Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 233,000 members and 536,000 future members worldwide. ACCA's headquarters are in London with the principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centers in 51 countries including Canada 

The term 'Chartered' in ACCA qualification refers to the Royal Charter granted in 1974 granted by Her Majesty Queen Elizabeth II of the United Kingdom. She is also the Queen and head of State of Canada. 

'Chartered Certified Accountant' is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA who works in the public interest, ensuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society.  Chartered Certified Accountants work in all fields of business and finance. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.

To become an ACCA member students need to clear 13 exams covering financial and management accounting, taxation, business ethics, finance, and audit at the foundation, intermediate and advanced levels.  At the final stage, students must choose two out of four following options as their field of specialization,

Advanced Financial Management
Advanced Performance Management
Advanced Taxation
Advanced Audit and Assurance

Following completion of up to 13 professional examinations students must complete three years of supervised, relevant accounting experience, and an ethics module to become an ACCA member. (https://www.accaglobal.com/gb/en.html

ACCA has been a member of International Federation of Accountants (IFAC) since 1977. In addition to IFAC membership, ACCA is represented on key regional forums including the ASEAN Federation of Accountants (AFA), the Confederation of Asian and Pacific Accountants (CAPA), Accountancy Europe, the Institute of Chartered Accountants of the Caribbean (ICAC), the Pan African Federation of Accountants (PAFA), and is a member of CCAB in the UK and Ireland. It undertakes wide-ranging capacity-building work globally and has an extensive network of partnerships with other professional accountancy organizations. (https://www.ifac.org/about-ifac/membership/members/association-chartered-certified-accountants-acca

Background

The CGA Provincial Bodies and CGA Canada signed the existing Mutual Recognition Agreement (MRA) with ACCA (the Association of Chartered Certified Accountants) in 2011. Upon unification of Canada's three individual accounting bodies in 2014, the commitments of each CGA body that was party to the agreement were transitioned to the new CPA body for that jurisdiction. With the exceptions of CPA Bermuda, which did not have a legacy CGA body, and CPA Quebec, which gave notice of termination to the ACCA on October 17, 2012, the new CPA bodies continued to honor the agreement. On April 8, 2020, CPA Canada sent ACCA a notice of termination of the MRA to terminate the MRA effective April 30, 2021.

ACCA and CPA Canada have worked together on important initiatives, including a significant joint research project on how accountants can help bridge the infrastructure gap, as well as cooperation on public sector activities. Each is committed to fostering global mobility for accountants and will continue to have pathways into their respective designations for internationally trained professional accountants.

Issue

Accountancy is a global profession that works across borders and boundaries. The removal of barriers for internationally trained professionals needs to be eliminated. This freedom enables ACCA members to reach their full potential and find a level of employment that matches their qualifications and skills. The process of becoming an ACCA member is exactly the same as for CPA Canada membership, rather rigorous because students clearing ACCA exams are competing globally. 

Currently, ACCA has more than 4,700 fully qualified members and 1,900 future members (students) residing in Canada, with roughly 65% in the province of Ontario.

I am writing to you to discuss my deep concerns about an overreaching prohibition buried in the Chartered Professional Accountants of Ontario Act (CPAO Act) and the negative impact that prohibition has on ACCA designation holders. Qualification for an ACCA designation requires rigorous study, passing numerous exams, and meeting extensive experience requirements, as well as a commitment to lifelong education and adherence to a stringent code of ethical conduct. This is all in place to maintain the ACCA designation as one of the most prestigious designations globally. Yet, due to an overreaching and unnecessary prohibition in the Chartered Professional Accountants of Ontario Act, While an ACCA holder has the skills and training to provide needed professional accounting services to a wide range of companies, financial institutions, government entities, and charities as a result of earning this strong and internationally-recognized credential, ACCA members are severely restricted in their use their ACCA credential in Ontario. Other provinces and jurisdictions without a similar prohibition on the use of the ACCA designation provide a more welcoming environment for ACCA members.

Effects

With the current restrictions in place by the local bodies, it is becoming extremely difficult for ACCA members, and affiliates who have, are considering, and/or are in the process of immigrating to Canada, after April 30, 2021, to take any professional advantage of their hard-earned designation which is at par and exceeds any or all professional and ethical standards of other global professional accounting designations. 

Resolution

It is fair and therefore humbly requested by all the concerned decision-makers to remove the unnecessary red tape around the process and allow designated ACCA members to go for reciprocity as before April 30, 2021, and allow for global ease of practice and movement to all designated accountants.

I am an ACCA affiliate and have invested time and effort in clearing exams and gaining practical experience before moving to Canada. I am about to become an ACCA member and have been disadvantaged like thousands of others whose efforts are nullified because of this unnecessary red tape. The removal of which will result in my and thousands of other's professional growth and will result in their enhanced earning potential helping us and Canada both.