The CPA Certification Program

Transcription

1 The CPA Certification Program

2 Contents The CPA Certific atio n Prog ram An Overview... 1 The CPA Competency Map: Defining the competencies of the newly qualified C PA...2 Details of the Canadian CPA Certification Program...3 Prerequisites f or Admissi on... 3 The CPA Prerequisite Education Program (CPA PREP)...5 The CPA Professional Education Program (CPA PEP)... 6 Accreditation of P ost-sec ondary Grad uate Programs... 6 CPA E val ua tion...7 Examples of Core and Elective Evaluation Questions... 7 Qualifying Practical Experience... 9 Practical Experience Training Models... 9 Timelines for more detailed information...10 Public Accounting A Separate Program for Individuals Aspiring to a Career in Accounting Other tha n the Ca nadia n CPA Implementation Timeline Freq uently Asked Questio ns The New CPA Certification Program Overview...14 The CPA P rerequisite Educati on Program (CP A PREP ) The CPA P rofessional Education Program (CPA PEP ) Evaluation Practical Experience Public Accounting...20 Transitioning to the New CPA Certification Program Separate P rog ram... 21

3 The CPA Certification Program An Overview The vision of the new CPA designation is to be the pre-eminent internationally recognized Canadian accounting and business credential that best protects and serves the public interest. The new CPA certification program provides the foundation for that vision. It builds on the best of existing education programs, creating a challenging and rigorous certification process that meets the needs of business, public practice and government. The new CPA certification program will meet or exceed all International Federation of Accountants (IFAC) standards for education, assessment and practical experience. It will also meet or exceed the requirements of the leading global accounting bodies, ensuring the new profession can maintain existing and establish new Mutual Recognition Agreements (MRAs). The new program will: be recognized as being at least as challenging as all current programs be a nationally developed program that will be delivered by the provincial (or in some cases regional) bodies require an undergraduate degree and specific subject area coverage for admission to the graduate-level CPA Professional Education Program (CPA PEP) culminate in a comprehensive multi-day Common Final Examination include the CPA Prerequisite Education Program (CPA PREP), a part-time accelerated bridging program designed to provide university graduates with non-business degrees the ability to obtain the perquisite courses necessary for entry into the CPA Professional Education Program (PEP) appeal to employers for its development of accountancy and business skills in a high-quality, cost-effective professional program meet or exceed the requirements of the leading global accounting bodies, ensuring the new CPA profession can maintain existing, and establish, new Mutual Recognition Agreements (MRAs) or Reciprocal Membership Agreements (RMAs) THE CPA CERTIFICATION PROGRAM AUGUST

4 The CPA Competency Map: Defining the competencies of the newly qualified CPA At qualification, CPAs will demonstrate the competencies expected of leading professional accountants. Specifically, they will be required to demonstrate: TECHNICAL COMPETENCIES in six competency areas core to the vision of the new CPA: financial reporting strategy and governance management accounting audit and assurance finance taxation While financial reporting and management accounting will be core to the program, the CPA certification program will require the demonstration of proficiency in all six competency areas. ENABLING COMPETENCIES, grouped into five broad competency areas: professionalism ethical behavior written and oral communication leadership problem-solving and decision-makin g The specific competency expectations of the new CPA are defined in The CPA Competency Map, which describes the knowledge, skills and proficiency levels expected of candidates at the point of qualification. The CPA competency map was developed by a team of education experts, in consultation with accounting academics, practitioners and employers to ensure the needs of public practice, industry, and government would be met. It provides the basis for the development of the CPA certification program, including education, evaluation, practical experience, as well as standards for recognition of prerequisite requirements and for the accreditation of post-secondary institutions to offer components of the CPA Professional Education Program. The CPA competency map does not specify course requirements required for admission to the CPA program. Rather, it identifies requirements for specific subject area coverage. A separate document, the CPA Competency Map Knowledge Supplement, is available to help post-secondary institutions ensure their programs meet these prerequisite requirements. The CPA Competency Map The CPA Competency Map Knowledge Supplement THE CPA CERTIFICATION PROGRAM AUGUST

