Firms / ATOs
Student Training Designation - External Audit
Student Training Approval
Pre-approved Program in External Audit
The CPA Practical Experience Requirements (CPA PER) became effective September 1, 2014. Students who register with CPA Ontario and begin employment in a CPA Pre-approved Program on or after September 1, 2014 must follow the CPA PER. Students who registered with an Ontario legacy body and began a period of qualifying practical experience on or before August 31, 2014, can complete their experience under the requirements of that legacy program. Please visit our CPA Practical Experience Requirements page for further information. (Note: The CPA PER relates to CPA certification only. The CPA Public Accounting requirements have not yet been released; until this information is released, legacy Public Accounting requirements are in effect as specified in the regulations and bylaws of CPA Ontario.)
Offices offering Students practical experience to meet the requirements to practise Public Accounting must have the capacity to provide them with employment in a Pre-approved Program that satisfies the requirements set out in the CA Practical Experience Requirements 2010 (prior to Sept. 1, 2014) or CPA Practical Experience Requirements (effective Sept. 1, 2014) and the required minimum chargeable hours. Specifically, the Student must be provided with an opportunity to accumulate 2,500 chargeable hours including a minimum of 1,250 chargeable hours in assurance services, of which at least 625 hours must be in financial statement audit engagements and 100 hours of review procedures in review and other assurance engagements; and 100 hours in taxation services.
Our Practice Inspection Program helps to ensure that the experience is obtained in an office approved to provide such experience and which is meeting the professional standards as set out in the CPA Canada Handbook and the Member’s handbook. The training office’s adherence to professional standards is normally confirmed by the results of the office’s most recent practice inspection. If the office offering the Pre-approved Program is a newly formed practice, the granting of an approval to train Students may be deferred until a practice inspection is completed; the decision in this regard is assessed on a case-by-case basis.
Offices should be familiar with Regulations 6-1, 6-4, 9-1, 10-1 and the CPA PER.
Offices which do not meet the criteria to obtain approval to train Students in a Pre-approved Program in External Audit might wish to consider whether they would qualify to obtain approval for a Pre-approved Program in Outside of External Audit.
An office wishing to apply to train Students in a Pre-approved Program in External Audit or for further information on Pre-approved Programs in Outside of External Audit, please contact CPA Ontario at 1 800 387.0735.