The Ontario provincial government has just announced its response to the Daniels review of public accounting in Ontario. The result is a new blueprint for public accounting licensing, standards and governance.

The announcement follows the passage in December 2002 of Bill 213, which opened up public accounting licences to Certified General Accountants (CGAs) and Certified Management Accountants (CMAs), while noting that standards of practice would be determined at a later date.

Under the new system, the practice of public accounting will be open to qualified chartered accountants, certified management accountants and certified general accountants who meet new, high standards of practice. A reconstituted Public Accountants Council (PAC) will be appointed to oversee public accounting in the public interest. It will consist of four chartered accountants, two certified general accountants and two certified management accountants to be appointed by the accounting bodies, and seven public members, including the chair, to be appointed by the government.

For more on the announcement, and the Daniels report, go to http://www.icao.on.ca/index.cfm/ci_id/2228.htm and http://www.attorneygeneral.jus.gov.on.ca/