About CGPA Canada
The Chartered Global Practising Accountants (CGPA) of Canada stands as the nation’s premier regulatory and professional body for Chartered Practising Accountants, students, and candidates, operating under the Non-Profit Act (NFP Act). CGPA is committed to maintaining the highest standards of ethics, governance, and professionalism in the field of accounting. It equips its members with the essential skills, knowledge, and ethical framework to excel in an interconnected and evolving global economy.
Unlike traditional accounting bodies, CGPA goes beyond compliance with CPA Canada, IFAC, IFRS, and regional CPA organizations. This commitment positions CGPA as a global leader, providing members with continuous learning, world-class training, and an expansive professional network. The CGPA designation opens doors to a wide range of career opportunities across business, finance, public policy, and other sectors, empowering members to make a substantial global impact.
Why Choose CGPA Canada?
The CGPA designation is globally recognized as a symbol of professional excellence, serving as a gateway to leadership roles in finance, consulting, taxation, and public policy. It also facilitates global career mobility, enabling professionals to practice across jurisdictions without barriers.
Key Benefits of CGPA Canada:
Global Networks: Membership connects you to a powerful network of professionals across various industries, encouraging collaboration in a dynamic global marketplace.
Advanced Competencies: Develop deep expertise in auditing, taxation, business valuation, forensic accounting, and more, positioning you for impactful and complex roles.
Global Career Mobility: The CGPA designation allows professionals to work and practice in multiple countries, offering enhanced career opportunities worldwide.
Earning the CGPA designation is more than just obtaining a credential; it signifies the beginning of a transformative leadership journey. As a CGPA, you will shape global economic policies, drive strategic investments, and advocate for financial transparency at the highest levels.
Public Practice Licensing Framework
The CGPA Canada Public Practice Licensing Framework is designed to ensure compliance with international standards while maintaining the highest level of professional integrity. Our licensing categories are based on specific service types, with each category tailored to meet the complexities of global financial standards, including IFRS, IAS, and the International Education Standards (IES) set by IFAC.
When is a Public Practice Licence Required?
A Public Practice Licence is essential for professionals offering services that influence public trust and transparency, such as:
Audit, Review, and Assurance Services: Verifying the integrity of financial statements in compliance with IFRS and IAS standards.
Taxation Services: Providing advisory, compliance, and planning to manage tax liabilities and ensure regulatory adherence.
Forensic Accounting and Business Valuations: Conducting fraud investigations, forensic audits, and business valuations for mergers, acquisitions, or litigation.
Consulting and Financial Advisory: Offering strategic advice on investment strategies, business decisions, and risk management.
Internal functions like bookkeeping do not require a licence but must adhere to GAAP and ethical standards.
Licensing Categories and Qualifying Services
CGPA Canada offers several licensing categories, each with specific qualifications, to help members focus on the areas they specialize in. These include:
Audit Licence: Allows for the provision of audit, review, compilation, and other regulated services, such as taxation, forensic accounting, and business valuations.
Review Licence: Authorizes professionals to offer review, compilation, and other regulated services.
Compilation Licence: Permits the preparation of client-provided financial statements but excludes audit or review services.
Other Regulated Services – Reviewable Licence: Covers regulated services, excluding tax, under CGPA’s standards, including forensic accounting and litigation support.
Other Regulated Services – Non-Reviewable Licence: Covers non-assurance services such as forensic accounting and financial investigations.
Educational and Experience Requirements
Each licensing category comes with specific educational requirements, ensuring that members have the necessary knowledge and skills. In addition to education, practical experience is critical for developing the expertise required to deliver high-quality services.
Educational Requirements:
Audit Licence: Requires completion of electives in Assurance and Tax and a Professional Qualification Examination (PQE) focusing on Financial Reporting and Assurance.
Review Licence: Requires electives in Assurance and Tax with a focus on Financial Reporting in the PQE.
Compilation Licence: Requires Tax as an elective, along with a focus on Financial Reporting in the PQE.
Other Regulated Services: Electives are flexible, but a background in Tax is strongly advised for Reviewable Licences.
Practical Experience Requirements:
Audit Licence: A minimum of 1,250 chargeable hours in assurance, including at least 625 hours auditing historical financial statements.
