Recent changes to the Quebec CPA Act make it mandatory for all Chartered Professional Accountants (CPAs) to have professional liability insurance starting April 1, 2013. This new regulation affects all ACFO members who hold CPA designations in the province of Quebec.
Under the current Collective Agreement, the reimbursement of professional liability insurance is not covered by the Employer; FIs with Quebec CPA designations will be required to cover the expense out-of-pocket.
ACFO has raised this matter with Treasury Board Secretariat, and will propose modifying clauses surrounding the reimbursement of professional dues to explicitly include mandatory professional liability insurance during the next round of collective bargaining.
Liability insurance previously existed only for CA members.
For more information on the CPA requirement, please visit the CPA Quebec website at:
http://cpa-quebec.com/the-profession-and-the-order/cpa-requirements/professional-liability-insurance
If you have any questions in relation to this matter, please contact ACFO Director of Labour Relations Scott Chamberlain at schamberlain@acfo-acaf.com or call toll-free 1-877-728-0695 x 225.
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