Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Certified Management Accountants of Canada

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Canada


    2. Name of member body:
      Certified Management Accountants of Canada

      Or please specify name:



    3. Individual responsible for preparation:
      Bill Langdon - Vice President Knowledge Management


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      10 / 1977



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      None



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: National - Canada Business Corporations Act (CBCA) which deals with federally incorporated corporations; Canada Corporations Act which deals with federal not-for-profit entities; Financial Administration Act (which deals with federal government departments and agencies and some federal crown corportations; the Auditor General Act which deals with the appointment, power and responsibilities of the Auditor General of Canada. There is similar legislation in the ten canadian provinces and three territories.
      b). the Enacting body: Parliament of Canada
      c). date the Act or Code came into force: 12 / 1975


    25. How can IFAC obtain a copy of the Act or Code?
      The Canadian government and at least British Columbia, Alberta, Ontario and Quebec have their statutes on their respective web sites. These governments also sell their statutes through their web sites. In addition, commercial publishers such as Carswell and CCH Canada limited sell the statutes individually or in loose leaf services.


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify): The term used by the CBCA is "distributing corporation".
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities CBCA - "155.(1) annual finacial statements. Subject to section 156, the directors of a corporation shall place before the shareholders at every annual meeting (a) comparative financial statements as prescribed relating seperately to (i) the period that began on the date the corporation came into existence and ended not more than six months before the annual meeting or, if the corporation has completed a financial year, the period that began immediately after the end of the last completed financial year and ended not more than six months before the annual meeting, and (ii) the immediately preceeding financial year; (b) the report of the auditor; if any...". CBCA Regualtions - section 44. The financial statements referred to in paragraph 155(1)(a) of the Act shall, except as otherwise provided by this Part, be prepared in accordance with generally accepted accounting principles as set out in the Handbook of the "Canadian Institute of Chartered Accountants."
      Private companies As above for distributing corporations.
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities CBCA - "Section 162(1) Subject to section 163, shareholders of a corporation shall, by ordinary resolution, at the first annual meeting of the shareholders and at each succeeding annual meeting, appoint an auditor to hold offfice until the close of the next annual meeting." "Section 169(1) Examination - an auditor of a corporation shall make the examination that is in his opinion necessary to enable him to report in the prescribed manner on the financial statements required by this act to be put before the shareholders, except such financial statements or part thereof that relate to the period referred to in subparagraph 155(1)(a)(ii)." CBCA Regulations: "Section 45. - the auditor's report referred to in section 169 of the Act shall, except as otherwise provided by this Part, be prepared in accordance with generally accepted auditing standards as set out in accordance with the Handbook of the Canadian Institute of Chartered Accountants."
      Private companies CBCA - "Section 163(1) - The shareholders of a corporation that is not a distributing corporation may resolve not to appoint an auditor". "163(2) - a resolution under subsection 1 is valid only until the next succeeding meeting of Shareholders". "163(3) - a resolution under subsection 1 is not valid unless it is consented to by all the shareholders, including shareholders not otherwise entitled to vote".
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: 3 Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      The securities market in Canada is provincially regulated. Each province and territory of Canada has its own Securities Act. The Securities Acts also have regulations. There are also Policy Statements, Rules and Orders developed by the Securities Commission in each province.
      Ontario is the largest province and has the largest securities market. Information will be provided on websites in Ontario, Quebec, British Columbia and Alberta where information on the respective Securities Acts and their regulations can be found.

    2. the Enacting body(ies)

      Ontario - Legislative Assembly of Ontario
      Quebec - National Assembly of Quebec
      Alberta - Legislative Assembly of Alberta
      British Columbia - Legislative Assembly of British Columbia

    3. the latest amendment date?

      This will vary by province.


    35. How can IFAC obtain a copy of the Legal authority?
      British Columbia, Alberta, Quebec and Ontario have their statutes on their websites. These publications are also for sale through the websites and are available throught commercial publishers such as Carswell and CCH Canada Limited.


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:
      The following information applies only to Ontario. Other provinces also deal with these issues.

