Photo credit: Canva
At CPAWSB’s Learner Support, we regularly assist candidates with questions about program requirements and policies (we don’t bite, book today!). While some inquiries are unique to individual circumstances, several misconceptions appear frequently enough to warrant clarification.
This post addresses three common misunderstandings we’ve encountered among learners regarding the CPA Professional Education Program (PEP) elective modules.
The Facts: These elective modules (or completion of the post-designation public accounting examination) are only required for those seeking licensure as a public accountant. While an unlicensed accountant cannot serve as the engagement partner signing an audit or review opinion, they are permitted to work as part of the audit or review engagement team.
The Facts: Multiple pathways to public accounting licensure exist after completing the CPA designation. Requirements vary by province and depend on the type of services a member intends to offer (compilation, review, or audit). For CPA members seeking to become licensed public accountants, the CPA Western School of Business (CPAWSB) offers a Post-Designation Public Accounting (PDPA) program. Visit our website to learn more information about PDPA and provincial requirements.
Finally, remember: There is no harm in simply asking us a question. If you hear something that seems a little strange, or if you just want to verify that something you heard is true, Learner Support is here to help. Book with us today – we’d love to hear from you.
This post addresses three common misunderstandings we’ve encountered among learners regarding the CPA Professional Education Program (PEP) elective modules.
Misconception #1: Failing one elective three times results in program withdrawal
The Facts: This is not accurate. According to Volume 1 of the CPA Harmonized Education Policies (section 3.7), while candidates must withdraw from CPA PEP after three unsuccessful attempts at a core module, the rules for elective modules are different. For elective modules, candidates have three attempts at a specific elective (Finance, Tax, Assurance or Program Management). Therefore, candidates will only be withdrawn from the program if they fail to successfully complete at least two elective modules. For more information on planning your elective modules, check out our 3-part series on elective planning: Part 1, Part 2, Part 3.
Misconception #2: The Tax and Assurance electives are required to work on audit or review engagements
The Facts: These elective modules (or completion of the post-designation public accounting examination) are only required for those seeking licensure as a public accountant. While an unlicensed accountant cannot serve as the engagement partner signing an audit or review opinion, they are permitted to work as part of the audit or review engagement team.
Misconception #3: Skipping the Assurance and Tax electives permanently closes the door to public accounting licensure
The Facts: Multiple pathways to public accounting licensure exist after completing the CPA designation. Requirements vary by province and depend on the type of services a member intends to offer (compilation, review, or audit). For CPA members seeking to become licensed public accountants, the CPA Western School of Business (CPAWSB) offers a Post-Designation Public Accounting (PDPA) program. Visit our website to learn more information about PDPA and provincial requirements. Finally, remember: There is no harm in simply asking us a question. If you hear something that seems a little strange, or if you just want to verify that something you heard is true, Learner Support is here to help. Book with us today – we’d love to hear from you.
