What is the Institute’s role in issuing certificates of authorization for professional corporations practising public accounting?
The Institute is responsible for issuing certificates of authorization to CA professional corporations that have fulfilled the requirements established by the Public Accounting Act, 2004 and PAC Standards. Accordingly, the Institute is responsible for granting, renewing and revoking certificates of authorization for CA professional corporations and for regulating CA professional corporations. In order for a certificate of authorization to practice public accounting to be issued to a professional corporation, it must be registered with the Institute as a professional corporation. The articles of incorporation must specify that the practice of public accounting is one of the objects. The certificate of authorization is valid until the Institute is notified in writing of changes to the professional corporation. Changes, such as practice closure, merger or changes to shareholders, must be submitted in writing to the Institute within 30 days of the change. Note that the lead engagement part
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