Canadian Institute of Chartered Accountants
Encyclopedia
The Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.
Working in collaboration with its provincial member organizations, the CICA supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government, and develops and delivers education programs. It also provides a range of member services and professional literature; undertakes research and development of intellectual property; issues guidance on risk management and governance; and fosters relationships with key stakeholders nationally and internationally.
and the Global Accounting Alliance
.
A merger was proposed between the CICA and CMA Canada in 2004, but it did not go beyond exploratory talks. Discussions began again in 2011, this time including CGA Canada
.
Pre-qualification education is delivered regionally through one of four systems across Canada:
The CICA's role – in concert with all provinces, territories and Bermuda – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CA designation across Canada and internationally through various mutual recognition agreements.
Admission to the CA profession requires:
The CICA works in partnership with and on behalf of the institutes to:
Credentials of foreign-trained accountants are assessed according to the following categories:
Assessments of foreign bodies, and negotiations of Mutual Recognition agreements are conducted by the profession’s International Qualifications Appraisal Board (IQAB), the current status of which is as follows:
Working in collaboration with its provincial member organizations, the CICA supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government, and develops and delivers education programs. It also provides a range of member services and professional literature; undertakes research and development of intellectual property; issues guidance on risk management and governance; and fosters relationships with key stakeholders nationally and internationally.
About the CICA
Chartered Accountants (CAs) constitute the oldest of Canada's three national accounting bodies, and the CICA represents Canada’s CAs both nationally and internationally. The CICA is a founding member of the International Federation of AccountantsInternational Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
and the Global Accounting Alliance
Global Accounting Alliance
The Global Accounting Alliance is an international coalition of accounting bodies that was formed in 2006.The GAA aims to promote quality professional services, support their members globally and share information and collaborate on international accounting issues...
.
History
- 1902 - The Dominion Association of Chartered Accountants (DACA) is incorporated by Private Act of the Parliament of Canada. (SC 1902, c. 58)
- 1934 - The Canada Companies Act is amended to provide for the involvement of the DACA in setting standards for accounting policies.
- 1938 - All provinces agree that membership should be determined by a Uniform Evaluation.
- 1951 - DACA changes its name to the Canadian Institute of Chartered Accountants. (SC 1951, c. 89)
- 1954 - Students in all provinces in Canada are writing the same examination.
- 1968 - The CICA releases the CICA Handbook, which codifies Canadian GAAPGenerally Accepted Accounting Principles (Canada)Generally Accepted Accounting Principles of Canada provides the framework of broad guidelines, conventions, rules and procedures of accounting.-History:In Canada, professional development paralleled that of the United States...
. - 1972 - The Canadian Securities AdministratorsCanadian Securities AdministratorsThe Canadian Securities Administrators is an association of provincial and territorial securities regulators in Canada.-List of securities regulators:* BC: British Columbia Securities Commission*: jointly regulates the TSX Venture Exchange...
rule that provincial securities commissions must consider the CICA Handbook as the basis for Canadian GAAP. - 1975 - The CICA Handbook is incorporated by reference into the Canada Business Corporations ActCanada Business Corporations ActThe Canada Business Corporations Act, also known as Bill C-44, is a Canadian act respecting Canadian business corporations.-External links:*...
for specifying the basis of Canadian GAAP. - 1990 - Act of incorporation is updated to reflect the current mandate and powers. (SC 1990, c. 52)
- 2008 - The CICA announces that Canadian GAAP will converge with International Financial Reporting StandardsInternational Financial Reporting StandardsInternational Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....
for publicly accountable enterprises, effective with reporting periods beginning on or after 1 January 2011.
A merger was proposed between the CICA and CMA Canada in 2004, but it did not go beyond exploratory talks. Discussions began again in 2011, this time including CGA Canada
Certified General Accountants Association of Canada
The Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
.
Qualification as a member
CAs are admitted to the profession through their Provincial Institutes/Ordre. These bodies are responsible for establishing and administering the qualification process, admission criteria and performance standards within their jurisdictions.Pre-qualification education is delivered regionally through one of four systems across Canada:
| Region | Education provider |
|---|---|
| Atlantic provinces and Bermuda | Atlantic School of Chartered Accountancy |
| Quebec | Professional Education Program of the Ordre des comptables agréés du Québec |
| Ontario | ICAO School of Accountancy |
| British Columbia, Alberta, Saskatchewan, Manitoba and the territories | CA School of Business |
The CICA's role – in concert with all provinces, territories and Bermuda – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CA designation across Canada and internationally through various mutual recognition agreements.
Admission to the CA profession requires:
- A university degree.
- Specified university courses or the equivalent.
- Completion of a professional pre-qualification program as noted above.
- Prescribed practical experience with approved training offices, which are set in place in accredited CA firms, offices of provincial or national Auditors General, and selected corporations and government organizations.
- A passing grade in the Uniform Evaluation.
Foreign Trained Accountants
The CICA itself does not admit members and students; its membership is derived from membership in one of the 10 provincial and two territorial institutes of chartered accountants and the Institute of Chartered Accountants of Bermuda. The institutes are empowered by local laws to regulate and govern the chartered accountancy profession within their jurisdictions. Individuals holding foreign accountancy designations who want to become a Canadian Chartered Accountant must apply to the institute in the jurisdiction where they live or intend to live.The CICA works in partnership with and on behalf of the institutes to:
- Assess the qualification processes of foreign accounting bodies to determine the extent to which they are equivalent to the Canadian process
- Negotiate Mutual Recognition Agreements with accounting bodies whose qualification processes are substantially equivalent;
- Determine the additional education, evaluation and experience requirements for members of reviewed accounting bodies not deemed substantially equivalent.
