Chartered accountants: what are the differences between CPA designations?

Quebec has over 35,000 active accountants, which are now all members of the Order of Chartered Professional Accountants (CPA) following the merge of three legacy orders in May 2012: Certified Management Accountants (CMA), Certified General Accountants (CGA) and Chartered Accountants (CA).

Now in Quebec, only members of the CPA are authorized to use this designation and work professionally as accountants. 

This article from T2inc will explain the different characteristics of chartered accountants and what distinguishes them from other accountant types within the CPA order.

What is a chartered accountant in Quebec?

The chartered accountant designation was once the most renowned order in the public eye, due to being a more specialized role than others.

The chartered accountant was originally best known for auditing accounts, until 2010 when they were given more flexibility to widen their skillset, having the opportunity to become key business advisors. This specialization made companies eager to recruit them. They are known to be diligent professionals who produce highly accurate work, more so than other types of accountants.

Before 2012, chartered accountants in Quebec were required to offer advisory services to businesses by improving the quality of their financial, accounting and even decision-making processes, guiding them towards making the right decisions.

Using their vast knowledge of strategic and financial management, their role was:

• Manage client accounts
• Analyze the balance sheets
• Verify and sign corporate financial statements (internally)

Moreover, as specialists, they were also recognized by official tax authorities (hence the term "chartered"), which gave their clients reassurance.

Chartered Professional Accountants: The new designation

Since 2012, times have changed. Following the unification of the three original orders, Chartered Professional Accountants (CPA) were born. Despite this change of designation, accountants, previously known as CMAs, CGAs, and CAs, can still apply the same standards they once used to their current role, and throughout their careers.

In doing this, they must also respect the rules of the Professional Code (for public protection) and other regulations related to their job condition. Every accountant can now be as much an entrepreneur as an executive or take leadership positions during their career.

For accounting students, their accounting courses are now also unified. They now also have the choice to carry out their course internship within a business rather than at a professional firm.

This development has unified the accounting profession, which makes it more coherent to clients. It has further created equality between the three accountant types, which will likely be well received internationally. Since 2012, Quebec accountants have been able to practise their profession in the public, private, and business sectors as the same rules apply for everyone.

T2inc finds you a chartered professional accountant

Because our partners are certified, all of our clients have access to the advice and skills of a chartered professional accountant for their tax and financial matters.

We also provide our clients with an online corporate tax solution from a trusted tax specialist. To start making the right decisions now, we welcome you to contact us so we can discuss your business together.