Frequently Asked Questions Members Unification of the profession Coming into force of the Act

Frequently Asked Questions Members Unification of the profession Coming into force of the Act Are you already on your way to becoming a CA, CGA or CMA? Read the FAQ prepared for candidates for the practice of the profession. You will find the answers to the following questions in the pages that follow. The [+] symbol means that additional information is available on our Web site at cpaquebec.com. The situation in Quebec 1. I heard that there is an Act to create the Ordre des CPA du Québec. Has it come into force? 2. What does the unification of the accounting profession mean? 3. What are the objectives underlying the creation of a single accounting order? The professional designation 4. I am a CA, CGA or CMA. What is the right way to use my accounting designation? 5. I practice public accountancy. What is the right way to use my accounting designation? 6. I hold the CA IFA or CA IT designation. What is the right way to identify myself? 7. Can I choose to use a single designation, i.e. either my CA, CGA or CMA designation alone or the new CPA designation alone? 8. Will I be able to continue to use the CA, CGA or CMA designation after 10 years? 9. I hold the title of Fellow. What is the right way to use my designation? 10. I hold more than one accounting designation (CA, CGA, CMA). What is the right way to use them? 11. I hold the U.S. CPA designation. What is the right way to use my accounting designations? 12. Can we identify ourselves as professional accountants or public accountants? Corporate name and business name 13. With the new CPA designation, what happens to the name of the firm in which I practice? 14. Do I have to change my firm s stationery and communication tools? 15. Will the CA, CGA and CMA logos continue to be used? 16. I currently use the CA, CGA or CMA logo. Can I continue to do so? Membership fees 17. Will members of the three orders pay the same amount of annual fees for 2012-2013? Public accountancy 18. Does unification change my practice of public accountancy in any way? Regulations 19. What impact will unification have on the regulations with which CPAs will have to comply? 20. Has the professional inspection process changed? 21. Will we have access to specialty certifications soon? 22. How does unifying the accounting profession in Quebec increase the protection of the public? Reciprocity of the designation and mutual recognition in Canada and abroad 23. What is the impact of unification on the reciprocity of the designation in Canada? 24. What is happening to the international mutual recognition agreements and international alliances of the three unified orders? Page 1 of 15

25. Will the members of the Ordre des CPA maintain the ties they had with their respective national organizations? Administrative procedures 26. Will I receive a new CPA permit? 27. Is my contact information and other information that concerns me automatically transferred into the new order s database? 28. Where do I go to access my electronic member file? 29. Will I keep the same membership number? 30. Are all CPAs entitled to the member rates for professional products and services that were offered by one order or another? Governance 31. What is the composition of the board of directors of the new Ordre des CPA? Qualification 32. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the Professional Education Program (PEP) of the Ordre des CA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? 33. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the short graduate program in public accountancy (Programme court de 2 e cycle en expertise professionnelle (PEP)) of the Ordre des CGA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? 34. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the CMA Strategic Leadership Program (SLP) or one of the graduate programs recognized by the Ordre des CMA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? 35. What designation will I be able to obtain after completing my program? 36. I am currently in CEGEP or university and I intended to undertake one of the current paths (CA, CGA, CMA). What will the CPA path be? 37. I am a CPA, CA and my firm is approved as a training office. Will this status be retained? A look back on the steps leading up to unification in Quebec 38. When did the boards of directors of the three orders make a decision regarding the unification of the profession? 39. Once the boards of the three orders made their decision, what came next? What was the timeline in Quebec? 40. When they made their decision, how did the boards of directors take account of the comments received? 41. Why did the three orders decide to revisit this issue? The situation in the rest of Canada 42. How does the situation in Quebec relate to the discussions being held elsewhere in Canada and at the national level? 43. What is the current situation in Canada? 44. Your Web site focuses on the situation in Quebec. Where can I find more information on the situation in Canada? Contact information for the Ordre des CPA 45. How can I contact the Ordre? Page 2 of 15

