National Standard for Public Accounting

In an effort to meet the highest standards for public accounting, CMA Canada’s Board of Directors has approved a National Standard for Public Accounting for Certified Management Accountants. This standard addresses education content, work experience and quality control required for Certified Management Accountants who practice in the public accounting field.

To view the National Standards for Public Accounting for CMAs, please click here.

It is our expectation that CMAs already practicing in the field of public accounting will benefit from a seamless transition to the national standard.

To ensure CMA Nova Scotia is in compliance with the national standard, we are developing a registry of all CMAs who charge a fee for service. Therefore, we are asking CMAs who charge a fee for service to perform audits, review engagements, compilations and/or tax work related to third-party engagements to register with us.

Registration can be completed by sending a brief email to CMA Nova Scotia, Bermuda, and the Caribbean with the following information:

• nature of your practice and role within it,
• years of public accounting experience,
• the results of prior practice inspections or performance evaluations, and
• whether you are registered with the Public Accountants Board of Nova Scotia (PABNS).

In Nova Scotia, the right to practice public accounting is granted through provincial legislation and the PABNS. For further information on this provincial legislation and how to apply for membership, please refer to the PABNS website at www.pabns.com.

This legislation varies slightly from the CMA National Standard for Public Accounting in that it applies only to those individuals who perform audits and reviews of financial statements. The national CMA standard also encompasses compilations and tax work related to third-party engagements.

The requirements of the CMA National Standard for Public Accounting includes:

• a new course of study covering assurance as well as select taxation and financial accounting topics not covered in the CMA accreditation program,
• a minimum number of chargeable hours in public accounting (in audit, reviews, compilation and tax) under the supervision of an approved training organization or individual,
• a National CMA Qualifying Exam for Public Accountants which is in the final development stages.

The education, training and work experience acquired by CMAs in public practice will meet the highest standards for practice, legislated requirements, and customer expectations, while at the same time expand competitive choice for businesses in Canada. CMA public accountants will contribute greatly to protecting the public interest, strengthening corporate accountability and restoring investor and public confidence in the governance, management and conduct of companies.

For more information on continuing education for public accounting, please click here.

To view the Tips On Applying ISAs Article, please click here.

If you charge a fee for service or act as a volunteer and unsure whether this applies to you, please contact your local CMA office at your earliest convenience.