ACCA-CGA/CPA Mutual Recognition Agreement (MRA)

[r.fika7]

Thanks for your answer. I'm considering obtaining the CPA through MRA. This is one of my concerns besides the MRA expiring in April, 2021.

If you refer to Public Accounting Licence (PAL)

https://www.cpaontario.ca/cpa-members/obligations/public-accounting-licence

Seems like unless you are shooting for Audit Partner role who sign the audit report, otherwise, not necessary.

WHEN IS A PAL REQUIRED TO BE HELD BY A MEMBER?

A PAL is required when you are engaging in the practice of public accounting and you are the lead engagement person responsible for signing the report or statement issued related to:

• Any assurance engagement (including an audit or review engagement).
• Any compilation engagement where services may be relied upon or used by a third party and the prescribed wording for the Notice to Reader is not used.
• The report for the engagement is issued in Ontario or the work for the engagement is primarily performed in Ontario.

A PAL is not required if you:

• Are not the lead engagement person responsible for signing the report or statement. Members of the engagement team who are not the lead engagement person, including the quality control review partner, are not required to be licensed.
• Do not provide any assurance services (including audit or review engagements) but do provide other services including: compilations in which the services may be relied upon or used by a third party and the prescribed wording for the Notice to Reader is used, taxation, accounting, internal audit, controllership, insolvency services or business advisory services.

 

[LadyMacbeth]

If you refer to Public Accounting Licence (PAL)

https://www.cpaontario.ca/cpa-members/obligations/public-accounting-licence

Seems like unless you are shooting for Audit Partner role who sign the audit report, otherwise, not necessary.

WHEN IS A PAL REQUIRED TO BE HELD BY A MEMBER?

A PAL is required when you are engaging in the practice of public accounting and you are the lead engagement person responsible for signing the report or statement issued related to:

• Any assurance engagement (including an audit or review engagement).
• Any compilation engagement where services may be relied upon or used by a third party and the prescribed wording for the Notice to Reader is not used.
• The report for the engagement is issued in Ontario or the work for the engagement is primarily performed in Ontario.

A PAL is not required if you:

• Are not the lead engagement person responsible for signing the report or statement. Members of the engagement team who are not the lead engagement person, including the quality control review partner, are not required to be licensed.
• Do not provide any assurance services (including audit or review engagements) but do provide other services including: compilations in which the services may be relied upon or used by a third party and the prescribed wording for the Notice to Reader is used, taxation, accounting, internal audit, controllership, insolvency services or business advisory services.

But the point is that anyone who wants to sign an audit report (be it a partner within a firm or at their own practice) needs to get a practicing licenses, whether they obtained their qualification through an MRA or through the normal route. It is the case in ACCA too - Just because I am a member of ACCA, doesn't mean I can sign reports.

 

[LadyMacbeth]

These are the document that I've read. Please review and correct me if I misunderstand anything.

http://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/cpd/FAQs-for-CGAs.pdf
https://www.cpacanada.ca/-/media/site/operational/ec-education-certification/docs/00792-ec-member-bridging-requirements-factsheet.pdf?la=en&hash=7054607277AB62364807C613E81AF1389DB66D13

I read through the doc. While there are things I am unaware of like "non assurance stream" not sure what exactly they mean, I fail to see any indication of obtaining CPA through an MRA. This document is address to CPA members and candidates, because everyone who has obtained their CPA needs to register/get a practicing license before signing reports.

 

[LadyMacbeth]

Hiii
Yes I did fill the form, there is no mention of it in the list but while filing the form it asks for it. What I have understood from online search, to become CPA member you need to develop expertise is certain areas which you need to prove while applying for membership (Student route or MRA route). Therefore, I would advise you to fill and submit the form to avoid delay in the process.

Yes, you have to fill separate form for each employer and it shows primary employer in the list. You need to submit your detailed CV as well..
I hope this helps...

Thank you for your answer.. then I may as well fill it out, but it is too detailed and I worked in three places so far :/

 

[LadyMacbeth]

Oh hey I gave in my application and didn’t submit those forms. Do you think it’ll be a problem?

If your application gets approved without the forms please let me know.. It is still a while until I finish my application because I need to do the tax & law course first ... so if I don't need to submit the form, it would be nice to know lol

 

[GaryChapman VP]

If your application gets approved without the forms please let me know.. It is still a while until I finish my application because I need to do the tax & law course first ... so if I don't need to submit the form, it would be nice to know lol

Sure will do

 

[acllam]

Hello ACCA buddies,

Does CPA Ontario ask for proof that the applicant will move or planning to migrate to Ontario? I will go BC next April but they require work permit or PR which I won't get it until some time in April. It means that it may not have enough time to apply directly to CPABC before 30Apr given the narrow time window.

I am thinking if I should apply through CPA Ontario first and after admission shifting to CPA BC.

Appreciate your advice. Thank you so much.

