Chartered Professional Accountants of Canada

CPA Canada has no direct responsibility for the quality assurance (QA) review system but continues to support the provincial and territorial Chartered Professional Accountant (CPA) bodies and the Canadian Public Accountability Board (CPAB) in maintaining QA arrangements aligned with Statement of Membership Obligations 1.

CPA Canada supports implementation of the Canadian Standards on Quality Management (CSQM) through technical guidance, publications, and tools, including the Quality Management Guide Cloud and related resources for firms implementing CSQM 1 and CSQM 2. Provincial CPA bodies continue to monitor firms’ systems of quality management through practice inspection programs, while CPAB continues to inspect participating firms that audit reporting issuers and has increased transparency through public reporting on inspection outcomes.

CPA Canada also contributes to the development and implementation of auditing and assurance standards through its support of the Canadian standard-setting process and dissemination of relevant updates to members. The QA review system remains operational for audits of reporting issuers and other assurance engagements through CPAB and provincial CPA body inspection programs. Accordingly, CPA Canada continues to demonstrate an ongoing process to maintain fulfillment of SMO 1 and is assessed as sustaining fulfillment.

Current Status: Sustain

CPA Canada shares responsibility for International Education Standards (IES) requirements with the provincial and territorial Chartered Professional Accountant (CPA) bodies. CPA Canada supports the national certification framework, including the CPA Professional Education Program, practical experience requirements, the Common Final Examination, and the CPA Competency Map, while the provincial and territorial CPA bodies deliver the program and establish continuing professional development requirements.

CPA Canada and the provincial and territorial bodies continue to modernize the certification pathway through Competency Map 2.0 and the new CPA Professional Program, expected to launch in 2027. The updated framework is intended to reflect the evolving role of CPAs, including technology, sustainability, ethics, and professional skills.

CPA Canada also provides continuing professional development resources and technical learning support to members, while provincial and territorial CPA bodies monitor compliance with CPD requirements. For example, CPA Ontario requires 120 hours of CPD over a rolling three-year period, including 60 verifiable hours and four hours related to professional ethics.

IFAC issued the 2026 Handbook of International Education Standards, including revisions effective July 1, 2026. CPA Canada’s ongoing education modernization provides a mechanism to consider these developments within the Canadian qualification framework. Accordingly, CPA Canada continues to demonstrate an ongoing process to maintain fulfillment of SMO 2 and is assessed as sustaining fulfillment.

Current Status: Sustain

CPA Canada has no direct authority for audit standard-setting in Canada but supports the Auditing and Assurance Standards Board (AASB), the independent body responsible for establishing auditing and assurance standards. The AASB adopts International Standards on Auditing (ISA) as Canadian Auditing Standards (CAS), and the CPA Canada Handbook – Assurance contains the CAS adopted from ISA.

CPA Canada supports implementation by publishing and maintaining the Handbook in English and French, providing practitioner guidance and continuing professional development resources, and supporting implementation of CAS and Canadian Standards on Quality Management (CSQM). CPA Canada also provides tools such as the Professional Engagement Guide and quality management resources to assist firms, including small and medium-sized practices, in applying the standards.

The AASB continues to monitor and respond to International Auditing and Assurance Standards Board developments through its due process, including Canadian exposure drafts, consultations, and related standard-setting activities. Recent activity includes Canadian consideration of revised international standards and approval of new assurance standards, including Canadian Standard on Sustainability Assurance 5000 and Canadian Standard on Related Services 4250.

CPA Canada continues to demonstrate an ongoing process to support adoption and implementation of IAASB pronouncements in Canada and is assessed as sustaining fulfillment of SMO 3.

Current Status: Sustain

CPA Canada has no direct authority to set ethical requirements in Canada but supports the provincial and territorial Chartered Professional Accountant (CPA) bodies, which are responsible for adopting and enforcing the CPA Code of Professional Conduct in their jurisdictions. The CPA Code applies to members, students, and firms and sets out obligations to clients, employers, the public, and the profession.

CPA Canada supports the profession’s Public Trust Committee (PTC), through which CPA Canada and the provincial CPA bodies monitor International Ethics Standards Board for Accountants (IESBA) developments and consider updates to the harmonized CPA Code. The PTC continues to participate in the international standard-setting process, including responses to IESBA consultations on sustainability-related ethics and independence standards and the use of external experts.

CPA Canada and the provincial CPA bodies also support implementation through ethics guidance and continuing professional development. Provincial bodies provide member resources on applying the CPA Code and require ethics-related continuing professional development as part of ongoing competence requirements.

