Licensing

Licensing is in a reserved area of practice specified in the Act – the practice of professional accounting.

Licensing applies to members and firms and is under the Practice of Professional Accounting as defined in Section 18 of the Act.

There are three types of licences:

  1. Comprehensive Licence - issued when a member or firm satisfactorily fulfills the requirements for all of the sub-categories of the practice of professional accounting outlined in Section 18 of the Act.
  2. Conditional Licence - issued when a member or firm at the time of application acknowledges and agrees to not practice in audit engagements outlined in Section 18(1)(a) of the Act.
  3. Restricted Licence - issued when a restriction has been imposed on the member or firm limiting them from practicing in one (1) or more, but not all, of the sub-categories of the practice of professional accounting outlined in Section 18 of the Act or in accordance with Regulatory Board rule 357.2.

Qualification to Maintain a Licence

A member or firm has three (3) years from the date of proclamation of the Act to fulfill all the qualifications, or the licence for the member or firm may become conditional, restricted or cancelled.

Regulatory Bylaws 25.5 and 25.6 - A licensed member/firm shall:

  1. apply for renewal to the Registrar in the form approved by the Board;
  2. provide evidence annually to the Registrar that during the last year each of its licensed members in the licensed firm have:
    1. satisfactorily completed the practical experience requirements as established in the Rules;
    2. achieved at least twenty (20) hours of verifiable continuing professional development specific to the practice of professional accounting for a comprehensive licence, or at least ten (10) hours for a conditional licence;
    3. completed an assessment of competency in the practice of professional accounting as established by the Board; and
  3. include any other information requested by the Registrar.

Professional Liability Insurance

The Rules on Professional Liability Insurance coverage are below for your reference. Every firm shall carry professional liability insurance and provide to the Institute a certificate of professional liability insurance coverage which states the amount of insurance carried, the anniversary date of the policy and any other information as set out in the Rules.

“Regulatory Board rule 355.1 - The minimum requirement for professional liability insurance when the firm engaged in the practice of professional accounting is:

  1. $1,000,000, where one (1) member is engaged or employed in the practice of public accounting;
  2. $1,500,000, where two (2) or three (3) members are engaged or employed in the practice of public accounting in the same firm; or
  3. $2,000,000, where four (4) or more members are engaged or employed in the practice of public accounting in the same firm.

355.2 The minimum requirements for professional liability insurance specified in Board rule 355.1 are per occurrence and in aggregate and coverage for defense costs shall be in addition to the specified minimum requirements.”