CA Reciprocity Examination (CARE)
2011 Chartered Accountancy Reciprocity Examination
To become a Chartered Accountant in Newfoundland and Labrador, a member in good standing of an accounting body outside Canada that has signed a Mutual Recognition Agreement (MRA) with the CICA and the provincial and territorial CA institutes must apply to the Institute to become a membership candidate and must fulfill the Chartered Accountancy Reciprocity Examination (CARE) and practical experience requirements prescribed by the Institute’s Board.
The CARE is the means by which the provincial and territorial CA institutes measure the requisite professional competence in a Canadian context. Specifically, the CARE examines candidates on their knowledge of Canadian taxation, Canadian business law and the Canadian CA profession’s rules of professional conduct.
The successful completion of the CARE by a membership candidate is required in order to qualify for admission to membership in the Institute, to use the Chartered Accountant designation and CA initials in Newfoundland and Labrador, and to hold out to be or to offer services as a Chartered Accountant in Newfoundland and Labrador.
Intending to practice public accounting following admission to membership in the Institute?
If you are intending to practice public accounting following your admission to membership in the Institute, please note that a public accounting license is not required in order to be a member of an engagement team, including the quality control reviewer or other expert. However, a member of the Institute is required to have a license issued by the Public Accountants Licensing if the member is the lead engagement person responsible for signing a statement or report when:
- the engagement statement or report is issued in Newfoundland and Labrador, or the engagement work is primarily performed in Newfoundland and Labrador; and
- the statement or report is issued in respect of
- the performance of services which include the auditing of accounts and the preparing, signing, delivering or issuing, of a financial, accounting or related statement, and
- the issue of a written opinion, certificate, report or statement of the public accountant as to the correctness, fairness, completeness or reasonableness, or otherwise of a financial, accounting or related statement where, because of the circumstances, or of the signature, stationery or wording employed it is indicated that the person or partnership acts or purports to act in relation to the opinion, certificate, report or statement as an independent accountant or auditor, or as a person or partnership having or purporting to have expert knowledge in accounting or auditing matters, to the intent that the opinion, certificate, report or statement of the public accountant shall add to or detract from the credibility or acceptability of the financial, accounting or related statement in respect of which it is made,
If you intend to be the lead engagement person on any such engagements, you should be aware that you will be required to fulfill prescribed public accounting experience and other requirements as set out in the Institute’s bylaws, which may include the successful writing of a prescribed licensing examination in addition to the CARE, in order to qualify for a public accounting license.
The New CARE
In keeping with the global move to International Financial Reporting Standards, beginning in 2010 the CARE will no longer test a candidate’s knowledge of any significant differences between Canadian accounting and assurance standards and those of a membership candidate’s home country.
The CARE tests knowledge, comprehension and the application of knowledge. It does not test higher cognitive skills like the Uniform Evaluation (UFE) does. The CARE is a closed-book examination, and therefore, membership candidates are not permitted to bring any reference materials with them into the examination writing centre. It is also a non-disclosed examination, and therefore, the examination booklets are collected at the writing centres and the examination questions and solutions are not published. Part-1 and Part-2 of the CARE are structured as follows:
|Canadian Taxation||35 - 45||84 - 108|
|Canadian Business Law||10 - 15||24 - 36|
|Canadian CA's Rules of Professional Conduct||20 - 25||48 - 60|
|Canadian GAAP||20 - 30||48 - 72|
|Canadian GAAS||20 - 30||48 - 72|
Please Note: Only those candidates wishing to obtain a public accountants license in the province of Ontario are required to complete part 2 of the CARE.
The CARE remains a closed-book examination, in that membership candidates are not permitted to bring any reference materials with them into the examination writing centre. However, please note that the CARE is now non-disclosed in that the examination booklets are collected at the writing centres and the examination questions and solutions are not published. Practice sets of multiple choice questions will be available to membership candidates who registered for the CARE Preparation Program to help them prepare.
The Ontario Institute will host a CARE Preparation Program that will be held in Toronto in early August 2011. Similar programs are also offered by the Institute of Chartered Accountants of British Columbia. Further information on these programs can be found on the Institute’s website at:
The CARE Preparation Program will review Canadian taxation, Canadian business law and the Canadian CA profession’s rules of professional conduct over a three-day in-class program. Participants will be given a practice multiple-choice-question examination with commented solutions as a take-home exercise.
Registration Due Dates
CARE Preparation Program
- Registration will be allowed until August 12, 2011 without a late fee.
- The completed registration form and examination fee is due at the Institute no later than 5:00 p.m. on Friday September 16, 2011.
- A late registration fee of $45.00 will be applicable for forms received at the Institute after Friday September 16, 2011 and before 5:00 p.m. on Friday October 14, 2011.
- NO registrations will be accepted after Friday October 14, 2011.
Examination Dates, Time and Location
The 2010 CARE will be held on Monday October 24, 2011 from 9:00 a.m. - 1:00 p.m. in the Institute’s offices at 95 Bonaventure Avenue, St. John’s.
Release of Results
Results are reported as a successful or an unsuccessful attempt. No alpha or numeric grades are reported.
The results of the CARE will be mailed to membership candidates on December 9, 2011.
CARE Examinable Standards and Examinability Dates
For detailed coverage of the CARE, please download the 2011 CARE Brochure.
You can expect the 2011 CARE to examine the following materials to the extent that it is integral to the demonstration of your knowledge of Canadian taxation, Canadian business law and the Canadian CA profession’s rules of professional conduct.
Federal Taxation Legislation
- You are responsible for federal taxation legislation enacted as at March 31, 2011.
Business Law, Canadian CA profession’s Rules of Professional Conduct and Council Interpretations
- You are responsible for the fundamental principles of Canadian business law as at March 31, 2011.
- You are responsible for the Rules of Professional Conduct and Council Interpretations published by your provincial or territorial CA institute and updated on or before March 31, 2011.
Part-2 of the CARE
You can expect Part-2 of the CARE to examine the following materials to the extent that it is integral to the demonstration of your knowledge of:
- You are responsible for Canadian GAAP in effect as at March 31, 2011.
- IFRS (CICA Handbook Accounting – Part I).
- ASPE (CICA Handbook Accounting – Part II).
- Not-For-Profit (CICA Handbook Accounting – Part III).
- Public Sector Accounting
- You are responsible for Canadian GAAS as at March 31, 2011.
- CICA Handbook Assurance (CSQC, CAS, Other Canadian Standards, and Assurance and Related Services Guidelines).
- Guidance on the Criteria of Control Board.
- Risk Oversight and Governance Collection.
General questions related to RECIPROCITY ELIGIBILITY, MEMBERSHIP CANDIDACY AND REGISTRATION for CARE should be directed to Kim Mayo (email@example.com), Director of Member Services/ Practice Advisor.