Chartered Professional Accountant (CPA) is a designation the Chartered Professional Accountants of Canada (Canadian CPA) gives to individuals who pass the Uniform CPA Examination and meet the education and experience requirements. The CPA designation helps enforce professional standards in the accounting industry. CPA (Chartered Professional Accountant) is the highest accounting credential in Canada. CPA ensures global recognition for accounting & finance professionals.
CPAs are admitted to the profession through their Provincial Institutes. These bodies are responsible for establishing and administering the qualification process, admission criteria, and performance standards within their jurisdictions. The Canadian CPA’s role – in concert with all provinces, and territories – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CPA designation across Canada and internationally through mutual recognition agreements.
CPA PRINCE EDWARD ISLAND CPD REQUIREMENT OVERVIEW
| CPD Requirements | 120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. |
| License Renewal Period | Renew your license by March 31 annually |
| CPD Reporting Cycle | CPD reporting is based on the calendar year. CPD reporting for CPA Prince Edward Island is from January 1 to December 31 each year. |
| Ethics Requirement | 4 verifiable hours in the area of professional ethics |
| Subject Area Requirement | Practicing CPAs responsible for audits of financial statements are required to fulfill professional competence requirements as stated in IES 8 |
All members are required to make a CPD Declaration annually, regardless of any previously declared exemptions or change of employment status. Each member must complete 120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. Many of our programs Live and On-demand are eligible for continuing education for CPA Prince Edward Island.
Here is a link to Canadian CPA packages which will provide you with professional development in various fields like financial reporting, Domestic & International Taxation, Fraud & Risk Management, Information Technology, Leadership skills and development, and business in one go.
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples of Professional Ethics topics are given in CPA Prince Edward Island CPD Regulations which may include but are not limited to:
CPA Prince Edward Island needs to renew its license by March 31 annually.
CPD reporting is based on the calendar year. CPD reporting for CPA Prince Edward Island is from January 1 to December 31 each year.
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The CPD program does not mandate areas of study however, the members must meet the professional competence requirement that a member shall sustain professional competence by keeping informed of, and complying with, developments in professional standards in all functions in which the member provides professional services or is relied upon because of the member’s calling.
General competencies in which the CPA should be up-to-date may include but are not limited to:
Technical competencies:
Enabling Competencies:
Note: Members performing the role of an engagement practice leader responsible for audits of financial statements are required to complete an annual self-assessment and declaration that they have undertaken sufficient relevant CPD to develop and maintain professional competence as per IES 8.
The member will be asked to submit the following to the continuing professional development committee:
The continuing professional development committee will review the membership plan and make recommendations to the board on further actions.
The Board may suspend, terminate, or otherwise discipline any member based on the recommendations from the committee.
In the event of non-compliance with the continuing professional development reporting requirements, a $100 late reporting administration fee may be payable to CPA PEI.
A newly admitted member to CPA Prince Edward Island who has been a member for less than a year will have their annual minimum CPD requirements pro-rated on the basis of the number of months of membership in the current year.
The minimum of 120 hours of CPD (60 verifiable) for the initial rolling three-year period will be reduced accordingly.
Verifiable CPD
Unverifiable CPD
myCPE provides a package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which include on-demand webinars on financial reporting, Domestic & International taxation, Fraud & Risk Management, Information Technology, Leadership skills, and development and business. This CPD package comes in a variety of CPD bundles such as 10 CPD, 20 CPD, and 40 CPD for different subjects such as accounting, tax, tech-focused, international taxation, etc.
Every active member shall file a compliance report with respect to the member’s continuing professional development activities for the previous calendar year on or before January 31st of each year. Each member shall be responsible for identifying the continuing professional development hours that were completed and filing the prescribed form with CPA PEI.
Members must keep a record of their CPD activities as well as supporting documentation that provides third-party verification of the CPD learning activities for five years after the end of the reporting cycle. The board can request to review your CPD log/record and supporting documentation at any time. It is your responsibility to ensure that you have a copy of your CPD log and sufficient supporting documentation for your learning activities to qualify as verifiable learning.
Your CPD log must provide:
A “Retired Member” is a member who has ceased to be gainfully employed, because of age, health, or other circumstances, who does not intend at any time thereafter to seek or accept gainful employment, either temporary or permanent, and has received approval by the Board as a Retired Member. Such a Retired Member is exempt from fulfilling CPD requirements.
CPA Prince Edward Island is required to pay full fees of $ 100 to renew the license to practice public accounting.
CPD providers are not required to be approved by any organization in order to offer CPD hours to Canadian CPAs as long as the activity offered by them allows CPAs to develop and maintain professional competency to enable them to perform their professional role, it will qualify for CPD. Therefore, the courses listed on myCPE for CPA in Canada are eligible for fulfilling Canadian CPA CPD requirements. However, we are not specifically approved by CPA Canada.
CPA Prince Edward Island does not pre-determine how much CPD is gained at an activity, nor does the organization pre-determine what qualifies as CPD for each CPA. CPA Prince Edward Island follows the International Federation of Accountants (IFAC) criteria for CPD and is working towards harmonizing exemption and qualifying activities for verifiable and non-verifiable CPD with provincial CPA organizations across Canada.
For further guidance, we have provided details for “QUALIFIES FOR” on each page of the courses for your reference. Webinars that qualify for Canadian CPA meet the standards for CPA PRINCE EDWARD ISLAND (Chartered Professional Accountants Prince Edward Island). However, we are not specifically approved by CPA Canada.
