ABSTRACT
The structure of the Canadian public accounting profession mirrors the relationship between the Canadian Government and the ten provincial governments, a unique federalism that long been the subject of controversy in Canada. The British North America Act of 1867, by which the UK. Parliament created the confederation known as the Dominion of Canada, parcelled governmental authority among the Canadian Parliament and the several provincial legislatures. Having thus portrayed the Canadian profession in broad outline, it is not difficult to understand why the Canadian Institute formed an Accounting and Auditing Research Committee which began to issue a series of technical bulletins for the guidance of members following World War II. The new Securities and Exchange Commission (SEC) took a strong interest in accounting and auditing, especially in the form of financial statements and complementary disclosures. Both the Montreal Society of Financial Analysts and The Toronto Society of Financial Analysts eager commentators on The Canadian Institute of Chartered Accountants (CICA) exposure drafts.