 

[LadyMacbeth]

Hello ACCA buddies,

Does CPA Ontario ask for proof that the applicant will move or planning to migrate to Ontario? I will go BC next April but they require work permit or PR which I won't get it until some time in April. It means that it may not have enough time to apply directly to CPABC before 30Apr given the narrow time window.

I am thinking if I should apply through CPA Ontario first and after admission shifting to CPA BC.

Appreciate your advice. Thank you so much.

To my knowledge CPA Ontario doesn’t request such thing. I also don’t recall that CPA BC asks for this so just double check. yea you can apply to Ontario and shift later, but idk what are the procedures to transfer yo bc, so maybe email them and ask about it.
And be careful in terms of travel plans, because while i have my copr at the moment, I am not allowed to do landing due to travel restrictions, so you will need to watch the restrictions as well.. to tell you the truth i am starting to doubt that borders will open by March/ april but let’s see...

 

[LadyMacbeth]

Guys anyone here who got their application approved? Any idea how long it takes?

 

[acllam]

To my knowledge CPA Ontario doesn’t request such thing. I also don’t recall that CPA BC asks for this so just double check. yea you can apply to Ontario and shift later, but idk what are the procedures to transfer yo bc, so maybe email them and ask about it.
And be careful in terms of travel plans, because while i have my copr at the moment, I am not allowed to do landing due to travel restrictions, so you will need to watch the restrictions as well.. to tell you the truth i am starting to doubt that borders will open by March/ april but let’s see...

Thank you for your advice and it's really helpful. CPA BC introduced the new requirement of work permit or PR since October this year. For the application of shifting from CPA ON to BC, CPA BC has a standard form to do so.

You are right given the current travel restriction, it would be risky to apply through CPA BC if landing is a pre-requisite to do so. I have not yet done to Tax and Law online course but think I will do it soon and submit the application.

Thanks again and wish you have a joyful Christmas!

 

[LadyMacbeth]

Thank you for your advice and it's really helpful. CPA BC introduced the new requirement of work permit or PR since October this year. For the application of shifting from CPA ON to BC, CPA BC has a standard form to do so.

You are right given the current travel restriction, it would be risky to apply through CPA BC if landing is a pre-requisite to do so. I have not yet done to Tax and Law online course but think I will do it soon and submit the application.

Thanks again and wish you have a joyful Christmas!

Ah so it is a new requirement then.. if i were you, I’d definitely apply now to CPA Ontario because as it seems to me, requirements are getting more difficult and I can only assume the new MRA will be so too..

I am doing the tax and law now, it is easy but I’ve been preoccupied.. best of luck to you, and Merry Christmas to you too

 

[Hannan04]

Guys i am starting my process to become a CPA Ontario. I am an Acca memeber and i have applied for immigration. My AOR is 24 Dec 2020.
Anyone else in the same boat?

 

[Sam_4321]

Guys, I need to clarify a few things regarding MRA. I am currently busy, but ll complete the documentation in January 2021.
Things I need to apply.
1) Identification document
2) ACCA LOGS and Transcript (Emailed by ACCA to CPA Ontario)
3) WES ICAP (Course-by-Course)
4) Detailed Resume
5) Canadian Tax and Law Course
6) Two Referee Recommendation Forms.

Regarding the above checklist, I have few queries. I hope you will be able to help me out there.

• Do I need to register at CPA Ontario's website before starting the process? and do I need to pay fees upfront If I need to proceed?
• The fee for the period of October to March is CAD 1,118.70?
• I have an ECA for OBU and ACCA, If I start an absolutely new application for WES, can my documents be transferred from the old to the new one without going through the whole process of contacting the university and sending them again (as OBU did at the time of ECA)
• And the required report is WES ICAP (DOC by DOC)?
• References can be ACCA members, they don't have to be CPA's provincial bodies members?
• and If I have an additional qualification, that I did not use for ECA (as ACCA and OBU serves the purpose) and they make part of my resume, Do I need to send those undergraduate degrees to WES for evaluation and then to CPA for the Processing of my application? (I am only asking this because they make part of my resume)

and the most important thing, the application has to be filed submitted online, we don't have to send any documents by MAIL to CPA. and only 3rd parties ACCA and WES will send the documents by email and in case of WES e-copy.
and the deadline is 30th April, So I can submit my application latest by MARCH (How much does it take to fill an application and submit?) asking only so that I could spare enough time to submit it before the deadline.

It is a long thread but I hope you all can help me ease my anxiety.


Regards

 

[Sam_4321]

Hi,
Even I'm in the same boat. Plz email me at hannanrafiuddin@gmail.com. Having someone to discuss with will be helpful i guess.
I am waiting for my ppr so wanted to get done with cpa before landing there. Also the MRA will expire so there's not much time left.

Sure I ll email you, Apart from that we can chat here too as this public forum is beneficial for all.

Cheers guys

 

[Hannan04]

Sure I ll email you, Apart from that we can chat here too as this public forum is beneficial for all.

Cheers guys

I plan on starting the tax and law module from 15 jan 2021
Wbu?