The situation in Quebec 1. I heard that there is an Act to create the Ordre des CPA du Québec. Has it come into force? Yes. The Chartered Professional Accountants Act came into force on May 16, 2012. This means that in Quebec, the accounting profession is now governed by a single order, the Ordre des comptables professionnels agréés (CPA) du Québec. Background The bill was tabled in the National Assembly on March 28, 2012 by Jean-Marc Fournier, Minister of Justice and Minister responsible for the administration of legislation respecting the professions. It was then passed on May 16, 2012. In September 2011, the three accounting orders had issued a favourable recommendation to the government on the unification of the accounting profession in Quebec. This recommendation was made following a vast information and consultation tour with members and future members of each of the three orders. 2. What does the unification of the accounting profession mean? In concrete terms, it means that the three orders (the Ordre des CA, Ordre des CGA and Ordre des CMA), which governed the practice of the accounting profession in Quebec, were unified to form the Ordre des comptables professionnels agréés (CPA) du Québec. The primary mission of the new Ordre des CPA, as it was for the three unified bodies, is to ensure the protection of the public. The Ordre des CPA is also governed by the Professional Code. The membership of the new Ordre includes everyone who held a permit issued by one of the three unified orders before the Act came into force. For a period of ten years after the Act comes into force, these professionals will hold a dual designation, i.e. the new CPA designation followed by their original designation, as follows: First name Last Name, CPA, CA; First name Last Name, CPA, CGA; First name Last Name, CPA, CMA. 3. What are the objectives underlying the creation of a single accounting order? The four fundamental objectives underlying the creation of the Ordre des CPA are to: best position the profession to protect the public through a common certification program and a single set of high ethical and practice standards; enhance and protect the value of the designation in an increasingly competitive and global environment; contribute to the sustainability and prosperity of the accounting profession; govern the accounting profession in an effective and efficient manner. The professional designation 4. I am a CA, CGA or CMA. What is the right way to use my accounting designation? As of the coming into force of the Act creating the Ordre des CPA, all CA, CGA and CMA members must always use the CPA designation, followed by the accounting designation they used before the Act came into force, as follows: First Name Last Name, CPA, CA; Page 3 of 15

First Name Last Name, CPA, CGA; First Name Last Name, CPA, CMA. 5. I practice public accountancy. What is the right way to use my accounting designation? To issue an audit or review engagement report, members of the Ordre des CPA must hold a public accountancy permit. These members are then authorized to use the CPA auditor designation and identify themselves in the following manner: First Name Last Name, CPA auditor, CA First Name Last Name, CPA auditor, CGA First Name Last Name, CPA auditor, CMA 6. I hold the CA IFA or CA IT designation. What is the right way to identify myself? First Name Last Name, CPA, CA, CA IT First Name Last Name, CPA, CA, CA IFA 7. Can I choose to use a single designation, i.e. either my CA, CGA or CMA designation alone or the new CPA designation alone? No. The Act requires any accounting professional member of the Ordre des CPA who initially trained as a CA, CGA or CMA to use the designation in the following manner for a period of 10 years. All of the components of the signature are mandatory. First Name, Last Name, CPA, CA First Name, Last Name, CPA, CGA First Name, Last Name, CPA, CMA These requirements do not apply to future CPAs who will be trained under the new professional education program to be implemented in the fall of 2014. 8. Will I be able to continue to use the CA, CGA or CMA designation after 10 years? In principle, after the 10-year period during which both designations will be mandatory, only the CPA designation will be authorized. However, the Act provides that after eight years, the Ordre must report to the Minister responsible for its application on the provisions respecting the use of the designations, among other things. Ultimately, the decision will rest with the government authorities. 9. I hold the title of Fellow. What is the right way to use my designation? On the date of coming into force of the Act creating the Ordre des CPA, members who hold the title of Fellow must use the CPA designation together with the title they held before the coming into force of the Act, as follows: First Name Last Name, FCPA, FCA; First Name Last Name, FCPA, FCGA; First Name Last Name, FCPA, FCMA. 10. I hold more than one accounting designation (CA, CGA, CMA). What is the right way to use them? Members who hold more than one accounting designation on the date of coming into force of the Act may, if they wish, use all their designations during the 2012-2013 year only (April 1, 2012 to Page 4 of 15

