The Quebec CPA Order has an Indemnity Fund that is used exclusively to repay the amounts of money or other securities used by a member for purposes other than those for which they had been delivered to him in the practice of his profession, particularly in the case of fraud or misappropriation of property or funds.
The Indemnity fund committee assesses all claims submitted under the Regulation respecting trust accounting by chartered professional accountants and the indemnity fund of the Ordre des comptables professionnels agréés du Québec and makes recommendations to the Order's Executive committee.
The maximum indemnity payable from the Fund is set at $80,000 per claim and $300,000 for all claims in respect of a same member.
A claim to the Indemnity Fund must be submitted in writing to the Secretary and Legal Affairs Vice-president of the Order. It must clearly state the facts supporting the claim, indicate the amount claimed, include a photocopy of all relevant documents and be made under oath. The claim must be filed within 12 months from the time the claimant is aware of the facts giving rise thereto.