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Acting ethically is a cardinal principle that should be an integral part of every profession. In the fields of Accounting, Audit, Tax, and Finance, clients provide the professionals with their sensitive information. So, professionals must act ethically to be more credible and trustworthy.
In 2019, Chartered Professional Accountants Canada (CPAC) acknowledged the requirement of ethics learning for professionals, and all provinces have implemented ethics in CPD requirements. For continuous ethical development, CPAC introduced four hours of verified ethics CPD, which became mandatory for Canadian CPAs.
These course hours can be earned in a single year or throughout the period of three years. 4 hours of CPD is the minimum requirement. Over and above, this is also accepted.
There are a number of platforms offering verified content hours in professional ethics applicable for ethics credit.
myCPE is one of the biggest and most trusted Continuing Education Platforms for CPAs to attain their CPD credits. It covers the different domains of Accounting, Finance, Audit, and Tax and provides a large playlist of course contents in different subject areas.
Courses approved by CPA Canada offer 7000+ hours of High-Quality course content in 500+ Subject areas, including ethics.
Every Provincial body has its own set of rules and compliances for PDC. Provincial bodies, in collaboration and partnership with third-party CPD providers, offer CPD on-demand courses for ethics and other topics.
Easy to access - The courses by the regulatory bodies are easy to attend. One can easily participate in the webinars and conferences. As per the CPD requirements, they do offer limited ethics courses.
Hassle-free credit Reporting - As the Provincial bodies provide the courses, all the courses are approved for recording and reporting the credits.
Premium Pricing - It usually charges a premium amount for CPD course Packages. It may cost you CA$ 45 for 1 CPD to CA$ 445 for 7 CPD credits. But, for the ethical courses, it may start from CA$ 200-CA$ 400 for just 4 CPD credits.
Less Flexible: They do not offer flexible learning methods such as on-demand courses, podcasts, and PDFs.
Only for Members: The courses are available for Members only. For a non-member, accessing the ethics courses may cost you CA$ 100- CA$ 200 high.
Weak Support: They need to provide appropriate support to the users or members to complete their CPD on time.
LiumiQ, is a complete podcast-based CPE course provider. It offered courses verified and applicable for CPD credits. For the 4 hours of CPD requirements, it offers high-quality courses that are applicable to today's business industry.
Quality Content- It provides only 30+ hours of quality content covering several ethics topics. The courses include real-life ethical case studies, practical implementations, and explanations of Crime, Fraud, and ethical misconduct.
Easy to learn- Since it offers a Podcast only, it is much more flexible and easy to learn, without a proper Dekstop setup.
Limited Content- The major drawback of LumiQ is limited ethics courses. Ethics has a vast work area, and as a CPA with an interest in the different fields of ethics, you may not find the topic of your interest in a 30-hour small playlist.
High Cost- Even if you want an ethics course for 5 CPD, they charge CA$ 269, which is much higher than others.
Podcast Only- They only offer podcasts, and learning all facts in audio is not always possible or effective. For 20 CPD, it cost CA$979.
So, what you should choose is the most affordable, trustworthy, and easy-to-access platform for your CPD. Let me Make it clear why myCPE is the best fit and should be your first priority.
Compared to other platforms, which offer only 4 hours of ethics for CA$ 200-CA$ 400, a subscription of CA$ 249 at myCPE will help you to complete all CPD credit requirements. Flexible learning with multiple course formats, vast course library, professional instructors, and Package course to complete your CPD at once. Mobile app to access courses, manage, and record credits in a dedicated profile. What else do you need?
In a rolling period of three years, CPA in Canada must complete 120 hours of CPD. Out of which, 4 verified hours of CPD in the area of professional ethics must be obtained by the CPAs for renewal of their license.
CPAs deal with the business and individuals having their clients' most sensitive and secure data. So, acting with financial information, professionals must give priority to principles, morals, integrity, honesty, and responsibility.
Working as professionals and consultants, they must prove themself true, fair, and honest to create a positive impact. And this cardinal principle of ethics is given priority by CPAC for their CPAs.
Unlike other courses Professional Ethics is compulsory for Canada CPAs. The course must be competent and provide with the knowledge of the law, standards and guidelines. Choose the high quality courses that are relevant in 21st century complex ethics. So choose an ethics course provider where you can learn these ethics courses at your own pace fit to your busy schedule.
The Authors, Allen Smith is a Practicing Certified public accountant and senior vice president at myCPE – Continuing Education Platform for Professionals. He understands the current needs of the education domain and strategies for the presenters to adapt the new changes.
Imtiaz Munshi, CPA
