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 NUNAVUT 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 1 annually|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for CPA Nunavut is from January 1 to December 31 each year.|
|Ethics Requirement||4 verifiable hours in the area of professional ethics|
|Subject Area Requirement||CPAs engaged in public accounting should complete the mandatory verifiable CPD (10 hours) in activities directly related to the competencies needed to provide public accounting services in subject areas such as accounting, assurance, information technology, CPA standards and other courses as approved.|
What are CPD Requirements for CPA Nunavut?
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 Nunavut.
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 Nunavut?
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 Nunavut CPD Regulations which may include but not limited to:
- CPA regulatory updates covering the provincial CPA Act, Bylaws, Bylaw Regulations 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
- Anti-money laundering (AML)
What is license renewal period?
CPA Nunavut need to renew their license by March 1 annually.
What is the CPD reporting cycle?
CPD reporting is based on the calendar year. CPD reporting for CPA Nunavut is from January 1 to December 31 each year.
Competencies in which subject area should qualify for verifiable CPD for CPA Nunavut?
If the Member is engaged in public accounting, the mandatory verifiable CPD (10 hours) must be completed in activities directly related to the competencies needed to provide public accounting services. Specifically, their continuing professional development must be spent in one of the areas of:
- Information technology
- CPA handbook or standards (including updates and refreshers)
- Other courses as approved (i.e., valuations, personal financial planning, etc.)
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
What are the qualifying learning activities?
- Courses, technical study groups or online or computer-based courses
- Attendance at post-secondary credit courses and equivalent distance education courses with exams or other method of formal evaluation
- Teaching or presenting courses or a continuing professional development session
- Authoring or critiquing: a technical seminar, article, paper, book, or course that is delivered or published by a third party.
- Conducting research in areas that expand the member’s professional knowledge and results in presentations, published reports, articles, a paper, book, or other similar publication.
- Tutoring and or marking assignments; for post-secondary courses or equivalent distance education courses.
- Participation on a board of directors or invigilation, to the extent the contribution can be verified
- Mentorship of a CPA student through the approved CPA mentorship program
- Major involvement in special projects, provided the Member assumes a direct leadership role.
- Public practice peer review
What happens if you do not meet the CPD requirements?
If members fail to meet the CPD requirement in a particular year, the member will be subject to a noncompliance fee of $300 and a plan of action form or an exemption request in the prescribed form must be filed within 60 days of the CPD deficiency being declared by the member. Only one plan of action will be accepted in each three-year CPD cycle.
Failure to submit the plan of action form within 60 days or complete the approved plan of action within the proceeding CPD declaration year, will result in membership suspension.
What if you fail to report your CPD?
The annual CPD reporting deadline for a calendar year is March 1 of the year following the reporting year. Failure to report CPD by March 1, will result in a $100 fee.
All CPD declarations submitted after March 31st will also be subject to a non-reporting fee of $500.
What are the CPD requirement for a newly admitted member to CPA Nunavut?
All newly admitted members to CPA Nunavut, including those that are or were members in another jurisdiction, are exempt from the continuing professional development requirements in the year in which they became a member.
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.
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 Nunavut members must submit a CPD declaration online, declaring whether they met the CPD requirement, did not meet the requirement or are exempt from the requirement. Reporting will be completed in the manner set out by the Body, and will require the Member to report electronically.
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 total of four years. 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?
Retired Members who have ceased full-time practice, full-time employment or full-time business activity, and who do not provide any Reliance Services are exempt from the continuing professional development requirements. Members must submit an exemption form in their first year of retirement only.
Are myCPE courses approved for Nunavut CPA?
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 Nunavut 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 Nunavut 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 Approved Qualifications for CPD Credits for your reference. Webinars which qualify for Canadian CPA meets the standards for CPA Nunavut (Chartered Professional Accountants Nunavut.) Here is the link to CPA Nunavut 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|