CPA Canada continues to demonstrate an ongoing process to support convergence with the IESBA Code and implementation of ethical requirements in Canada and is assessed as sustaining fulfillment of SMO 4.

Current Status: Sustain

CPA Canada has no legal responsibility for adopting public sector accounting standards but continues to use its best endeavors to support the adoption and implementation of high-quality public sector accounting standards in Canada. It does so primarily through financial and technical support for the Public Sector Accounting Board (PSAB), which develops the CPA Canada Public Sector Accounting Handbook for governments and public sector entities.

Since the previous assessment, PSAB has continued to advance its 2022–2027 Strategic Plan and International Strategy, under which future Public Sector Accounting Standards are informed by International Public Sector Accounting Standards principles while reflecting Canadian public interest considerations. Recent developments include the new Conceptual Framework and Financial Statement Presentation standard, effective April 1, 2026; 2024–2025 annual improvements; and new or revised standards and guidance on employee benefits, tangible capital assets, operating leases, and financial statement discussion and analysis.

CPA Canada and the provincial CPA bodies continue to support implementation through access to the CPA Canada Public Sector Accounting Handbook, public sector certificate programs, professional development, webinars, and technical resources. CPA Ontario, for example, maintains a current Public Sector Accounting Standards resource page highlighting new standards, exposure drafts, PSAB guidance, webinars, and professional advisory services for members.

PSAB also remains active in the international standard-setting process. In 2025 and 2026, it considered and responded to International Public Sector Accounting Standards Board consultations, including on tangible natural resources and climate-related disclosures, and its 2026–2027 Annual Plan includes resources to strengthen its International Strategy and respond to IPSASB documents.

Based on CPA Canada’s continued support for PSAB, member implementation resources, and PSAB’s ongoing international engagement and standards development activities, CPA Canada demonstrates an ongoing process to maintain fulfillment of the SMO 5 requirements.

Current Status: Sustain

The provincial accounting bodies of Chartered Professional Accountants have the legislative authority to investigate and discipline their members, students, and firms under the applicable provincial legislation. CPA Canada does not directly operate investigative and disciplinary systems but continues to use its best endeavors by supporting national collaboration, consistency, and public interest expectations across the profession.

Since the previous assessment, provincial bodies have continued to maintain active investigative and disciplinary systems. CPA Ontario, for example, maintains an independent Tribunals Office, publishes disciplinary decisions, holds professional misconduct hearings that are generally open to the public, and applies sanctions including fines, suspensions, revocation, practice restrictions, education, and public notice. CPA Ontario also publishes annual and regulatory reports, including its 2025 reports, supporting transparency and accountability in regulatory activities.

A recent jurisdictional development is the evolving national collaboration structure following the withdrawal of some provincial bodies from the National Collaboration Accord. However, provincial and territorial bodies have stated that collaboration on standards setting, education, regulation, and public interest matters will continue, and the change does not affect the statutory authority of provincial bodies to regulate members.

CPA Canada and the provincial bodies continue to support members through codes of conduct, guidance on professional obligations, public disciplinary information, and regulatory communications. Based on the continued operation of provincial investigative and disciplinary systems, public reporting of outcomes, and ongoing collaboration to support consistency across Canada, CPA Canada demonstrates an ongoing process to maintain fulfillment of the SMO 6 requirements.

Current Status: Sustain

CPA Canada has no direct responsibility for adopting private sector accounting standards in Canada but supports the Accounting Standards Board (AcSB), the independent body responsible for establishing accounting standards. The AcSB incorporates International Financial Reporting Standards (IFRS) Accounting Standards into Part I of the CPA Canada Handbook – Accounting for application by publicly accountable enterprises in Canada.

CPA Canada supports implementation by publishing the Handbook, providing member resources and learning opportunities, and incorporating IFRS knowledge into the CPA certification framework. The AcSB also maintains the IFRS Accounting Standards Discussion Group, which considers application issues and provides a forum for discussion of IFRS implementation matters in Canada.

The AcSB continues to monitor International Accounting Standards Board developments and seek Canadian stakeholder input on proposed IFRS amendments through exposure drafts, discussion groups, and comment letters. Recent activities include consideration of risk mitigation accounting and other IFRS-related projects in 2026.

CPA Canada continues to demonstrate an ongoing process to support adoption and implementation of IFRS Accounting Standards in Canada and is assessed as sustaining fulfillment of SMO 7.

Current Status: Sustain