Chartered professional accountants are subject to a code of ethics that governs the practice of their profession and imposes general and specific obligations towards the public, clients and the profession. One of these is to discharge their professional obligations with integrity.
CPAs must also meet continuing education requirements and take out professional liability insurance. The Order makes sure that all its members comply with these obligations.
Given the rapid pace and scope of changes to their profession, chartered professional accountants must continually maintain, update, improve and enhance their knowledge and skills in areas in which they work.
In accordance with the applicable regulation respecting compulsory continuing education, each CPA must devote at least 120 hours of continuing education activities with a direct link to their professional activities, including a minimum of 25 hours per reference year. In addition, each CPA who practices public accountancy is required to devote at least 60 hours per three-year reference period to structured continuing education activities in specific areas, namely financial reporting and updates of generally accepted audit and review standards, with a minimum of 15 hours per reference year.
These requirements are part of the general requirements of the applicable regulation respecting compulsory continuing education.
CPA competence is monitored by a rigorous professional inspection process, which includes a review of Order members’ files to ensure they adhere to the standards of the profession.
The Professional inspection committee has developed the General Program of Inspection keeping in mind its primary purpose – the protection of the public. This committee has the authority to recommend that a member serve a period of refresher training or take a refresher course or that a member’s right to engage in professional activities be limited or suspended until the member has once again met professional standards.
All CPAs, whether they provide their services directly to third parties, are employed by a business, an institution or a government, or are retired or not active professionally, are required to submit a declaration to the Fonds d’assurance responsabilité professionnelle des CPA du Québec administered by the Order, regardless of where they practice. Under the Règlement sur l’assurance de la responsabilité professionnelle des comptables professionnels agréés, all CPAs are covered by the Fonds d’assurance.
Furthermore, a regulation provides that members who practice the CPA profession as defined in the Chartered Professional Accountants Act within a limited liability partnership (LLP) or a joint-stock company (JSC) are required to take out an additional insurance coverage to cover possible professional faults, in addition to the compulsory insurance for all CPAs.