      Ontario Securities Act
      Comparative Financial Statements
      78.(1) Every reporting issuer that is not a mutual fund and every mutual fund in Ontario shall file annually within 140 days from the end of its last fiscal year comparative financial statements relating seperately to:
      a) the period that commenced on the date of incorportaion of the organization and ended as of the close of the first financial year or, if the reporting issuer or mutual fund has completed a finacial year, as the case may be; and
      (b) the period covered by the financial year next preceding the last fiscal year, if any,
      made up and certified as required by the regulations and in accordance with generally accepted accounting principles. R.S.O. 1990, c.S5,s.78 (1)

      Auditor's report
      (2) Every financial statement referred to in above shall be accompanied by a report of the auditor of the reporting issuer or mutual fund prepeared in accordance with the regulations. R.S.O. 1990, c.S.5, S 78(2)

      Auditor's examination
      (3) The auditor of a reporting issuer or mutual fund shall make such examination as will enable the auditor to make the report required by the subsection (2). R.S.O. 1990, c. S.5, s.78 (3).

      Regulations to the Ontario Securities Act

      General - Interpretation
      1(3)Subject to subsection (4), for the purposes of this Act and Regulation,
      (a) where the terms "generally accepted accounting principles", "auditor's report" and "generally accepted auditing standards" are used in reference to a financial statement to which National Instrument 52-107 applies, those terms have the meaning provided for in that instrument; and
      (b) in all other cases, where a recommendation has been made in the Handbook of the Canadian Institute of Chartered Accountants which is applicable in the circumstances, the terms "generally accepted accountign principles", "auditor's report" and "generally accepted auditing standards" mean the principles, report and standards, respectively recommended in the CICA Handbook. O. Reg. 72/04, s.1.

      1(4) Except as otherwise provided in the National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currencies, in the National Instrument 71-101 the Multijurisdictional Disclosure System and in the Ontario Securities Commission Rule 71-801 The Multijurisdictional Disclosure System, where an issuer is incorporated or organized in a jurisdiction other than Canada or a province or territory of Canada, "generally accepted accounting principles" may, at the option of the issuer, mean such principles as prescribed in the incorporatin jurisdiction by or pursuant to applicable legislation or where a recommendation has been made by an association in that jurisdiction equivalent to the Canadian Institute of Chartered Accountants, the principles recommended by that association, but where an option is exercised under this subsection, the notes to the financial statements shall state which option has been applied in the choice of generally accepted accounting principles. O.Reg.72/04,s.1.

      Financial Statements

      2.(1)Subject to subsections (3) and (4), the financial statements permitted or required by the Act or this Regulation shall be prepared in accordance with generally accepted accounting principles and with any applicable provision of the Act or this Regulation. R.R.O. 1990, Reg 1015, s.2(1).

      Except as otherwise provided in National Instrument 71-101 The Multijurisdictional disclosure system, where an auditor reports on a financial statement required by the Act or this Regulation, the report shall be prepared in accordance with generally accepted auditing standards, and with any applicable provision of the Act or this Regulation. R.R.O. 1990, Reg 1015, s.2(2); O. Reg 80/95, s.2(1); O. Reg. 568/98, s.2(1).


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:
      See answer to question 37 with respect to the situation in Ontario.

      National - The CBCA contains provisions related to auditor independence. CBCA Section 161 provides:

      161. (1) Subject to subsection (5), a person is disqualified from being an auditor of a corporation if the person is not independent of the corporation, any of its affiliates, or the directors or officers of any such corporation or its affiliates.

      (2) For the purposes of this section,

      (a) independence is a question of fact; and

      (b) a person is deemed not to be independent if he or his business partner

      (i) is a business partner, a director, an officer or an employee of the corporation or any of its affiliates, or a business partner of any director, officer or employee of any such corporation or any of its affiliates,

      (ii) beneficially owns or controls, directly or indirectly, a material interest in the securities of the corporation or any of its affiliates, or

      (iii) has been a receiver, receiver-manager, liquidator or trustee in bankruptcy of the corporation or any of its affiliates within two years of his proposed appointment as auditor of the corporation.

      (2.1) For the purposes of subsection (2), a person's business partner includes a shareholder of that person.

      (3) An auditor who becomes disqualified under this section shall, subject to subsection (5), resign forthwith after becoming aware of the disqualification.

