The purpose of amalgamation for CPA
The purpose of the unification of the Canadian accounting profession is to create a strong accounting body that will be better-suited to represent its members and clients at the global level. The CPA amalgamation aims to create a strong and united body that will create a stable foundation for members by protecting their rights and providing equal access to opportunities. Full unification will create a body of accountants with more than 185, 000 members that will have great power and influence. The CPA designation will benefit various stakeholders including the public, businesses, and professionals. Moreover, it will unite the various Chartered Professional Accountant (CPA) designations in order to enhance trust and confidence in the profession and improve service delivery. The designations being amalgamated include Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA) (Uniting the Canadian Accounting Profession par. 1).
Benefits of CPA designation
Members will benefit by receiving the CPA designation, which will give them the power to practice in various areas of the accounting profession including taxation, assurance, management accounting, and financial accounting (Uniting the Canadian Accounting Profession par. 2). As a result, they will offer their services in different areas of specialization without the limitations of their certification prior to amalgamation. Members will still be able to practice under their legacy designations. The merger will also protect the long-term value of the accounting profession because the CPA designation is global, and therefore, professionals will get the opportunity to work in different parts of the world. The CPA designation will provide common processes for all members. In that regard, it will enhance the public’s trust and confidence in the accounting profession, which will be developed based on a common certification program, code of conduct, code of practice inspection, code of discipline processes, and a set of ethical and practice standards (Uniting the Canadian Accounting Profession par. 4).
The CPA designation will create efficiency and improve economies of scale. For instance, the number of governing bodies will be reduced to 14 in order to simplify operations and governance (Uniting the Canadian Accounting Profession par. 5). Increased efficiency will create networking opportunities, improve the quality of professional services, and facilitate the development of new products that will boost the careers of members. The amalgamation will involve the merger of more than 180,000 accountants with different designations. As a result, their interests will be represented more effectively and the process of handling global alliances will become faster (Unifying the Accounting Profession in Ontario par. 6). Finally, the unification will make Canada one of the leading and influential accounting bodies in the world. This will increase Canada’s power to protect its businesses by ensuring that international accounting standards meet the needs of accountants and businesses.
Full amalgamation of the Canadian accounting profession will also support public interests and build a stronger foundation for members. The rights of members will be protected and they will be able to access career-development opportunities in Canada and other parts of the world (Unifying the Accounting Profession in Ontario par. 8). The work of accountants will be easier because the CPA designation will have common codes of conduct, rules, and standards that all professionals will be required to follow. The public will benefit greatly because a single designation (CPA) will annihilate the confusion that exists within the accounting profession. In addition, clients will enjoy better services as accountants will be governed under rigorous regulations and standards (Unifying the Accounting Profession in Ontario par. 9). Common standards, code of conduct, regulatory processes, and oversight will improve service delivery.
Works Cited
“Unifying the Accounting Profession in Ontario”. Chartered Professional Accountants Canada. 2016, Web.
“Uniting the Canadian Accounting Profession.” Chartered Professional Accountants Canada. 2016, Web.