CPA competencies

At the completion of your practical experience, you must have completed any two of the following four task statements and have demonstrated proficiency in using the optimal technology available in performing this work:

TS1 : Assess(4) decision makers’ needs and actively design(5) the development or modification of reporting requirements or financial-reporting systems to meet external user needs, such as an MD&A or financing needs (a large, complex example or several smaller ones).

TS2 : Critically evaluate(5) and reach a preliminary conclusion on three distinct GAAP (or equivalent) transactions based on management requests, using the CPA Canada Handbook (or equivalent) as guidance.

TS3 : Prepare(2) and critically evaluate(5) financial statements and notes in accordance with GAAP or equivalent over two business periods (at least one of which is year-end).

TS4 : Critically evaluate(5) variances on historical, year-over-year financial statements and interpret(5) root causes, including the interconnectivity of multiple line items (over two business periods, at least one of which is year-end).

At the completion of your practical experience, you must have completed any two of the following four task statements and have demonstrated proficiency in using the optimal technology available in performing this work:

TS1 : Assess(4) decision makers’ needs and critically evaluate(5) the development or modification of information data systems required to meet management-reporting needs (a large, complex project, or several smaller ones).

TS2 : Design(5) forecasts or a budget for an entity with multiple and changing input variables across more than two business cycles.

TS3 : Critically evaluate(5) cost management or revenue management or profitability management for a minimum of two business quarters (proficiency level 5).

TS4 : Interpret(5) variance analyses, either with key performance indicators or budget forecasts, with explanations and/or recommendations (over two business periods, at least one of which needs to be year-end).

At the completion of your practical experience leading to a public accountancy permit, you must have completed the following task statement and have demonstrated proficiency in using the optimal technology available in performing this work:

TS1 : Through multiple external assurance engagements including high-risk or complex sections of the file:

TS1.1 : Design(5) the planning and risk assessment of the assurance engagement (including calculating materiality and assessing the control environment).

TS1.2 : Design(5) appropriate planned procedures that meet the objective of the engagement.

TS1.3 : Critically evaluate(5) supporting information and results of analysis to draw conclusions and communicate results.

At the completion of your practical experience, you must have completed all of the following:

TS1 : Critically evaluate(5) actions and decisions by consistently demonstrating:

• A questioning mindset
• Awareness of new information and changes in facts and circumstances that could indicate possible misstatement due to error or fraud (spotting trends and irregularities)
• Critical thinking skills applied to evidence (how you interpret the story)
• Awareness of how conscious and unconscious bias might impact how data or information is used, analyzed, or reported.

At the completion of your practical experience, you must have completed all of the following:

TS1 : Critically evaluate(5) a decision by consistently demonstrating:

• Understanding of the higher level of accountability and responsibility afforded by being part of the CPA profession.
• Adherence to the Code of ethics of chartered professional accountants :
  • Maintaining the good reputation of the profession, protecting the public, and acting in the public interest
  • Performing with integrity and due care
  • Avoiding compromise of professional judgement by bias, conflict of interest, or undue influence
  • Exhibiting behaviours to comply with laws, regulations, organizational policies, societal norms, and personal ideals
  • Identifying and raising unethical behaviours (if applicable)

At the completion of your practical experience, you must have completed all of the following:

TS1 : Demonstrate ability to consistently:

TS1.1 : Communicate(4) analyses, findings, decisions, and next steps in a transparent, understandable, and professional manner with appropriate communication channels/tools

TS1.2 : Assesses(4) that all communications fairly reflect underlying substance without bias.