New Practical Experience Requirements 2007
In 2007, the Institute of Chartered Accountants of Newfoundland joined with most other provinces across Canada in approving expanded experience opportunities. We expect all provinces to complete the approval process by fall 2008.
The new Practical Experience Requirements (PER) 2007 came into effect for students who are hired into these new expanded experience paths and register with the Institute after September 1, 2007. The new requirements affect both what is recognized as qualifying experience and the kinds of organizations that can be recognized as CA Training Offices, specifically:
· Approved corporations and government departments can now be recognized as CA Training Offices under strict criteria;
· CA firms will be able to seek approval to create training positions in taxation, business advisory
services, and other areas, in addition to CA positions in audit and assurance; and
· Audit, assurance and tax experience will no longer be mandatory for those who wish to pursue CA careers
outside public accounting. CA students who qualify in these positions who later wish to practise public
accounting can do so by gaining the necessarily experience at a CA firm recognized for that purpose; they
will not have to rewrite the UFE.
It is important to note that the new PER 2007 will also affect CA students hired into traditional audit and assurance licensing streams by approved CA firm student training offices who register with the Institute after August 31st, 2008. Specifically:
1. CA students will be required to record, in the CA Record of Qualifying Experience, the specific assignments that contribute to the development of their CA competencies. The CICA is now developing software that is designed to allow CA students to document, review and monitor their competency development throughout their period of practical experience. This software, which will be mandatory for all CA students registering with the Institute after August 31, 2008, will be available early in 2008 and will be distributed to all training offices prior to student use.
2. Each CA student will be required to have a Counselling Member who is a CA in good standing with the Institute. The CA student and the Counselling Member are required to meet at least twice a year. During these meetings, the CA student and the Counselling Member will review the CA Record of Qualifying Experience and discuss the CA student’s progress in developing the CA competencies. The Institute will be providing Counselling Member training free-of-charge that will be mandatory to complete before the first six-month meeting. The training will provide additional direction for Counselling Members on how to interpret student experience in relation to the CA competency requirements.
3. Each CA student will be required to submit their Practical Experience Report (a report produced by the CA Record of Qualifying Experience) prior to admission to membership. This record must be signed off by the CA student’s Counselling Member and will document the competencies where the student demonstrated his/her depth and breadth of experience over the previous three years.
4. For ALL public accounting licensure related experience, the direct supervisor of the CA student must be a CA in good standing with the Institute.
Transition rules
CA students registered before August 31, 2008 in traditional audit and assurance paths may choose, with the support of their employer, under which rules they wish their qualifying experience assessed.
The following documents provide additional information:
For more information on the recent changes, refer to Frequently Asked Questions or contact: Tashia Batstone, MBA, CA at tbatstone@ican.nfld.net or (709) 753-7566