Registered Industrial Accountants

• RIA is an acronym that stands for Registered Industrial Accountant. RIAs were professionals trained in preparing and interpreting financial reports for business managers and government administrators. These reports were generally requested by businesses and governments before long-term planning in order to give the decision-makers a clearer idea of the financial future of their organization.
  
  

Certified Management Accountants

• The change from RIA to CMA reflects a shift in the focus of advising RIAs had begun to provide. In addition to the preparation and interpretation of financial reports, CMAs are trained to notice emerging trends before they happen, allowing businesses and governments to proactively respond to coming changes. They focus on the "big picture," advising organizations in areas including strategic planning, sales, marketing, information technology, finance, human resources and day-to-day operations.
  
  

History

• The history of CMAs in Canada began in 1920, when the Canadian Society of Cost Accountants was founded. Most of its members practiced in Montreal and Toronto at the time. The CSCA originally offered training in accounting and business management, granting certificates to its graduates. Since education in Canada is provincially governed, provincial chapters began to seek recognition from their governments. In the 1940s, several chapters were authorized to grant the title of Licentiate of the Cost and Management Institute, or LCMI, which was changed to RIA a few years later. By the late 1980s, the title RIA was no longer felt to describe what RIAs were doing, and in 1987, their designation was legally changed to CMA.
  
  

Organization

• Local chapters of CMAs exist across Canada, and each is a member of CMA Canada, a self-regulating body that aspires to maintain the "highest standards, practices and professional conduct in management accounting to protect the public interest." CMA Canada represents some 47,000 CMAs across the country and is governed by a Board of Directors with 24 members. Its members are the twelve provincial and regional CMA chapters, which were each created by acts of legislation and are legally self-regulating. The regional bodies grant certification in their jurisdictions and are responsible for recruitment, education, certification and disciplinary actions.
  
  

Regulations

• Since provincial chapters of the CMA are autonomous and self-regulating, the regulations they adhere to differ from region to region. Each chapter, however, has a code of professional conduct and ethics that their members must adhere to. These regulations describe how the chapter governs itself, the rules and responsibilities of its membership and leadership, standards for quality of workmanship, how violations are investigated and the penalties for those violations.