_ two elective modules which allow CPA candidates to develop deeper skills in their areas of career interest; four electives will be offered: assurance, performance management, tax and finance. All candidates must choose two. Candidates pursuing careers in public accounting must choose assurance and tax._
Please forgive my ignorance. What does Public Accounting mean exactly? Are taking the Assurance and Tax modules to pursue career in Public Accounting in this case equivalent to the old CA route? I mean, this route is designed for those who want to become auditors?
Then, for those who take the other two modules, exactly what can they do with the CPA designation? Are they eligible to become corporate controllers?
This is what I would assume. My “friend” who works at pwc in Toronto said she had to get both her tax and audit experience signed off for her CA. Public accounting is just external auditing, pretty much solely for the purposes of auditing financial statements and tax compliance.
I can’t think of why somebody who wanted to do performance management (screams back office to me) and finance would do an accounting designation. From what I’ve seen the Canadian CPA doesn’t really know what it’s trying to be. Not that the prior system made much more sense.
Public accounting allows you to provide an audit opinion. I believe being qualified in Canada under the new CPA program as a public accoutant also will require some time working in assurance at a firm. Don’t quote me on the second part.
I’m honestly thinking of taking a long look at the CPA program now. My undergrad was accounting and though I fell out of love with the profession, there is simply so many more opportunities for CA/CPA in Canada than in finance. Maybe 25:1. Less glamourous but way more security.
If one doesn’t take Tax and Assurance modules, i.e the Public Accounting route, what are the career opportunities? Basically this person can become accountant/controller/corporate financial analyst (accounting wise) but just cannot perform auditing to other companies/clients?
I don’t even think it’s that restrictive. I think you could still work for a firm that does audit and you could do audit. You just can’t personally sign off on an opinion.
Lots of small practioners do audit for small firms. It’s actually a lucrative area for self-employed accountants. You wouldn’t have this opportunity.