Professional Accounting Supplementary School (PASS)

Information Session – For Pakistani

CAs
2018 CFE

PASS | Professional Accounting

Supplementary School
 Agenda

Part 1 - CPA Program

1) Session Purpose
2) Description of CPA Program
3) Summary of CPA Program – Capstone 1, Capstone 2, CFE
4) Experience Requirements

Part 2 – PASS Program

5) Who is PASS?
6) Outline of PASS Program for International CAs
7) Registration Information

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 Session Purpose

 Purpose of the session is to acquaint you with the CFE that you will be writing to
achieve your CPA designation and discuss what is involved in preparing for the
CFE

 Will also review experience requirements

 With that knowledge you will be able to make an informed decision as to how and
when to attack the exams

 Will also acquaint you with the PASS program that has been designed to help
International Students, including Pakistani CAs successfully complete the CPA
program

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 PART 1 – CPA PROGRAM

Description
of CPA
Program

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 DIAGRAM OF CPA PROFESSIONAL

EDUCATION PROGRAM

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 New CPA Qualification System – 2018
Summary of Program
 Pakistani CAs are not required to do Core 1 and Core 2 or the elective modules

 They are also not required to do the Capstone Integrative Module (Capstone 1) or
the Capstone Evaluation Preparation (Capstone 2) although CPA Canada strongly
recommends that these modules be completed

 The only portion of the program that Pakistani CAs must complete is the writing of
the CFE; the 2018 CFE will be Sept. 12 – 14, 2018

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 Capstone 1

 Main focus of Capstone 1 is business case which students work on as a group

 Capstone 1 also prepares candidates for the Common Final Examination (CFE),
particularly Day 1, which will draw on both the content and the skills developed in
Capstone 1

 Key aspects of Capstone 1 include:

 A significant written report that simulates a report to a board of directors or
team of senior executives
 An oral team presentation that simulates a presentation to a board or team of
senior executives
 Structured time for questions and answers that simulates a question period
from a board or team of senior executives

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 Capstone 1 (continued)

 Will start with a two day weekend workshop which will provide an opportunity for
team members to meet each other, develop team agreements, practice
presentation skills, and develop an action plan for completing the learning activities
required during the module

 Should require between 10-15 hours of structured learning time per week for each
candidate

 Need to submit report and make presentation as a group

 Pass rate not disclosed but assumed very high – possible to fail as a group or
individual student could fail if work not performed

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 Capstone 2

Capstone 2 has three primary objectives:

1. Continue the development of candidates’ enabling competencies, particularly their

communication and self-management competencies

2. Prepare candidates for all three days of the Common Final Examination

3. Continue the development of candidates’ integration of technical competency

areas

No Examination at the end of Capstone 2 - i.e. Everyone passes

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 Capstone 2 (continued)

 Start with a 2 day weekend workshop - before that write 1 “multi” case

 Workshop will teach students how to debrief, analyze response

 Over the course of 7 weeks will require 10 – 15 structured hours a week (say max
20)

 Limited opportunity to write practice cases; some cases marked; cases debriefed in
online webinars

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 Description of CFE

 CFE is 3 days long

Day 1 – Based on Capstone 1 – 4 hours

Day 2 – Role Comp – 5 hours
Day 3 – Multis – 4 hours

 CFE covers the same 6 Competencies covered in Core modules:

1) Audit & Assurance

2) Financial Reporting
3) Management Accounting
4) Finance
5) Taxation
6) Strategy and Governance
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 Description of CFE (continued)

 Required to achieve “Depth” in 2 areas on the CFE and would need to only achieve
“Breadth” in the others areas

 For Public Accountant’s License would need to achieve depth in the 2 areas, Assurance and
Financial Reporting

 Otherwise need to achieve depth in either Financial Reporting or Management Accounting

plus any one of the other 4 competencies: Assurance, Taxation, Performance Management
or Finance

 Would make a choice of one of the four depth areas before the CFE – this will impact the
role played on the Day 2 comp

 Roll on the role comp on Day 2 of CFE will differ depending on depth area chosen – also
different information will be provided depending on depth area chosen

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 Experience Requirements

Experience

 Assessment of experience for certification is determined by post qualification

experience as an ICAP member
 All members with:
 more than five years of post-qualification experience and no recognized
university degree or
 more than two years of experience and a recognized degree
are exempt from assessment of experience
 Applicants with less than specified post-qualification experience will be subject to a
review of their practical experience obtained pre- and post-qualification
 For more information, contact the provincial CPA body e.g. CPA Ontario

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 PART 2 – PASS PROGRAM

Who is PASS?

