C-48.1, r. 25 - Regulation respecting the public accountancy permit of the Ordre des comptables en management accredités du Québec

Replaced on 4 June 2014

This document has official status.

chapter C-48.1, r. 25

Regulation respecting the public accountancy permit of the Ordre des comptables en management accredités du Québec

Chartered Professional Accountants Act

(chapter C-48.1, s. 2).

Replaced, O.C. 476-2014, 2014 G.O. 2, 1157; eff. 2014-06-04; see chapter C-48.1, r. 26.1.

The former alphanumerical designation of this Regulation was: chapter C-26, r. 40.

DIVISION I CONDITIONS FOR THE ISSUE OF A PUBLIC ACCOUNTANCY PERMIT

§ 1 . — General

1. The board of directors of the Ordre des comptables en management accrédités du Québec shall issue a public accountancy permit to a certified management accountant who:

(1)  has successfully completed the post-certification public accountancy program of the Order or a program that meets the criteria set out in Subdivision 2 of this Division and is recognized by the committee set up by the board of directors;

(2)  has met the requirements of the training period in public accountancy or of a training period that meets the criteria set out in sections 4 and 5 of Subdivision 3 of this Division and in the second paragraph of section 6 and is recognized by the committee set up by the board of directors, in accordance with the procedure provided for in Division II;

(3)  has passed the public accountancy examination of the Order or an examination that meets the criteria set out in section 10 and is recognized by the committee set up by the board of directors; and

(4)  has paid the administration costs relating to the issue of the permit prescribed pursuant to paragraph 8 of section 86.0.1 of the Professional Code (chapter C-26).

O.C. 405-2010, s. 1.

2. A certified management accountant must meet the conditions set out in paragraphs 1, 2 and 3 of section 1 within 5 years from the date of obtaining authorization to start a training period in public accountancy, the date of first applying to take the public accountancy examination, or the date of obtaining recognition from the committee set up by the board of directors under paragraph 1, 2 or 3 of section 1, whichever is earliest.

O.C. 405-2010, s. 2.

§ 2 . — Post-certification program

3. The post-certification public accountancy program established by the Order shall consist of a 12-credit graduate level training program in financial accounting, taxation and assurance, involving a prerequisite of at least 9 credits at the undergraduate level in financial accounting, taxation and assurance.

The program shall be designed to give certified management accountants knowledge of financial accounting, taxation and assurance. The program shall also target the integration of such knowledge to master its interrelations, and the development of the skills needed to practise public accountancy.

O.C. 405-2010, s. 3.

§ 3 . — Training period in public accountancy

4. The training period in public accountancy shall be designed to provide certified management accountants with an appropriate framework for learning to practise public accountancy through contact with a range of professional services and clients and promote the integrated use of the skills needed to practise public accountancy.

In addition, the training period shall facilitate the attainment of the following:

(1)  the application and development of the theoretical knowledge of the post-certification public accountancy program and professional training;

(2)  the practice and development of judgment, initiative and administrative skills;

(3)  the development of integrity and independent thinking;

(4)  the development of the ability to identify and respond to clients’ needs and deal with critical situations;

(5)  the improvement of interpersonal and professional skills.

O.C. 405-2010, s. 4.

5. The professional training period of a duration of 24 months shall consist of not less than 2,500 hours of professional services rendered to the public, including at least 100 hours in taxation and 1,250 hours of professional services in public accountancy, the latter hours to be completed as follows:

(1)  625 hours in the audit of financial statements;

(2)  625 hours in the review of financial statements.

O.C. 405-2010, s. 5.

6. The training period shall be supervised by a training employer recognized by the board of directors on the basis of defined criteria that attest to the training employer’s ability to instruct, guide, supervise and assess certified management accountants.

The training employer must be qualified to practise public accountancy, including business audits, and must have practised public accountancy for at least 5 years and have never been the subject of a penalty imposed by the disciplinary council of the Order or by the Professions Tribunal.

O.C. 405-2010, s. 6.

7. The training period must be authorized by a committee set up by the board of directors. It may begin as soon as the certified management accountant has obtained authorization.

Any change to a training period project must be authorized by the Order.

O.C. 405-2010, s. 7.