March 31, 2013), provided they have paid their fees to the orders concerned and meet the usual conditions. They can identify themselves as follows, as the case may be: First Name Last Name, CPA, original designations separated by a comma; Note: the CPA designation must be placed first. Members can then add their original designations in the order of their choice, separated by a comma. As of April 1, 2013, this practice will no longer be permitted and members who have more than one professional designation will have to choose one designation, preceded by the CPA designation. It will only be possible to use the designation selected with the CPA designation. Those members concerned will receive more information on how to make their choice in due course. The Act provides that members who have not made a choice will, by default, retain the first accounting designation they obtained and are still authorized to use. Whether by choice or by default, the designation retained at April 1, 2013 will be the definitive one. 11. I hold the U.S. CPA designation. What is the right way to use my accounting designations? First, the Quebec and Canadian CPA designation is different from the American CPA designation. In Quebec and the rest of Canada, CPA stands for Chartered Professional Accountant; in the U.S., CPA stands for Certified Public Accountant. The word professional was retained as it more accurately reflects our diverse membership than the word Public, which seems to imply a sole focus on public accountancy. Remember that the CPA designation in the U.S. is generally associated with a specific state, for example CPA (Illinois) or (Ohio) and that the American CPA designation is not recognized in Quebec and must not be used here. 12. Can we identify ourselves as professional accountants or public accountants? No. The use of the expressions professional accountant and public accountant is prohibited to anyone who wants to use them, including chartered professional accountants who are members of the Ordre des CPA. When they use their designation in English, CPAs must always use their full designation, which includes the word Chartered. In this way, we can better protect the public against non-members who want to imply that they are members of the Ordre des CPA. In French, the use of the term expert-comptable is now prohibited. Corporate name and business name 13. With the new CPA designation, what happens to the name of the firm in which I practice? General rules Members are required by law to use the dual designation (CPA, CA; CPA, CGA or CPA, CMA) after their name. A partnership or company cannot use the dual designation (CPA, CA; CPA, CGA or CPA, CMA) in its corporate name. Page 5 of 15

Individuals, partnerships and companies are prohibited by law from using the chartered accountant, certified general accountant and certified management accountant designations or the corresponding initials (CA, CGA or CMA). Individuals, partnerships and companies are prohibited by law from using the expressions professional accountant and public accountant. The term auditor or its equivalent cannot be used in the name of the firm, whether or not the firm is a partnership or a joint stock-company. The chartered professional accountant designation, or the CPA initials, can only be used by a partnership or joint-stock company if it is more than 50% controlled by CPAs practicing within the partnership or company. Consequently, sole practitioners whose firm is not constituted as a partnership or joint-stock company and who identify their firm by their personal name may: o o 1. either use the chartered professional accountant designation or the CPA initials after their name to designate their firm, 2. or use their dual designation. A joint-stock company (inc.) made up of a single shareholder and director, which is identified by the personal name of the member, cannot use the dual designation in its name since it is a separate legal entity from the member. Changes to the name of a firm must be made with the appropriate authorities after the coming into force of the Act creating the Ordre des CPA. In addition, the name must be changed on all the firm s stationery and communication tools, for example its letterhead, business cards, websites, e-mail signatures, report templates or PowerPoint presentations, commercial signs and promotional material. The Ordre will give its members a time limit to take the required steps and make the necessary changes. The time limit will be communicated to members once it is determined. 14. Do I have to change my firm s stationery and communication tools? Yes. You will have to change your firm s stationery and communication tools, for example its letterhead, business cards, Web sites, e-mail signatures, report templates or PowerPoint presentations, commercial signs and promotional material if you find yourself in one of the following situations: your stationery or communication tools include the words chartered accountant, certified general accountant or certified management accountant or the corresponding initials (CA, CGA, or CMA); your stationery or communication tools include the expression professional accountant or public accountant; your stationery or communication tools include the CA, CGA or CMA logo. However, documents (reports or presentations, for example) that were prepared before the date of coming into force of the Act need not be amended. The Act does not have retroactive effect in this regard. The Ordre will give its members time to make the required changes to their stationery and communication tools. The time limit will be communicated to members once it is determined. 15. Will the CA, CGA and CMA logos continue to be used? Page 6 of 15

