Industry committee  As I said, the system provides lots of other measures, for instance, the Income Tax Act, money-laundering measures, monitoring of bank deposits, accounting professionals' requirement to declare money received, and so on. Everything's possible.

Industry committee  The Act provides measures. I'm far from being an expert in suspicious operations, but I believe that various bank deposits or any other such operation would trigger an alarm, thus preventing corporations from acting in such a way. They might do it once, but I'm not sure it would

Industry committee  No, it doesn't. It really has nothing to do with our members. It has to do with simplification and consistency in federal legislation.

Industry committee  Yes, that's correct.

Industry committee  “Public accountant” and “public accounting” are defined in very many ways in provincial legislation, but the terms are not generally used in federal legislation that we've looked at.

Industry committee  Thank you, Mr. Lake, for your question. Actually, yes; in the spirit of time, or to ensure that we didn't run out of time, we really did focus on the top two of our three recommendations, and our top two concern, that second requirement, the independence required. But we have ha

Industry committee  It is used in other jurisdictions, but it means different things according to which jurisdiction you're in. It's not used in federal legislation, like the Bank Act, the Elections Act, the CMHC Act. It's not used. The word “auditor” is used in that legislation. It becomes even mo

Industry committee  I'm sorry; you must be so confused.

Industry committee  We've had the benefit of a few years of study of this bill. I've seen different incarnations of the bill. We had the benefit, of course, on the independence standard, to see the development and evolution of the standard, which is why we've now come back seeking an amendment in th

Industry committee  Same thing.

Industry committee  Thank you for your question, Mr. Bouchard. As I mentioned in my opening remarks, in the aftermath of the corporate failures, there was a complete review of the standards that apply to professional accountants. This did not take place in isolation. I can't tell you where the proc

Industry committee  Thank you for your question. As I mentioned, there are actually three requirements to be met by public accountants in order for them to practise or give their opinion on the financial statements of an organization under this Act. The first one is to be a member in good standing

Industry committee  I'd say the Bar Association has done a little more work than we have on this area, but we looked at it from a very holistic point of view. Our conclusion was that a one-size-fits-all approach didn't fit the sector. We number 19,000 organizations. I sit on three of those 19,000, a

Industry committee  Thank you, Mr. Chairman and honourable members. Mr. Chairman and Honourable Members. Thank you for your welcome this afternoon and for the opportunity to appear before this committee to talk about Bill C-4, An Act respecting not-for-profit corporations and certain other corpora

Industry committee  On the second part of your question, I have a very simple answer. It's not an issue we've looked at in terms of barriers, but I can tell you that the capacity of the services sector to improve Canada's competitiveness internationally exists. I think the committee has heard other