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Canada/Bermuda-wide approval in principle for changes to CA experience criteria
The CA profession is committed to securing the future supply of CAs by enabling more of the country's "best and brightest" to enter the profession. In support of this strategic direction, the Council of The Institute of Chartered Accountants of Manitoba, along with the Councils of all Provincial Institutes of Chartered Accountants and the Ordre des comptables agréés du Québec, has approved in principle changes to the experience requirements for qualifying CAs, and after consultation will reflect them in appropriate bylaw changes. These changes, which will maintain the excellence of all our admission and qualification standards, are expected to be particularly attractive to small and medium sized CA practices, and to a select group of leading corporations and public sector organizations which employ large numbers of CAs and have established training infrastructures. The changes would be implemented across Canada and in Bermuda to ensure that the CA continues to be fully portable within Canada and Bermuda, and that all international criteria for mutual recognition agreements continue to be met.
What would change?
The profession will create more opportunities for qualified university graduates to become CAs by expanding both what it recognizes as qualifying experience, and the kinds of organizations which can be recognized as Approved Training Offices.
Specifically:
- 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 Approved Training Offices under very strict criteria.
Canada and Bermuda are the only countries that do not currently recognize such training positions; these changes will position the profession favourably with our international counterparts.
How will the excellence of CA standards be maintained?
All standards, including those for recognizing Approved Training Offices, will be as rigorous as current standards.
- Admission criteria to professional education programs will remain unchanged; the changes maintain all current academic standards and prerequisites for admission to the profession, as well as the breadth and depth of core competence and knowledge consistent with the public trust and the CA brand.
- Evaluation: All current evaluation processes will remain in place. All candidates must pass the UFE.
- Audit and assurance experience will continue to be mandatory and unchanged for candidates pursuing public accounting. 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 as a CA without having acquired all of the audit and assurance experience required for public accounting can achieve the required experience in audit, assurance and taxation post qualification.
- Corporate and public sector Approved Training Offices will be carefully selected to ensure only leadership organizations that provide experience that meets our standards will be recognized by the profession. Standards for these organizations will be consistent with those of public practice firms to ensure candidates develop a true CA world view (including the essential CA pervasive qualities such as scepticism, objectivity and ethics) and are exposed to a sufficiently broad range of experience. Training outside CA firms will be as rigorous as training within CA firms.
When would changes take effect?
The changes in ICAM, as in most other jurisdictions, will be effective for candidates recruited after September 1, 2007 for employment beginning after May 1, 2008. Requirements for Approved Training Offices and for practical experience will be released by the summer 2007. Information on transition issues will be available in December 2006.
The timetable for communication and implementation
More information on proposed changes to CA experience criteria, practical experience requirements and approved training office requirements will be available for discussion through the fall of 2006. All members are encouraged to follow these changes, and will have the opportunity to provide input and commentary throughout the fall.
For More Information
Click on the following links to view the selected documents:
Frequently Asked Questions
If you have any comments or questions, please contact:
Gary Hannaford, Chief Executive Officer
(204) 942-8248 ext. 201
ghannaford@icam.mb.ca
Shirley Sommer, Registrar
(204) 942-8248, ext. 212
ssommer@icam.mb.ca
July 5, 2006
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