No. Only the new CPA logo is to be used from now on in Quebec. The Ordre will send members all the information required on the use of the CPA logo. Members will be given a time limit to make the changes resulting from the new branding of the profession in Quebec. The time limit will be communicated to members once it is determined. 16. I currently use the CA, CGA or CMA logo. Can I continue to do so? No. The CA, CGA and CMA logos can no longer be used in Quebec after the coming into force of the Act creating the Ordre des CPA. The new CPA logo, common to the Quebec accounting profession as a whole, replaces them. The Ordre will send members all the information required on the use of the CPA logo. Members will be given a time limit to make the changes resulting from the new branding of the profession in Quebec. The time limit will be communicated to members once it is determined. Membership fees 17. Will members of the three orders pay the same amount of annual fees for 2012-2013? No. However, it has been agreed that the membership fees of the three unified orders will be harmonized over a maximum of five years, based on a mechanism yet to be determined. For 2012-2013, the fees payable are those that were voted on during each order s annual general meeting in the summer of 2011, i.e. before the decision was made to move forward with the unification project and, therefore, they vary from one order to the other. Public accountancy 18. Does unification change my practice of public accountancy in any way? I am a CPA, CA All members, including CPA, CAs, must hold a public accountancy permit in order to provide assurance services. CPA, CAs are required to use the auditor designation when they practice public accountancy, i.e. in assurance. Under the Act, CAs who provided assurance services in the five years preceding the coming into force of the Act or who have met the requirements of the Regulation respecting mandatory continuing education for Quebec chartered accountants who practice public accountancy, are automatically entitled to obtain the public accountancy permit. CPA, CAs in this situation will thus automatically receive this permit. It is not necessary to call the Ordre to order your permit. Permits will be sent out in batches over time to the mailing address indicated in your file, based on a predetermined order. The mailing of the permits will take several months. In all other cases, members of the Ordre des CA must submit a request to have their file analyzed by the Ordre des CPA. Thus, CPA, CA members who meet the standards for the issue and holding of a public accountancy permit established under sections 10 to 15 of the Regulation respecting the public accountancy permit of the Ordre des comptables généraux accrédités du Québec (since under the Act, this regulation applies to members coming from the Ordre des CA) will be able to obtain a public accountancy permit. I am a CPA, CGA or CPA, CMA Page 7 of 15

The Act creating the Ordre des CPA provides for the retention of the rights of CGAs and CMAs who hold a public accountancy permit when the Act comes into force. These members will automatically receive a public accountancy permit issued by the Ordre des CPA to replace the one they currently hold from their originating order. It is not necessary to call the Ordre to order your permit. Permits will be sent out in batches over time to the mailing address indicated in your file, based on a predetermined order. The mailing of the permits will take several months. In addition, CGAs and CMAs who do not hold a public accountancy permit and who are subject to the clause recognizing that they have certain acquired rights will be able to obtain a public accountancy permit issued by the new order allowing them to perform, on a limited basis, the public accountancy acts they were already peforming legally before the coming into force of the Act. To obtain this permit, members must demonstrate to the Ordre that they have met the conditions provided for under the Act. Holders of the permit will be entered in a registry each year. A member who ceases to be entered on the registry loses the rights recognized under the Act forever. Holders of this permit will be required to use the auditor designation and to insert either one of the following indications as a footnote in documents for which they are required by law to add their auditor designation: authorized to practice public accountancy limited to review engagements; or authorized to practice public accountancy limited to review engagements and audit engagements specifically provided for by law. The Ordre will issue clear guidance on how to present this indication. Regulations 19. What impact will unification have on the regulations with which CPAs will have to comply? The regulations governing the new Ordre des CPA, and its Code of Ethics in particular, were established following a rigorous comparative analysis of the regulations governing the three unified orders. For each aspect of the profession subject to a specific regulation, the bill clearly specifies which of the regulations in place when the Act came into force now applies, with any necessary transitional provisions. Generally speaking, in some cases, the regulation retained was the most comprehensive, the most recent or even the most effective among those of the three orders, and it is this regulation that will apply in full to all members of the new order, with a few amendments sometimes being made immediately to take account of compelling specificities that applied to members of one of the unified orders in particular. Sometimes, when the three regulations contained too many specificities that essentially needed to be maintained, it was decided that the three regulations would remain in force for a set period of time. Obviously, at a minimum, consequential terminological amendments were made to the selected regulations so that they apply to members of the Ordre des CPA, and not members of the unified orders. However, sooner or later all regulations in force after unification will be thoroughly reviewed in an order that takes account of the need to protect the public. The Ordre des CPA will take various steps on a timely basis to allow members to become familiar with the regulations and amendments that affect them more specifically. Page 8 of 15