5 Details of the Canadian CPA Certification Program The CPA certification program is designed to meet the needs of industry, government and public practice by ensuring that all CPAs have the strong foundation of knowledge and skill as professional accountants to succeed in whatever role or position they take on. It recognizes that not all CPAs will be trained to be auditors at the point of qualification, though that option is provided. The CPA certification program consists of: academic prerequisites for admission to the CPA Professional Education Program a graduate-level CPA Professional Education Program evaluations, including a Common Final Examination relevant practical experience Diagram of Implementation of CPA Professional Education Program Prerequisites for Admission An undergraduate degree is required for admission to the new CPA Professional Education Program. The profession will also partner with Canadian colleges and universities to offer non-degree holders the opportunity to obtain an undergraduate degree while obtaining the required prerequisite courses. For a transition period, legacy candidates will, however, be permitted to enter the program while completing their undergraduate degrees. The degree must be completed before admission to the capstone integrative module. THE CPA CERTIFICATION PROGRAM AUGUST

6 In addition to an undergraduate degree, there will be specific subject area coverage which all candidates will be required to complete. CPA provincial bodies are working directly with the post-secondary institutions in their provinces to develop specific course requirements. Those candidates/students who did not acquire the prerequisite subject area coverage as part of their undergraduate degree (for example, non-bachelor of Commerce (Accounting) graduates) will be able to do so through the new CPA Prerequisite Education Program (CPA PREP), an accelerated bridging program, developed nationally by the profession and delivered by the provincial (or in some cases regional) bodies on a part-time basis through either distance learning or in-class sessions. There is no examination to enter the CPA Professional Education Program. THE CPA CERTIFICATION PROGRAM AUGUST

7 The CPA Prerequisite Education Program (CPA PREP) The CPA Prerequisite Education Program (CPA PREP) is an intensive accelerated bridging program for those who have an undergraduate degree in a discipline other than accounting, and lack some or all of the necessary prerequisite courses required for admission to the CPA Professional Education Program. A nationally developed program, delivered provincially (or in some cases regionally) on a part-time basis to offer students maximum flexibility and accessibility, CPA PREP uses a blend of online, self-study, and classroom learning. This is a modularized program made up of 12 modules. Students only need to complete those modules they require. Each module will end with an evaluation. Modules 1 4: All students must have either recognized academic credits or equivalent Module credits for Modules 1 4 BEFORE proceeding with ANY of Modules CPA PREP Modules 1 4 are currently under development and will be launched in Until these modules are available, the current CMA foundation courses (such as Quickstart and Fundamentals) and CGA foundation and advanced education courses will be accepted as equivalents, as will recognized post-secondary institution courses covering the prescribed subject matter. Modules 5 12: The scheduling is arranged to allow candidates to complete Modules 5-12 as a complete program within one year. Module 5 will be available in 2013; Modules 6-10 and Modules will follow in the period from fall 2013 to summer The sequence in which Modules 5-10 are taken is important as some modules are prerequisites for others. Module 5, Intermediate and Advanced Financial Accounting, is a prerequisite for Module 7, Audit and Assurance, Module 8, Tax, and Module 10, Strategy and Governance Module 6, Corporate Finance, is a prerequisite for Module 9, Intermediate and Advanced Management Accounting Modules 5 through 9 are prerequisites for Module 10, Strategy and Governance Modules 11, Business Law, and 12, Information Technology, both brief self-study courses with no prerequisites, can be completed at any time CPA PREP launched across Canada in summer 2013, with the exception of Quebec. For more information on the CPA Prerequisite Education Program, including module start dates, please contact your provincial body THE CPA CERTIFICATION PROGRAM AUGUST

8 The CPA Professional Education Program (CPA PEP) The CPA Professional Education Program (CPA PEP) is a graduate-level program built on the new CPA competency map. CPA PEP comprises a series of modules that focus primarily on enhancing CPA candidates ability to apply professional knowledge, values, ethics and attitudes in a professional context. The modules also include some knowledge acquisition beyond the academic prerequisite level. The program will take candidates two years to complete on a part-time basis as they work at relevant employment. CPA PEP s structure and content are being developed nationally and will be delivered provincially/regionally. The modularized program comprises: two common core modules which all CPA candidates must take, ensure the development and demonstration of technical competencies in financial reporting, strategy and governance, management accounting and certain elements of audit and assurance, finance and taxation two elective modules which allow CPA candidates to develop deeper skills in their areas of career interest; four electives will be offered: assurance, performance management, tax and finance. All candidates must choose two. Candidates pursuing careers in public accounting must choose assurance and tax. a capstone integrative module * that focuses on the development of the enabling competencies such as leadership and professional skills and the integration of core competencies a capstone examination preparation module * which prepares CPA candidates for the Common Final Examination While the program s structure is modular, it should be viewed as a continuous build of knowledge and skill over a two-year time frame. Moving from module to module will allow for a change in the context or emphasis, as well as for checkpoints at which progress can be evaluated; each module will end in an evaluation. Candidates must pass each module evaluation to proceed to the next module. Accreditation of Post-Secondary Graduate Programs The CPA profession is also developing national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional Education Program. Full-time, one-year graduate based programs whose learning outcomes are assessed as being substantially equivalent to those of the professiondelivered program can be accredited. National accreditation standards will be released in fall Guidance documents will follow in * A capstone course is a culminating course where candidates demonstrate all that has been learned over the program of study. THE CPA CERTIFICATION PROGRAM AUGUST