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 Who is PASS?

 PASS began offering UFE courses in 1989

 PASS courses are offered in all of the large 4 firms – PWC, KPMG, EY and Deloitte
& Touche and numerous mid-size firms

 PASS courses are offered across Canada

 Michael Levi, co-director of PASS, former Gold Medalist

 Instructors have professional CFE marking experience

 Consistent excellent feedback from students

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 Information Session

PASS
CPA Program

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 PASS Program for CFE

 Focus is on Day 2 and Day 3 of the CFE

 Capstone 1 prepares you for Day 1

 Possible to take all courses outside of business hours

 PASS has developed a program specifically designed to meet the

needs of International CAs including CAs from Pakistan

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 PASS CFE Course for International CAs

4 Components:

 Part 1 – Financial Act’g. Course - Review technical financial

accounting in depth

 Part 2 – Review technical for other competencies over 30 videos

 Part 3 – Intro Case writing – Practice multi cases – get an early start
on case writing

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 PASS CFE Course for International CAs (cont.)

4 Components (continued):

 Part 4 – Comprehensive Course –

(a) Case Writing - Practice both multis and roll comps –
professionally marked and debriefed
(b) Technique Sessions – Focus on how to achieve depth in
various areas

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 PASS CFE Course for International CAs (cont.)

Part 1 - Financial Accounting IFRS/ASPE Course

 In-depth review of financial accounting – detailed coverage of IFRS and ASPE

 Practice applying technical knowledge to cases

 Publication – Financial Accounting Technical Review

 Course offered – In-class and live online

 All sessions available on video

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 PASS CFE Course for International CAs (cont.)

Part 2 – Technical Binder and Videos

 PASS provides a technical binder and over 30 videos in which

instructor goes over all difficult technical areas

 Binder and videos include: Tax, Management Accounting,

Finance, Assurance and Strategy & Governance

 Review at your own pace before case writing begins – ideal to

cover off in the Fall and early winter

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 PASS CFE Course for International CAs (cont.)

Part 3 - Intro Case Writing Course

 Short seminar on how to write CFE cases

 Write 4 multi cases – marked and debriefed

 Course offered live online and through video

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 PASS CFE Course for International CAs (cont.)

Part 4 - CFE Comprehensive Course

Course Consists of two Components

(1) Case Writing

(2) Technique Days

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 PASS CFE Course for International CAs (cont.)

CFE Comprehensive Course – Case Component

Component includes:

• 1 day dedicated to techniques for achieving depth on CFE

• Write (and get marked) 5 multi simulations
• Write (and get marked) 2 comps
• 4 multi simulations and 2 comps de-briefed
• 1 personal counselling session (for one exam)
• PASS comprehensive binder and all course notes
• Detailed Marking Guide Publication

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 PASS CFE Course for International CAs (cont.)

CFE Comprehensive Course – Technique Component

Technique Sessions

• Numerical Methods – Learn how to perform quantitative analysis quickly and

effectively
• Depth in Financial Accounting - Essential technique for financial accounting
issues which ensures students will achieve sufficient depth in accounting
• Integrated Audit – learn audit techniques to achieve depth in assurance
• Integrated Tax – Review corporate and personal tax and learn how to integrate
technical into cases

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 Courses for CFE (cont.)

Courses Provide for Maximum Flexibility

 Courses offered:

 In-Class (Financial Accounting review and Comprehensive)

 Live Online
 Video

 Videos of all sessions– available to all students 24/7

 Students can switch between in-class and live online sessions

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 Registration for PASS Programs

Registration – Current Program

 To register for PASS courses visit the PASS website: passyourcpa.ca and register
online

 Not required to be registered with CPA Ontario before registering with PASS

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 Contact Information

For Inquiries:

 Contact: Michael Levi mjlevi@passyourcpa.ca 416-224-9400

Ira Walfish iwalfish@passyourcpa.ca 416-224-9929

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 Twitter - @pass_cpa & Blog

Twitter

• Follow us on twitter: @pass_cpa

• We will be regularly updating you with new developments / course specific issues

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