Who Governs the Accountants In Toronto?
Whenever you are in need of a professional, ideally it’s nice to know that there is a governing body that oversees their actions and holds them accountable. If you are going to choose a Toronto accountant to attend to your tax and financial related matters, then you also should have the comfort of knowing that there is a level of professionalism that they must adhere to.
What can become confusing is the many different titles that come with the various accountants. There are the CAs which are the chartered accountants. Then there are the CMAs which are the Certified Management Accountants and then the CPAs which are the Chartered Professional Accountants.
Basically the difference between these categories of accountants is their level of education in their chosen field and where they specialize. Not only is this confusing for clients who want to obtain the services of an accountant, but it has been frustrating for those who are in the profession.
The governing body for the Chartered Accountants in Ontario is the Institute of Chartered Accountants of Ontario. They have taken on the role of protecting the interests of those who wish to use these types of services.
In the late spring of 2013 a wise decision was made amongst the Chartered accountants and the Certified Management Accountants throughout Ontario. They voted to approve unification of these two accounting professional categories to become known as Chartered Professional Accountants.(CPAs)
Another category of an accounting professional that you may come across is a Licenced Public Accountant (LPA). This expert has extended his training and education to allow him to take on extra responsibilities such as issuing audit reports, for example.
For the individual who is looking for accounting services, it is most important that you check out the credentials of the person you are going to choose to act as your accountant. You want some type of proof that they have earned their certification through the proper education platform. You now know that they if they hold the title of CA or CPA they have a governing body that is going to protect your interests. The LPA has to be licenced so you are protected there.
If you are questioning a prospective accountant who can not validate their education and are vaguely referring to themselves as a general accountant then you really do need to proceed with caution, but better yet seek out an expert in this field who can provide the right credentials.
If you are in need of some accounting services, then just take a few moments to give me a call here at (416)398-1700. I would be most pleased to discuss my impeccable credentials, with you and assist you with your accounting matters.