Author: Gevorg

As you continue on your journey towards your CPA designation, being able to debrief and achieve competency efficiency becomes increasingly important. In fact, debriefing will likely become your main study method.

1. Know when to debrief

The most effective way to debrief is not too long after writing the case. This way, the case facts are fresh in your mind and time can be saved from avoiding having to read the case again. Debriefing the case the following day will be more realistic and effective in managing a work-study balance.

2. Understand the marking competencies and how it relates to you

CD – Know what you completed very well, but not always the optimal rank.
C – Know what you you completed correctly
RC / NC – Know what you were on the right track on, but needed to include more
NA – Know what assessment opportunities you missed

The objective is to achieve a C, noting that achieving a CD might mean you spent too much time on one assessment and could have used that time elsewhere. The goal is to do enough required for each assessment. Focus your attention on the assessments that are not at a level C.

3. Review the sample responses

A sample response will show the level of depth/breadth expected of a candidate writing under the time constraints. Review how you could have approached a quantitative and qualitative analysis more efficiently, what case facts might have been missed, etc. Think “What more did I need to include in my response?”.

4. Review the solution

The solution demonstrates a “best” response, meaning, under no time constraints. It should be noted that candidates are not expected to strive for perfection. However, the solution provides a resource to ensure that your notes are complete.

5. Create and organize your notes

Organize your notes by topic (i.e. Financial Reporting, Tax, etc.) and continue to add to them each debriefing session. Watch as your knowledge on the topics expand over time.

6. Give enough time to the debrief process

Do not rush the process of debriefing and making notes. Typically debriefing a case should take as long as it took you to write the case (i.e. debrief 2 hours for a 2 hour case).

While debriefing can be an intimidating process, it is a necessary process to ensure you are making the steps to improving with each and every case. Building this habit will make the CPA journey much more manageable.

Get effective CPA exam coaching

Check out Gevorg, CPA exam coaching and learn how to pass. Our comprehensive courses cover every stage of the CPA PEP process, including Assurance and CFE, ensuring you’re fully prepared. With a proven track record of helping over 4,500 students succeed, you can be next.

As you may know, the CPA Canada Professional Education Program is going through some changes in 2027. At a recent CPABC meeting, several updates were shared about the new CPA education program that will launch in 2027. If you’re a CPA student right now, these changes directly affect you.

Here are the 5 key updates you need to know.

1. Deadline of Jan 1, 2029

Mark this date. By Jan 1, 2029, you must finish all CPA requirements. That includes:

• Core and elective modules
• Capstone 1 and Capstone 2
• CFE
• Practical experience reporting (PER)

If you don’t complete everything by this date, you will be required to transition into the new 2027 CPA Professional Program. And if you refuse, your enrollment will be cancelled.

Many students are behind on PER. If that’s you, you must start prioritizing your practical reporting now. I recommend to seek out a job that will add qualified practical experience. Also ask your supervisor for more tasks to meet the PERT Level 1 and Level 2 requirements and reach out for support if you’re behind on PER or don’t know where to start.

2. New program name: CPA Professional Program

The current CPA Canada Professional Education Program (PEP) will be replaced by the CPA Professional Program. The “E” (Education) is gone from the name, but the requirements remain:

• Education
• Exams
• Experience

There were rumours that PER would disappear under the new program. That’s not true. You will still need to meet the experience requirements.

3. Launch date on track for 2027

The profession confirmed the new CPA Professional Program is scheduled to launch in early 2027. This means you have a few years to finish under the existing system before the transition begins.

You will have an important decision to make in 2027. The new program will launch in early 2027. At that point, you can voluntarily transition to the new program and finish there (details on transition have not been released, but we’ll know soon). If you choose not to voluntarily transition in 2027, you will stay in the current PEP/CFE pathway until 2029 to finish. When Jan 2029 comes, you’ll have no choice but to transition.

So, should you voluntarily transition in 2027 or stick with the current program until 2029? With the info I have, I recommend to stay in the current program because we have so many past exams to practice with and you’re already familiar with current case writing techniques. I’d recommend to switch early in 2027 only if the new program has huge advantages, like unlimited attempts, easier cases, less technicals etc. The CPA education team told me that the new exams will be “much harder” and they’ll integrate lots of new things, like ESG, diversity, inclusivity, complex decision making.