9 CPA Evaluation The CPA Professional Education Program includes individual evaluations and teambased assessments throughout. All areas of the CPA competency map are subject to evaluation. Each core and elective module will culminate in an evaluation which must be successfully completed for admission to the next module. The core and elective module examinations will be set nationally and include both objective format questions and short cases. Elective module examples will be available in The capstone integrative module evaluation will take the form of a multi-day business case and will be completed as part of a team. Assessment will include presentations and team-based assignments, and culminate in a business case completed as part of a team. The Common Final Examination will be a three-day evaluation requiring candidates to demonstrate depth and breadth of competency development in accordance with the CPA competency map. Candidates prepare for the Common Final Evaluation by completing the capstone examination preparation module. All module evaluations including the case-based evaluation at the end of the capstone integrative module and the common final examination will be nationally developed and nationally marked. Examples of Core and Elective Evaluation Questions The nationally-set core and elective evaluations will have a mix of objective format questions and cases. Objective format Questions: The style of the objective format questions will vary, with many of them taking traditional forms- 4 options, short answer, matching, true or false, etc. However, new forms of objective format questions will be also be used. Within the example of objective format questions you will find: Example of a Clinical Decision Making Case This sample question from the Qualifying Part 1 examination of the Medical Council of Canada uses the Key Features model of objective format testing. Example of a Task-Based Simulation: This sample question from the American Institute of Certified Public Accountants Inc. s sample CPA examination uses the task-based simulation model of objective format testing to simulate what candidate s do at entry-level. THE CPA CERTIFICATION PROGRAM AUGUST

10 Core Cases: Core cases must assess the cross-competen cy integration, problem-solvin g and communication elements. The maximum length for an individual case will be 60 minutes. Core 1 Example: Atomic Excellence Inc. This example focuses on Financial Reporting and Assurance competencies, drawing on entry-level learnings. Core 2 Example: Mamma Jill s Pizza This example draws on prerequisite, Core 1 and Core 2 competencies. This kind of case would be used at the end of Core 2. Core 2 Example: Fence Company Ltd. This example requires candidates to assume the role of a business advisor, and tests management accounting concepts in a small business environment. THE CPA CERTIFICATION PROGRAM AUGUST

11 Qualifying Practical Experience In addition to formal education acquired through the academic prerequisites and the CPA Professional Education Program, the CPA profession places great emphasis on relevant, progressive, qualifying experience that enhances the competency development. The new CPA certification program requires a period of qualifying practical experience of sufficient duration and intensity to enable candidates to demonstrate they have gained the professional knowledge, skills, values, ethics and attitudes required for entry to the profession. CPA practical experience standards will comply with IFAC standards for professional accounting bodies. Practical experience requirements (for certification) are based on the following principles: 1. candidates must be provided with the opportunity to develop ethical behaviour and professionalism 2. candidates must have opportunities for development in accordance with the CPA competency map 3. candidates must demonstrate professional development in accordance with the CPA competency map 4. candidates must be appropriately supervised and monitored 5. practical experience must be subject to oversight by the profession These principles will be applied differently in different work environments and training structures, depending upon the needs of the profession and of employers. This proposed standard for practical experience applies to certification for admission to the profession only. Practical experience requirements for public accounting are being set separately. Public Accounting Standards, and their dates of effective implementation, are expected to be released in early The existing standards of the legacy bodies remain in place until the new CPA standards come into effect. Practical Experience Training Models CPA Practical Experience Requirements, including transitional requirements, are being finalized and will come into effect in Until that time, qualifying practical experiences of legacy designations remain in effect and will count towards the practical experience requirements for CPA. THE CPA CERTIFICATION PROGRAM AUGUST

