What is a Chartered Professional Accountant/Certified General Accountant public practice firm?
A Chartered Professional Accountant/Certified General Accountant public practice firm provides accounting, auditing and tax services for clients. Firms may also provide other services such as computer and management consulting. All owners of Chartered Professional Accountant/Certified General Accountant firms:

• maintain their firm’s registration with the CPA Professional Accountants of Alberta;
• carry current professional liability insurance;
• have completed continuous professional development;
• have regularly scheduled practice reviews by the CPA Professional Accountants of Alberta.

Return to Top

What are the benefits of choosing a CPA/CGA public practice firm?
CPA/CGA public practice firms help you meet the challenges presented by and succeeding in business. These firms act as advisors for individuals, businesses, financial institutions and non-profit organizations. Several key benefits of choosing a CPA/CGA public practice firm are:

• CPA Professional Accountants of Alberta in Alberta are highly trusted professionals.
• The CPA Professional Accountants of Alberta has been established in legislation (Regulated Accounting Profession Act) as a self-regulating body. The Association and its members recognize this obligation and work to protect the public interest. A Code of Ethical Principles and Rules of Conduct govern all CPA/CGA members.
• In Alberta only a designated accountant can perform an audit or review engagement.
• CPA/CGA public practice firms are qualified to perform all aspects of the accounting profession.
• The CPA/CGA designation in Alberta is highly respected. This is based in part on the strength and integrity of the Association’s educational program. A CPA/CGA public practitioner must continually undertake professional development.
• CPA/CGA public practice firms in Alberta are subject to mandatory practice reviews to ensure they are meeting the acknowledged standards of the profession. This forms an integral part of maintaining the integrity and prominence of CPA/CGAs in Alberta.
• The integrity of the CPA/CGA designation is based on the Association’s commitment to the highest standards of continuing professional development and education of all members.

Return to Top

Who can be a public accountant in Alberta?
In conducting your search for an accountant please be aware that anyone can call themselves an “accountant” even if they have had little or no formal training. These individuals may not have the skills essential to provide you with the best service. They may also not protect you with professional liability insurance. In Alberta there are only three designated professional accountants:

• Chartered Professional Accountants (CPAs)
• Certified General Accountants (CGAs);
• Chartered Accountants (CAs);
• Certified Management Accountants (CMAs).

The CPA, CGA designation is an important factor in choosing your accountant. Remember, those three letters are awarded only to those individuals who have successfully completed the very demanding program of professional studies including practical practice experience and rigorous examinations.

Here are just a few of the services offered but no limited to:

• Audit, review or other assurance engagements
• Compilation engagement
• Forensic accounting
• Financial investigation
• Financial litigation support services
• Advice about or interpretation of taxation matters
• Accounting services
• Summarization, analysis, advice or counsel about or interpretation of accounting matters.

Other areas of expertise may be: - Investment planning

• US taxation
• Financial planning
• Farm accounting
• Computer consulting
• Estate planning
• Not-for-Profit accounting
• Oil and Gas accounting
• International accounting
• Bankruptcy
• Business valuation
• Canadian taxation
• Small business consulting.

Return to Top

What should I look for in selecting an accountant?
Most people engage their accountant for many years. Keep in mind that a long-term working relationship between you and your CPA/CGA public practitioner can help you take an informed, consistent approach to personal, financial and business problems and help you meet your financial goals.

• An important qualification when looking for a CPA/CGA is compatibility. Talk to your prospective accountant; ask questions that are important to you. How comfortable are you with the answers. Take the time to find the right accountant for you.
• Ask if the accountant has expertise in the area you are looking for. Although all CPA/CGA public practitioners meet essentially the same education, training and registration requirements, each have their own individual areas and niches of expertise.

Return to Top

How can you get the most value for your accounting fee?
A CPA/CGA public practitioner will have some suggestions on how you can make the best use of the accounting services offered and how to get the most value for your fee.

• Collect all the information you can about your business or personal financial situation so you can ask the CPA/CGA specific questions.
• Maintaining good financial records yourself will save you unnecessary fees.
• Openly discuss your plans and objectives with your accountant. CPA/CGAs are in the best position to advise you and service your interests when they understand your goals.
• Be open to advice and suggestions on how to improve your financial situation.
• Clearly explain what services you expect from your accountant. Focusing on your expectation from the beginning will save you time and money.
• Keep your CPA/CGA informed of financial changes in your personal and professional life.

Return to Top

What do firms charge for their services?
CPA Alberta does not set out guidelines or establish a fee structure for Chartered Professional Accountant/Certified General Accountant public practice firms. The scope of the work and type of engagement will determine the amount the Chartered Professional Accountant/Certified General Accountant charges. Each situation is unique, so standard rates are not possible. The Chartered Professional Accountant/Certified General Accountant will seek to minimize your fees as much as possible.

Return to Top

How does the CPA Professional Accountants of Alberta protect the public?
The CPA Professional Accountants of Alberta is a self governing and regulatory body for CPA/CGAs, and takes its commitment to protect the public interest very seriously. Each CPA/CGA must comply with the Regulated Accounting Profession Act, the Association’s Bylaws and the Code of Ethical Principles and Rules of Conduct. An inquiry about the professional conduct of a CPA/CGA is thoroughly investigated within the established discipline process. In some cases this may lead to a fine, suspension of membership and/or the complete loss of the right to use the CPA/CGA designation.

CPA/CGA public practitioners in Alberta are subject to practice review to ensure they are meeting the recognized standards of the profession. As well each CPA/CGA public practice firm is required to carry current professional liability insurance to ensure ultimate protection of the public.

Return to Top