What is the role of the Public Accountants Council (PAC)?
Under the terms of the Public Accounting Act, 2004, the PAC is now an oversight body. It does not issue licences or revoke them. The PAC has adopted Standards that must be met to qualify for a licence and for the regulating of licensees. The Attorney General approved the Standards and they took effect as of June 20, 2006. The PAC Standards are of equal rigour to the standards that CAs were required to meet under the former Public Accountancy Act. The PAC has developed criteria and processes for comprehensively reviewing and assessing the qualification and regulatory standards of the accounting bodies designated under the Act (the Institute, CGA Ontario and CMA Ontario). The PAC’s granting of authorization to license and govern members in the practice of public accounting requires that a designated body demonstrate that it meets the Standards that the PAC has adopted. The Institute has been granted authorization by the PAC to license and govern members in the practice of public accounti
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