4. Program is under build phase

CPA Canada team has completed the design phase of the new program and is now entering the build phase. This means that they will now begin developing the new program, including the exams and practice cases. 

5. Gevorg 2027 Program now under development

My team and I are already working on a new, cutting-edge 2027 exam tutoring and CPA prep program. We will support you with:

• Transitioning to the new program
• Study notes based on the updated competency map
• Mock exam simulations
• On-demand video lessons
• AI-integrated coaching
• Practical experience reporting support
• Integrated case banks
• Exam debrief guides
• Study plans and trackers

Our goal is to help you succeed no matter which program you end up in. Our 2027 study notes and cases will include sustainability and ESG reporting, emerging technologies, ethical decision-making, and integrated case analysis using the new five-step decision process.

We’ll be the first to provide materials that mirror exactly what the new program is designed to test.

Conclusion

If you’re a CPA Canada student, aim to finish by Jan 1, 2029. That way, you avoid the stress of moving into the new system and having to redo parts of the process, if needed.

Stay on top of your modules, CFE, and especially your PER. The earlier you plan, the easier it will be to cross the finish line. As you continue on your journey towards your CPA designation, please reach out to the Gevorg team for tutoring and support.

As you’re studying for your CPA Canada exams, especially for the Assurance elective and the Common Final Exam (CFE) – Assurance role, you’ll come across the concept of rollback audit procedures.

While the term might sound technical at first, rollback is a straightforward and effective audit technique. It’s used when prior year data is incomplete, unaudited, or needs to be verified indirectly. Think of it like time travel for auditors: you’re working backwards from the year-end to verify the beginning-of-year balance. 

In this article, I’ll explain rollback procedures in more detail and give tips on how to detect it during the CPA exam.

What are audit rollback procedures?

Rollback procedures involve starting with an account’s year-end balance and then adjusting for year’s transactions to verify the opening balance. Put simply, it means working backwards through the year to check if the beginning balance makes sense based on what happened during the year.

Why would auditors use it? Well, rollback is used when the opening balance can’t be trusted on its own. For example, let’s say last year’s audit wasn’t done, or the client is new and their prior F/S weren’t audited. Instead of assuming the opening balance are correct, auditors use rollback to rebuild opening balances from what they can verify: ending balance and transactions during the year.

For example, let’s say a company has $200,000 in inventory at year-end. During the year, they purchased $500,000 of inventory and sold $450,000 worth. The auditors want to verify the prior year balance (ie, opening balance).

You may recall the following formula from your MA studies: “Ending Balance = Opening Balance + Purchases – Sales”. This formula can be re-arranged to be like this: “Ending Balance – Purchases + Sales = Opening Balance”

We can use this formula and perform a rollback to check the opening balance:

• Year-end (Ending Balance): $200,000
• Less: Purchases: $500,000
• Add: Sales: $450,000
• Equals (Opening Balance): $150,000

So opening inventory balance is $150,000. If the company’s records also say they started the year with $150,000 in inventory, that supports the the balance. If it doesn’t match, that’s a red flag and auditors would investigate further

Overall, auditors use rollback procedures when:

• They didn’t audit the prior year’s financials
• The client has incomplete records or prior year detail is missing
• They need to verify opening balances (first-year audit or auditor switch)
• They want to test cut-off around the year-end
• They need to recalculate balances from partial data

Rollback procedures are commonly used in areas such as:

• Inventory
• PPE
• Accounts Receivable

How do you recognize it during CPA exam?

Rollback procedures are needed when direct evidence for an opening balance isn’t available. It is your go-to audit procedure when:

• The client switched auditors and you didn’t audit the prior year
• You’re testing opening balances
• You want to verify cut-off accuracy
• The client’s records are incomplete or unreliable

To get full marks on your CPA exam case, be clear and specific. Write a procedure like below:

“Perform rollback procedures by adjusting the current year’s ending balance for relevant transactions (e.g., purchases, sales, depreciation) to verify the accuracy of the opening balance.”

This shows markers that you understand both the purpose and the mechanics of the procedure.

Exam scenarios

Below are some common exam scenarios where speaking about rollback procedure makes sense.

