials “F.C.A.” and “FCA”. 2010, c. 6, Sched. C, s. 15 (2).

Restriction

16 The right of a member to use a designation or initials under section 14 or 15 is subject to any restrictions or conditions specified by the by-laws. 2010, c. 6, Sched. C, s. 16.

Refusal, restrictions or conditions

Refusal of membership

17 (1) An applicant who...