      (4) An interested person may apply to a court for an order declaring an auditor to be disqualified under this section and the office of auditor to be vacant.

      (5) An interested person may apply to a court for an order exempting an auditor from disqualification under this section and the court may, if it is satisfied that an exemption would not unfairly prejudice the shareholders, make an exemption order on such terms as it thinks fit, which order may have retrospective effect.

      Note that in addition to the CBCA independence standards, Canadian CAs wishing to audit listed entities must also adhere to Rule 204, Independence, of their Rules of Professional Conduct which set out additional independence requirements. The Rules of Professional Conduct are harmonized among the provincial institutes of chartered accountants to the extent possible. For the Rules of Professional Code in Ontario see the website of the Institute of Chartered Accountants (ICAO) at:
      http://www.icao.on.ca/index.cfm/ci_id/2779.htm


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:
      Canadian CAs are required to adhere to Rule 204, Independence, of their Rules of Professional Conduct. Rule 204 provides for a mandatory rotation of the auditor partner within the audit firm. The rotation period is five years. There is also a five year "cooling off" period during which time the former lead engagement partner cannot return to the audit as either the lead engagement partner or as the engagement quality control reviewer. Audit firms that wish to audit reporting issuers in Canada are required to be members in good standing with the Canadian Public Accountability Board (CPAB). CPAB requires that a firm wishing to be one of its participating audit firms adhere to the Rule 204 standard. There is no manadatory rotation of audit firms for listed companies in Canada. For more information about CPAB go to: http://www.cpab-ccrc.ca



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity See the responses to questions 28 and 29 in Section 4 for information on the CBCA. note that companies can also be incorporated provincially. The business corporations acts of the major provinces have provisions similar to the federal act (CBCA). The Auditing and Assurance Standards Board (AASB)
      Other (please describe) Private and other entities See listed entities The Auditing and Assurance Standards Board (AASB)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      The CBCA and its regulations can be accessed at the Government of Canada website: (http://laws.justice.gc.ca/en/).

      The standards set by the Auditing and Assurance Standards Board (AASB) are set forth in the CICA Handbook - Assurance.


      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (The Auditing and Assurance Standards Board (AASB))


    44. For The Auditing and Assurance Standards Board (AASB), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      The mission of the AASB is to assist the profession in serving the public interest by enhancing the quality of assurance services. The AASB supports the growth and relevance of such services by continually improving and disseminating guidance and generally accepted standards for broad range of assurance and related services. These standards and guidance reflect best practice and meet the needs of decision makers and assurance providers.

      AASB is a private sector, unincorporated body originally established by the Canadian Institute of Chartered Accountants. Its activities are overseen by the Auditing and Assurance Standards Oversight Council (AASOC).

      General information on AASB can be found on the CICA's website.

      Note with respect to Question 50 that the CICA established its Accounting and Auditing Research Committee in 1946. In 1973 the accounting and auditing standard setters divided into separate committees. Those committees evolved into the current Accounting Standards Board (AcSB) and the Auditing and Assurance Standards Board (AASB).


      b. Name of standards

      CICA Handbook - Assurance

      Standards for Assurance Engagements
      (Note: Generally Accepted Auditing Standards (GAAS) (for financial statement audits) are a subset of Standards for Assurance Engagements)


    45. How many voting members does the standard-setting body have?
      13


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: 13 voluntary members, 2 staff non-voting members (the Vice President, Standards, and the Director, Auditing and Assurance Standards, of the Canadian Institute of Chartered Accountants


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Breadth and depth of experience (normally a partner, if in public practice; at least an assistant auditor general if in public sector accounting; a vice president if in industry). Experience of members should be in different sectors (e.g.: financial services, manufacturing, extractive industries)
      Most members are from public practice (at least one from small and medium-sized practice).
      There must be at least one member who is an academic.
      Ideally there should be a member from industry.
      Most members are Chartered Accountants.
      The major geographic sectors of Canada should be represented.
      Some members should speak both English and French.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      AASB members are appointed by the Auditing and Assurance Standards Oversight Council (AASOC). The majority of AASOC's members are not Chartered Accountants. Three significant Canadian Regulators are represented on AASOC: the Federal Superintendent of Financial Institutions, the Canadian Securities Administrators (an affiliation of provincial securities regulators) and the Canadian Public Accountability Board (CPAB) which inspects the audit firms of public companies.
      AASOC's terms of reference are set by the CICA's Board of Directors, and the CICA funds AASOC's operations. However AASOC appoints its own members.