Scenario: First-Year audit engagements

Context: Auditor is performing an audit for first time of client, thus they have no direct audit evidence from prior year’s financials. Auditor is still responsible for obtaining sufficient and appropriate audit evidence to ensure the opening balances don’t contain material misstatements 

Approach: Prior year working papers are unavailable or not fully reliable, because the previous audit firm did not share sufficient documentation. This means we must perform rollback procedures.

Procedure: Perform rollback procedure by recalculating the opening balance using the audited year-end balance and current year transaction details (such a JEs, GL, trial balance) to ensure the opening balances are not materially misstated in the absence of prior audited figures.

Scenario: Change in auditors

Context: A client changes audit firms, so the new auditor inherits balances that they didn’t originally verify. The risk increases if the prior auditor’s workpapers aren’t accessible or if there are concerns about prior audit quality.

Approach: Rollback procedure is necessary as the opening balances are inherited. It’s used to gather objective evidence rather than relying on unconfirmed prior year data.

Procedure: Perform rollback procedure by tracing transactions from the opening balance to the audited year-end balance using current year supporting documents, specifically invoices, JEs, bank statements, to ensure the opening balances are independently verified without relying on prior audit work.

Scenario: Cutoff testing or prior period errors

Context: Inventory purchase was recorded in early January but it might actually relate to December

Approach: If this cutoff is incorrect, it affects both inventory valuation and COGS, which impacts gross profit. You can recommend a rollback procedure here, because it allows auditors to determine whether the opening balances reflect appropriate cutoffs.

Procedure: Perform rollback on inventory balances using the year-end inventory figure and purchase activity near year-end to ensure transactions are recorded in the correct period and opening inventory reflects accurate cutoff.

Conclusion

Rollback audit procedures are used when dealing with opening balances, cut-off errors, or incomplete prior-year data.

They’re common and can appear in CPA exams. Consider rollback when you see the following next time:

• Prior year not audited
• Opening balance questionable
• Transactions well-documented but the start of year is messy…

Extra resources

Don’t struggle with Assurance technicals. Check out Gevorg, CPA exam coaching and learn how to pass. Our comprehensive courses cover every stage of the CPA PEP process, including Assurance and CFE, ensuring you’re fully prepared. With a proven track record of helping over 4,500 students succeed, you can be next.

 

Management Accounting (MA) competency area is tough. Most of us haven’t worked in the manufacturing industry, so understanding terms like “joint costing” and “cost driver” is challenging. Of all concepts in MA, the variance analysis (VA) comes up most often in the CPA exams.

If you’ve ever thought:  “How do I solve variance analysis? How do I memorize all the formulas?”, you’re not alone. This is one of the top questions CPA students ask me when studying for Core 2, PM and CFE exams. Lets dive in and learn how to tackle VA.

Understanding Variance Analysis (VA)

Mastering VA is not not about memorizing 20+ formulas, it’s about understanding the why behind them. What actually works when studying VA is understanding the logic. Think of variances as telling a story:

• What did we plan?
• What actually happened?
• Why is there a difference?
• Who caused it?

Once you understand the story, the formulas are easier to build, even if you forget the exact one.

Static vs Flexible

The backbone of VA is static and flexible budgets. Here’s how they work:

• Static Budget:
  • This is the original plan, based on expected volume.
  • Formula: Static Budget Variance = Actual Result – Static Budget
  • Why we use it: Checks if sales revenue or fixed costs met expectations. It doesn’t adjust if you sell more/less units than expected, which is why it’s called “static.” 
  • Example: Company A budgeted $1,000 travel expenses. Actual were $1,500. The static variance is $500 unfavourable.
• Flexible Budget:
  • This adjusts the budget to the actual volume of sales or production.
  • Formula: Flexible Budget Variance = Actual Result – Flexible Budget
  • Why we use it: It shows whether price or quantity changed. It’s most often used in manufacturing where price and quantity drive the costs.
  • Example: Company B budgeted to pay $4 per metal sheet but ended up paying $5 per sheet. They used 2,000 sheets in production. Using the formula (AP – SP) × AQ, we get $2,000 unfavorable variance (= ($5 – $4) × 2,000).

