Canadian Institute of Chartered Accountants (CICA)

Canadian Institute of Chartered Accountants (CICA)

Definition

The Canadian Institute of Chartered Accountants (CICA) was the professional body of practising accountants in Canada. Originally founded in 1902 as the Dominion Association of Chartered Accountants, the organization aimed to establish high standards for the accounting profession and provide ongoing professional development for its members. In January 2013, CICA merged with the Society of Management Accountants of Canada (CMA Canada) to form the Chartered Professional Accountants of Canada (CPA Canada).

Examples

1. Setting Accounting Standards: The CICA was involved in setting accounting and auditing standards in Canada, which were widely followed by Canadian businesses and governmental entities to ensure financial transparency and accountability.
2. Continuing Professional Development: Chartered accountants (CAs) in Canada benefited from the CICA’s numerous programs and courses designed to enhance their skills and keep them updated with the latest in accounting laws, regulations, and best practices.
3. Research and Publications: The CICA produced various authoritative publications, including research papers and guidelines, which served as key resources for accountants and auditors in Canada.

Frequently Asked Questions

1. What is CPA Canada, and how is it related to CICA?

   • CPA Canada is the national organization established in 2013 after the merger of CICA and CMA Canada. It continues the legacy of CICA by setting accounting standards and providing professional education and certification.

2. What was the primary role of CICA before the merger?

   • The primary role of CICA was to set high professional standards for chartered accountants in Canada, provide continuous professional education, and serve as the authoritative voice of the accounting profession.

3. Can individuals still get CICA certification?

   • No, following the merger into CPA Canada, certifications are now issued under the Chartered Professional Accountant (CPA) designation.

4. What resources did CICA provide for its members?

   • CICA provided a range of professional resources, including guidelines, best practices, training programs, conferences, and industry publications.

5. How did CICA influence accounting education in Canada?

   • CICA played a significant role in shaping the accounting curriculum used by post-secondary educational institutions in Canada, ensuring that graduates met high professional standards.

Related Terms

• Chartered Professional Accountants (CPA Canada): The body formed in January 2013 from the merger of CICA and CMA Canada, representing both accounting and management professionals.
• Certified Management Accountants (CMA): The former professional body for management accountants in Canada, which merged with CICA to form CPA Canada.
• Auditing and Assurance Standards Board (AASB): The board responsible for the establishment of auditing standards in Canada, working under the guidance of CPA Canada.

Online Resources

1. CPA Canada Official Website
2. History of CICA
3. Canadian Accounting Standards

Suggested Books for Further Studies

1. “Canadian Accounting Principles” by A.J. Brimble

   • A comprehensive guide to accounting principles used in Canada, providing a strong foundation in financial accounting standards.

2. “Canadian Tax Principles” by Clarence Byrd and Ida Chen

   • A detailed book on Canadian tax laws, ideal for those pursuing a career in tax accounting.

3. “Auditing: A Risk-Based Approach” by Karla M. Johnstone, Audrey A. Gramling, and Larry E. Rittenberg

   • Offers insights into modern auditing practices, highlighting risk assessment strategies.

4. “Intermediate Accounting: IFRS Edition” by Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

   • An in-depth look at IFRS standards, which are crucial for accountants working in international and Canadian contexts.

5. “Advanced Financial Accounting” by Richard Baker, Valdean Lembke, Thomas King, and Cynthia Jeffrey

   • This textbook covers various complex accounting situations, essential for mastering financial reporting and analysis.

Accounting Basics: “Canadian Institute of Chartered Accountants (CICA)” Fundamentals Quiz

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