      AASOC uses a Nominating Committee to assess candidates and makes recommendations as to who should be AASB members.


    49. What is the term of appointment for members?
      3 Year(s)


    50. For how many years has the standard-setting body been in existence?
      31 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1,336,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      .74



    52. To what entity is the standard-setting body accountable?
      AASOC (see question 48 above)


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      All standards require public exposure (i.e.: an exposure draft) before they can be approved. Normally the period for comment on an exposure draft is 60 days.

    2. accessibility of meetings (i.e., public or private)

      Meetings are private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      For a standard to become effective, at least two thirds of the voting AASB members must vote to approve (1) each recommendation paragraph and (2)the standard taken as a whole.

    4. other relevant due process activities



    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      22 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice All CMAs (including those in public practice, business and the public sector) are subject to the Code of Professional Ethics established by the Provincial Societies/ Ordre of CMAs. Councils/Bureau of the provincial Societies/Ordre of CMAs.
      Professional Accountants in Business See above Councils/Bureau of the provincial Societies/Ordre of CMAs.
      Professional Accountants in the Public Sector See above Councils/Bureau of the provincial Societies/Ordre of CMAs.
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      The Codes of Prefessional Ethics can be found on the websites for the provincial CMA offices.

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Councils/Bureau of the provincial Societies/Ordre of CMAs.)


    56. For Councils/Bureau of the provincial Societies/Ordre of CMAs., please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      These bodies are elected by the CMA members in their jurisdiction.

      b. Name of standards

      Code of Professional Ethics.


    57. How many voting members does the standard-setting body have?
      The number of members on each provincial Council/Ordre will vary by province. The number of voting members will be between 5 and 20.


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      All must be CMAs except for one or two non-members to represent the public interest. Geographic representation also plays a role in determining provincial Council/Ordre membership.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      See question 56(a)


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      87 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Varies by province

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      na



    64. To what entity is the standard-setting body accountable?
      Provincial Government


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Any proposed changes to the provincial Code of Professional Ethics are sent to members prior to a vote by members on whether or not to approve the changes.

    2. accessibility of meetings (i.e., public or private)

      Meetings of provincial councils are private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      A majority for approval by the vote of members would eb determined by the bylaws of each provincial Society/Ordre. In most cases a simple majority would be sufficient.

    4. other relevant due process activities

      In Alberta and Quebec there is direct provincial involvement in the creation of new ethical standards.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      10 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      In most provinces children start out in elementary school, which is usually kindergarten to grade eight. This is followed by secondary school (or high school) for grades nine to twelve.

      In most cases students attend public schools that are paid for through taxes. Public education is free and available to every child in Canada. By law, children must attend school until the age of 15 or 16.

      In some provinces there are seperate public schools reflecting different languages and religions.

      Teachers in all provinces must be qualified and licensed.

      Most children in Canada attend public schools. About five percent attend private schools, which charge school fees.

      Advanced Education
      In Canada there are a variety of educational opportunities beyond secondary school. The choices are community colleges, universities or professional schools.

      Community College - Here students can learn a trade or acquire technical or administrative skills. College programs are usually two or three years in duration. Upon graduation students receive a diploma not an academioc degree.

      In many cases it is possible to transfer from a college to a university.

      University - to enter you must have a secondary school diploma or equivalent. A bachelor level program requires three to four years of study. Medicine, science and business programs generally cost more than the humanities and arts.

      A master level program requires a bachelor degree and two years of successful study.

      A Ph.D. usually requires a master degree plus four to six years of successful study.

      Professional Programs
      These require a bachelor degree, successful completion of the professional program and work experience. Professional programs are offered for accountants, lawyers, doctors, engineers etc.


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      While there are no requirements which must be met by an individual who wishes to operate as an accountant, there are requirements which must be met for an individual who wishes to practice as a CMA, CA or CGA.

