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The Ordre des comptables professionnels agréés du Québec is concerned by the issue of fund transfers raised during the preparatory phase of the Higher Education Summit
MONTREAL, Jan. 31, 2013, 2013 (Canada NewsWire via COMTEX) --
The CPA Order wishes to provide
an independent external perspective on the views exchanged during the
preparatory phase of the Higher Education Summit. It should be noted
that the reliability of financial statements, which are audited by
CPAs, cannot be called into question in any way. Indeed, universities
are required to prepare their financial statements in accordance with
Canadian accounting standards, while the CPA's opinion on these
financial statements must be issued in accordance with Canadian
Auditing Standards.
"The resource envelopes received from the Ministère de l'Enseignement
supérieur, de la Recherche, de la Science et de la Technologie (MESRST)
allow for funds to be transferred from the operating fund to the
capital fund. Under no circumstances is this accounting manipulation,
and this practice does not call into question the validity of the
audited financial statements," said Daniel McMahon, FCPA, FCA,
president and CEO of the CPA Order.
Here is a straightforward example. Part of the funding allocated to the
universities by the MESRST in the operating fund is earmarked for
purchases of furniture, tools and equipment. Purchases of computers
used for teaching are funded through the resource envelope of the
operating fund, but at year end, in accordance with accounting
standards, these acquisitions must be transferred to the capital fund
since the assets in question will provide benefits over more than one
fiscal year. "These fund transfers are therefore a standard and
regulated practice," added Mr.McMahon.
All firms conduct financial statement audits in compliance with
applicable budget rules, accounting standards and auditing standards.
"In all cases, we can assure the public of the professionalism and
thoroughness of our CPA members who do the work."
In this regard, it is hoped that the Summit's recommendations will lead
to a better alignment of university funding rules, budget rules and
accounting standards with the aim of maximizing transparency and
improving the various stakeholders' understanding of accounting
information.
About the Ordre des CPA du Québec
The Ordre des comptables professionnels agréés du Québec has over 35,600
members and 6,500 candidates and students. The Order ensures the
protection of the public and the visibility of the profession. It
represents all areas of expertise of the accounting profession,
including assurance, financial accounting, management and management
accounting, finance and taxation.
CPAs are professionals recognized for their rigor, acumen, versatility
and credibility. They have been trained to be the best in their area of
expertise, and their skills enable them to serve businesses,
organizations and the general public.
SOURCE: Ordre des comptables professionnels agréés du Québec
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SOURCE: Ordre des comptables professionnels agréés du Québec
Cedrick Beauregard Manager, Public Affairs Ordre des CPA du Quebec T 514288-3256
[3024] • 1 800363-4688 c.beauregard@cpa-quebec.com Follow the CPA Order
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