Chartered Professional Accountant (CPA) is a designation given by the Chartered Professional Accountants of Canada (CPA Canada) to individuals that 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 CPA Canada’s role – in concert with all provinces, 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 various mutual recognition agreements.
CPA MANITOBA 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 January 31 annually|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for CPA Manitoba 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 fulfil professional competence requirement as stated in IES 8.|
What are CPD Requirements for CPA Manitoba?
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 in Live and Self-Study are eligible for continuing education for CPA Manitoba.
Here is a link to Canadian CPA packages which will provide you 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.
What is the Ethics Requirement for CPA Manitoba?
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples on Professional Ethics topics are given in CPA Manitoba CPD Regulations which may include but not limited to:
- CPA Manitoba regulatory updates covering the Act, Bylaws, Regulations and Code of Professional Conduct;
- Corporate codes of conduct;
- Regulatory updates that are relevant to your role;
- Integrity and Ethical decision making;
- Independence/conflict of interest;
- Ethics and the culture/environment of an organization;
- Ethical dilemmas;
- Fraud prevention;
- Ethics in technology
What is license renewal period?
CPA Manitoba needs to renew their license by January 31 annually.
What is the CPD reporting cycle?
CPD reporting is based on the calendar year. CPD reporting for CPA Manitoba is from January 1 to December 31 each year.
Frequently Asked Questions on CPA Manitoba CPD Regulations?
What competencies are expected from a CPA completing CPD requirements?
The CPD program does not mandate areas of study however, the members must meet the professional competence requirement that is 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 not limited to:
- Financial Reporting
- Management Accounting
- Strategy, Governance and Risk Management
- Business environment
- Finance and Financial Management
- Audit and Assurance
- Information technology
- Business laws and regulations
- Professional values, ethics, and attitudes
- Problem-Solving and Decision-Making
- Teamwork and leadership
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.
What activities do not qualify for CPD hours?
Activities that would not qualify for CPD, but are not limited to, include:
- Language or other courses that are for personal goals (such as personal travel);
- Attendance at an Annual General Meeting;
- Coaching sports teams; or
- Acquiring new skills that are not directly related to your professional role(s) as a CPA
What happens if you do not meet the CPD requirements?
If a member fails to deliver an annual compliance report, or fails to comply with the applicable requirements of the Continuing Professional Development Program the member shall be suspended from membership until the compliance report is filed and accompanied by the prescribed reinstatement fee.
In the event that the person, whose membership has been suspended continues to fail to provide the approved compliance report, accompanied by the prescribed reinstatement fee, within two months of suspension, the person’s membership shall be terminated. A member may be readmitted upon filing the approved compliance report accompanied by the prescribed readmission fee.
What if you fail to report your CPD?
What are the CPD requirement for a newly admitted member to CPA Manitoba?
A newly admitted member to CPA Manitoba is required to complete full CPD reporting requirements in the year of admission to membership whether the date of admission is in January or later in the calendar year.
What is Verifiable and Unverifiable CPD?
- Verifiable CPD is a learning activity that results in evidence that learning took place and the learning can be verified objectively by someone else. Verifiable activities are much more than just a course, conferences, and seminars where you get a certificate or someone takes attendance which can validate you were there.
- Unverifiable CPD are those learning activities that do not result in a product or for which no evidence of the learning exists.https://my-cpe.com/packages?a=cpa%20(ca)
Why one should choose myCPE Package for Canadian CPAs?
myCPE provides package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which includes 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 variety of CPD bundle such as 10 CPD, 20 CPD and 40 CPD.
What are the CPD reporting and record retention requirements?
CPA Manitoba members must keep record of their CPD activities as well as supporting documentation that provides third party verification of the CPD learning activities for a minimum of 36 months. 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 in order for your learning activities to qualify as verifiable learning.
Your CPD log must provide:
- The date of the activity;
- The type of activity;
- The name of the activity;
- The name of the CPD provider;
- The number of verifiable or unverifiable hours spent engaged in new learning activities.
I am a retired CPA. Do I need to complete my CPD requirements?
Members may still be required to meet the full CPD requirements even after retirement as some members continue to use their CPA designation. If members remain active on boards and committees or engage in any activity where they may be relied upon for their skills as a CPA, they are required to fulfil the full CPD requirements. Please review the CPD Requirements Policy for more information on full CPD and exempt CPD status.
How much does it cost to renew the CPA Manitoba license?
CPA Manitoba is required to pay full fees ($ 1015) if:
- you reside in the province of Manitoba; OR
- you are not eligible for affiliate fees status
CPA Manitoba affiliate fees ($ 150) are paid if:
- you reside outside of Manitoba and you are a member of another provincial CPA body.
You can access Fees Schedule from here.
Are myCPE courses approved for CPA Manitoba?
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 Canada page are eligible for fulfilling Canadian CPAs CPD requirements.
CPA Manitoba does not pre-determine how much CPD is gained at an activity, nor does the organization pre-determine what qualifies as CPD for each individual CPA. CPA Manitoba 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 course for your reference. Webinars which qualifies for Canadian CPA meets the standards for CPA MANITOBA (Chartered Professional Accountants Manitoba). Here is the link to CPA Manitoba website.
|National Association of State Boards of Accountancy (NASBA)||143597|
|Internal Revenue Service (IRS)||GEHNZ|
|California Tax Education Council (CTEC)||6273|
|Certified Financial Planner Board (CFP)||8061|
|Society for Human Resource Management (SHRM)||RP5359|
|Human Resource Certification Institute (HRCI)||714694|
|American Payroll Association (APA)||372961|
|Texas State Board of Public Accountancy (TSBPA)||010556|
|Illinois Department of Financial & Professional Regulation (IDFPR)||158002756|
|New York State Board of Public Accountancy (NYSPA)||002976|
|Association of Certified Fraud Examiners (ACFE)||Approved|
|National Association of Certified Valuators and Analysts (NACVA)||Approved|
|Institute of Management Accountants (IMA)||Approved|
|Institute of Internal Auditors (IIA)||Approved|
|Institute of Finance and Management (IOFM)||Approved|
|Society of Trust and Estate Practitioners (STEP)||Approved|
|Certified Senior Advisor (CSA)||Approved|