      In some provinces there are restrictions on those who wish to practice public accounting (ie: external audits and reviews and compilations). Those provinces without current restrictions are Saskatchewan, Manitoba and New Brunswick.

      The remaining responses relate to CMA-Canada's membership.


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      Admission - a university degree that would include provincial minimum course and credit hour requirements.
      Successful completion of the uniform national Entrance Examination.
      Successful completion of a two-year Strategic Leadership Program (offered on a part-time basis).
      Professional examinations
      Successful completion of a uniform, national Entrance Examination plus continuous evaluation over the two years of the Strategic Leadership Program.
      Practical experience
      Two years.
      Final qualifying examination
      Board Report that is marked nationally and presented at one of a series whereby CMAs evaluate the presentation skills of teams of CMA candidates.
      Other (please describe)


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      The National Certification Board, a committee of the CMA Canada Board of Directors, is the body that sets education and accreditation policies for CMA students. These are set after consultation with the provincial Societies/Ordre.

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      The terms of reference of the Nation Certification Board are to ensure that national admission and certification standards are maintained.

      Its responsibilities are:
      Submit for approval to the CMA Canada Board of Directors, recommendations on the overall design and content of the CMA accreditation program.
      Evaluate the effectiveness the CMA accreditation program.
      Establish national admission standards and ensure they are maintained.
      Ensure that practical experience requirements are maintained.
      Approve the Entrance Examination Syllabus.
      Approve Entrance Examination results.
      Evaluate applications by universities for accreditation and make appropriate recommendations on these applications to the National Board of Directors.

    2. How many voting members does the relevant body(ies) have

      12

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      7 Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      Contact CMA-Canada.

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:
      Syllabus and experience requirements for CMA certification are the same throughout the country however there are different delivery systems that provide the education needed to pass national evaluations.


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      Licence requirements, where they exist are set by the appropriate provincial authority.

      Refer to additional information in the CMA-Canada attachment about public practice rights.


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify):


    80. What entity grants the license?
      The provicial governments.


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      Effective March 30, 2004 reporting issuers are required to file with the provincial securities commissions annual financial statements that have been audited by an audit firm that, as of the date the firm signs the audit report, is a participant in the Canadian Public Accountability Board oversight program.



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government There is no legal authority which establishes the CICA's Public Sector Accounting Board as the standard setter for the public sector. However governments in Canada voluntarily apply these standards. The Public Sector Accounting Board (PSAB)
      Ministry/department none
      Statutory authority/agency none
      Profit entity owned by government none
      State governments While provincial governments adhere to standards set by PSAB, in British Columbia there is legislation which requires that adherence. The Public Sector Accounting Board (PSAB)
      Local governments There is legislation in each province dealing with municipal affairs. The legislation in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario requires that local governments adhere to PSAB's standards. See details in response to question 82a. The Public Sector Accounting Board (PSAB)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Through the CICA

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (The Public Sector Accounting Board (PSAB))


    83. For The Public Sector Accounting Board (PSAB), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      The Public Sector Accounting Board (PSAB) establishes financial accounting and reporting standards for use by federal, provincial, territorial and local governments.

      With respect to Question 98 PSAB has been in existence for 22 years.

      PSAB is a private sector, unincorporated body originally established by the Canadian Institute of Chartered Accountants. Its activities are overseen by AcSOC. See the response to Question 87 for information on AcSOC.

      General information on PSAB can be found on the CICA's website at: http://www.cica.ca/index.cfm/ci_id/1053/la_id/1.htm


      b. Name of standards

      Public Sector Accounting Handbook.

      For the purposes of this Assessment of the Regulatory and Standard-Setting Framework the CICA is interpreting expressions such as "generally accepted accounting principles for governments" when used in Canadian legislation or regulations as referring to the standards set out in the CICA Public Sector Accounting Handbook.


    84. How many voting members does the standard-setting body have?
      12


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: The Vice-President, Standards, and the Director of Public Sector Accounting are non-voting members of the Board.


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Best person for the job - profile built seeking representation from senior and local governments, including preparers, auditors and users.