12 Two training models will be offered: Approved Path Model: Candidates are employed in training positions offered by offices/organizations in training paths that are approved by the CPA profession. Under the approved path model, offices/organization s will apply for approval for defined training paths, identifying how the required competencies will be developed. The profession will work closely with the organization upfront to ensure the appropriateness of the paths; significantly less work will then be required to assess the experience of the individual candidate. The approved path model is expected to be appropriate for employers who plan to train CPA candidates on an ongoing basis. These could include large or small CPA firms, government or industry employers. Experience Verification Model: Candidates are employed in a work environment that provides relevant and progressive training positions, and are appropriately supervised and mentored. The experience verification model relies less on the employer and more on the supervisor/mentor and the CPA Profession to ensure candidates develop the necessary competencies. These candidates will be required to complete detailed practical experience reports which the profession will review in detail throughout the period of practical experience. The experience verification model is expected to be appropriate for those organizations that are not training substantial numbers of CPA students and would likely include many small and medium-sized businesses and possibility even departments of larger organizations. Equally demanding and challenging, the Approved Path and Experience Verification models are both designed to give candidates opportunities for advancement, develop the required competencies, benefit from supervision and mentorship, and ensure their experience is reviewed and evaluated consistently and approved by the profession. Timelines for more detailed information Length of qualifying practical experience: To be announced in fall Experience requiremen ts for transitioning candidates: To be published in Experience acquired through a legacy program will count towards CPA experience requirements. Recognizing prior experience: The CPA profession recognizes that some candidates may register with the profession having already obtained relevant work experience. Criteria regarding prior experience recognition are being developed and expected to be released in fall Experience competencies: Since competencies gained through practical experience are different from those developed through education, a document describing all experience competencies and the required proficiency levels will be published in THE CPA CERTIFICATION PROGRAM AUGUST

13 Public Accounting The new CPA program offers candidates considerable flexibility to pursue areas of interest throughout the qualification process. Candidates pursuing careers in public accounting will be required to follow a specific path within the CPA certification program: Education: All CPA candidates are required to complete two of four elective modules; public accounting candidates must choose and successfully complete the assurance and taxation elective modules. Evaluation requirements: All candidates are required to pass the Common Final Examination. To pass the Common Final Examination they must demonstrate Depth in two competency areas, one of which must be either financial reporting or management accounting, and Breadth in all remaining competency areas. Public accounting candidates must demonstrate depth in financial reporting and assurance. Practical Experience: Practical experience requirements for public accounting are regulated by provincial bodies or independent provincial regulatory authorities. Standards outlining the specific experience requirements for public accounting are currently under development by the CPA profession and will be released in early CPAs who do not qualify to practice public accounting at the time of certification will have the opportunity to complete a post-certification public accounting program along with the additional experience requirements as required by the CPA Profession to meet the eligibility requirements to practice public accounting. CPA public accounting standards, and their dates of effective implementation, are expected to be released in early Legacy standards remain in place until the effective date of new CPA standards. THE CPA CERTIFICATION PROGRAM AUGUST

14 A Separate Program for Individuals Aspiring to a Career in Accounting Other than the Canadian CPA The new CPA certification program is designed to develop Canada s pre-eminent professional accountants. However, not all individuals interested in accounting will become CPAs. The CPA profession is developing a separate program for individuals who aspire to a career in accounting but not as a qualified CPA. This program will have relevant entrance, education and assessment requirements to meet the market need and the goals of the profession. Education/evaluation bridges to the appropriate stage of the CPA certification crogram will also be developed. This new program is expected to launch across Canada in fall Implementation Timeline One principle of unification is that the profession will evolve towards a new single designation with a new CPA certification program. The legacy qualification programs will not accept new entrants once the CPA certification program becomes available. The CPA certification program timeline is as follows: October 31, 2012: Release of the CPA Competency Map Summer 2013 The CPA Prerequisite Education Program (CPA PREP), an accelerated bridging program designed to prepare students lacking specific subject area coverage for admission to the CPA Professional Education Program, launches nationally, with the exception of Quebec Fall 2013: The new CPA Professional Education Program launches in Western Canada; to be rolled out nationally in fall : CPA Professional Education Program launches across Canada Fall 2014 CPA Practical Experience Requirements expected to come into effect Fall 2015 The first CPA Common Final Examination will be offered THE CPA CERTIFICATION PROGRAM AUGUST

