USCPA-NOW

A Comprehensive IQEX Program for Canadian CPAs

Now also available as an on-line course!

“I used a course called USCPA Now. It’s a one man course given by Henry Zimmer who is based out of California. The course is designed for individuals that have a Canadian CPA. Its significantly cheaper than Becker or any other course I came across. He provided me with a large binder full of study material and a book full of practice questions. He tells you which questions to focus on. The course gave me everything I needed to pass without providing too much. I highly recommend it.”

KRTax, from reddit.com

The USCPA-NOW Program is the only course that is targeted to professionals who did not study U.S. Tax and Law as undergraduates.

All the other programs describe themselves as "Review Programs".

Completely updated to incorporate all recent U.S. tax changes.

A NEW MUTUAL RECOGNITION AGREEMENT BETWEEN CANADA AND THE U.S. IS NOW IN EFFECT

(Please read the section below- “*International Applicants Welcome”- if you are not a Canadian CPA)

On November 1, 2017, The United States, Canada (and Mexico) signed a new five-year Mutual Recognition Agreement (MRA) that offers Canadian CPAs who did not qualify under the old MRA a pathway to obtaining a US CPA by making themselves eligible to write the US International Qualification Examination (IQEX) and then registering with one of 45 State Boards of Accountancy.

To become eligible, non-legacy CPA applicants must affirm that they are capable of performing audit and attest services in accordance with relevant professional standards, including having the requisite additional experience and training.

Legacy Chartered Accountants Who Now Hold a Canadian CPA Designation

The eligibility requirements are basically unchanged for Canadian IQEX candidates who have passed the now-expired UFE and have met their experience requirements prior to receiving their designations. This is because most Legacy CAs automatically have the right to perform audits in their jurisdictions, whether or not they actual perform this kind of work. If a Legacy CA does NOT have the right to perform audits in his or her home province, the Legacy CA IQEX candidate must demonstrate that they have met the educational requirement for this right through their legacy educational program. Alternatively, they must successfully complete CPA Canada’s Post Designation Public Accounting Examination. (Please click the heading below for details)

The Post Designation Public Accounting Program and Examination are administered by the individual Provinces, historically on an annual basis. (The frequency may be altered over time as demand increases.)

The course is self-study and is designed to be covered over an 8-10-week period. The estimated study time required is 15 hours per week.

In Ontario, the cost is $1,000 plus 13% HST. However, time spent in studying and taking the exam qualify as CPE hours.

Candidates are provided online with a detailed course outline and all materials. There are no deadlines, submissions or workshops.

The examination is held in major centers such as Toronto and Ottawa (for Ontario CPAs).

The examination is 4.5 hours long and consists of 60 multiple choice questions and a 2-hour integrated case study. Candidates are given access to restricted resource material such as Handbooks, The Income Tax Act, common ratios and a tax-shield formula.

The multiple-choice question topics are:

Financial Reporting

10 questions

Strategy & Governance

5 questions

Audit and assurance

10 questions

Finance

5 questions

Taxation

5 questions

The case study will focus on Assurance and Financial reporting.

Important Note: The program requires significant relevant practical experience in order for the individual to be licensed in Canada. However, for IQEX purposes, the only requirement (beyond one year of flexible experience) is that the prospective candidate must pass the examination.

For more information please go to: https://www.cpacanada.ca/en/career-and-professional-development/public-accounting-post-certification-bridging-requirements

Try the USCPA-NOW Program Now!

Other Potential IQEX Applicants

While the Canadian Chartered Professional Accountant (CPA) program recognises that a member might concentrate or specialise in one or more areas other than auditing (eg. Forensic Accounting, Managerial Accounting, Taxation etc.), the US mandates that a US CPA must have an in-depth knowledge of Auditing and Attestation. Accordingly, while some former CGAs/CMAs and many graduates of the new Canadian Professional Education Program meet this criterion, there are those who do not.

The new MRA does however provide non-qualifying Canadian CPAs a pathway to IQEX eligibility.

If you are a former CGA /CMA or are a Post-Unification graduate of the Canadian Professional Education Program (PEP), please click on one of the two headings below:

In most cases, former CGAs and CMAs are provided with a pathway to IQEX eligibility even if they do not have the right to perform audits in the provinces where they hold their memberships. The following criteria must be met in all cases:

The IQEX applicant must have a baccalaureate or higher degree.

The IQEX applicant must have completed the relevant legacy body’s educational program.

The IQEX applicant must have at least one year of verifiable experience. This includes providing a service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills. The experience may be acceptable if gained through employment in government, industry, academia or public practice. (Some State Boards may impose specific experience requirements.)

The IQEX applicant must possess the right to perform audits in the Canadian jurisdiction where he or she is registered

OR

Must have successfully completed CPA Canada’s Post Designation Public Accounting Examination.  (Please click for details.)

The MRA specifies that  every IQEX applicant must be in compliance with the CPE requirements of his or her Canadian jurisdiction. To maintain a US CPA, one must also adhere to legally imposed laws, regulations and policies.

IQEX applicants must also be members in good standing of their Provincial Institutes.

Please understand that USCPA-NOW cannot evaluate any candidate’s eligibility to take IQEX. If you are in doubt, you should send in a registration form to The National Association of State Boards of Accountancy (NASBA )and wait for an acceptance before registering for the USCPA-NOW IQEX PROGRAM.

In virtually all cases, recent CPA graduates of the Canadian Professional Education Program (PEP) are provided with a pathway to IQEX eligibility, even if they do not have the right to perform audits in the provinces where they hold their memberships. The following criteria are required in all cases:

The IQEX applicant must have a baccalaureate or higher degree.

The IQEX applicant must have completed the PEP educational program.

The IQEX applicant must have at least one year of verifiable experience. This includes providing a service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills. The experience may be acceptable if gained through employment in government, industry, academia or public practice. (Some State Boards may impose specific experience requirements.)

The IQEX applicant must possess  the right to perform audits in the Canadian jurisdiction where he or she is registered  by having passed  the two electives  PEP Tax and PEP Assurance (or their equivalent in a graduate program at a post-secondary institution accredited by a Provincial CPA Body)

OR
Must have successfully completed CPA Canada’s Post Designation Public Accounting Examination. (Please click for details.)

The MRA specifies that every IQEX applicant must be in compliance with the CPE requirements of his or her Canadian jurisdiction. To maintain a US CPA, one must also adhere to legally imposed laws, regulations and policies.

IQEX applicants must also be members in good standing of their Provincial Institutes.

Please understand that USCPA-NOW cannot evaluate any candidate’s eligibility to take IQEX. If you are in doubt, you should send in a registration form to The National Association of State Boards of Accountancy (NASBA )and wait for an acceptance before registering for the USCPA-NOW IQEX PROGRAM.

Exclusions

As under the prior MRA, Canadian CPAs who received their Canadian credential under a reciprocal agreement with another (generally foreign) professional accountancy organization are not eligible for the IQEX program.

*International Applicants Welcome

The USCPA-NOW Comprehensive IQEX program is also appropriate for Irish, Mexican, New Zealand and Australian CAs, Australian CPAs, Scottish CAs, South African CAs and Hong Kong CPAs.

The USCPA-NOW Program

USCPA-NOW provides a guided self-study program for $849 which includes reasonable email and/or telephone support from course developer Henry Zimmer. This home-study program will qualify registrants for around 60-75 hours of Continuing Professional Education. No other study materials are required for you to pass IQEX.

The USCPA-NOW materials now include an analysis and discussion of the 26 most likely topics to be tested by the 8 Task Based Simulations which comprise 50% of the exam.

Try the USCPA-NOW Program Now!