CPA NEW BRUNSWICK
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’s designation across Canada and internationally through various mutual recognition agreements.
CPA NEW BRUNSWICK 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 31st annually|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for Alberta CPA is from January 1 to December 31 each year.|
|Ethics Requirement||4 verifiable hours in the area of professional ethics in each three year rolling cycle|
What are CPD Requirements for CPA New Brunswick?
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 New Brunswick.
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 New Brunswick?
Each member is required to complete 4 verifiable hours in the area of professional ethics in each three year rolling cycle. Professional ethics CPD can cover a wide range of topics related to ethics and ethical decision making. Various examples on Professional Ethics topics are given on CPA New Brunswick website which may include but not limited to:
- CPA regulatory updates covering the provincial CPA Act, By-Laws, Policies and Code of Professional Conduct
- Regulatory updates that are relevant and appropriate to the member’s role or industry
- Professional conduct
- Corporate codes of conduct
- Independence/conflict of interest
- Ethical decision making, approaches, thinking and case studies
- Ethical business culture
- Corporate social responsibility
- Honesty in business practice
- Bribery and corruption
- Doing the right thing
- Reputation and risk
What is license renewal period?
CPA New Brunswick needs to renew their license by March 31st annually.
What is the CPD reporting cycle?
CPD reporting is based on the calendar year. CPD reporting for CPA New Brunswick is from January 1 to December 31 each year.
Frequently Asked Questions on CPA New Brunswick CPD Regulations?
For completing CPD requirements, which competencies are required to be up-to-date from a CPA?
As required under Rule 203 of the CPA Code of Professional Conduct, “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”.
The actual CPD model places the onus on each member to decide what their professional development needs are and how to address them through a variety of CPD activities. Members are asked to focus on the outcome of CPD activities, as opposed to the time spent on them.
CPA New Brunswick’s Continuing Professional Development requirements are closely aligned with the nationally recommended requirements of CPA Canada and also meet the international educational standards (IES 7 and IES 8) of the International Federation of Accountants (IFAC).
Click here for further reference on CPA New Brunswick website.
What activities do not qualify as CPD?
CPD activities are expected to develop and maintain professional competence to enable you to continue to perform your professional role. Any learning and development that is relevant and appropriate to your work and professional responsibilities and growth as a CPA will qualify for CPD.
Examples of activities that would not qualify for CPD include:
- Coaching sports teams
- Acquiring new skills that are not directly related to your professional role, such as sports and skills relating to physical fitness, recreation and hobbies. It is acknowledged that these skills may be an important part of your life and your “balance,” however they do not count towards CPD.
What happens if you are non-compliant with CPD requirements?
In the event of non compliance, the following steps will be followed:
- A notice of non compliance will be sent advising the Member that should they remain noncompliant, they will be suspended. Furthermore, it would indicate the timing of suspension and the ramifications of such suspension. The deficiency may be reported by the Registrar to the Complaints Committee as a complaint . The notice will also advise the Member of the deadline to become compliant.
- In the event that the person who received the notice of non compliance fails to provide the required compliance report within two months after the date of notice as mentioned in the section above, a suspension letter will be sent to the Member, which describes the ramifications of being suspended and what needs to be done to be reinstated. The Member shall be suspended from membership. The suspended Member may be returned to membership in good standing by filing the required compliance report accompanied by the required reinstatement fees.
- Non compliance with the CPD requirements inclusive of tardiness in filing, will result in a noncompliance late fee of $100.00 being levied on the Member.
For more details, CLICK HERE.
Can CPA New Brunswick carry forward verifiable CPD hours?
Members will be permitted to carry over a maximum of 40 verifiable CPD hours in excess of the minimum requirement in one year to the next. The 40 hours can only be carried forward to the next succeeding year. A carry over will only be permitted once in a three-year rolling period.
What if you fail to report your CPD?
Non compliance with the CPD requirements inclusive of tardiness in filing, will result in a noncompliance late fee of $100.00 being levied on the Member.
What is Verifiable and Unverifiable CPD?
- Verifiable CPD refers to learning activities that can be tangibly and objectively verified.
- Learning activities that result in evidence that the learning activity was undertaken are considered to be “Verifiable”.
- Unverifiable CPD refers to learning activities that cannot be tangibly and objectively verified.
- “Unverifiable” learning activities do not result in evidence that the learning activity was undertaken.
Volunteer or pro bono work may only qualify as verifiable or unverifiable CPD to the extent it meets the above definitions.
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 bundles such as 10 CPD, 20 CPD and 40 CPD.
What are the CPD reporting and record retention requirements?
Every Active Member shall file his/her report online through mycpawebservices.ca at the time of payment of membership fees with a simple perfunctory annual declaration of compliance. A non-compliance fee of $100.00 will be applied to submissions received after the deadline of March 31.
Every Active Member shall retain documentation to support the verifiable learning activities that were reported on the Member’s detailed compliance report made either electronically or in paper form for at least 5 years from date of reporting.
Verifiable CPD documentation should:
- Describe the learning activity;
- Identify the provider of the activity, where applicable;
- Connect the member to the activity;
- Identify when the activity took place; and
- Provide a basis for concluding that the number of reported hours is reasonable.
Such documentation may include certificates of completion, transcripts, evidence of attendance at conferences and seminars, published work, presentations, reports or other such documentation or evidence of completion as may be available.
I am a retired CPA. Do I need to complete my CPD requirements?
Every member must make a CPD declaration each year, not everyone must participate in CPD learning activities. The requirement to continue to take CPD activities, even when retired, is solely dependent upon what you are doing during your retirement years. For more information how to report your CPD if you are retired, please CLICK HERE.
This is my first year as a CPA New Brunswick. How should I comply with my CPD requirements?
New members joining the provincial body through a Canadian certification program will be required to complete full CPD requirements in the year of admission to membership. However, new members will be permitted to report learning activities that occurred within the reporting year, prior to registration as a member, including PEP modules.
Are myCPE courses approved for CPA New Brunswick?
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 New Brunswick 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 New Brunswick 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 about Approval/Qualifications of CPD Credits for your reference. Webinars which qualifies for Canadian CPA meets the standards for CPA New Brunswick (Chartered Professional Accountants New Brunswick). Here is the link to CPA New Brunswick 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|