When did the public accounting Standards set by the PAC come into effect?
The public accounting Standards adopted by the PAC and approved by the Attorney General took effect on June 20, 2006. The Standards are of equal rigour to the internationally recognized standards of qualification and regulation that existed under the provisions of the old Public Accountancy Act and which were the standards of the Institute. The PAC’s Standards meet the requirement of s. 19(4) of the Public Accounting Act, 2004, that the standards for public accounting licensing “shall be no less rigorous than the internationally recognized standards under the [former] Public Accountancy Act as they existed on June 9, 2004” [the date on which the new Act was adopted by the Legislature]. The internationally recognized standards that existed under the former legislation were the CA standards of qualification and regulation. The Standards that are now in effect include: – rigorous education, examination and practical experience requirements that are substantially equivalent to the requirem
