We believe that our submission clearly demonstrates the importance of retaining clause 181 as contained in Bill C-4. If paragraph 181(1)(b) were deleted, the right to perform audits or reviews of federally incorporated not-for-profit corporations would be given to some practitioners who, under the legislated public accounting regimes in Quebec and Ontario, do not possess the competencies necessary to do so. That this would occur, whether or not their accounting bodies have qualification programs that provide their members with the competencies needed to perform audits and reviews, runs counter to the public interest at a time when stringent regulation of financial services practitioners is paramount.
We submit that Bill C-4 should not be amended to create a conflict with provincial legislation. We urge the committee to ensure that the public interest is protected and that Bill C-4 is consistent with and does not override the provisions of applicable provincial legislation by retaining the current term “public accountant” in the preamble to clause 181 and by retaining paragraph 181(1)(b).
We appreciate the opportunity to address the committee and would be pleased to take any of your questions. Thank you.