Article Abstract:
Two Certified General Accountants filed a lawsuit against the provincial government of Prince Edward Island (PEI) in Canada in 1990. The plaintiffs claimed that the provincial legislation which gave members of the province's institute of chartered accountants (CA) exclusive rights to practice public accounting in the area was unfair and unconstitutional. The government argued that its legislation was based on the established CA standard. However, the PEI court did not consider such argument and decided that the legislation was indeed unconstitutional. Clearly, the court's decision was a blatant challenge to the government's right to regulate.
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Article Abstract:
A report by the Auditing Practices Board has proposed a redefinition of the auditing profession. Audting, according to current definition, is the independent examination of, and expression of an opinion in, the financial statements of an enterprise. The proposed revision will define audit as 'the provision of an independent opinion to those with an interest in an company that they have received from those responsible for its direction and management' an adequate account of the proper conduct of the firm's affairs, the company's financial performance and standing and future risks that the company may take.
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Article Abstract:
The Canadian Institute of Chartered Accountants (CICA) held its 90th annual meeting on Sep 22, 1992. During the event, members gave their approval to financial statements for the year ending Mar 31, 1992 and to a by-law calling for flexibility in selecting candidates for CICA positions. Bank of Nova Scotia Pres Peter Godsoe spoke about the benefits Canada can reap should the proposed North American Free Trade Agreement be ratified, emphasizing opportunities presented by the Mexican market. New CICA Chmn Marc Paradis, meanwhile, spoke about the need for Canada to maintain its competitiveness.
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