In Canada, a Chartered Accountant is a person who has acquired the skills and knowledge enabling him or her to pass an examination which is set uniformly throughout Canada. The overall process of becoming a Chartered Accountant involves working as a student with an approved firm of Chartered Accountants. The broader the range of clients served by the firm, the greater the skills and ability a student will acquire in areas such as auditing, taxation, systems and business law. We believe that we possess such a clientelle and therefore, offer a unique training opportunity to our students.
Once a C.A. designation is obtained, a license to practice public accounting may be applied for. The C.A. designation in Canada is similar to the C.A. designation in England and the C.P.A. designation in the United States.
We try at all times to maintain high standards for both computer hardware and software (We are now fully "Year 2000" compliant.), as well as for industry technology and reporting requirements. Accordingly, the Institute of Chartered Accountants Of Ontario (ICAO) permits us to train up to three professional articling students at any one time.
All students must have a University Degree with intentions of becoming a Chartered Accountant before gaining employment. They must demonstrate good accounting skills and possess the knowledge to audit and advise our clients.
Every four years, the ICAO carries out a practice inspection review of all offices employing licensed public accountants. The inspection focuses on quality control and adherence to standards within our industry. This procedure includes a detailed audit of both `audit' and `review' working paper files, financial statement presentation, office procedures and technical literature. Ormsby & Mackan was successful in its latest review in January 1996.
The generalist can often notice a wider variety of problems and determine the solutions to those problems whereas the specialist may have too narrow a focus to determine the requirements of a particular client. As well, a specialist may not always notice where other specialists or generalists might better serve a client.
As generalists, we believe we possess knowledge in a broad range of tax areas. We can assess our clients' needs, including recommending an unbiased specialist, quickly when problems arise.
These students are always up to date with recent accounting and auditing pronouncements within North America and they exude an intelligent aura to the work and social environment.
The current clientelle of this practice usually surprises our associates. It covers a very broad spectrum of personal and corporate organizations in Canada and the United States. Corporate clients range from the corner gas retailer, to consultants, manufacturers, professionals and a good representation in the non-profit sector. Two of our clients are listed and actively traded on major Canadian stock exchanges. For a list of the industries which we are involved in, click here.
George Ormsby began his training with the firm of Touche Ross Bailey & Smart in Toronto and completed it with Thorne Ridell (now Peat Marwick Thorne). In the early 1970's, he began his own practice which was partly fuelled by the restructuring of the Canadian income Tax Act at that time.
The range of clients with these firms included: Chrysler Canada, Bell Canada, Canadian Breweries (O'Keefe and Carlings), and Revenue Properties Limited. These public corporations were interlisted on the New York and Toronto Stock Exchanges. There were numerous clients in the private sector as well whose names cannot be released. Several of these were major players in the retail sector, steel fabrication and real estate development.
Particular strengths are in the areas of manufacturing and processing, automotive dealerships, resort hospitality and hotel industry, non-profit organizations and real estate development. Systems analysis and implementation is of great interest as is taxation.
Francis began his apprenticeship training with George Ormsby in January 1986. He received his Bachelor of Business Administration from Brock University, St. Catharines, Ontario, with honors. While at Brock, Francis was part of the Co-operative Accounting Program which is regarded as one of the finer accounting oriented programmes in Canada. It combines the best of theoretical studies and professional practice.
When his apprenticeship was completed, Francis wrote the Uniform Final Exam for Chartered Accountants. He ranked eighth in the Halton-Peel region of Ontario.
Particular strengths are in the area of accounting systems analysis, computers and the internet, Canadian Personal and Corporate income tax and general review work.
We are proud of our hard working staff which includes Sherrie Ross, a graduate of York University and a CA finalist. In addition, we employ Co-operative students from the Brock University Co-op program. Currently, Chris Ormsby and Fabrice Jestin round out our staff.
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