Frequently asked questions for CMA Canada members cover the following areas:
The agreement
Q. Is CPA Australia or the CMA Canada making the MRA publicly available?
A. Public comment may be made in relation to this MRA but the document is not available as it is deemed as confidential.
Q. What is the term of this MRA?
A. The initial term is for five years, commencing 8 April 2008. It will be re-visited for possible renewal near the end of term. Members acquiring CMA membership under this MRA will be able to maintain their membership should the MRA not be renewed.
Membership
Q. Why should I become a member of CPA Australia?
A. The MRA provides CMAs with increased recognition in Australia, China, Hong Kong, Malaysia, New Zealand and Singapore and, therefore, increased international profile and mobility.
Q. Do CMAs need to pass any exams or take any courses before they can become eligible for CPA status?
A. Yes, but only if they have not successfully completed a subject in external audit as part of either a degree or as part of the Strategic Leadership Program. In that case, they will need to successfully complete Assurance Services and Auditing segment as part of the CPA Program.
Q. Will my CPA designation be recognised in other countries?
A. The CPA designation is recognised in Australia, China, Hong Kong, Malaysia, New Zealand and Singapore. However, members admitted under the terms of this MRA are not eligible for membership in other bodies under other MRAs signed by either organisation.
Q. How do I arrange to take the additional educational requirements and how much will they cost?
A. Use the following link to enrol in the CPA Program.
Q. If I am already a CPA, do I have to do anything?
A. No. Individuals who are currently members of both CPA Australia and CMA Canada only need to ensure each designation's requirements are maintained to remain a member of both.
Q. If I am currently doing the CPA Program, can I advance to CPA status under this MRA.
A. Yes. Individuals who are currently doing the CPA Program, can advance to CPA status, provided they have the successfully completed a subject in external audit as part of either a degree, as part of the Strategic Leadership Program or completed the Assurance Services and Auditing segment of the CPA Program. You will need to provide a letter of good standing from CMA Canada, complete sections A and C on the application form and send this along with a cover note indicating you wish to advance to CPA status under the MRA with CMA Canada to:
Member advisory and information services
CPA Australia
GPO Box 2820
Melbourne VIC 3001
Australia
Eligibility
Q. Are students in the CMA Canada Strategic Leadership Program eligible for CPA Australia membership?
A. No. You must complete the CMA Strategic leadership Program and practical experience requirements to be eligible to apply.
Q. Am I eligible to join CPA Australia through the MRA if I gained membership of the CMA Canada through my membership with another body?
A. No.
Q. Does the agreement cover CMAs living only in Canada?
A. No. The agreement offers CMAs around the world the opportunity to become a CPA Australia member.
Q. I do not have a degree but have more than 15 years of experience. What is senior level experience?
A. Senior level experience means that you have held a senior position in an organisation for at least five years, including supervision of staff and the authority to sign-off financial statements. The following position titles are an indication of senior level experience:
- CEO
- president
- vice-president
- CFO
- financial controller
- general manager
- manager
- partner - public practice
- sole practitioner - public practice
- partner in non-accounting practice
(e.g. law firm)
- self employed / owner of business
- academic / teacher
Application documentation / process
Q. If I am a CMA Canada member wanting to apply for CPA Australia membership, what documents will I need to submit?
A. You will need to submit:
- 100 points of identification (see application form)
- Letter of good standing, which can be obtained from your provincial or territorial CMA office
- Certified true copies of university academic awards and transcripts
- if applying for membership with 15 years experience, five years at senior level, provide a curriculum vitae/resume detailing level of responsibility, plus a workplace testimonial from employer/s to confirm position and period of employment. (Five years at a senior level must be demonstrated)
- admission and membership fee (see application form)
- change of name documentation (if applicable)
Q. Do I need to apply for an overseas assessment as part of the MRA process?
A. No.
Q. Can I apply for a Migration Assessment at the same time I apply for the membership?
A. Yes. Members of CPA Australia are eligible for a free skills assessment for migration purposes. If your application is approved for membership, a migration assessment letter will be issued within seven to 10 working days. Please attach the member assessment application form with your admission application.
Q. How long will it take for my application for CPA Australia membership (based on my CMA Canada qualifications) to be processed?
A. Approximately three to four weeks.
Additional education requirements
Q. What subject matter will the CMA Canada members need to cover to advance to CPA status?
A. In addition to completion of the Strategic Leadership Program, CMAs must have successfully
completed either:
- a subject in external audit as part of either a degree or as part of the Strategic Leadership Program
- successful completion Assurance Services and Auditing segment in the CPA Program
Practical experience
Q. What sort of practical experience do members of each body have to have in order to be eligible for membership?
A. While some differences are expected between the bodies' requirements, practical experience should be in the spirit of the International Federation of Accountant's International Education on Practical Experience. For further information visit the IFAC website.
Q. Does CPA Australia recognise CMA Canada's work experience requirement?
A. Yes.
Q. I have completed all the CMA requirements to become a member except for the practical experience component. Can I qualify under the MRA?
A. Yes. Only if you have completed three years of relevant practical experience.
CPD
Q. Do members of each body have to complete extra CPD?
A. No, just the CPD hours stipulated by each body, which is in accordance with IFAC. For further information visit the IFAC website.
Q. If I complete my CPA Australia CPD requirements, will this count towards my CMA CPD requirements as a member?
A. Yes. Completion of CPA Australia's CPD requirements will satisfy the CPD requirements set by CMA Canada. However, you will be required to report annually to both CMA Canada and CPA Australia.
Public practice
Q. Does the MRA confer the right to sign audited financial statements in countries where CPA Australia has statutory audit recognition?
A. No. Members wishing to sign audited financial statements, conduct public accounting services and act as a tax agent in Australia must obtain a Public Practice Certificate to meet the addition.