15 Care will be taken to support a smooth transition to the new CPA Certification Program. The process will be guided by these basic principles: There will be no legacy evaluations offered after the first CPA Common Final Examination is launched in September All CA, CMA and CGA candidates who have not successfully completed their programs by September 2015 will be bridged to the new CPA Certification Program via transitional programs. Failed attempts at CA, CMA and CGA evaluations, including CMA Board Report attempts, will not count against the permitted number of attempts on the CPA Common Final Examination. All education and experience that meets the criteria of a legacy program will count towards the CPA designation. No candidate transitioning from a legacy program will be required to redo education or experience that was successfully completed for their legacy program. Candidates who begin in a legacy program and finish in the CPA certification program will require additional education, which will be provided by the profession in specifically developed transitional programs. The CPA profession will provide the support needed to prepare them to be successful. As the profession is provincially regulated, this transition timing may be affected by the timing of legislative change across the country. THE CPA CERTIFICATION PROGRAM AUGUST

16 Frequently Asked Questions The New CPA Certification Program Overview How are the competencies of the legacy programs incorporated into the new CPA competency map? The new CPA competency map has been developed by all provincial bodies negotiating merger agreements. It is based on the breadth and depth of the competency maps of the existing legacy professional programs. The new CPA competency map includes the knowledge and skills expected of the pre-eminent Canadian accounting designation, and will ensure we can maintain and negotiate Mutual Recognition Agreements (MRAs) with the world s leading accounting bodies. The new map meets or exceeds the requirements of regulators, global accounting organizations and the Canadian business community for professional accountants working in both public practice and industry. What does the new CPA certification program consist of? The nationally developed, regionally delivered CPA certification program will consist of: Academic prerequisites, including an undergraduate degree and specific subject area coverage, which is defined in the CPA competency map. Graduate-level CPA Professional Education Program (CPA PEP): Candidates complete this program through the profession s nationally developed, regionally delivered two-year part-time program. Alternatively, post-secondary institute programs can be accredited to deliver components of the program. Relevant practical experience: All CPA candidates must complete a period of relevant, progressive, qualifying practical experience that is approved by the CPA profession. CPA Practical Experience Requirements, including transitional requirements, are under development. They will come into effect in Until that time, qualifying practical experience of legacy designations remain in effect and will count towards the practical experience requirements for CPAs. Will the new CPA certification program be recognized internationally? Yes. The new CPA certification program meets or exceeds all International Federation of Accountants (IFAC) standards for education, assessment and practical experience. It also meets or exceeds the requirements of the leading global accounting bodies, ensuring the new profession can maintain existing, and establish new, Mutual Recognition Agreements (MRAs). THE CPA CERTIFICATION PROGRAM AUGUST

17 What are the benefits of taking the CPA certification program? The CPA certification program will provide you with a breadth of highly valued business and accounting skills plus hands-on experience that will ensure you are in high demand by businesses and organizations of all sizes and across all sectors. It will give you a competitive edge in the marketplace and create the foundation for a prosperous and exciting career in Canada or abroad. How does the CPA compare to other business designations or degrees such as the MBA? The CPA is much more than a business degree it is a professional credential, similar to that of a doctor, engineer or lawyer. The CPA certification program combines education in business and in financial and management accounting with qualifying practical experience, giving CPAs a competitive advantage in the job market. In addition, CPAs must abide by a code of conduct, have a requirement for lifelong professional development, and are subject to uniform standards of entry or exit from the profession, all of which are valuable assets for employers and hallmarks of professional designations. Is the new CPA certification program flexible for different types of students? Yes. The program will be flexible and accessible to many kinds of students, including those entering directly from post-secondary education or the workforce, those with a variety of education backgrounds, and internationally trained applicants. An undergraduate degree and specific subject area coverage in business and accountancy will be required for admission to the CPA Professional Education Program. Those lacking the requisite academic credits can enter the CPA Prerequisite Education Program (CPA PREP), an accelerated bridging program, as preparation for entering CPA PEP. The CPA Prerequisite Education Program (CPA PREP) How can those with undergraduate degrees in areas other than accounting enter the CPA Professional Education Program? The CPA profession is offering the new CPA Prerequisite Education Program (CPA PREP), an accelerated bridging program for those who have an undergraduate degree in a discipline other than accounting, and lack some or all of the necessary subject matter coverage required for admission to the CPA Professional Education Program. Alternatively, subject matter coverage can be acquired through postsecondary institutions. THE CPA CERTIFICATION PROGRAM AUGUST

