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  • Audit Licence
    • Public Companies
    • Non-Public Company
       
  • Review Licence
     
  • Compilation Licence
     
  • Other Regulated Services Licence
    • Reviewable
    • Non-Reviewable

The permitted services are set out in this illustration of the CPABC public practice licensing regulations and category information.

If you wish to change from a category which allows you to provide a higher level of assurance to one which provides lower assurance (e.g., Audit to Review, or Review to Compilation) then you can just advise CPABC and the category will be changed once you confirm that you will not be providing the previously authorized services.

If you wish to change to a category which would allow you to provide a greater level of assurance to the public, you will need to contact CPABC to see if any steps need to be taken to ensure competence to provide those services.

You could maintain an Audit Licence and ensure you maintain competence through undertaking appropriate professional development. Or you could license in the Review category, maintain competence, and apply for a change to Audit when you decided to take on those engagements. In either instance, if it had been over five years since you provided audit services, you would have to show that you had taken appropriate action to maintain your competence, such as professional development in the audit area and there may be a need for a mentor.

Yes, you will need a licence based on the type of engagements you are authorized to release.

These services required licensing under the legacy CGA regulations and were pending a licensing requirement under the legacy CA regulations. These services now consistently require licensing; at this time, the only licensing requirement is that professional liability insurance be in place. This is not a service which is subject to practice inspection.

Fees

Fees have been determined on a cost-recovery basis. The higher the level of assurance services, the greater time is taken on practice inspections, and the costs to CPABC are accordingly higher. In the Other Regulated Services – Non-Reviewable category, the fee does not include an allocation of practice inspection costs.

The CPA Public Practice Fee comprises two elements:

A public practice fee for each licensed member. The amount of this fee is a function of the category of public practice licence held by the member. Licensed members include both firm owners and those employees who are authorized to sign off on engagements on behalf of the firm.

A firm component which is a member levy based on the number of designated CPA members in the firm, both owners and employees. This member levy component represents an allocation of the costs associated with support provided to members in public practice by the Member Services team.

Member Services provides the following:

  • Professional staff who can answer questions on ethics, bylaws, and the Code of Professional Conduct;
     
  • Provide informal guidance on CPA Canada Handbook and other technical matters (please note Advisory Services staff will not give GAAP or GAAS opinions, or prescribe the application of standards);
     
  • Produce monthly updates on standards and practice matters in the Public Practice News & Views column in eNews;
     
  • Support six public practice forums, which provide an opportunity for sole practitioners, owners of small and medium size public practice firms to exchange information, share best practices, and strengthen professional alliances;
     
  • Arrange periodic liaison meetings between practitioners and CRA senior staff in various locations around the province;
     
  • Support the Government Organizations’ Accounting & Auditing Forum, which provides an opportunity for liaison between public practitioners and other members in various public sector organizations on accounting, auditing, financial reporting, performance management, and related issues affecting those organizations;
     
  • Support the Professional Standards Advisory Committee which participates in the profession’s standard-setting process by reviewing and critiquing white papers, discussion papers, and exposure drafts circulated by the Accounting Standards Board (AcSB), Auditing and Assurance Standards Board (AASB), International Ethics Standards Board of Accountants (IESBA), and government authorities. Participation in the Advisory Committee offers members the opportunity to provide input on current accounting, assurance, and professional ethics projects before they are formalized as standards.
     
  • Discuss setting up, winding down, succession planning, or buying and selling a practice;
     
  • Provide information about professional liability insurance; and
     
  • Provide information about confidential counseling services.