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Questions about CPA chargeable hours requirement

  • Last Updated:
  • Mar 21st, 2017 10:37 pm
[OP]
Newbie
Jul 23, 2015
38 posts
5 upvotes
Toronto, ON

Questions about CPA chargeable hours requirement

http://www.cpaontario.ca/Admissions/Uni ... 13749.aspx

1. If you do not meet the reqs by the time you pass your CFE and get 2.5 years of experience, does that mean you don't get your CPA? Because I know non-public accountants and tax accountants can get their CPA hours through a different route without audit hours.

2. I'm well over the 100 tax hours, would the remaining hours count toward the elective hours?

3. Does compilation hours count toward assurance or elective hours? I'm assuming assurance only counts for audit and reviews, not compilation?

4. What is the difference between the two 625 assurance hours?

Can someone please explain? Thanks. I'm doing my co-ops in public accounting.
3 replies
[OP]
Newbie
Jul 23, 2015
38 posts
5 upvotes
Toronto, ON
Bump. Can anyone answer this, please? I'm sure I'm not the only CPA student.
Sr. Member
Apr 27, 2008
726 posts
19 upvotes
1. If you don't have all your hours after CFE and 2.5 years of experience, it will be alright. You qualify as soon as you meet all your hours requirements regardless of how long you go beyond the 2.5 years.

2. Yes.

3. Compilation counts as elective hours as a compilation report doesn't provide any assurance.

4. The first category is for full financial audit only, period. The second category can be anything assurance-related including full financial audit belonging to the first category. In the second category, 100 out of the 625 hours must be related to review assurance engagements (eg. Q2 review for a public entity). For example, to fulfill the second category you can have 525 hours of full financial audit and 100 hours of Q2 review. Don't worry about the assurance hours -- I would be surprised if you don't meet these after a whole 2.5 years. Most non-tax people worry about tax hours so it's good that you already have that covered.
[OP]
Newbie
Jul 23, 2015
38 posts
5 upvotes
Toronto, ON
sardaukar wrote:
Mar 21st, 2017 6:08 pm
1. If you don't have all your hours after CFE and 2.5 years of experience, it will be alright. You qualify as soon as you meet all your hours requirements regardless of how long you go beyond the 2.5 years.

2. Yes.

3. Compilation counts as elective hours as a compilation report doesn't provide any assurance.

4. The first category is for full financial audit only, period. The second category can be anything assurance-related including full financial audit belonging to the first category. In the second category, 100 out of the 625 hours must be related to review assurance engagements (eg. Q2 review for a public entity). For example, to fulfill the second category you can have 525 hours of full financial audit and 100 hours of Q2 review. Don't worry about the assurance hours -- I would be surprised if you don't meet these after a whole 2.5 years. Most non-tax people worry about tax hours so it's good that you already have that covered.
Thanks!
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