18 The CPA Professional Education Program (CPA PEP) What will the CPA Professional Education Program look like? The nationally developed, regionally delivered CPA Professional Education Program will consist of six modules: two common core modules, which all CPA candidates must take, focusing on the development of competencies in management and financial accounting, and the integration of the six core technical competency areas, which all CPAs must have:» financial reporting» strategy and governance» management accounting» audit and assurance» finance» taxation two elective modules that allow CPA candidates to develop deeper skills in their areas of career interest. Four electives will be offered: assurance, performance management, tax and finance. All candidates must choose two. Note: candidates pursuing careers in public accounting must choose assurance and tax. The electives will be developed to provide CPA candidates with the ability to develop depth in two areas of most interest to them in their future careers. The modules will not make you a specialist. They will, however, provide an important foundation should you wish to specialize in these areas in the future. a capstone integrative module * that focuses on the development of the enabling competencies such as leadership and professional skills and the integration of core competencies. a capstone exam preparation module * that prepares CPA candidates for the Common Final Examination. The CPA profession is also developing national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional Education Program. When will the new CPA Professional Education Program launch? The new nationally-developed, regionally-delivered CPA PEP will be available in parts of Canada in the fall of 2013 and across Canada in the fall of Is there an examination required to enter CPA PEP? No. The admission requirements are an undergraduate degree and specific subject area coverage. There will, however, be an evaluation after each CPA PEP module. CPA candidates must be successful on each exam to proceed to the next module. * A capstone course is a culminating course where students demonstrate all that has been learned over the program of study. THE CPA CERTIFICATION PROGRAM AUGUST

19 How long does CPA PEP take to complete? The nationally developed, regionally delivered program is designed to be delivered on a part-time basis over two years, while you gain your practical experience. Accredited full-time graduate programs are expected to take one year. How will the modules be offered? The modules will be delivered using a blended learning model, combining online learning, self-study, classroom learning and teamwork to enable CPA candidates to develop the competencies expected of Canada s pre-eminent professional accountant. How long is each module? The length of each module will be determined by the course developers to ensure CPA candidates have the opportunity to develop the required competencies. Will there be evaluations after every module in the new CPA Professional Education Program? Yes. There will be an evaluation after every module. Candidates must pass the evaluation to proceed to the next module. Examples of Core 1 and Core 2 questions can be found here. How often will the modules be offered? Ultimately, all modules will be offered at least twice each year. Will the new CPA Professional Education Program be offered on a part-time basis? Yes, CPA PEP is a two-year program delivered part time while candidates gain practical experience by working in relevant, progressive positions. Will the CPA Professional Education Program also be available through universities? Yes. The CPA profession will develop national accreditation standards for postsecondary institutions interested in offering components of the CPA Professional Education Program (CPA PEP). The CPA profession expects to accredit full-time graduate education programs. What are the entrance requirements to the new CPA Professional Education Program? To be admitted to the CPA PEP, you must have completed an undergraduate degree and specific subject area coverage. The specific subject area coverage is defined in the CPA Competency Map. CPA provincial bodies are working directly with the postsecondary institutions in their provinces to develop specific course requirements. How do you assess international accounting credentials? The process for determining equivalency is administered by the regional/provincial education bodies. International credentials are compared to the competency requirements of The CPA Competency Map. THE CPA CERTIFICATION PROGRAM AUGUST

20 Evaluation Will there be a Common Final Examination? Yes. The CPA program will have a multi-day common evaluation. In addition, each module will culminate in an evaluation. CPA candidates are required to successfully complete each module before proceeding to the next. What are team-based assessments? Within the CPA Professional Education Program, candidates will have opportunities to work in small groups, sharing the various competencies learned in the program s common and elective modules, and developing additional critical professional skills such as team management and communication in a professional environment. At the same time, for certification, candidates will be asked to demonstrate the required competencies on an individual basis. How often will the Common Final Examination be offered? The first offering of the Common Final Examination will be in September Beginning in 2016 it will be offered twice each year. THE CPA CERTIFICATION PROGRAM AUGUST

