PREAMBLE TO THE CPA MANITOBA CODE OF PROFESSIONAL CONDUCT
Application of the CPA Code
The CPA Manitoba Code of Professional Conduct (“the CPA Code”) sets out general and specific duties for sound and fair financial and management reporting and business practices owed by all members, candidates, students or firms to clients, employers and the public generally as well as to the profession.
- The CPA Code applies to all members, candidates, students and firms, irrespective of the type of professional services being provided. Throughout the CPA Code, the term “registrant” is used to refer inclusively to a member, firm, candidate, or student, and where necessary, explicit references to a member, firm, candidate or student are used in place of the term registrant.
- Registrants not engaged in the practice of public accounting must observe the CPA Code unless there is a specific exception made in a particular provision or the wording of any provision makes it clear that it relates specifically to the practice of public accounting.
- The term “professional services” applies to all registrants and is not restricted only to those who are engaged in the practice of public accounting. It includes those of a registrant’s activities, whether undertaken for remuneration or not, where clients, employers, the public or professional colleagues are entitled to rely on registration with CPA Manitoba as giving the registrant particular competence and requiring due care, integrity and an objective state of mind.
- The CPA Code also applies, with the necessary modifications, to every registrant acting in respect of a matter of personal concern and to the exercise, by the registrant, of any other activity, in particular, a job, a function, an office or the operation of an enterprise.
- The CPA Code is to be read and applied in light of this Preamble, the Act, the bylaws of CPA Manitoba, and the definitions included in the CPA Code, the Act and the bylaws of CPA Manitoba. Rules impose an obligation on registrants; accordingly, compliance with the Rules is mandatory. Where Guidance is provided, it is intended to assist in the understanding and application of the related Rule.
Guide to Canadian Independence Standard
The Guide to Canadian Independence Standard has been updated for recent amendments to Rule 204 Independence of the CPA Code of Professional Conduct, and contains explanations, examples and frequently asked questions intended to provide assistance in understanding and applying the independence standard.
The guidance is useful for those who conduct compilation engagements, which require the disclosure of impaired independence, as well as those who conduct assurance engagements and specified auditing procedures engagements.