The Role of Canadian Institute Of Chartered Accountants
The Canadian Institute of Chartered Accountants (CICA) is a private, non profit organization. The CICA along with the provincial, territorial and Bermuda Institutes of Chartered Accountants represent total membership of around 75,000 CAs and 12,000 students in Canada and Bermuda. The develop Generally Accepted Accounting Principles (GAAP) within Canada. In 1902, the CICA was incorporated by the Government of Canada.
They conduct research on current business issues and support the setting of accounting, auditing and assurance standards for business, non profit organizations and government. They publish professional literature, issue guidance on control and governance, develop continuing education programs and represent the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance.
In 1902, when CICA was founded, it was called the Dominion Association of Chartered Accountants (DACA). In 1934, The DACA played a significant role in setting standards for accounting policies when the Amendments to Canada Companies Act were passed. In 1938, the Canadian provinces agreed that membership should be determined by a uniform evaluation. In 1951, the Dominion Association of Chartered Accountants changes its name to the Canadian Institute of Chartered Accountants.
The CICA was incorporated by a Special Act of the Canadian Parliament in 1902. This act is now known as the Canadian Institute of Chartered Accountants Act, which was last amended in 1990 to reflect the CICA’s current mandate and powers. CICA aims to ensure that this prestigious profession is well positioned to respond to the challenges, and capitalize on the opportunities presented in current marketplace. They also provide an array of member services and professional literature, undertake research and development of intellectual property, issue guidance on risk management and governance and promote relationships with key stakeholders nationally and internationally.
The CICA aims to foster public confidence in the CA profession by acting in the public interest and helping members excel. The CICA provide leadership to uphold the professional integrity and standards of Canada’s chartered accountants on the global front. This is accomplished by enhancing the quality and credibility of financial information produced and used in the private and public sectors for evaluating and improving organizational performance.