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Assurance, Compilations, and Taxation (ACT) Program
For Pre-approved Program Route (PPR) Employers Outside of External Audit
The Assurance Compilations Taxation (ACT) program is designed for employers who may not have the sufficient amount of assurance work to support an External Audit Pre-approved Program (Licensure Pathway), but have a mix of Assurance, Compilations, and Taxation chargeable hours available for CPA Ontario students.
ACT Program Requirements
- Students gain a total of 30 months of practical experience duration;
- Minimum total of 1,000 chargeable hours per calendar year;
- Minimum of 5 months duration and 425 chargeable hours* of assurance work (audit, review or a mix of both) over 30 months (or approximately 170 assurance hours per year);
- Minimum of 200 chargeable hours of taxation per calendar year;
- Remaining chargeable hours can be Compilations/Notice to Readers or a mix of more tax and/or assurance work; and
- Students must be exposed to diverse and complex issues spread across a variety of industries.
* The chargeable hours reported will not be recognized towards the requirements for public accounting licensure eligibility. Only chargeable hours gained in External Audit Pre-approved Programs are eligible for reporting to CPA Ontario for purposes of meeting the licensure requirements. The chargeable hours provided will give CPA Ontario additional information to support the reported depth, breadth and core technical competencies.
In order to apply, your firm must have a clear record with no issues that would impact student training from your last practice inspection.
Meeting CPA Ontario Practical Experience Requirements (CPA Ontario PER)
In the ACT program, students will meet the CPA Ontario PER in the intended
- Depth – Financial Reporting**;
- Core – Financial Reporting and/or Management Accounting
- Breadth – In addition to the competency areas developed through Depth and Core, it is also possible to obtain breadth through Audit & Assurance, Taxation, Finance and/or Strategy & Governance.
** For students whose designated area of depth is a standards-based competency area, experience must include at least six months with the appropriate Canadian standard, as follows:
- Financial Reporting — Canadian Generally Accepted Accounting Principles (GAAP) or substantial equivalent.
Standard Competency Overview for Students
The typical competency breakdown that a student will gain in an ACT program is as follows (Note: Competencies can be tailored to the program depending on the nature of the work available to the students):