In the meantime, a summary table of the new regulations follows. Regulations of the Ordre des CPA Short title of regulation Liability insurance Code of ethics Trust accounting and indemnity fund Conciliation and arbitration of accounts Board of directors and general meetings Practice within a partnership or joint-stock company Mandatory continuing education Mandatory continuing education for members who practice public accountancy Professional inspection Refresher training periods and courses Recordkeeping Version retained The three current versions (CA, CGA, CMA) remain in force until March 31, 2013. After that date, the current CA version will be used. CA CA CA CGA CA CMA CMA CA CGA CMA Regulations that remain unchanged from their three versions in force before May 16, 2012 Short title of regulation Committee on training Issue of permits Standards for equivalence of diplomas Standards for equivalence of training Version retained CA, CGA, CMA CA, CGA, CMA CA, CGA, CMA CA, CGA, CMA 20. Has the professional inspection process changed? For the most part, the profession inspection process remains the same. The Ordre des CPA plans to standardize the inspection process, while taking into account the specific nature of the practice areas. 21. Will we have access to specialty certifications soon? Steps have already been taken with the Office des professions to offer members the possibility of obtaining specialty certifications. This is a fairly long and complex process and members will be informed as things progress. 22. How does unifying the accounting profession in Quebec increase the protection of the public? Unification and the creation of a single Quebec, and eventually Canadian, CPA designation, will increase the protection of the public in a number of ways. A single designation and one set of regulations will, among other things: reduce confusion among members of the public; ensure that all members apply the same rigorous regulations (ethics, mandatory continuing education, professional inspection, etc.); provide access to a single disciplinary process; create a single gateway for the mechanisms that monitor the practice of the profession and illegal practice; Page 9 of 15

allow for a more consistent regulatory process. Reciprocity of the designation and mutual recognition in Canada and internationally 23. What is the impact of unification on the reciprocity of the designation in Canada? Reciprocity at the national and international levels is essential for the accounting profession. The Ordre des CPA is working in cooperation with the CICA, CGA-Canada and CMA Canada to make sure we obtain reciprocity at the national level. 24. What is happening to the international mutual recognition agreements and international alliances of the three unified orders? Mutual recognition agreements entered into by the three unified orders with foreign professional accounting bodies will continue to apply to the members of each organization. Following the implementation of the new qualification process, the new organization will establish mutual recognition agreements with other leading foreign accounting bodies in North America and beyond. 25. Will the members of the Ordre des CPA maintain the ties they had with their respective national organizations? Agreements with the national organizations remain in place until they are renegotiated. Administrative procedures 26. Will I receive a new CPA permit? Yes. All members of the Ordre will receive a new CPA permit (paper format) by mail. Holders of a public accountancy permit will also receive a public accountancy permit in paper format attesting to their right to practice public accountancy. This means that a member who practices public accountancy will receive two different permits. It is not necessary to call the Ordre to order your permit. Permits will be sent out in batches over time to the mailing address indicated in your file based on a predetermined order. The mailing of the permits will take several months. 27. Is my contact information and other information that concerns me automatically transferred into the new order s database? Yes. The entire content of your file automatically migrated to the new database of the Ordre des CPA du Québec. You have nothing to do other than to update your contact information if necessary as is currently the case. Page 10 of 15

28. Where do I go to access my electronic member file? For now, members must visit the Web site of their original order to access their member file. The functions available to them remain unchanged for the time being (e.g., update contact information, enter mandatory continuing education hours). 29. Will I keep the same membership number? No. Currently, you have a client/membership number (which you use to connect to your member file on the Web), as well as a permit number (which is indicated on the accounting professional permit you already hold). These numbers will be changed for all members. Thus, each member of the new Ordre des CPA du Québec will have a new client number. In addition, as is currently the case, you will also have a different permit number, i.e. the number printed on the new permit you will be receiving. Holders of a public accountancy permit will also have a second permit number, i.e. the number printed on their public accountancy permit. These numbers will be attributed randomly and will have no special meaning. 30. Are all CPAs entitled to the member rates for professional products and services that were offered by one order or another? It has been decided that the three orders will continue to offer education activities independently until the summer of 2013, given the logistic and planning timeframes associated with the unification of the three bodies. However, it is too early to know what the different rates will be. Governance 31. What is the composition of the board of directors of the new Ordre des CPA? The board of directors of the new Ordre des CPA is made up of 12 elected members and four members appointed by the Office des professions du Québec. The Chair of the Ordre is elected for a two-year term. The board of directors appoints an executive committee to which it delegates certain powers, as provided for by the Professional Code. In order to ensure continuity within the unified profession, two vice-chairs are elected, each from one of the two orders other than the one from which the chair elect was drawn. The 12 elected members of the first board of directors were appointed by and among the elected members of each board of directors of the unified orders (six CAs, three CGAs and three CMAs). The duration of their term is four years (two CAs, one CGA, one CMA), three years (two CAs, one CGA, one CMA) and two years (two CAs, one CGA, one CMA). Thereafter, directors will be elected for three-year terms by member vote. An Assurance and Financial Accounting Monitoring Committee and a Management and Management Accounting Monitoring Committee will be created to support the board of directors; 12 regional groups will also be created. Qualification An FAQ was prepared for candidates for the practice of the profession. Click here to read the questions concerning qualification and the evaluation. Page 11 of 15