8. Within 30 days from the date on which the training period ends, the certified management accountant must send to the secretary of the Order a report completed and signed by the training employer. The report must specify whether or not the certified management accountant has attained the objectives set out in section 4, acquired the skills needed to practise public accountancy, and completed the hours required for the training period.

The report on the training period must be countersigned by the trainee.

O.C. 405-2010, s. 8.

9. The committee set up by the board of directors shall study the report on the training period and decide whether or not the certified management accountant has met the training period requirements. The committee shall inform the certified management accountant of its decision, in writing, within 30 days.

Where a candidate has not met the training period requirements, the committee shall inform the certified management accountant of the elements that must be completed in order to meet the requirements.

O.C. 405-2010, s. 9.

§ 4 . — Examination

10. The public accountancy examination focuses on financial accounting, taxation and assurance and shall be designed to determine the degree to which certified management accountants have mastered and integrated all the skills and knowledge acquired during the post-certification public accountancy program, as well as their ability to evaluate, analyse, process and synthesize information and communicate that information effectively.

Certified management accountants may sit for the examination if they:

(1)  show that they have successfully completed the post-certification public accountancy program established by the Order or a program that meets the criteria set out in Subdivision 2 of Division I and is recognized by the committee set up by the board of directors;

(2)  have completed an application for the public accountancy examination;

(3)  have paid the administration costs prescribed pursuant to paragraph 8 of section 86.0.1 of the Professional Code (chapter C-26).

O.C. 405-2010, s. 10.

11. Each year, the board of directors shall set the dates for the public accountancy examination and shall determine where the examination will be held.

O.C. 405-2010, s. 11.

12. The pass mark for the public accountancy examination is 60%. Certified management accountants who fail to obtain the pass mark must retake the public accountancy examination at the next sitting. They are entitled to retake the examination twice.

O.C. 405-2010, s. 12.

13. A certified management accountant wishing to have the mark obtained on an examination reviewed shall apply to the committee set up by the board of directors in writing within 21 days after the results are released and pay the administration costs prescribed pursuant to paragraph 8 of section 86.0.1 of the Professional Code (chapter C-26).

The committee has 60 days from the date of receipt of the application for review to make its decision. The mark given after the review is final.

O.C. 405-2010, s. 13.

14. Registering for the public accountancy examination under false pretences or through the submission of false documents, and copying or participating in copying during the examination, shall entail failure.

O.C. 405-2010, s. 14.

DIVISION II RECOGNITION PROCEDURE

15. A certified management accountant wishing to obtain recognition for a program, training period or examination for the purposes of section 1 must apply to the secretary of the Order, submit any relevant documents, and pay the administration costs for examining the application prescribed pursuant to paragraph 8 of section 86.0.1 of the Professional Code (chapter C-26).

Documents written in a language other than French or English must be accompanied by a translation into either French or English.

O.C. 405-2010, s. 15.

16. The secretary of the Order shall forward the application for recognition from the certified management accountant to the committee set up by the board of directors. Members of this committee may not sit on the executive committee.

O.C. 405-2010, s. 16.

17. The certified management accountant shall receive, by registered mail, a copy of the committee’s decision within 30 days of the date of the decision.

O.C. 405-2010, s. 17.

18. A certified management accountant who is informed of a decision by the committee not to grant recognition may request a review by the executive committee by submitting an application in writing to the secretary of the Order within 30 days of receiving the decision. The application may include written representations to the executive committee.

The executive committee shall have 60 days from the date of receipt of the application for review to make its decision.

O.C. 405-2010, s. 18.

19. The executive committee’s decision is final and shall be sent to the certified management accountant by registered mail within 30 days of the date of the decision.

O.C. 405-2010, s. 19.

DIVISION III CONDITION FOR HOLDING A PUBLIC ACCOUNTANCY PERMIT

20. Certified management accountants who hold a public accountancy permit must send proof to the Order, not later than 1 January each year, that they have insurance for any liability they may incur as a result of faults or negligence committed in the practice of public accountancy.

O.C. 405-2010, s. 20.

DIVISION IV FINAL PROVISION

21. (Omitted).

O.C. 405-2010, s. 21.

REFERENCES

O.C. 405-2010, 2010 G.O. 2, 1295