Credentials of foreign-trained accountants are assessed according to the following categories:
| Category | Description |
|---|---|
| Designated Accounting Bodies | These designated accounting bodies are considered by the Canadian CA profession to be substantially equivalent. Members of these accounting bodies generally qualify for membership in the Canadian CA profession with minimal additional requirements. |
| Accounting Bodies with Reciprocal Membership Agreements | |
| Non-Equivalent Accounting Bodies | These accounting bodies have been reviewed by IQAB and their qualification processes have been determined not to be equivalent to the Canadian qualification process. |
| Accounting Bodies Currently Under Review | |
| Members of Non-Assessed Accounting Bodies | Individuals who are members of professional accounting bodies which have not been reviewed by IQAB, or who are not members in any professional accounting body can request individual assessment by the appropriate PICA/Ordre. This review will identify any additional education, examination and/or experience requirements the individual must complete to qualify for membership in the Canadian CA profession. |
Assessments of foreign bodies, and negotiations of Mutual Recognition agreements are conducted by the profession’s International Qualifications Appraisal Board (IQAB), the current status of which is as follows:
| Country | Designated accounting body | Accounting body with Reciprocal Membership Agreement | Non-equivalent accounting body | Currently under review |
|---|---|---|---|---|
 Australia |
Institute of Chartered Accountants in Australia | CPA Australia CPA Australia CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia.... |
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 Belgium |
Institut des Réviseurs d'Enterprises de Belgique | |||
 Early Modern France |
Ordre des Experts Comptables | |||
 Hong Kong |
Hong Kong Institute of Certified Public Accountants Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants is the professional accounting body of Hong Kong.Its main responsibilities are:*Registration and regulation of profession accountants in Hong Kong.... |
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 India |
The Institute of Chartered Accountants of India | |||
 Republic of Ireland |
Institute of Chartered Accountants in Ireland Institute of Chartered Accountants in Ireland Members of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA.... |
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 Japan |
Japanese Institute of Certified Public Accountants Japanese Institute of Certified Public Accountants The Japanese Institute of Certified Public Accountants is the sole organization for the CPA profession in Japan. It was originally formed in 1949 as a self-disciplinary association, and reorganized under the Certified Public Accountants Act in 1966. In order to practice as a CPA, a qualified... |
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 Luxembourg |
Institut des réviseurs d’entreprises | |||
 Mexico |
Instituto Mexicano de Contadores Publicos | |||
 Netherlands |
Nederland Instituut van Register Accountants | |||
 New Zealand |
New Zealand Institute of Chartered Accountants New Zealand Institute of Chartered Accountants The New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 32,000 members in New Zealand and overseas... |
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 Nigeria |
Institute of Chartered Accountants of Nigeria Institute of Chartered Accountants of Nigeria The Institute of Chartered Accountants of Nigeria is a professional accountancy body in Nigeria.It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria .The relationship between the two... |
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 Pakistan |
Institute of Chartered Accountants of Pakistan Institute of Chartered Accountants of Pakistan The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. , it had 5,078 members working in and outside Pakistan. The institute was established on July 1, 1961 to regulate the profession of accountancy in Pakistan. It is a statutory autonomous body... currently under review |
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 Philippines |
Philippine Institute of Certified Public Accountants Philippine Institute of Certified Public Accountants The Philippine Institute of Certified Public Accountants is the national professional accountancy body of Philippines.-Aims:It was established with the following aims and purposes:... |
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 South Africa |
South African Institute of Chartered Accountants South African Institute of Chartered Accountants The South African Institute of Chartered Accountants , South Africa’s pre-eminent accountancy body, is widely recognized as one of the world’s accounting institutes.... |
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 Sri Lanka |
Institute of Chartered Accountants of Sri Lanka Institute of Chartered Accountants of Sri Lanka The Institute of Chartered Accountants of Sri Lanka is a professional accountancy body in Sri Lanka. The Institute is established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to award the Chartered Accountant designation... |
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 Switzerland |
Swiss Institute of Certified Accountants and Tax Consultants | |||
 United Kingdom |
Institute of Chartered Accountants in England and Wales, Institute of Chartered Accountants of Scotland Institute of Chartered Accountants of Scotland The Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community... |
Association of Chartered Certified Accountants Association of Chartered Certified Accountants Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170... |
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 United States |
American Institute of Certified Public Accountants American Institute of Certified Public Accountants Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student... , National Association of State Boards of Accountancy National Association of State Boards of Accountancy The National Association of State Boards of Accountancy is an umbrella group for the 55 state boards that regulate the accountancy profession in the United States of America.... |
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 Zimbabwe |
Institute of Chartered Accountants of Zimbabwe Institute of Chartered Accountants of Zimbabwe The Institute of Chartered Accountants of Zimbabwe is a professional accountancy body in Zimbabwe. It is the sole organization in Zimbabwe with the right to award the Chartered Accountant designation.... |
