Canada Recognizes New Professional Designation

The Canadian Institute of Chartered Accountants (CICA) last week announced an agreement with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) that accredits CAIRP as the only body whose designation leads to recognition as a CA-designated specialist in insolvency and restructuring.

CAs who are also CIRPs (Chartered Insolvency and Restructuring Professional) and who register as specialists with their provincial institutes will be eligible to be recognized as CA-designated specialists in insolvency and restructuring, and use the designation style CA·CIRP.

CAs who are not yet CIRPs will be encouraged to obtain the CIRP license and then register as a CA·CIRP. In Quebec, the legal environment currently prevents CAs from describing themselves as specialists and using the symbol CA·CIRP.

"This opportunity for CAs to be licensed to practice as CIRPs and become CA-designated specialists in insolvency and business recovery services complements our other specialization initiatives," said Steve Gallagher, FCA, chair of the CICA's National Specialization Council. "We are delighted to be working with CAIRP on this initiative, the result of which will be that CAs with the CA·CIRP designation will have enhanced credibility to serve both business and individual clients."

"This agreement marks a very important achievement for our members who are CAs," said Larry Prentice, CA, CIRP, Chair and CEO of CAIRP. "For the majority of our members who focus their practices in this area, being able to refer to a specialist designation will emphasize the distinction between professionals who have the demonstrated training and experience in the insolvency and restructuring area and those who may have more limited skills to offer the marketplace. This specialist designation is designed to communicate the expert assistance available to individuals and businesses encountering financial difficulty."

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