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FAQs
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Changes to CA Experience Criteria Frequently Asked Questions: How is CA qualification changing? Why is the profession making these changes?
Will candidates need audit and assurance experience to become CAs? Can candidates train for public accounting in corporations? Will all candidates write the UFE? Will candidates with no audit and assurance experience be adequately prepared for the UFE? Why are we allowing corporations to train CAs? Will a CA without public accounting experience be recognized across Canada? Around the world? How much growth in membership do you anticipate from this initiative? How can I get more information? --- The CA profession approves expansion of qualifying experience criteria The CA profession has changed the experience requirements for qualifying CAs. The changes will allow CA firms to create training positions in taxation, business advisory services, and other areas in addition to audit and assurance. They will also allow carefully selected corporations and government departments meeting the CA profession’s high standards to be recognized as Approved Training Offices. The CA profession historically offered the best training in public practice; expanded experience opportunities now offers the best training in the corporate and public sectors. The changes make it possible for CA firms and for select corporate and public sector organizations to create more entry level positions for CA candidates. In most parts of the country, Canadian universities produce more qualified students than CA firms can produce training positions under the current experience criteria. These changes help create more opportunities for qualified university graduates to become CAs. They will maintain the excellence of all our admission and qualification standards ensuring the CA continues to be fully portable within Canada and Bermuda, and that all international criteria for mutual recognition agreements continue to be met.
Frequently Asked Questions 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 Approved Training Offices:
Why is the profession making these changes? The CA profession now 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 to the competition. These changes will:
Will candidates need audit and assurance experience to become CAs? No. Under the new criteria, candidates will be able to get all their qualifying experience in areas such as taxation and business advisory services. Audit, assurance and tax experience will continue to be mandatory for public accounting, for which current hour requirements remain unchanged. Can candidates train for public accounting in corporations? No. Only Approved 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). Candidates 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. Will all candidates write the UFE? Yes. Will candidates with no audit and assurance experience be adequately prepared for the UFE? Yes. The professional development programs which all candidates undertake during their period of experience will ensure all candidates have the required knowledge base in audit and assurance. Will CAs qualifying in areas other than public accounting experience be able to practice public accounting? Yes, by acquiring the necessary experience at a CA firm Approved Training Office at a later date. 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. Canada and Bermuda were the only countries not recognizing such training positions. These changes position the profession favourably with our international counterparts. 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 meet the requirements of all our international recognition agreements. The majority of CAs work outside public accounting. How much growth in membership do you anticipate from this initiative? We believe it is reasonable to expect a 10% growth in student enrolment 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 candidates. 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.
How can I get more information? Please visit the CA Training office website at www.catrainingoffice.ca for further information. This recently updated Website provides valuable resources for student as well as existing and potential employers. |
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