Posted by & filed under Accounting Careers, CPA, Financial Accounting, IFRS.

A new CPA certification program

Canada’s new chartered professional accountant (CPA) designation became a reality May 16, 2012, with the merger of Quebec’s CA, CMA and CGA bodies.

To support CPA Quebec, and in preparation for anticipated merger developments in other parts of Canada, work on the proposed CPA certification program is getting underway. This will help ensure a smooth transition for CA students should mergers proceed across Canada.

The proposed CPA certification program is driven by the vision of the new CPA profession: to be the preeminent, internationally recognized Canadian accounting designation and business credential that best protects and serves the public interest.

 It is based on three fundamental principles:

  • it will be at least as rigorous as the existing qualification programs;
  • it will meet the needs of industry, government and public practice; and
  • it will meet or exceed IFAC standards and the requirements of existing and future mutual recognition agreements.

The proposed qualification process will be based on a new CPA Competency Map. This new map was developed through winter 2011-2012 by an expert team, with extensive input from the academic community and from employers.

Like the current CA map, it is competency driven.

It outlines the competency requirements for six areas of technical competency:

1. financial reporting

2. strategy and governance

3. management accounting

4. audit and assurance

5. finance

6. taxation.

Five enabling competency areas are also identified:

1. professional and ethical behaviour

2. problem-solving and decision-making

3. communication

4. self-management

5. teamwork and leadership.

See the proposed Unification report:

CPA Certification Program: Entrance Requirements

To ENTER the program:

Undergraduate degree

Specified subject area coverage – but NOT specific prerequisite courses; universities to develop their own programs

Accreditation standards will be developed to accredit university programs

CPA Certification Program: Practical Experience

24 months of supervised field experience offering candidates the opportunity to develop and      demonstrate: ethical behavior and professionalism

competency development in accordance with the CPA

Two equally rigorous experience pathways: Approved path: positions offered by offices/organizations in training paths that are approved by the profession.

Experience Verification Model: positions supervised/mentored by a CPA who may or may not be employed by the candidate’s employer

Monitored by the profession

Discussion Questions:
1.  Are you ready for the challenge to become a CPA?

2. Are we moving in the right direction, in having one designation instead of three?

 

 

 

 

 

 

 

 

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