Review Licence: Requires 1,250 hours in assurance, including at least 625 hours in auditing or reviewing financial statements.
Compilation Licence: Requires 625 chargeable hours in compilation and related services.
Other Regulated Services: Varies based on the type of service, but experience verification (EVR) in public practice is essential.
Application Process for Public Practice Licences
To apply for a Public Practice Licence with CGPA Canada, candidates must submit the following:
Completed application forms with personal details.
Résumé detailing qualifications and work history.
Proof of CPD activities completed over the last three years.
Professional Liability Insurance meeting CGPA standards.
All applications will be reviewed by the Director of Public Practice Licensing. If you need to amend your licence, upgrades can be submitted via CGPA’s online platform.
Professional Liability Insurance Requirements
Public practice firms must maintain professional liability insurance to protect themselves and their clients from financial losses due to errors or omissions.
Solo practitioners: Minimum $1,000,000 per claim.
2-3 members: Minimum $1,500,000 per claim.
4+ members: Minimum $2,000,000 per claim.
Commitment to Professional Development and Global Standards
CGPA Canada ensures that all members remain up-to-date on the latest developments in accounting standards through Continuing Professional Development (CPD) programs. Our members are encouraged to submit annual competency declarations, particularly those holding an Audit Licence, to verify that they are aligned with global standards. This ongoing learning ensures that CGPAs continue to provide services at the highest level of professional excellence.
Bridging Pathways and Mentorship
CGPA Canada offers mentorship and bridging programs to support the career development of candidates as they advance through licensing stages. Mentorship, particularly within Public Practising Accounting Firms (PPAFs), plays an essential role in preparing candidates to tackle complex financial challenges and take on leadership roles in the accounting profession.
Conclusion: A Future-Ready Profession
By choosing to become a licensed CGPA in Canada, you are not just meeting regulatory requirements; you are joining a global network of leaders who are shaping the future of accounting and finance. CGPA Canada's licensing framework ensures that professionals are equipped with the knowledge, experience, and ethical foundation necessary to lead in the dynamic global economy.
For more information on licensing pathways, mentorship, and career development, visit www.cgpaglobal.ca.
CGPA Canada: Public Practice Licensing Guidelines
1. Overview of CGPA Canada’s Licensing Framework
CGPA Canada’s Public Practice Licensing Guidelines are designed to meet and exceed the requirements set by CPA Canada, CPABC, IFAC, IFRS, and ISA. These guidelines ensure CGPA members are fully equipped to provide public accounting services that meet the highest ethical, professional, and global standards. The framework emphasizes the importance of continuous professional development (CPD), global mobility, and adherence to international accounting standards and regulatory requirements.
2. Licensing Categories and Qualifying Services
CGPA Canada offers distinct licensing categories based on the types of services provided. Each category is designed to ensure practitioners are adequately qualified to offer specialized services with professional competence and integrity.
2.1 Audit Licence
The Audit Licence authorizes professionals to provide a wide range of services including audits, reviews, compilations, and other regulated services (taxation, forensic accounting, etc.).
Qualifying Services:
Independent audits and assurance services
Financial statement reviews and compilations
Taxation advisory, forensic accounting, business valuations
Required Competencies:
Advanced understanding of auditing and assurance principles, IFRS, and ISA standards.
Ability to provide strategic insights related to financial reporting and corporate governance.
2.2 Review Licence
This licence authorizes the provision of review, compilation, and other regulated services, but does not allow for independent audits.
Qualifying Services:
Financial statement reviews
Compilation of client-provided financial statements
Limited assurance services
Required Competencies:
Depth in financial reporting and assurance standards, particularly focusing on IFRS compliance and review engagements.
2.3 Compilation Licence
The Compilation Licence allows professionals to prepare client-provided financial statements without the need for assurance services.
Qualifying Services:
Compilation of financial statements based on client-provided information
Other non-assurance services
Required Competencies:
Proficiency in financial reporting under IFRS or local GAAP (as applicable), and adherence to professional ethical standards.
2.4 Other Regulated Services – Reviewable Licence
This licence authorizes the provision of regulated services, excluding tax advisory, under specific CGPA Canada standards. Services covered may include forensic accounting, litigation support, and business valuations.
