CPA PRINCE EDWARD ISLAND
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 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 fulfil professional competence requirement as stated in IES 8|
What are CPD Requirements for CPA Prince Edward Island?
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 On-demand are eligible for continuing education for CPA Prince Edward Island.
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 Prince Edward Island?
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 Prince Edward Island CPD Regulations which may include but not limited to:
- Regulatory updates covering the CPAPEI 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
What is license renewal period?
CPA Prince Edward Island needs to renew their license by March 31 annually.
What is the 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.
Frequently Asked Questions on CPA Prince Edward Island 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 happens if you do not meet the CPD requirements?
The member will be asked to submit the following to the continuing professional development committee:
- A description of the circumstances that caused the member to be non-compliant.
- A plan outlining how the member will regain compliance.
The continuing professional development committee will review the member 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.
What if you fail to report your CPD?
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.
What are the CPD requirement for a newly admitted member to CPA Prince Edward Island?
A newly admitted member to CPA Prince Edward Island who have been 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 current year.
The minimum of 120 hours of CPD (60 verifiable) for the initial rolling three-year period will be reduced accordingly.
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?
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 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 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?
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 an Retired Member is exempt from fulfilling CPD requirements.
How much does it cost to renew the CPA Prince Edward Island license?
Are myCPE courses approved for CPA Prince Edward Island?
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 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 individual 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 which qualify for Canadian CPA meets the standards for CPA PRINCE EDWARD ISLAND (Chartered Professional Accountants Prince Edward Island). Here is the link to CPA Prince Edward Island 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|