      Note: Information on PSAB's members, including profiles which contain information on their employment sector, regional distribution, gender and language, can be found under the heading, Structure and Members of PSAB, on the CICA's website at: http://www.cica.ca/index.cfm/ci_id/1053/la_id/1.htm


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Accounting Standards Oversight Council (AcSOC) is an independent body established by the Canadian Institute of Chartered Accountants to oversee the activities of the Accounting Standards Board (AcSB) and Public Sector Accounting Board (PSAB). Reporting to the public and consisting of 26 prominent business and government leaders, the Council brings a broad perspective to complex issues facing standard setters, and supports the AcSB and PSAB in setting accounting standards. AcSOC's responsibilities include appointing AcSOC, AcSB and PSAB members and providing input on strategic priorities. AcSOC members, many of whom represent particular constituencies, include regulators, investors and other users, preparers and auditors of financial reports.


    88. What is the term of appointment for members?
      3 Year(s)


    89. For how many years has the standard-setting body been in existence?
      98 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1.000.000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      .76



    91. To what entity is the standard-setting body accountable?
      PSAB is accountable to AcSOC. (See response to Question 87 for information on AcSOC.)


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Proposed standards are exposed at least once.

    2. accessibility of meetings (i.e., public or private)

      Meetings are private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Approval is required from 2/3 of members.

    4. other relevant due process activities

      Extensive consultation on agenda setting.

      Note: Extensive information on PSAB's due process can be found under the heading, The Due Process for Standards Development on the CICA's website at: http://www.cica.ca/index.cfm/ci_id/1053/la_id/1.htm


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      10 Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity See answers to Questions 24, 28, 34 and 37. the CICA's Accounting Standards Board (AcSB)
      Other (please describe)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      See answers to questions 25 and 34a. The private sector accounting standards are found in the CICA Handbook - Accounting.

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (the CICA's Accounting Standards Board (AcSB))


    95. For the CICA's Accounting Standards Board (AcSB), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      The AcSB is a private sector, unincorporated body originally established by the CICA. Its activities are overseen by the ASOC. For information on ASOC see question 99.

      For general information on the AcSB go to its website at: http://www.acsbcanada.org and select About AcSB.

      Note with respect to Question 101 that the CICA established its Accounting and Auditing Research Committee in 1946. In 1973 the accounting and auditing standard setters divided into separate committees. Those committees evolved into the current Accounting Standards Board (AcSB) and the Auditing and Assurance Standards Board (AASB).


      b. Name of standards



    96. How many voting members does the standard-setting body have?
      9


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: the AcSB Chair is a full-time position and the remaining members are volunteers.


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The selection criteria include technical competencies, representation from various sectors of the business community and gepgraphical representation.


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Accounting Standards Oversight Councilv(AcSOC)

      The AcSOC is an independent body established by the Canadian Institute of Chartered Accountants to oversee the activities of the Accounting Standards Board (AcSB) and Public Sector Accounting Board (PSAB). Reporting to the public and consisting of 26 prominent business and government leaders, the Council brings a broad perspective to complex issues facing standard setters, and supports the AcSB and PSAB in setting accounting standards. AcSOC's responsibilities include appointing AcSOC, AcSB and PSAB members and providing input on strategic priorities. AcSOC members, many of whom represent particular constituencies, include regulators, investors and other users, preparers and auditors of financial reports.


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      22 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1,800,000.

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      .74



    103. To what entity is the standard-setting body accountable?
      Accounting Standards Oversight Council


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      All standards are exposed for public comment.

    2. accessibility of meetings (i.e., public or private)

      Meetings are held in private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Two-thirds of all voting members, or five members of a panel appointed by two-thirds of all voting members.

    4. other relevant due process activities

      The AcSB and staff regularly consult with constituents on matters of interest and also prepare a Background Information and Basis for Conclusions document for exposure drafts and standards.

      Note that with respect to Question 105 the AcSB meets for 9 full days and has five 2-hour teleconferences each year.

      For more complete information on the AcSB's due process go the ACSB's website: http://www.acsbcanada.org and select About AcSB and then select AcSB Procedures (due process).


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      9 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Secutity markets are regulated by each Province and Territory in Canada. However the thirteen securities regulators belong to a forum called the Canadian Securities Administrators (CSA) that coordinates and harmonizes regulation of Canadian capital markets.


