The CATO Advantage

7. Rules for qualifying to practise public accounting after certification as a Chartered Accountant

Rules for becoming eligible to practise Public Accounting post-certification are set out in CA Practical Experience Requirements (PER), Section 3.7.

Purpose

Requirements for post-certification licensure ensure all CAs qualified to practise public accounting have the requisite experience in CA Firms approved to offer such experience.

Requirements

CAs who qualified outside of the traditional public practice path can gain the necessary experience to practice public accounting after qualification by acquiring:

At least two years of practical experience, including 2,500 Chargeable Hours, in Public Accounting in a CA firm, including Offices of the federal and provincial Auditors General and the Auditor General of Bermuda, approved by a Provincial Institute/Ordre/for Public Accounting experience; and
The prescribed minimum Chargeable Hours in Assurance Services (1,250), including Audit Engagements (625 hours) and Taxation Services (100 hours).

This experience must be acquired within a rolling five-year period.

The CA will NOT be required to rewrite the UFE.

Contact the applicable Provincial Institute/Ordre for further information on these requirements.

Examples

The following chart summarizes the additional requirements needed for licensure for CAs from different practical experience backgrounds.

Example	Requirements Satisfied:		Additional Requirements needed for Licensure:
Example	Hours	Time	Additional Requirements needed for Licensure:
CA completed all experience in industry.	No	No	Two years in public practice and the required prescribed hours within a rolling five-year period.
CA began experience in a CA firm and transferred to a CA Training Office in industry before qualification. During the time at a CA firm, all the prescribed hours were completed.	Yes	No	An additional two years in public practice. Once the two years are complete, the CA must evaluate if he/she has satisfied the prescribed hour requirement within a rolling five-year period.
CA completed all experience in a CA firm in an area other than assurance (e.g., Tax or Advisory Services). Within a five-year rolling time period, the CA has acquired all the prescribed hours.	Yes	Yes	None
CA completed all experience in a CA firm in an area other than assurance (e.g., Tax or Advisory Services). CA has not acquired the prescribed hours in the last five years.	No	Yes	Obtain the prescribed hours specified for licensure within a rolling five-year period.
CA started career in industry. After one year, the CA accepted a position at a CA firm and qualified as CA while at the firm. At the point of qualification, the CA had satisfied the chargeable hour requirement.	Yes	No	Additional year in public practice. The one year in industry would count towards the CA designation, but not towards the right to practice public accounting. Three years of public accounting experience prequalification are required for licensure.

Q. Can CAs who qualify without meeting the requirements to practise public accounting do so after certification as a Chartered Accountant?

A. Yes. They can do so by meeting the mandatory experience requirements laid out above.

Q. Will they be required to rewrite the UFE?

A. No, the CA will not be required to rewrite the UFE.

Q. If a CA qualified with practical experience primarily in areas other than the traditional public accounting path, such as taxation or business advisory services, in a CA Training Office approved to provide public accounting experience and gains some, but not all, of the chargeable hours required to practise public accounting, would these hours count towards qualifying public accounting experience post-certification?

A. Yes, assuming the total experience requirements for public accounting are met within a rolling five-year period. This is why it is important for CA Training Offices to track all audit, assurance and tax hours for all CA Students, even those not immediately pursuing public accounting (See Section 6: Practical experience requirements for the practice of public accounting).

Q. If a CA qualified with practical experience primarily in areas other than the traditional public accounting path, such as taxation or business advisory services in a CA firm only approved to train students that are not seeking to practice public accounting, and gains some, but not all, of the chargeable hours required to practise public accounting, would these hours count towards qualifying public accounting experience post-certification?

A. Yes, subject to review by your PICA/Ordre, and assuming the total experience requirements for public accounting are met within a rolling five-year period. The exception is audit hours. Audit hours within a CA firm only approved to train students in a non-traditional path must be pre-approved by your PICA/Ordre in order for them to count towards qualifying public accounting experience. This is why it is important for CA Training Offices to track all audit, assurance and tax hours for all CA Students, even those not immediately pursuing public accounting. If you have any questions or concerns, please speak with your CATO Liaison (See Section 6).

Q. Will these CAs have full reciprocity to practise public accounting across Canada and in Bermuda?

A. Yes.

Q. What does it mean to acquire the necessary experience “within a rolling five-year period”?

A. To ensure appropriate currency of competencies, the chargeable-hour requirements for public accounting must be met within a five-year period. Experience that is more than five years old “expires” and must be re-demonstrated.

Q. Will this experience meet all international standards?

A. Yes. As prescribed, it meets international standards and the requirements of our Mutual Recognition Agreements with international accounting bodies.