Thank you, Mr. Speaker, for allowing me to do a second reading of bills. Mr. Speaker, I move, seconded by the honourable Member for Hay River South, that Bill 7, Chartered Professional Accountants Act, be read for the second time. This bill, like the parallel statute to be introduced in Nunavut, establishes the Organization of Chartered Professional Accountants, which will be responsible for regulating the profession of accounting in the Northwest Territories and Nunavut. This bill merges the existing professions of certified general accountant, certified management accountant, and chartered accountant into a single profession and repeals the statutes governing those formerly separate professions.

Some of the key provisions of this bill concern the following matters:

• setting out the powers of the organization to manage its affairs, including the powers to hold property, borrow money, make bylaws and elect its governing board;
• setting out rules respecting the practice of the profession, and reserving the chartered professional accountant designation to members of the organization;
• setting out rules respecting the membership and licensing of members of the organization;
• setting out the powers of the organization to establish requirements for members, including ethical and professional standards of conduct and continuing competency requirements;
• setting out rules respecting the making and investigation of complaints against members and the conduct of discipline proceedings, including appeals;
• providing that the organization may exercise powers and functions for the regulation of the profession in Nunavut; and
• providing for transitional measures, including preserving registrations effected and proceedings taken under the former governing statutes.

Thank you, Mr. Speaker.