CA students 32. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the Professional Education Program (PEP) of the Ordre des CA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? The path currently followed by CA candidates prepares them for the Uniform Evaluation (UFE). This path should be offered until the summer of 2013 for candidates who will be writing the last CA Uniform Evaluation in the fall of 2014. As a result, the current PEP will remain in force as long as the professional examinations of the three orders are still offered. As for students who embarked on the current CA path, but did not pass the UFE, their program may be adjusted to prepare them to pass the new CPA exam. CGA students 33. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the short graduate program in public accountancy (Programme court de 2 e cycle en expertise professionnelle (PEP)) of the Ordre des CGA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? The path currently followed by CGA candidates prepares them for the CGA exams. This path will be offered until the spring of 2015, i.e. until the last CGA exams are held. As a result, the current PEP will remain in force as long as the professional examinations of the three orders are still offered. As for students who embarked on the current CGA path, but did not pass the exams, their program may be adjusted to prepare them to pass the new CPA exam. CMA students 34. I already hold an undergraduate diploma in accounting sciences or equivalent, and am currently registered in the CMA Strategic Leadership Program (SLP) or one of the graduate programs recognized by the Ordre des CMA. Is the path I am following likely to change before I finish? Will I have to meet other requirements in addition to those in place when I started the program? The path currently followed by CMA candidates prepares them for the CMA examinations. This path will be offered until the spring of 2015, i.e. until the last Report to the Board. As a result, the current professional education programs will remain in force as long as the professional examinations of the three orders are still offered. As for students who embarked on the current CMA paths, but did not pass the examinations, their program may be adjusted to prepare them to pass the new CPA exam. 35. What designation will I be able to obtain after completing my program? Candidates who pass the legacy exams of the Ordre des CA, the Ordre des CGA or the Ordre des CMA will be required to use the dual designation, but will receive a CPA permit. The dual designation will be, depending on the circumstances: CPA, CA CPA, CGA CPA, CMA Page 12 of 15

Only candidates who pass the new CPA exam will receive the single CPA designation. 36. I am currently in CEGEP or university and I intended to undertake one of the current paths (CA, CGA, CMA). What will the CPA path be? The first admission to the CPA professional education program (PEP) is scheduled for the summer or fall of 2014 and the first CPA exam will be held in the fall of 2015. Students who complete their undergraduate program and are ready to begin the CPA PEP in the summer or fall of 2014 or later will be required to follow the new CPA program. The current programs leading to CA, CGA or CMA designations will no longer exist. 37. I am a CPA, CA and my firm is approved as a training office. Will this status be retained? No changes are planned in this regard. A look back on the steps leading up to unification in Quebec 38. When did the boards of directors of the three orders make a decision regarding the unification of the profession? At the end of September 2011, the boards of directors of the three accounting orders sent a favourable recommendation to the Office des professions du Québec on the unification of the accounting profession in Quebec by way of a resolution. 39. Once the boards of the three orders made their decision, what came next? What was the timeline in Quebec? Under the Professional Code, the prerogative of unifying professional orders belongs to the Quebec government. Before making a decision, the government consults with the board of directors of each of the orders concerned. In this case, the boards issued a favourable recommendation on the proposal to unify the accounting profession in September 2011. This date closely followed the end of the province-wide information and discussion tour with members and future members, because the boards of the three orders felt it was important to present the proposal to members and candidates for the practice of the profession to obtain their comments before submitting a recommendation to the government. 40. When they made their decision, how did the boards of directors take account of the comments received? All comments received by any means, whether during a session, by voice-mail or by e-mail, were sent to the board of directors of the orders in a comprehensive compilation report. Board members were thus able to read all member feedback before submitting their final recommendation. 41. Why did the three orders decide to revisit this issue? The environment has changed considerably in the last few years. Accounting and auditing standards are converging, professionals are increasingly mobile internationally, global accounting designations are emerging and alliances are being formed worldwide. Page 13 of 15