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      Reporting issuers must file information with the securities regulators prepared in accordance with GAAP. Where audited financial statements are required, they must be audited in accordance with GAAS. Securities commission staff review filings and act on complaints regarding fraudulent, manipulative or misleading information.


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession



    2. accounting and auditing standard-setting

      The regulatory authorities have chosen to require listed companies to adhere to standards set out in the CICA Handbook.

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      See Question 107.



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      Toronto Stock Exchange
      TSX Venture Exchange
      Montreal Exchange (Bourse de Montreal)
      Canadian Trading and Quotation System Inc.



    Section 10B -- Stock Exchange
    Toronto Stock Exchange Details


    110. For Toronto Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Monitoring and enforcement is done by the the relevant provincial securities commission.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.



    Section 10B -- Stock Exchange
    TSX Venture Exchange Details


    110. For TSX Venture Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      See answer for question 110 (a).

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.



    Section 10B -- Stock Exchange
    Montreal Exchange (Bourse de Montreal) Details


    110. For Montreal Exchange (Bourse de Montreal), is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      See answer for question 110 (a).

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.



    Section 10B -- Stock Exchange
    Canadian Trading and Quotation System Inc. Details


    110. For Canadian Trading and Quotation System Inc., is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      See answer for question 110 (a).

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.




    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?



    2. The number of members on the oversight body



    3. Its powers



    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. How the oversight body is accountable to any public institution or body

      The Board will report to the public at least annually on the results of its activities.


    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      The Office of the Superintendent of Financial Institutions (OSFI). The Bank Act (section 308)requires a bank's financial ststements to be prepared in accordance with GAAP except as otherwise specified by the OSFI.


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      The Bank Act requires that auditors of a bank's financial statements follow GAAS as set out in the CICA Handbook except as otherwise required by the OSFI.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      No formal role. The Superintendent monitors regulation of the profession through membership in CPAB.

    2. accounting and auditing standard-setting

      The Superintendent monitors standard setting through membership in AASOC and AcSOC.

    3. review of financial statements prepared by listed entities

      OSFI's activities focus on monitoring the bank's compliance with the criteria for sound business and financial practices set by the Canadian Deposit Insurance Corporation.

    4. enforcement of accounting, reporting and auditing requirements

      If warranted, OSFI has the power to replace the auditor of a bank's financial statements. The auditor is normally appointed by the bank's shareholders.



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      The Office of the Superintendent of Financial Institutions.


    116. What is the source of Legal authority of the regulatory authority(ies)?
      The Office of the Superintendent of Financial Institutions Act approved by the Canadian parliament in 1981.


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      Same as for banks.

    2. accounting and auditing standard-setting

      Same as for banks.

    3. review of financial statements prepared by listed entities

      Same as for banks.

    4. enforcement of accounting, reporting and auditing requirements

      Same as for banks.



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      The Office of the Superintendent of Financial Institutions.


    119. What is the source of Legal authority of the regulatory authority(ies)?
      The Office of the Superintendent of Financial Institutions Act. This Act states that the Superintendent shall have the powers as set out in the Insurance Companies Act.


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      Same as for banks.

    2. accounting and auditing standard-setting

      Same as for banks.

    3. review of financial statements prepared by listed listed entities

      Same as for banks.

    4. enforcement of accounting, reporting and auditing requirements

      Same as for banks.



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.


    122. What is the source of Legal authority of each regulatory authority?


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.

      Provincial CMA offices are responsible for the practice inspection program of CMAs who perform audits and other sertvices for non-public companies.

      Generally, CMAs in public practice are subject to practice inspection once every three years. If deficiencies are found members will be subject to additional inspections. Such members must also carry a minimum level of Professional Liability Insurance.



    125. Under what authority does the organization conduct the program of quality assurance review?
      Provincial legislation.


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      Independent contractors with the required expertise and training to perform the inspection.



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      For CMAs in Canada, the provincial Societies of Management Accountants are responsible for investigation and discipline. Each has created a committee (or committees) to handle the investigation and discipline functions.


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?
      Remaining information varies by provincial body - contact CMA-Canada for information.


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    134. What is the term of appointment for members?
      Year(s)


    135. For how many years has the body been in existence?
      Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      (specify currency)



    137. To what entity is the body accountable?



    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      Day(s)



     

     

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