After months of discussions, CPA Canada has finalized critical agreements with its Ontario and Quebec counterparts, bringing clarity to education, exam administration, and standard-setting as the two provincial organizations prepare to officially split from the national body on December 20, 2024. This separation follows an 18-month withdrawal period and marks a significant shift in the governance of Canada’s accounting profession.
Background on the Split: A Historic Decision
In June 2023, CPA Ontario and the Quebec CPA Order announced their decision to withdraw from CPA Canada, citing fundamental disagreements over governance. This decision followed an extensive multiyear review process that revealed substantial differences in the visions of the provincial bodies and CPA Canada. Carol Wilding, president and CEO of CPA Ontario, explained that the organizations had diverged on key governance issues, ultimately rendering the existing structure unsustainable. CPA Quebec echoed this sentiment, emphasizing a desire for greater efficiency in its operations.
Key Agreements on Education and Exam Standards
One of the primary concerns raised by the split was the future of CPA education and examination standards. CPA Canada is traditionally responsible for developing the national standards and coordinating education and examinations. The new agreements ensure that Ontario and Quebec CPAs will continue to follow the same educational pathways as the rest of Canada’s accounting professionals.
- Education Agreement: This agreement preserves the current CPA education pathway, ensuring that students in Ontario and Quebec will follow the same program as other Canadian CPA candidates. This includes the courses, competencies, and exams required to become a Chartered Professional Accountant.
- Exam Standards: CPA Canada has ensured that the Common Final Exam (CFE) will remain standardized across the provinces, maintaining consistency in the evaluation of CPA candidates nationwide.
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Standard-Setting and Handbook Access
The agreements also include binding terms related to accounting standards and access to resources, ensuring that Ontario and Quebec CPAs maintain alignment with national and international accounting practices.
- Funding and Access: CPA Ontario and CPA Quebec will provide funding to CPA Canada to support standard-setting efforts. Additionally, CPAs in these provinces will continue to have access to the CPA Canada Handbook, a vital resource that sets the standard for financial reporting and audit practices across Canada.
- Continued Membership Option: In September, CPA Canada announced that Ontario and Quebec CPAs could remain members of the national organization if they wished, offering them access to CPA Canada’s broader resources and a connection to CPAs across Canada.
Implications for CPA Candidates and Practicing CPAs
The split has raised questions about the implications for new and existing CPAs in Ontario and Quebec. The finalized agreements aim to minimize disruptions and maintain a cohesive education and certification process