In Canada, the lines between the fields of practice of accounting professionals are blurring. In Quebec, members of the three orders who complied with the relevant regulations were authorized by law to use the auditor designation and practice public accountancy. Also, in December 2010, the Office des professions asked the three accounting orders to seriously reflect on the unification of the accounting profession in Quebec. The situation in the rest of Canada 42. How does the situation in Quebec relate to the discussions being held elsewhere in Canada and at the national level? Like in Quebec, the objective of the discussions initiated at the national level is to maintain the protection of the public at a high level, and to ensure the prosperity and sustainability of the accounting profession in Canada and in each province. The same eight overarching principles were used as a basis for the proposed unification of the accounting profession in Quebec and for the discussions still underway at the national level and in the other provinces. While the steps required to unify the professions may differ from one province to another because of provincial jurisdiction (e.g. the Office des professions in Quebec), talks are currently underway in all the other Canadian provinces. 43. What is the current situation in Canada? In May 2011, the leaders of the CICA and CMA Canada announced that they had entered into discussions on issues common to the accounting profession in Canada as a whole and on the best way to position the profession and the members of both organizations for the future. CGA- Canada informed its members on October 28, 2011 that it was joining the ongoing discussions with the CICA and CMA Canada on the possibility of unifying the three national accountancy bodies. On January 17, 2012, the CICA, CMA Canada and CGA-Canada presented members with a framework to unify the Canadian accounting profession. The Unification Framework includes details of a transition to a new common designation, Chartered Professional Accountant (CPA), and the development of a new CPA Certification Program. The structure of this process is consistent with the unification process that has just been completed in Quebec. Since the decision to unify the accounting profession belongs above all to each provincial government, work in each province is progressing at different rates. It should be noted, however, that serious discussions on the unification of the accounting profession are underway in every province. Our provincial counterparts are either at the stage of finalizing the provincial unification framework, completing an information and discussion tour with their membership, or submitting a recommendation to their respective governments. 44. Your Web site focuses on the situation in Quebec. Where can I find more information on the situation in Canada? For information on the national initiative, please go to www.cpacanada.ca. Contact information for the Ordre des CPA 45. How can I contact the Ordre? The offices of the three unified orders remain open to the public (same business hours) and all telephone numbers and e-mail addresses will remain in service for several months during the Page 14 of 15

transition. However, it was decided that the temporary head office of the new order would be located in the offices of the Ordre des CMA at 393 Saint-Jacques Street, suite 920, Montreal, Quebec, H2Y 1N9. In addition, the address of the new Web site of the Ordre des CPA du Québec is: www.cpa-quebec.com. Our complete contact information is: Sherbrooke Street address: (formerly the offices of the Ordre des comptables agréés du Québec) 680 Sherbrooke Street West, 18th Floor Montreal, Quebec H3A 2S3 Telephone: 514 288-3256 Toll free: 1 800 363-4688 Fax: 514 843-8375 E-mail: infocpa-ca@cpa-quebec.com Web site: www.ocaq.qc.ca Place d Armes address: (formerly the offices of the Ordre des CGA du Québec) 500 place d Armes, suite 1800 Montreal, Quebec H2Y 2W2 Telephone: 514 861-1823 Toll free: 1 800 463-0163 Fax: 514 861-7661 E-mail: infocpa-cga@cpa-quebec.com Web site: www.cga-quebec.org Head office: (formerly the offices of the Ordre des comptables en management accrédités du Québec) 393 Saint-Jacques Street, suite 920 Montreal, Quebec H2Y 1N9 Telephone: 514 849-1155 Toll free: 1 800 263-5390 Fax: 514 849-9674 E-mail: infocpa-cma@cpa-quebec.com Web site: www.cma-quebec.org Page 15 of 15