By-Law Update

The Board has approved a revised set of By-laws which became effective on September 26th, 2019 at the AGM. There were a significant number of cosmetic changes made to reorganize the By-law numbers and wording to make them easier for the Membership to find areas applicable to them.

Here is an overview of the By-law changes by section.  Changes which may have a greater impact have been bolded for ease of review.  Members are reminded that they should be aware of all By-laws and abide by them:

  • 100 Series – General Provisions:
    • Numbering of definitions have changed with some definitions either removed or added as appropriate.

  • 200 Series – Association Governance
    • Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood.  
    • Provision added for Students since they are also governed by the Association’s By-laws, but the CPA Atlantic School of Business manages the day-to-day Student processes.
    • Committee section has been updated to reflect the most recently approved committee terms of reference.

  • 300 Series – Membership
    • Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood. 
    • 302 Certificate By-law that previously existed in the Firms section of the By-laws has been moved to the Membership section as it applies to all Members.
    • 308 Annual reporting form By-law that previously existed in the practice inspection section of the By-laws has been moved to the Membership section as it applies to all Members.

  • 400 Series – Practice of the Profession
    • Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood.  
    • Professional Corporation By-law moved to the beginning of this section and Limited Liability Partnership section added, this was added in front of the categories of practice since that section references these types of Members.
    • 405 Firm section, sub-section (3) added requiring the Member in charge of the firm to provide some basic information annually to maintain our Firm registry.
    • 406 Operation of Offices requirements related to part-time offices have been removed.
    • By-laws 410-419:  
      • Headings have been added within the Licensure section to outline requirements for both Audit Level Licences and Review Level Licences.  
      • Some repetition has been introduced in the Audit and Review Licence sections to enable a Member to get all the information within the section that is applicable to their circumstance.  
      • Bridging requirements have been captured to help members better understand how movement between licence types will be accomplished.
      • Within the Renewal By-law for both the Audit and Review Licences a requirement that a Member has participated in a recognized capacity in the provision of that level of service (Audit or Review) in the immediate five-year period is required in order to renew. This will come into effect for 2021 Licences that would be renewed in fall of 2020.
    • By-laws 422 – 429 related to Compilation Engagement Services has been added and outlines the requirements a Member must meet in order to perform Compilation Engagement Services (Notice to Reader) as a Member of CPA Newfoundland and Labrador.
    • 430 Series – Professional Liability Insurance - Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood. 
    • 431 – Minimum Professional Liability Insurance Requirements - Aggregates have been lowered to be equal to the per occurrence amount for each firm size, this is to align with national recommendations and levels maintained in other provinces.
    • 440 Series – Office Practice Inspection – The By-laws have been updated to reflect what was already in place at the policy level. Moving more core-content into the By-laws will make it more readily available to the Membership.

  • 500 Series – Fees
    • This is primarily existing content and was just moved toward the end to have all fees related information in one area of the By-laws, following all other By-laws that introduce processes or activities that may result in a fee.

  • 600 Series – Student Education
    • Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood.
    • 602 – Student involvement in the Practice of Public Accounting By-law was added to prohibit a student from being engaged in the Practice of Public Accounting except as an employee of a Practicing Office or as expressly permitted in writing by the Board.

  • 700 Series – Rules of Professional Conduct and Disciplinary Proceedings
    • Majority of changes are cosmetic in nature, some items moved around or re-worded to make it more easily understood.  
    • 721(13) added to the By-laws outlining the circumstances in which the Association may add additional charges to an ongoing disciplinary matter.

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