The Chartered Professional Accountants Act is the legislation that governs our profession. Backing up the Act is a set of other documents that form the governance framework for Alberta’s designated accountants (see chart below).
The Act is passed by the Legislative Assembly and provides the framework for how the profession operates in Alberta. The Regulation forms part of the governing documents and gives more detail on how CPA Alberta fulfills its duties under the Act. It must be approved by the Board, members and the Lieutenant Governor in Council. The Bylaws support the application of the Act and Regulation. The Rules of Professional Conduct are set out ethical standards to which members must comply. Both the Bylaws and Rules must be approved by the Board and the membership. The Directives and Resolutions which provide more detailed rules for the profession and CPA Alberta are set by the Board.
The Bylaws outline the principles that CPA Alberta will use to operate and interact with its members. The Rules of Professional Conduct outline the ethical and professional responsibilities for the profession and its members, such as compliance with professional standards, conflict of interest, public protection, and policies and procedures for firms.
The Bylaws and Rules of Professional Conduct were approved by all three legacy boards/councils (CMA Alberta, CGA Alberta, and ICAA) and the Alberta Accountants Unification Agency Board (now the CPA Alberta Board). These two governing documents set high standards for the profession, allow us to continue to protect the public, and maintain the reputation of the profession as we begin our new legacy as Alberta CPAs.