Recognized public accountants
CGAs who specialize in public accounting are highly-qualified professionals who offer a range of sophisticated assurance and advisory services in practically all sectors of the economy.
They acquire their expertise by completing a rigorous six-year training program and acquiring three years of related experience, including two years in one or more positions of responsibility.
Their clients and employers can also enjoy peace of mind with the knowledge that CGAs are required to comply with an exhaustive provincial code of ethics.
In order to protect public interest, CGA associations make sure that CGAs who practice public accounting provide the services of the highest quality possible by imposing the following requirements on them. CGAs must:
- satisfy more rigorous conditions for access to the designation, as concerns training and practical experience, than those imposed on CGAs who do not practice public accounting;
- regularly attend continuing education activities;
- undergo professional inspection every three years;
- take out professional liability insurance;
- comply with disciplinary measures.
Full rights to practice
CGAs have full practice rights in most provinces. Accordingly, they are entitled to perform audit, review and compilation engagements for public companies in Québec. CGAs must apply for and obtain a public accountancy permit to perform such engagements. CGAs without this permit may, in addition to assurance services, offer professional advice in a wide range of fields, including the following:
- taxation;
- financial planning;
- retirement and succession planning, and estate planning;
- feasibility studies;
- forecasts;
- valuations;
- financial management;
- advisory services;
- budget planning;
- non-financial performance measurement;
- risk management;
- management control;
- strategic advice;
- information technology selection and implementation;
- executive management.