Task Statements define the specific activities and skills you must demonstrate using action-based verbs at proficiency levels 1-5, during your minimum 24 months of experience (net of absences) and are aligned with the Competency Map 2.0.
Under the Experience Requirements model, CPAs guide you and assess your proficiency against two types of Task Statements: Foundational Task Statements and Professional Task Statements.
For Foundational Work Experience, you must achieve all three Task Statements at a level 2 proficiency. A Signatory, who is a CPA and works at the same organization, is required to review and validate your experience.
For Professional Work Experience, the Professional Task Statements that you must achieve are grouped into four experience learning outcome categories and you must achieve the highest proficiency level available in each area (level 4 or 5 depending on the learning outcome). A CPA Mentor supports and assesses your progress against the approved work plan.
For the licensure pathway, you must complete the required Professional Task Statements in Financial Reporting and a fifth learning outcome category in Assurance & Trust. All 24 months of experience (net of absences) and the required chargeable hours must be obtained within a registered firm to train students in External Audit and/or Review, where applicable. Please note that eligibility for CPA licensure upon completion of the CPA Professional Program is subject to learners successfully meeting all applicable academic and practical experience requirements.
Successfully achieving these Task Statements at the required proficiency level confirms that you have developed the competencies necessary to become a CPA.
LEVEL OF PROFICIENCY
Foundational Task Statements (FTS)
Step 1: If reporting FWE, you must achieve all three of the following Foundational Task Statements in a relevant role:
Foundational Task Statement 1 (FTS1)
Prepare or explain information for input into internal or external reporting (e.g. financial statements, financial forecasts, financial budgets, management reports.)
LEVEL 2
Foundational Task Statement 2 (FTS2)
Identify the users’ needs and prepare practical alternatives or variance analysis, which consider the impact on users’ needs.
LEVEL 2
Foundational Task Statement 3 (FTS3)
Explain their analysis, findings in a transparent, understandable and professional manner.
Professional Task Statements (PTS)
Step 2: Choose ONE Learning Outcome Category – Financial Reporting OR Management Accounting.
If you are pursuing the licensure pathway, you must choose Financial Reporting.
Financial Reporting (FR)
If you choose FR, you must master any two of the following four Professional Task Statements while demonstrating proficiency in using the optimal technology available performing this work:
FR1
Assess decision makers’ needs and actively design the development/ modification of reporting requirements or financial-reporting systems required to meet external user needs, such as an MD&A or financing needs (a large, complex example, or several smaller ones).
LEVEL 5
FR2
Critically evaluate and reach a preliminary conclusion on three distinct GAAP (or equivalent) transactions based on management requests, using the CPA Canada Handbook (or equivalent) as guidance.
LEVEL 5
FR3
Prepare and critically evaluate financial statements and notes in accordance with GAAP or equivalent over two business periods (at least one of which is year-end).
LEVEL 5
FR4
Assess variances on historical, year-over-year financial statements and interpret the root causes, including insights into interconnectivity of multiple line items (over two business periods, at least one of which needs to be year-end).
LEVEL 5
Management Accounting (MA)
If you choose MA, you must master any two of the following four Professional Task Statements while demonstrating proficiency in using the optimal technology available in performing this work:
MA1
Assess decision makers’ needs and critically evaluate the development or modification of information data systems required to meet management-reporting needs (a large, complex project, or several smaller ones).
LEVEL 5
MA2
Create a forecast or budget for an entity with multiple and changing input variables across more than two business cycles
LEVEL 5
MA3
Critically evaluate cost management, revenue management or profitability management for a minimum of two business quarters.
LEVEL 5
MA4
Interpret variance analyses, either with key performance indicators or budget forecasts with explanations and/or recommendations (over two business periods, at least one of which needs to be year-end).
LEVEL 5
Licensure Pathway Requirements
If you are on the licensure pathway, you must choose Financial Reporting (listed above) and also master the Assurance and Trust (AT) Professional Task Statement while demonstrating proficiency in using the optimal technology available in performing this task.
Learning Outcome Category: Assurance and Trust (AT)
Through multiple external assurance engagements including high risk or complex sections of the file, you must:
AT1a
Formulate the planning and risk assessment of the assurance engagement (including calculating materiality and assessing the control environment).
LEVEL 5
AT1b
Design appropriate planned procedures that meet the objective of the engagement.
LEVEL 5
AT1c
Critically evaluate supporting information and results of analysis to draw conclusions and communicate results.
LEVEL 5
Decision Competencies
All decision competencies are mandatory and learners must master these professional task statements. Professional Skepticism and Ethical Decision Making are required at a level 5 with Communication required at a Level 4.
Professional Skepticism (DC1)
- A questioning mindset
- Awareness of new information and changes in facts and circumstances which could indicate possible misstatement due to error or fraud (spotting trends and irregularities)
- Critical thinking skills applied to the evidence (how you interpret the story)
- Awareness of how conscious and unconscious bias might impact how data or information is used, analyzed, or reported
LEVEL 5
Ethical Decision Making (DC2)
- Understanding of the higher level of accountability and responsibility afforded by being part of the CPA profession
- Adherence to the Provincial/Regional Body’s CPA Code of Professional Conduct including:
- i) maintaining the good reputation of the profession, protecting the public and acting in the public interest
- ii) performing with integrity and due care
- iii) avoiding compromise of professional judgment by bias, conflict of interest or undue influence
- iv) exhibiting behaviours to comply with laws, regulations, organizational policies, societal norms and personal ideals
- v) identifying and raising unethical behaviours (if applicable)
LEVEL 5
Communication (DC3)
- Communicate analyses, findings, decision and next steps in a transparent, understandable, and professional manner, with due consideration of audience and appropriate communication channels/tools.
- Assess that all communications fairly reflect underlying substance without bias.
LEVEL 5