A special licence as well as one of the three Ontario professional accounting designations (CMA, CGA, or CA) is required to practise public accounting in Ontario. Public accountants prepare financial statements for the use of third parties, such as members of the public and investors, and give opinions about the reliability of financial statements. Members of the public, businesses, and investors rely on the opinions of public accountants when they are making important financial decisions. Therefore, the work of public accountants is referred to as “adding credibility for the reliance of third parties.”

In the past, it was primarily Chartered Accountants (CAs) who were eligible to apply for a licence to practise public accounting. However, under The Public Accounting Act, 2004, members of each of the three professional accounting regulatory bodies will be able in the future to apply to their regulatory body for a special licence to practise public accounting.