Decision and Order of the matter between CPA Discipline Committee and Reid McLeod. (File photo/paNOW Staff)

By Glenn Hicks

bad practice

Former Prince Albert accountant fined $17,500 for misconduct

Apr 16, 2021 | 8:00 AM

A former Chartered Professional Accountant in Prince Albert has been fined $17,500 for professional misconduct that caused significant financial harm to clients.

The sanction against Reid Joseph McLeod—who was formerly a partner of then Kemp Thompson McLeod—has been posted on the CPA Saskatchewan website.

The discipline committee, acting on formal written complaints, found over a period of eight years—from early 2010 to late 2017—McLeod failed to provide services with competence, due care and integrity and provided false or misleading documents.

The ruling determined he’d failed to file financial information on clients’ tax returns that ended up costing those clients in interest, penalties and other expenses.

While he did reimburse one individual client $35,000, the discipline committee found McLeod “caused financial harm of a significant amount to several clients” and matters are still being reassessed by the Canada Revenue Agency.

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Protecting the public

It also determined he was careless in his consideration, application and documentation in the practice of the profession. There is no documentation to support that McLeod made reasonable efforts to avoid actual or potential harm.

Shelley Thiel, the CEO of CPA Saskatchewan, told paNOW McLeod resigned as a member in the summer of 2018 but they can still look into the actions of previous members for several years.

“Even if they’re no longer a CPA member, we continue to have jurisdiction for six years from the date they resigned,” she explained, noting it is very important to follow the process of investigating complaints under The Accounting Profession Act.

“CPA Saskatchewan must investigate all written complaints that allege either professional misconduct or incompetence. We take that very seriously given our mandate which is to protect the public,” she said, adding clients who may not have already done so can follow the complaint process on the CPA Saskatchewan website.

Left to clean things up

Bill Thompson, the senior partner of the firm—which is now Kemp Thompson Brown—said he worked with McLeod for forty years and his former partner left behind a difficult situation.

“It took us two and a half years to clean up,” Thompson said. “We had complaints from clients…they were mad…but we cleaned things up and they stayed.”

He explained they reported continuously to CPA and were investigated themselves but ‘came out clean and clear.’

Thompson added the sad part is his profession is supposed to protect the public and this didn’t happen. He figures his ex-partner should have been given a larger sanction.

“Because he [McLeod] gave up his CPA [membership]… his punishment I don’t think is enough, but that’s not my call. It created a lot of problems here.”

paNOW contacted McLeod but he decided not to comment.

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glenn.hicks@pattisonmedia.com

Twitter: @princealbertnow