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1) How is CA qualification changing?
2) Why is the profession making these changes?
3) When will these changes take effect?
4)
Will CA students need audit and assurance experience to become Chartered Accountants?
5) Can CA students train for public accounting in corporations?
6) Will all CA students write the UFE?
7) Will CA students with no audit and assurance experience be adequately prepared for the UFE?
8) Will CAs qualifying in areas other than audit and assurance be able to practice public accounting?
9) What is the status of current CA Training Offices?
10) Can current CA students or other current employees be transferred into these training positions?
11) Why are we allowing corporations to train CAs?
12) Will a CA without public accounting experience be recognized across Canada? Around the world?
13) How much growth in membership do you anticipate from this initiative?
14) Will enough corporate and public sector organizations qualify as CA Training Offices and create enough new CA training positions to make the effort worthwhile?
15) How can I get more information?
1) How is CA qualification changing?
The CA profession is expanding both what it recognizes as qualifying experience, and the kinds of organizations, which can be recognized as CA Training Offices:
• CA firms will be able to create training positions in taxation, business advisory services, and other areas in addition to audit and assurance; and
• Carefully selected corporations and government departments will be recognized as CA Training Offices under very strict criteria.
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2) Why is the profession making these changes?
The CA profession offers the best training in public practice; expanded experience opportunities will offer the best training in the corporate and public sectors. Currently, Canadian universities in most parts of the country produce more qualified students than CA firms can produce training positions under the current experience criteria. As a result, we are losing good students who want to be CAs. These changes will:
• Make it possible for CA firms and for 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.
These changes will position the profession favourably with our international counterparts, since Canada is joining other leading CA accounting bodies around the world in offering these expanded training opportunities.
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3) When will these changes take effect?
The Councils of all Provincial Institutes of Chartered Accountants and the Ordre des comptables agréés du Québec have approved the changes. In most jurisdictions, they will be effective for students recruited after September 1, 2007 into the expanded training opportunities. We expect them to be implemented across Canada by the fall of 2008.
CA Training Offices currently approved to provide audit, assurance and taxation hours, as defined under current standards and regulations, will have to meet the additional requirements set out in Practical Experience Requirements 2007 for hires into audit and assurance whose employment commences after August 31, 2009.
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4) Will CA students need audit and assurance experience to become Chartered Accountants?
No. Under the new criteria, students are required to obtain depth in one of the two core competency areas of assurance or performance measurement and reporting. Therefore, a student could qualify by achieving depth in performance measurement and reporting. Students are also required to obtain breadth in any two of the remaining five competency areas (i.e. the areas other than the core area in which depth was achieved).
However, if the student wants to become eligible to practice public accounting, audit, assurance and tax experience will continue to be mandatory, as prescribed by the current-hour requirements.
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5) Can CA students train for public accounting in corporations?
No. Only CA Training Offices providing audit, assurance and taxation hours, as defined under current standards and regulations will be able to offer qualifying public accounting experience (i.e. CA firms and federal and provincial Offices of Auditors General). CA students who qualify without having acquired all of the experience required for public accounting can achieve the required experience in audit, assurance and taxation post-qualification.
However, it should also be recognized that students could gain assurance experience in corporate and government department CA Training Offices as either a depth or a breadth area toward certification as a CA. However, this experience would not qualify as public accounting experience.
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6) Will all CA students write the UFE?
Yes. All CA students must write the UFE. This ensures reciprocity both nationally and internationally.
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7) Will CA students with no audit and assurance experience be adequately prepared for the UFE?
Yes. CA students with no assurance experience will be required to gain extensive experience in performance measurement. The concurrent professional education programs, which all students undertake during their period of experience, will ensure all students have the required knowledge base in audit and assurance.
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8) Will CAs qualifying in areas other than audit and assurance be able to practice public accounting?
Yes, if they acquire the necessary audit and assurance experience at a CA firm (CA Training Office) at a later date.
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9) What is the status of current CA Training Offices?
Effective September 1, 2007, all CA Training Offices in jurisdictions where the changes are being implemented will be recognized as CA Training Offices for the purposes of training in audit and assurance. However, they will be required to have any new positions created outside of audit and assurance approved by their Provincial Institute/Ordre. This status will then be subject to reassessment as part of our ongoing review process for CA Training Offices.
CA Training Offices currently approved to provide audit, assurance and taxation hours, as defined under current standards and regulations, will have to meet the additional criteria set out in Practical Experience Requirements 2007 for audit and assurance hires whose employment commences after August 31, 2009.
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10) Can current CA students or other current employees be transferred into these training positions?
Yes. Current CA students and current employees who meet the profession's admission standards may be transferred into these positions. For more information, please see last question for individuals to contact.
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11) Why are we allowing corporations to train CAs?
Overall across Canada, 70% of CAs work outside public practice; some of the organizations in which they work have both the capacity and the interest to train CAs in accordance with the profession's rigorous standards. Many qualified students seeking CA careers cannot currently find training positions in CA firms. Other qualified students who are otherwise interested in the CA want to pursue corporate or government careers immediately on graduation. By accommodating these exceptional employers and qualified students, the CA profession will benefit from their talents and abilities. Further, by not accommodating them, we miss a great opportunity to support our members in industry, and leave qualified and interested students to seek professional designations elsewhere, strengthening our competition.
In addition, these changes will position the profession favourably with our international counterparts, since Canada is joining other leading CA accounting bodies around the world in offering these expanded training opportunities.
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12) Will a CA without public accounting experience be recognized across Canada? Around the world?
Yes. The new CA qualification process will ensure that CA certification continues to be fully transportable across Canada and to meet the requirements of all of our international recognition agreements.
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13) How much growth in membership do you anticipate from this initiative?
We believe it is reasonable to expect a 10% growth in student intake from this initiative in the first five years of its implementation. It must be clear, however, that membership growth is not our primary reason for making these changes. The CA profession is deeply committed to providing the best possible training for qualified students. We are expanding that training from the best public accounting training to include the best training in other areas that are core to CA practice.
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14) Will enough corporate and public sector organizations qualify as CA Training Offices and create enough new CA training positions to make the effort worthwhile?
International experience has shown that, while it takes time to build the necessary relationships with employers, significant uptake from leading organizations is a reasonable goal. Further, we believe it is important for us to begin this initiative even if initial numbers are small. International experience shows it takes time to build numbers from this initiative.
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15) How can I get more information?
Lara Greguric, CA
Director of CA Training Offices
604-488-2645
Toll free – 1-866-420-2350
greguric@casb.com
Harp Bagri, CA
Manager, CA Training Office Liaison
604-488-2648
Toll free – 1-866-420-2350
bagri@casb.com
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