21 Practical Experience What are the new practical experience training models about? The new CPA certification program offers two experience models: Approved Path Model: Training positions offered by offices/organizations in training paths that are approved by the profession. Under the approved path model, offices/organizations will apply for approval for defined paths, identifying how the required competencies will be developed. The profession will work closely with the organization upfront to ensure the appropriatene ss of the paths; significantly less work will then be required to document the experience of the individual candidate. The approved path model is expected to be appropriate for employers who plan to train CPA candidates on an ongoing basis. These could include large or small CPA firms, government or industry employers. Experience Verification Model: Training positions which are appropriately supervised, requiring CPA candidates to submit detailed experience reports for approval by the CPA profession. The experience verification model relies less on the employer and more on the supervisor/mentor and the CPA Profession to ensure candidates develop the necessary competencies. These candidates will be required to complete detailed practical experience reports which the profession will review in detail throughout the period of practical experience. The experience verification model is expected to be appropriate for those organizations that are not training substantial numbers of CPA students and would likely include many small and medium-sized businesses and possibility even departments of larger organizations. Is one practical experience model easier than the other? No. The two practical experience models will be equally demanding, ensuring candidates develop the appropriate CPA competencies through relevant experience, progression, and CPA mentoring. How will practical experience be verified as sufficient for certification? The two models have the same requirement: to verify appropriate experience has been obtained. Mechanisms will be in place to ensure both models can be adequately and appropriately verified by the provincial CPA bodies. CPA Practical Experience Requirements, including transitional requirements, are under development. They will come into effect in Until that time, qualifying practical experience of legacy designations remain in effect and will count towards the practical experience requirements for CPA. THE CPA CERTIFICATION PROGRAM AUGUST

22 Public Accounting Will there be a public accounting route within the CPA certification program? What will it look like? There will be a particular path for CPA candidates interested in practising public accounting. This path is under development; details will be released as they become available. Will accountants who do not currently have the right to practice public accounting receive that right through grand-parenting provisions? No. Today, the requirements for practising in audit and assurance are regulated by each accounting body and in many cases by provincial governments. There will be no changes to any individual member s right to practise in these restricted areas simply by virtue of the merger. Any member who cannot perform public accounting premerger will not be able to do so post-merge r. And, like today, those who wish to begin to practise in a restricted field will be required to complete specific education, examination and practical experience requirements. Will all CPAs be eligible to practice public accounting when they earn the CPA designation? No. Only candidates who chose the path for public accounting will be eligible to practise public accounting on earning their CPA designation. While all candidates will undertake some training in assurance, those pursuing public accounting will be required to complete specific elective modules in assurance and taxation in the CPA Professional Education Program, as well as specific practical experience criteria. CPAs who have not chosen this path can apply to practise public accounting after qualification by meeting the public accounting requirements in their jurisdiction. THE CPA CERTIFICATION PROGRAM AUGUST

23 Transitioning to the New CPA Certification Program What will happen to those registered in one of the current professional education programs? What will be the impact on their program? Transition to the new CPA certification program will be guided by these basic principles: There will be no legacy evaluations offered after the first CPA Common Final Examination is launched in September All CA, CMA and CGA candidates who have not successfully completed their programs by September 2015 will be bridged to the new CPA certification program. The CPA profession will provide transitioning programs. Failed attempts at CA, CMA and CGA evaluations, including CMA Board Report attempts, will not count against the permitted number of attempts on the CPA Common Final Examination. All education and experience that meet the criteria of a legacy program will count towards the CPA designation. No candidate transitioning from a legacy program will be required to redo education or experience that was successfully completed for their legacy program. Candidates transitioning from a legacy program to the new CPA Prerequisite Education Program or the CPA Professional Education Program will be provided with the support they need to prepare them to be successful. Candidates who begin in a legacy program and finish in the CPA certification program will require additional education, which will be provided by the profession in specifically developed transitional programs. The CPA profession will provide the support needed to prepare them to be successful. Transitioning candidates should contact their provincial bodies for more information. Separate Program What is the separate program referred to in the program description? What kind of education will students receive? What credentials will graduates earn? The proposed CPA certification program has been developed to produce Canada s pre-eminent professional accountant. Not all those interested in accounting careers will have the interest, resources and/or need to achieve the full CPA designation. The CPA profession is developing, recognizing and regulating a separate program for individuals who aspire to careers in accountancy, but not as qualified CPAs. The separate program will: have an appropriate entrance requirement offer a separate, shorter professional education program award a certificate of achievement to successful students provide a path for holders of the separate program certificate to earn a full CPA This program is expected to be available in fall THE CPA CERTIFICATION PROGRAM AUGUST