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Statutes of Newfoundland 1996


CHAPTER 10

CHAPTER 12

AN ACT TO AMEND THE PUBLIC
ACCOUNTANCY ACT

(Assented to June 18, 1996)

Analysis

1. S.2 Amdt.
Definitions

2. S.3 Amdt.
Licensing board

3. S.11 R&S
Board may require further conditions be met

4. S.14 Amdt.
Revocation of licence

5. S.20 Rep.
Admission as C.A.

6. S.27 Amdt.
Evidence

7. Licensure continued

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


RSN 1990 cP-35

1. Paragraphs 2(b) and (c) of the Public Accountancy Act are repealed.

2. Subsection 3(2) of the Act is repealed and the following substituted:

(2) The board shall consist of not fewer than 11 and not more than 13 members appointed by the Lieutenant-Governor in Council, and of those members

(a) one member shall be nominated by and shall be a member of the Institute of Chartered Accountants of Newfoundland;

(b) one member shall be nominated by and shall be a member of the Certified General Accountants Association;

(c) one member shall be nominated by and shall be a member of the Society of Management Accountants of Newfoundland;

(d) not fewer than 5 and not more than 7 members who are representatives, on a pro-rated basis, of the groups referred to in paragraphs (a), (b) and (c) shall be nominated by the minister; and

(e) 3 members who are representatives of the public shall be nominated by the minister.

3.. Section 11 of the Act is repealed and the following substituted:

Board may require further conditions be met

11. In addition to the powers of the board set out in section 10, the board may establish further conditions or requirements to be met by applicants who apply for a licence under this Act, including a requirement that the applicant obtain and maintain professional liability insurance.

4. Subsection 14(6) of the Act is repealed and the following substituted:

(6) Nothing in the section shall diminish or enlarge the powers of the administrative bodies of the professional accounting designations of Chartered Accountants, Certified General Accountants, and Certified Management Accountants to discipline in respect of its own members.

5. Section 20 of the Act is repealed.

6. (1) Subsection 27(1) of the Act is amended by deleting the words "or certified accountant or certified auditor or an abbreviation" and by substituting the following "or certified management accountant or an abbreviation".

(2) Paragraph 27(1)(b) of the Act is amended by deleting the words "or certified accountant, or certified auditor" and by substituting the words "or certified management accountant".

Licensure continued

7. An individual licensed to practise public accounting on the date this Act comes into force shall be considered to have been licensed by the board.

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