Mission Statement of Canada's Chartered Accountants
Vision Statement of Canada's Chartered Accountants
Are All Accountants Chartered Accountants?
What is a Public Accountant?
Chartered Accountants Distinguishing Features
What is the UFE?
How is the CA Work Experience Unique?
How are Chartered Accountants Involved in Standard Setting?
The CA advantage Brochure

Most people think of Chartered Accountants (CAs) as number crunchers, or people who mainly deal with audits and taxes. However, the profession has changed. Over 50 per cent of Nova Scotian CAs are part of the management team of various organizations and businesses, or they may be entrepreneurs running their own businesses or consultancy firms. The remainder are in public practice, as partners or employees of a firm, or are sole practitioners, providing a variety of business advisory services for both small and large business clients.

CAs are highly trained business professionals who have not only obtained a university degree, but have completed a rigorous program of post-secondary academic requirements and a challenging final examination. They have also completed a minimum of 30 months of supervised training designed to allow them to apply their skills and knowledge in various business settings.

Although particularly well trained in accounting, assurance, finance and taxation, the primary focus of the CA training is to acquire a high degree of skill in professional judgment, analysis, decision-making and evaluation, or the so-called JADE skills. These qualities are invaluable in whatever career a CA chooses to pursue, and makes them a valuable member of any decision-making team.

There are well over 60,000 Chartered Accountants and students in Canada, making the CA profession the largest and most prominent accounting designation in Canada. In Nova Scotia, there are over 1500 members and approximately 200 students.

In 1996, the CA profession reviewed its role in the changing Canadian business environment to ensure that its member remained relevant and pre-eminent. It was agreed that the following statements would govern the strategic emphasis of the profession in the future:

Mission Statement of Canada's Chartered Accountants

Our mission is to enhance decision-making and improve organizational performance through financial management, assurance and other specialized expertise. We act with integrity, objectivity and a commitment to excellence and the public interest.

Vision Statement of Canada's Chartered Accountants

We will be the leaders in creating, validating and interpreting information that measures and enhances organizational performance, and be the obvious choice for financial management, assurance and other specialized services.

Are All Accountants Chartered Accountants?

In Nova Scotia, anyone can call themselves an "accountant", even if they have had little or no formal training. However, there are only three types of recognized professional accountants, that is, accountants with a designation who belong to a self-regulating professional body. They are chartered accountants (CAs), certified general accountants (CGAs) and certified management accountants (CMAs). The three professional accounting bodies are quite separate and distinct from each other. Each body has different education requirements and operates under its own by laws and rules of conduct.

What is a Public Accountant?

Any individual who wishes to carry on public accounting in Nova Scotia (perform audits and reviews of clients' financial statements) must be licensed by The Public Accountants Board, a separate government board charged with overseeing public accounting in the province. While the overwhelming number of licensed public accountants are CAs, other individuals who meet the requirements for licensing can be recognized by the Board.

Chartered Accountants Distinguishing Features

1. CAs are the only professional accounting students required to train in an approved public practice firm, under the direct supervision of a member of their profession --resulting in the most in depth experience and exposure to a variety of businesses, organizations and business structures. Only CAs are required to successfully write a comprehensive three day UFE prior to receiving their designation.
2. CAs are the only professional accountants who are authorized everywhere in Canada to practice all aspects of public accounting, including performing audits of public companies.
3. CAs set the accounting and auditing standards for Canada through the Canadian Institute of Chartered Accountants (CICA).
4. "CA" is the most internationally recognized accounting designation.

What is the UFE?

The UFE (Uniform Evaluation) is unique to CAs since they are the only accountants who must complete a comprehensive national final exam, which tests their entire range of professional knowledge. This comprehensive three day examination tests the core skills and knowledge that all entry level CAs are expected to posses in the areas of professional practice, information systems, audit and related professional services, financial accounting and reporting, managerial accounting, financial management and taxation. The UFE is considered by many to be the most difficult exam in the world for any profession.

How is the CA Work Experience Unique?

Each CA student is required to complete 30 months of in-depth practical work experience with a firm of Chartered Accountants approved for the training of students. These firms are regularly appraised by the Institute of Chartered Accountants of Nova Scotia to ensure they have a sufficiently diverse client base and offer adequate experience in all areas of practice.

This is one of the key distinguishing features of Chartered Accountants. The requirement to train in public practice exposes the student to a wide variety of different industries, types of businesses, organizations and business structures. This provides the CA with the most in-depth and comprehensive business training of any professional accountant. CA students are the only accounting students who must train under the direct supervision of a member of their profession.

How are Chartered Accountants Involved in Standard Setting?

The Canadian Institute of Chartered Accountants, (CICA) sets the accounting and auditing standards in Canada. These standards, published in the CICA handbook are recognized through federal and provincial legislation and many other agencies as the reporting standards for business. All Canadian Chartered Accountants belong to the CICA, as well as their provincial Institute.