TORONTO, Sept. 25, 2023 /CNW/ - CPA Ontario, the regulatory body responsible for the licensing and oversight of Chartered Professional Accountants and accounting firms in Ontario, has concluded an out of court settlement with Marcum LLP, to resolve CPA Ontario's investigation and prosecution of offences under the Chartered Professional Accountants of Ontario Act, 2017, and the Public Accounting Act, 2004.
The settlement resolves allegations of multiple instances of partners at US-based Marcum LLP engaging in public accounting work in Ontario, including performing audits of reporting issuers, without being members of CPA Ontario or holding Public Accounting Licenses in Ontario.
"CPA Ontario's mandate is to protect the public and uphold the high standards of the CPA profession in the province. Unregistered and unlicensed foreign accounting firms operating in Ontario do so without the critical regulatory oversight that ensures public protection and confidence in public accounting," said Janet Gillies, CPA, CA, executive vice-president, Regulatory and Standards, CPA Ontario. "This settlement underscores that foreign accounting firms must comply with CPA Ontario's regulatory requirements if they wish to practice in the province."
As part of this resolution, Marcum LLP has made a payment of CDN $1.2M. This includes a payment of CDN $1 million to the Ontario Government and CDN $200,000 to CPA Ontario in respect of its costs of the investigation and prosecution.
Marcum LLP is registered as a participating audit firm with the Canadian Public Accountability Board and has cooperated with CPA Ontario in its investigation.
CPA Ontario governs and regulates CPAs and accounting firms in Ontario. We grant CPA designations and public accounting licenses. We enforce the highest professional and ethical standards, provide professional guidance and support the continuing development of our members. We educate and assess students, so they are ready for market demands. We enable mobility of CPAs through inter-provincial and international agreements. We are a community of over 100,000 CPAs and 20,000 students in Ontario.
SOURCE Chartered Professional Accountants of Ontario
These press releases may also interest you