How is CA qualification changing in the CA firm environment as a result of the Practical Experience Requirements, 2007? Top
Experience is the only component of the CA qualification process that is changing. All CA students will still be required to meet the same education and evaluation criteria.
Under the new Practical Experience Requirements, the experience CA students obtain in CA firms will not change significantly. This is because the new requirements were developed to reflect the best practices in CA firms in order to ensure CA students in corporate and government CA Training Offices receive the same high quality, rigorous qualifying experience. The term of practical experience – three years, including graduate level education – remains the same. Contact your Provincial Institute/Ordre for specific requirements in your province.
Currently, experience is tracked via the duration of time completed at a CA firm and the number of chargeable hours the CA student works, with a specific number of chargeable hours required for assurance,audit, and tax. Chargeable hours will still be required for students working at CA firms for the purpose of licensure.
In addition to chargeable hours, CA students will be asked to reflect upon competency development. The new Practical Experience Requirements will require all CA students to acquire the competencies specified by the profession, which are summarized in Appendix 1 of the Practical Experience Requirements, 2007.
The CA profession will be working very closely with all currently approved CA firms over the next year to ensure they are ready to support CA students under the new requirements. The profession will assist CA students and firms by providing them with the tools needed to successfully measure and track CA competency development in the workplace.
When will CA firms have to train under this new model? Top
For CA firms already approved to offer experience in public accounting, the new requirements will apply to all students commencing employment on or after September 1, 2009. Students hired before this date will complete their qualifying experience according to long-established supervision and mentoring guidelines. Students hired after this date will be required to meet the requirements set out in Practical Experience Requirements, 2007. The CA profession will work closely with approved CA firms over the next year to ensure they are ready to transition to the new standards.
Will all CA firms that now train CA students be able to do so under the new requirements? Top
Yes. All CA firms currently recognized as Approved Training Offices will be recognized as CA Training Offices for positions in public accounting. However, if they wish to create training positions in tax, business advisory services, or some other area, they will be required to obtain approval by the CA profession for the new positions. The provincial institutes/ordre will be working closely with all CA Training Offices over the next year to ensure their CA training programs meet the new requirements.
Are CA firms the only place where students can obtain the experience needed to practise public accounting? Top
Yes. Only CA Training Offices providing audit, assurance and taxation hours -- as defined under current standards and regulations -- offer the qualifying experience necessary to practise public accounting. This includes CA firms and the Offices of the Auditor General of Canada and the provincial Auditors General. CA students who qualify without having acquired all of the required public accounting experience can do so post-qualification. They can become eligible to practise public accounting if they subsequently acquire the necessary public accounting experience in a CA Training Office, including the chargeable hours (i.e. CA Firm or the Offices of the Auditor General of Canada or the provincial Auditors General). They will not have to rewrite the UFE.
What does the profession mean when they refer to “practising public accounting”? Top
Public accounting refers to a range of different services that are normally available from CA firms and could include assurance and taxation services as well as compilation services. Some provinces require a license to practice public accounting. The exact definition often differs by province; please refer your Provincial Institute/Ordre to learn more.
I have obtained some experience at an approved CA firm prior to September 1, 2009 but am not starting full time with the firm until after this date.
a) Will this experience still count towards qualification? Top
Yes. All experience acquired before September 1, 2009 that meets the requirements of the former criteria will count towards CA qualification under the new criteria.
b) Which practical experience requirements will I be required to use as the basis for CA qualification? Top
The CA Training Office may choose, in consultation with each CA Student, whether the CA Student is subject to these new rules, or to the rules in place on the date the CA Student registered with his or her Provincial Institute/Ordre.
Will all CA students write the UFE? Top
Yes. This ensures reciprocity both nationally and internationally. The new rules will not affect the date at which students write the UFE; that date will continue to be determined by their performance in the professional education program.
Why is the CA profession allowing CA students to train outside CA firms? Top
The CA profession offers the best training in public practice; with expanded experience opportunities, we will now be able to also offer the best training in the corporate and public sectors. These changes:
- Make it possible for CA firms and select corporate and public sector organizations to create more entry-level positions for CA students; and
- Create more opportunities for qualified university graduates to become CAs, an important step in our strategic initiatives to secure the future supply of CAs and meet the demands of the marketplace.
Are there advantages to training in a CA firm rather then training in one of the new expanded experience routes? Top
All approved CA Training Offices offer excellent experience that meets the requirements of the CA profession. Choosing which route to take should depend on individual interests and career objectives.
- How can I get more information and/or keep current? Top
For more information, contact your Provincial Institute/Ordre.