Qualifying Services:
Forensic accounting and fraud investigations
Litigation support and expert witness services
Business valuations for mergers and acquisitions
Required Competencies:
In-depth knowledge of forensic accounting practices and valuation standards (IFRS, IFRS for SMEs).
2.5 Other Regulated Services – Non-Reviewable Licence
This category covers non-assurance services such as forensic accounting, financial investigations, and litigation support without any requirement for review or audit activities.
Qualifying Services:
Forensic accounting
Financial investigations and litigation support
Required Competencies:
Understanding of investigative methodologies and forensic accounting standards, with specific application to the Canadian context.
3. Educational Requirements
To be eligible for each licensing category, candidates must meet the following educational prerequisites:
Audit Licence:
Electives in Assurance and Tax
Completion of the Professional Qualification Examination (PQE) with a focus on Financial Reporting and Assurance.
Review Licence:
Electives in Assurance and Tax
Demonstrate depth in Financial Reporting through the PQE.
Compilation Licence:
Recommended electives in Tax and other subject areas, such as financial analysis.
Focus on Financial Reporting in the PQE exam.
Other Regulated Services:
Electives at the candidate’s discretion, but tax knowledge is strongly recommended.
PQE focusing on Financial Reporting and relevant non-assurance services.
4. Practical Experience Requirements
Professional experience is an essential component of CGPA Canada’s licensing framework. Practical experience ensures that candidates can apply their academic knowledge in real-world situations, building the necessary competencies to practice effectively and ethically.
4.1 Audit Licence
Pre-approved practical experience programs in public practice (PPR).
Minimum of 1,250 chargeable hours in assurance, including at least 625 hours auditing historical financial statements.
4.2 Review Licence
Pre-approved practical experience programs (PPR) or experience verification (EVR).
Minimum of 1,250 chargeable hours in assurance, including at least 625 hours in auditing or reviewing financial statements.
4.3 Compilation Licence
Public practice experience (PPR or EVR).
Minimum of 625 chargeable hours in compilation and related services.
4.4 Other Regulated Services – Reviewable Licence
Public accounting experience (PPR or EVR).
Focus on gaining experience in tax and compilation services.
4.5 Other Regulated Services – Non-Reviewable Licence
Experience verification in public practice, focusing on the candidate’s chosen area of specialization, with no specific hour requirements.
5. Application Process for Public Practice Licences
To apply for a public practice licence, candidates must complete the following steps:
Submit completed application forms to CGPA Canada.
Provide a résumé detailing qualifications and relevant work history.
Submit proof of CPD activities from the past three years.
Provide evidence of professional liability insurance that meets CGPA standards.
Applications are reviewed by the Director of Public Practice Licensing.
Amendments to licenses, such as upgrades or changes in service scope, can be submitted through CGPA’s online platform.
6. Continuing Professional Development (CPD)
All licensed CGPAs must engage in ongoing professional development to maintain their licence. This commitment ensures that CGPAs remain updated on global accounting standards and regulatory changes.
6.1 Annual Competency Declarations
CGPAs holding an Audit Licence must submit annual competency declarations to maintain their license. These declarations confirm their adherence to the global standards, emphasizing CGPA’s dedication to professional growth.
7. Professional Liability Insurance Requirements
Public practice firms must carry professional liability insurance to protect both practitioners and clients from financial risks associated with errors or omissions.
Solo practitioners: Minimum of $1,000,000 per claim.
2-3 members: Minimum of $1,500,000 per claim.
4+ members: Minimum of $2,000,000 per claim.
8. Mentorship and Career Development
CGPA Canada encourages active participation in mentorship programs, especially for candidates in public practice. Mentors play a critical role in the professional development of candidates, guiding them through the nuances of public practice, leadership, and ethical challenges.
Conclusion
CGPA Canada’s Public Practice Licensing Guidelines provide a comprehensive framework for professionals aiming to attain and maintain a licence to practice in the public accounting sphere. By adhering to these standards, CGPAs can demonstrate their commitment to excellence and ensure compliance with both national and international accounting standards, ensuring they contribute to the global economy with professionalism and integrity.
For more information or to start your licensure journey, visit www.cgpaglobal.ca.
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