Members of the Quebec CPA Order are professionals who may hold sums of money or other securities on behalf of their clients or third parties. Such holdings are governed by the Professional Code and various regulations, including the Code of Ethics and the applicable regulation respecting trust accounting and the indemnity fund.
Despite the controls implemented by the Order, some chartered professional accountants may use these sums of money or securities for purposes other than those for which they were entrusted to them in the practice of their profession. To protect the public and thus maintain the integrity of the profession, the Order established an indemnity fund.
The applicable regulation respecting trust accounting and the indemnity fund does not provide for:
- claims for damages. Such claims are under the jurisdiction of civil courts;
- recovery of loans made to CPAs for investment purposes.
Claims to the Indemnity Fund must be addressed to the Secretary General using the Indemnity Fund claim form. Claims must clearly state the facts, indicate the amount being claimed and include a copy of all supporting documents. Signed and sworn to, claims must be filed within 12 months from the time the claimant becomes aware of the facts giving rise thereto.
Indemnity fund committee
The Indemnity fund committee evaluates and investigates all claims it receives and makes recommendations to the Ordre’s Board of Directors, who renders a final decision.
Involvement of the syndic
The Office of the syndic will automatically be informed of claims submitted to the Indemnity Fund that were not brought to its attention.