Focus on “Big 6” variances

There are 6 core variances that come up with most on MA questions. Here they are:

Variance	Formula (Actual – Standard)	Interpretation
Price (DM)	(AP – SP) × AQ	Paid more/less for materials
Quantity (DM)	(AQ – SQ) × SP	Used more/less materials
Rate (DL)	(AR – SR) × AH	Labour cost more/less per hour
Efficiency (DL)	(AH – SH) × SR	Took more/less time than planned
Sales Mix Variance (SMV)	(Actual Sales Mix % – Budgeted Sales Mix %) x Total Actual Sales x Budgeted CM per unit	Impact on CM from selling a different mix of products than planned.
Sales Quantity Variance (SQV)	(Actual Qty Sold−Budgeted Qty Sold) × Budgeted CM per unit	Impact on CM from selling a different total quantity of products than planned.

Above, the “P” stands for “Price”, the “Q” for “Quantity”, the “R” for “Rate” and “H” for “Hours”. The “CM” means contribution margin. The terms “Standard” and “Budgeted” mean the same thing: the planned cost.

Here are my top tips to help you understand and remember these formulas.

Tip#1: The 3 Buckets

Variances can be sorted into three categories: (1) Price/Rate, (2) Quantity/Efficiency, (3) Volume. Every time you see a variance, ask yourself: “Is this about price, quantity, or volume?” 

• • Price/Rate: This measures how much you paid per unit/hour. 
  • Quantity/Efficiency: Measures on how much material/labour you used
  • Volume: How many units you produced/sold.

Tip#2: Same Patterns

Notice that the above formulas follow the same pattern. Inside the parentheses, we always deduct Actual and Standard. The name of the variance is always what’s inside the parentheses. For example, let’s say you get a Core 2 MCQ that asks: “Calculate the direct material price variance.” Since it’s asking for “Price” variance, this tells you that inside the parentheses, you’re gonna use “P”.

Outside the parentheses, we multiply by the opposite. For example, when we have “price” in the parentheses, we multiple by “quantity”. When we have “quantity” in the parentheses, we multiple by “price.” This is true for the first four, but the SMV and SQV involve the CM.

Tip#3: Explain the Cause

Calculating the variance is not the end. Once you calculate the variances, you must then determine the root cause of the variance. Once that’s done you can then make a recommendation. Common causes include:

• For efficiency variance:
  • Higher scrappage due to lower quality materials, resulting in unfavourable variance.
  • Extra training time for unskilled workers resulted in unfavourable efficiency variance.
  • Increased usage of materials due to poor fit/install issues with low-quality product.
  • Manual labour increased due to equipment downtime.
• For price/rate variance:
  • Lower quality materials purchased, leading to favorable variance (ie, better price than expected)
  • Use of unskilled workers at lower wage rates led to favourable rate variance.
  • Overtime and higher hourly wage rates due to rework caused by low-quality materials.

Extra resources

Don’t struggle with MA. Check out Gevorg, CPA exam coaching and learn the strategies to pass. Our comprehensive courses cover every stage of the CPA PEP process, including Core 2 and PM, ensuring you’re fully prepared. With a proven track record of helping over 4,500 students succeed, you can be next.

 

When your CPA Canada CFE is finally over, you’ll get the time to breathe a sigh of relief and switch gears into “Practical Experience Requirements (PER) mode.” There are two key components to PER: Technical Competencies and Enabling Competencies.

Technical is the bread and butter of what you do everyday, like financial reporting analysis, prepping financial statements, tax analysis, preparing budgets and so on.

Enabling are the soft skills that are developed over time and gained through experience, like ethical issues, teamwork, communication and leadership.

Let’s take a deeper dive into Enabling Competencies in this article and understand how many examples you need to give to get completion (“Level 2”).

Understanding PER Enabling Competencies

There are five (5) Enabling Competencies in CPA PER:

• Acting Ethically and Demonstrating Professional Values
• Solving Problems and Adding Value
• Communication
• Managing Self
• Plans and effectively manages teams and projects / Collaborates effectively as a team member

You need to write examples in all of them to graduate. Here’s a brief summary of each, with more resources available in Gevorg’s PER Review:

