Perspective
Driving Public Policy
Recently, a Canadian journalist approached CGA-Canada to inquire why our organization would choose to involve itself in public policy discussions about accounting standards setting systems and common securities regulation in Canada.
I offered this definitive answer: As a national body representing the interests of 68,000 members and students, and as an active participant in Canadian public policy discussions relevant to the accounting profession, it is very much a priority for CGA-Canada to tackle issues like this – both in the interests of members and the public at large. Not only is it a priority, it is our duty as a national body to speak out clearly on pressing and relevant issues like these.
So you’ll note when you dig deeper into this issue of CGA Magazine, that CGA-Canada recently commissioned Osgoode Hall Law Professor Poonam Puri to do some educated thinking about what an effective accounting standards setting regime might look like in an environment where there is a common securities regulator in Canada. In her article, Professor Puri proposes several possible models, all of which address the need for Canada’s accounting standards setting and oversight processes to be fully independent, transparent, publicly accountable, and inclusive.
We’ve long argued that Canada’s current accounting standards setting and oversight regimes are not up to scratch. The current system lacks full independence from the profession, residing as it does, inside one professional accounting body – the Canadian Institute of Chartered Accountants. Further, the auditor oversight mechanism established to ensure public company audit effectiveness and confidence – namely the Canadian Public Accountability Board – lacks the full legislative basis necessary to ensure transparency, public accountability, and complete independence from the profession.
This is not the first time we have actively participated in contentious public policy discussions. Other recent contributions on such diverse topics as the aging population, sustainability reporting, and pension deficits are indicators of our commitment to informed and challenging policy discourse.
Thoughtful policy contributions will surely play a key role in the evolution of sound public policy in Canada. And CGA-Canada will continue to play its part in these important debates, for the benefit of CGAs and the broader public interest.
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