Public Practice Licensing and Fees

Effective December 1, 2017, public practices will be registered with CPA New Brunswick in a whole new way in order to meet National recommendations.

This new Tiered Licensing Model will provide increased clarity for both clients and prospective clients on the types of professional services that a public practice can perform.

Public Practice Licensing

Effective December 1, 2017, public practices will be registered with CPA New Brunswick in a new way in order to meet National recommendations.

The new Licensing Model approved by the Board of Directors of CPA New Brunswick contains three levels, which are designed to capture and accommodate the various and unique types of public practice services currently provided by members.

As a result, this change will benefit both public practices and people from the public who use the services of a public practice, by ensuring a client or prospective client is contracting the right firm for the work they require.

All practice leaders who currently have a public practice permit will be grandfathered to Tier 1. New Members will qualify at the Tier level for which they have done their articling hours.

The three different levels are summarized below:

 

Public Practice Fees

Practice Leader – Tier 1: $400
Practice Leader – Tier 2: $250
Practice Leader – Tier 3: $150
CPA member: $100

Public Practice Fees are subject to applicable taxes 

Definition of Categories

Practice Leader means “any member with the authority on behalf of a firm to sign or issue an assurance report, audit report or compilation engagement communication or to issue an opinion or to provide advice or interpretation with regard to financial reporting and other regulated services including but not limited to taxation”.

CPA Member means “all CPA Members working in public practice in a firm/professional corporation of New Brunswick

Tier 1 Permit means an authorization issued by the Registrar to Members who maintain a Public Practice providing audit, review, compilation services or other regulated services.

Tier 2 Permit means an authorization issued by the Registrar to Members who maintain a Public Practice providing review and compilation services or other regulated services.

Tier 3 Permit means an authorization issued by the Registrar to Members who maintain a Public Practice providing compilation services and/or other regulated services.

Other regulated services means providing analysis, advice and interpretation in an expert capacity in accounting and taxation (see the public practice’s definition below).

Public Practice means “those tasks, services, and functions, as may be prescribed, performed by a CPA, and offered to or provided to the public” whether on a full-time or part-time basis, alone or in partnership with others, in respect of any one or more of the following:

  • performing an audit engagement and issuing an auditor’s report
  • performing any other assurance engagement and issuing an assurance report
  • a compilation, including a compilation of a financial forecast or projection, prepared while performing an external engagement service and the notice to reader communication is required as set out in the compilation engagement section(s) of the CPA Canada Handbook: Assurance
  • accounting, insofar as it involves analysis, advice and interpretation in an expert capacity, but excluding record keeping; and
  • taxation, insofar as it involves advice and counseling in an expert capacity, but excluding mechanical processing of returns