• Acting Ethically and Demonstrating Professional Values: This is about tensions, conflicts and ethical issues at work. It’s not about  personal stress management issues, it has to be something that created a “dilemma”. Dilemma means the conclusion is not obvious. This means that if you have only one choice of doing the right thing, then there is no dilemma. For example, if your manager asks you to steal something from the office, obviously the right thing is not to do it, so there is no dilemma. If your manager asks you to take on extra work that’s beyond your abilities, there is a dilemma, because you now have multiple options to consider and the outcome is uncertain.
• Solving Problems and Adding Value: This is about process improvement, enhancing a product or solving a problem. You can think of many examples, such as process improvement (eg. creating macro-based Excel tool), adapting your work due to new technology, or optimizing your workflow (eg. removing redundant tasks).
• Communication: If you work in a small company, you are the accounting expert but your co-workers/clients are likely not CPAs. They are operations experts or middle managers, who need to understand the basics of accounting, like budget or income statement. You would write here an example of how you translated complex accounting concepts to easy-to-understand language.
• Managing Self: Think of situations where you didn’t meet the expectations of your manager, your teammates or clients. You weren’t sure how to manage your strengths and weaknesses, and you felt disappointed. Write an example of such situation.
• Teamwork  and Collaboration: Most jobs require people interaction. This area is about teamwork challenges or leadership issues. Here’s a brief example: During a system implementation project in my company, a cross-functional team from departments like Accounting, Internal Audit, Budgeting, and IT faced challenges in working together. Each member brought a different perspective, so meetings had frequent arguments, misalignment on goals and frustration. Some pushed for speed, others for strict compliance and few raised concerns about budget impacts. The team couldn’t agree on a direction and progress stalled. Recognizing the risk to both the project, I stepped in to address the conflict. Applying the CPA Way, I assessed the situation, analyzed alternatives and provided a conclusion. I created space for each team member to voice their concerns openly and without judgment. Over the next few weeks, the team regained momentum, worked cohesively, and successfully completed the implementation on schedule. The experience delivered results, built trust, and strengthened my organization’s culture of collaboration.

Level 2 in PER Enabling Competencies

Similar to Technical Competencies, you can get in Enabling Competencies either at Level 0, Level 1, or Level 2. Normally, the strategy to completing PER is progression. This means giving one example at-time. For example, in your report #1, you give one non-complex example and claim Level 0. In report #2, you give a second, more-complex example and claim Level 1. In report #3, you give a third, very complex example and claim Level 1. In report #4, you give your fourth and fifth complex examples and claim Level 2. 

You get the point; progression is about gradual and smooth way of claiming your experience. Once you have 3 complex examples, you get the Level 2.

Luckily, progression is not needed for Enabling.

You can give only 1 example and get Level 2

Yes, you can give just one example in Enabling and claim Level 2 right away. You don’t need to show progression or provide 3 examples. From my experience of helping hundreds of students with PER, I can say this works 90-95% of the time. Occasionally, we get a reviewer that challenges and asks you submit a second example before giving Level 2. In this case, I advise my student to submit a second example and the student gets the Level 2 at that point.

Also, you don’t have to wait for your final reports to claim this, you can claim this Level 2 as early as your report #1.

Extra resources

Check out Gevorg’s CPA PER Review, Canada’s first and only comprehensive PER coaching program that features several Level 2 examples, templates, video lessons, marking services, and support to help you pass PERT. This program recognizes your need for clear and concise content and has been designed to meet your busy schedule.

 

Thinking about pursuing the Canadian Chartered Professional Accountant (CPA) designation in 2026, but aren’t sure if it’s worth it? The journey to becoming a CPA requires a big commitment, in terms of time, effort, and money. You may have also heard that major changes are coming to the CPA program in 2027-2028. With all this, there are still plenty of benefits and opportunities that come with the CPA letters. I’ll explain the top benefits that you can get with the CPA designation in 2026 and beyond.

Benefits of Becoming a CPA in Canada

1. You can make $143,000 salary

Let’s start with numbers. CPAs in Canada earn more than their non-designated peers. According to CPA Canada’s 2023 Compensation Study, CPAs with 3 years of post-designation experience reported a median salary of $143,000, which is a 12% increase from $128,000 in 2020.

Among the provinces, Alberta has the highest median salary at $153,000. If you’re curious about salaries in your province, you can find regional reports on the CPA Canada website.

2. Job security

We’re in a talent crisis right now. A CPA Canada article quotes a survey by Robert Half, which found that 40% of finance and accounting hiring managers are struggling to fill positions due to a lack of accountants in Canada. In response to this “shrinking talent pool”, 45% of companies are offering referral bonuses and 40% are increasing salaries.

