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Bill

B 26-0494

Accountancy Practice Amendment Act of 2025

26th Council Period (2025-2026) Introduced by Phil Mendelson

Accountancy Practice Amendment Act of 2025 SummaryThe Accountancy Practice Amendment Act of 2025 is a bill that seeks to update and modernize the regulations governing the accounta

First Reading
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Bill Summary · B 26-0494

Accountancy Practice Amendment Act of 2025

Summary

The Accountancy Practice Amendment Act of 2025 is a bill that seeks to update and modernize the regulations governing the accountancy profession within the jurisdiction. The key purposes and provisions of the bill include:

Main Purpose

  • Revise the educational and licensing requirements for certified public accountants (CPAs) to align with evolving industry standards and best practices.
  • Expand the scope of permissible services that licensed accountants can provide to clients.
  • Strengthen oversight, ethics, and disciplinary mechanisms for the accounting industry.

Key Provisions

  1. CPA Education and Licensing:

    • Increases the minimum education requirement for CPA certification from a bachelor's degree to a master's degree in accounting or a related field.
    • Requires completion of a 1-year supervised internship program prior to CPA licensure.
    • Mandates ongoing continuing professional education for licensed CPAs to maintain competencies.

  2. Scope of Accountant Services:

    • Allows licensed accountants to provide financial planning, investment advisory, and tax preparation services in addition to traditional accounting and auditing work.
    • Establishes new rules and standards for accountants providing these expanded services to clients.

  3. Industry Oversight and Discipline:

    • Empowers the Accountancy Regulatory Board to conduct random audits of licensed firms and CPAs.
    • Increases penalties and disciplinary actions for violations of ethics rules or professional standards.
    • Creates a centralized public database of licensed accountants and any disciplinary actions taken against them.

Potential Impact

The Accountancy Practice Amendment Act aims to ensure the accounting profession is keeping pace with evolving client needs and industry trends. If enacted, it would:

  • Raise the educational bar for new CPAs entering the field.
  • Enable accountants to offer a broader range of advisory services to business and individual clients.
  • Strengthen public trust and confidence in the accounting industry through enhanced oversight and disciplinary mechanisms.

Proponents argue these changes are necessary to maintain the integrity of the accounting profession, while critics express concerns about the added costs and time burdens placed on aspiring and practicing CPAs.

Compiled from official sources — confirm details with the bill’s official record.

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