Canadian accountants attempt merger, confusion ensues
Most one-liners about accountants cast them as a dreary lot. One has them as the people you hire to explain why you didn’t make the money you thought you had. Another calls auditors “the people who go in after the war is lost and bayonet the wounded.” Actually, accountants are as susceptible to scurrilous gossip, petty rivalries and political intrigues as any other profession. Some of them are as obsessed by letters—particularly those found in their professional designations—as they are with numbers.
That’s a problem for those who’d have them march under one banner. Last year, Canada’s professional accountancy bodies began tense negotiations aimed at setting aside decades of rivalry. Their plan is to merge and adopt a single super-designation: the Chartered Professional Accountant (CPA). These efforts will reach a fevered pitch in the coming months.
To understand what just might be the most important issue facing Canadian accountants this year, you need to know several things. One is that not all accountants were created equal. To outsiders, they may seem to be simply number-crunchers, but accountants who work in industry often have very different jobs than their counterparts in education and government. And then there’s coveted “public accounting” work—that is, auditing the financial statements of publicly traded companies. This generally pays best. Unsurprisingly, those allowed to do it have tried to block others from obtaining licences.
Largely on the basis of such historical distinctions, over time Canada’s accountants divided themselves into three rival cabals. The largest, the Canadian Institute of Chartered Accountants (CICA), is 80,000 strong. Some CAs regard themselves as the profession’s aristocracy—the best trained, the highest paid. The Society of Management Accountants of Canada (CMA Canada) has a membership half that size. Another 75,000 belong to the Certified General Accountants of Canada (CGA-Canada). Because the profession is largely governed by provincial legislation, the provincial chapters of these organizations have a considerable degree of autonomy. All told, that means 39 separate organizations in Canada, each with its own board and executive team.
Read more here: http://www.canadianbusiness.com/article/66602–canadian-accountants-attempt-merger-confusion-ensues