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The CA profession recently made changes to its practical experience requirements (PER). The new requirements affect what is recognized as qualifying experience, as well as the kinds of organizations that can be recognized as CA Training Offices:
- Approved corporations and government departments can now be recognized as CA Training Offices under strict criteria;
- CA firms are able to seek approval to create training positions in taxation, business advisory services, and other areas, in addition to CA positions in audit and assurance; and
- Audit, assurance, and tax experience is no longer mandatory for those who wish to pursue CA careers outside public accounting. CA students who qualify in these positions but who later wish to practice public accounting can do so by gaining the necessary experience at a CA firm recognized for that purpose; they will not have to rewrite the UFE.
It is important to note that the new PER will also affect CA students who are hired into traditional audit and assurance streams by approved CA firm student-training offices on or after September 1, 2009.
Specifically, CA students will be required to track their competency development in the Record of Qualifying Experience, an electronic tool designed by the CA profession. This tool will be mandatory for all CA students commencing employment with a CA Training Office on or after September 1, 2009 and is available for download on the www.CATOadvantage.ca website.
Each CA student will be required to have a Counselling Member who is a CA in good standing with a provincial Institute. The CA student and the Counselling Member will be required to meet at least twice a year. During these meetings, the CA student and the Counselling Member will discuss the student's progress in developing the CA competencies. The student's Record of Qualifying Experience forms one source of information considered in these discussions.
All CA Training Offices must also appoint a Training Principal who is a CA in good standing with a provincial Institute. The Training Principal will oversee the CA Training Program for the office and will act as the main point of contact with the provincial Institute for student training matters. The Training Principal must complete and sign the new “Practical Experience Report” for each CA Student at the end of each CA Student's practical experience term or when the CA Student leaves the CA firms employ. Note that reporting requirements related to the practice of public accounting HAVE NOT CHANGED.
The CA profession will provide orientation materials to Training Principals, Counselling Members, and CA students to assist them in carrying out their roles under the new requirements. These orientation materials are available for download on the www.CATOadvantage.ca website.
Transition rules
CA students registered in traditional audit and assurance paths before September 1, 2009, may choose, with the support of their employer, the rules under which they wish to have their qualifying experience assessed.
More information
You may have some questions about the new practical experience requirements. Additional information, including the answers to the most frequently asked questions we've had to date, can be found here:
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