TORONTO, Sept. 25, 2023 /CNW/ – CPA Ontario, the regulatory physique accountable for the licensing and oversight of Chartered Skilled Accountants and accounting corporations in Ontario, has concluded an out of courtroom settlement with Marcum LLP, to resolve CPA Ontario’s investigation and prosecution of offences underneath the Chartered Skilled Accountants of Ontario Act, 2017, and the Public Accounting Act, 2004.
The settlement resolves allegations of a number of situations of companions at US-based Marcum LLP participating in public accounting work in Ontario, together with performing audits of reporting issuers, with out being members of CPA Ontario or holding Public Accounting Licenses in Ontario.
“CPA Ontario’s mandate is to shield the public and uphold the excessive requirements of the CPA career in the province. Unregistered and unlicensed overseas accounting corporations working in Ontario do so with out the important regulatory oversight that ensures public safety and confidence in public accounting,” stated Janet Gillies, CPA, CA, govt vice-president, Regulatory and Requirements, CPA Ontario. “This settlement underscores that overseas accounting corporations should adjust to CPA Ontario’s regulatory necessities in the event that they want to observe within the province.”
As a part of this decision, Marcum LLP has made a cost of CDN $1.2M. This features a cost of CDN $1 million to the Ontario Authorities and CDN $200,000 to CPA Ontario in respect of its prices of the investigation and prosecution.
Marcum LLP is registered as a collaborating audit agency with the Canadian Public Accountability Board and has cooperated with CPA Ontario in its investigation.
CPA Ontario governs and regulates CPAs and accounting corporations in Ontario. We grant CPA designations and public accounting licenses. We implement the best skilled and moral requirements, present skilled steering and assist the persevering with improvement of our members. We educate and assess college students, so they’re prepared for market calls for. We allow mobility of CPAs by way of inter-provincial and worldwide agreements. We’re a neighborhood of over 100,000 CPAs and 20,000 college students in Ontario.
SOURCE Chartered Skilled Accountants of Ontario
For additional data: Media might contact: Kathryn Hanley, VP, Communications
