What can CPAs do?

There's a good reason why Chartered Professional Accountants have to go through such a rigorous process of education, training and work-experience: the job description is extensive.

The experience and expertise of a Chartered Professional Accountant can be utilized to help small and large businesses alike, in a variety of areas, across all sectors and industries.

CPAs do all the things you think we do; audits, financial statements, year-end projections. And yes we do like spreadsheets. And yes, everyone in the office has an adding machine. Or several.

But what might surprise you are all the things a CPA can do beyond crunching numbers and preparing tax returns.

Strategic Advice

CPAs are educated and trained to be business strategists - analyzing your business from inside and from out. To say we'll look at all angles is true, but perhaps not powerful enough to describe the thoroughness in approach taken by a Chartered Professional Accountant in assessing complex business situations and relationships.

CPAs can leverage their expertise in risk management, financing, corporate governance, performance measurement, taxation and regulatory requirements to take a unique strategic view of the big picture for a company, or on behalf of a company.

Beyond formulating a strategy, a CPA is the person to help implement strategic decisions at the ground level once they have been made. CPAs know that people are the backbone of any organization, and that (strategic) success will ultimately be delivered by it employees. CPAs can help a company create a working environment that maximizes its human resources.

Unique Insight

Chartered Professional Accountants possess a unique insight into the corporate and financial world because of their education, training, and required on-the-job experience to earn the CPA designation.

Becoming a CPA is a labour of love. It's an extensive process that includes receiving a University degree with specific business course credits and completing a provincially administered professional program. Next a CPA will work under the guidance and supervision of an experienced CPA, putting their education to practice in real world business situations and gaining valuable job training and firsthand business experience.

The process continues with prospective CPAs required to write and pass the professional Uniform Evaluation examination. This has been recognized as one of the most comprehensive professional examinations in the world.

This is the solid foundation and training that CPAs possess to begin their professional careers, and it allows them to take a broad perspective of both macro- and micro-issues.

Financial Expertise

Chartered Professional Accountants are probably best known for their financial expertise, knowledge, and advice. CPAs are consulted, and their skills are utilized by the private and public sectors, entrepreneurs and small businesses, medium to large enterprises, and both profit and non-profit organizations.

CPAs are required by the profession to make a commitment to ongoing, career long learning and education. Members are encouraged to broaden their scope of knowledge, and do so with the assistance and support of their respective provincial and national professional governing institutes. CPAs can then pass on this collective knowledge and information to their clients, employers, or employees.

The CPA designation also has meaning beyond our shores. Canadian Chartered Professional Accountants have long been respected worldwide as leaders in the field for our high ethical standards, commitment to excellence in service, and high quality of business skills. CPAs, their clients and employers enjoy the benefits of longstanding international relationships and CICA has reciprocity agreements with many countries all over of the continents. As the global marketplace gets smaller, there is an ever greater need for the financial skills and international expertise a CPA can provide.

How are CPA's Different From Other Accountants?

That's a good question, and one that we often hear from prospective clients. For a concise answer, we'll defer to our provincial professional governing body - ICANS - for some specific differences:

1. CPAs 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.
2. CPAs are the only Canadian accountants who must pass a comprehensive national uniform evaluation, known as the UFE, considered by many to be the most rigorous final exam in the world for professional accountants.
3. CPAs are the only professional accountants who are authorized to practice all aspects of public accounting, including performing audits on public companies across Canada.
4. CPAs set the accounting and auditing standards for Canada through the national membership body, the Canadian Institute of Chartered Professional Accountants (CICA).
5. "CPA" is the most internationally recognized Canadian accounting designation.
6. We've quoted this list from ICANS web site: click here