When do you need to register a firm?
A member, or group of members, shall register a firm prior to providing the following specific services:
- The practice of professional accounting (set out in Section 18 of the Act) and consists of:
- Audit engagements
- Other Assurance engagements, including Review Engagements
- Providing Financial Reporting advice which references the CPA Canada Handbook.
NOTE: Pursuant to subsection 20(4) of the Act, a member or firm practicing professional accounting shall also apply for a licence in accordance with Bylaws 25.2, 25.3 or 26.1. See “Licensing” section for more information.
- Other regulated services (defined in Regulatory Bylaw 2.1(y)) which does not include the practice of professional accounting and consists of:
- Bankruptcy and Insolvency Trusteeship or Administration;
- Business Valuation;
- Compilation Engagements (also known as Notice to Reader Engagements);
- Engagement Quality Control Reviews;
- Forensic Accounting;
- Management Accounting; and
- Taxation Services (which means providing advice or interpretation with respect to taxation matters).
Exemptions to firm registration
A member providing other regulated services qualifies for an exemption from registration of a firm when the service provided is:
- to three (3) or fewer clients;
- as an officer or director in a volunteer capacity; or
- to or through a registered firm.
A member shall submit a declaration regarding eligibility for exemption annually (or as a change occurs).
In addition to stating why the member is exempt, the member must also agree that professional services are not advertised, marketed or otherwise promoted to the public other than by an application for employment.
A member engaged in the practice of professional accounting is only exempted from registration of a firm where the member is providing services through a firm that is currently registered.