The situation in the U.S. is worse. An article from Financial Times notes that three-quarters of U.S. accountants are at or near retirement age. This prompted AICPA, the U.S. version of CPA Canada, to create a “Pipeline Acceleration Plan”, effectively making it easier to become a CPA. They launched the Experience, Learn & Earn (ELE) program, which allows students to work full-time at firms while completing their extra education requiements. They’re also pushing to classify accounting as a STEM field to attract more federal funding and a broader candidate pool.

The Government of Canada’s Job Bank also predicts a positive outlook for CPAs from 2024 to 2026. Factors like employment growth and the increasing demand for financial expertise across industries make this a solid career choice.

What about ChatGPT?

I know every future accountant is thinking that AI may eliminate their job. For routine clerical work, yes. For higher level judgement, doubt it. There’s still no concrete evidence that designated accountants are losing jobs to AI. The World Economic Forum’s 2023 Future of Jobs Report suggests that the jobs least likely to be lost to AI include ones that require “human skills such as judgment, creativity, physical dexterity, and emotional intelligence.” Accountants must be able to think logically to make informed decisions, use their creativity to find solutions for clients, and communicate effectively. 

3. Diverse career options

The CPA designation isn’t just for traditional accounting roles. CPAs can branch out into a variety of industries and roles, including:

• Forensic accounting: Investigating financial fraud and disputes
• Climate accounting: Helping companies monitor their environmental impact
• Sports accounting: Managing finances for sports teams, athletes and high net-worth (HNW) clients
• Entrepreneurship: Starting and running your own business or advising firm
• Education: Teaching the next generation of accountants

Every company, from a tech startup to a Fortune 500 firm, needs financial expertise. As a CPA, you bring the necessary skills to help organizations make important business decisions.

Plus, the Canadian CPA designation is recognized globally. CPA Canada has Mutual Recognition Agreements (MRAs) with several countries, including the U.S., Australia, Hong Kong and Ireland, to name a few, making it easier to work abroad.

4. Prestige and credibility

The CPA designation is highly respected and CPAs are held to strict professional standards. Adding “CPA” after your name boosts your credibility with employers, colleagues and clients, opening doors for career growth and leadership opportunities. It tells people you’ve put in the work, you know your stuff, and you’re someone they can trust with complex business decisions. 

Challenges to consider

Here are some challenges to consider as you’re thinking towards becoming a CPA.

1. Rigorous education process

Becoming a CPA takes time, effort, and money. The process typically takes 5-7 years, including the time to get an undergraduate degree in accounting. I break down the process of becoming a CPA in Canada in 4 steps here, showing different paths available to you depending on your background.

The full CPA Professional Education Program (CPA PEP) program and the Common Final Examination (CFE) cost around $11,000 including HST. On top of that, CPA students pay Annual Student Dues (ASD) of about $800 and most sign up for tutoring programs to boost their chances of passing.

The most recent fee schedule for CPA Ontario can be accessed here. While this can seem expensive, many employers offer financial support, covering CPA program costs if you agree to stay with the company for a certain period.

As noted earlier, there are major changes coming to the CPA program in 2027-2028. CPA Canada has re-assured us that there’ll be pathways for new students to either remain in the current program or transition to the future program. So you’ll have options. If you start now, you’ll likely complete most modules before the changes take effect. But if you wait, you’ll need to carefully compare the current program with the updated model to see which one aligns better with your goals, timing, and learning style.

2. Changing landscape

Decades ago, people used to say “accounting never changes.” Students who prefer a slower pace of work or stable routines often chose it for that reason. Not anymore. CPAs need to stay on top of industry changes. The accounting world is evolving fast, especially with the recent advancements in AI. A 2024 article by DataSnipper, an audit and finance software company, found that 78% of professionals say their companies are investing in AI to stay competitive. To keep up, CPAs will need to adapt and upskill.

Extra resources

Considering both benefits and challenges, yes, CPA is still worth it in 2026. 

It gives you the expertise and credibility to succeed in the world of business and finance. It offers strong earning potential, career options, and career flexibility. AI is reshaping the profession, but it’s also creating new opportunities for CPAs to add value.

Ready to take the next step and set yourself up for success? Check out Gevorg, CPA exam coaching and learn the strategies to pass. Our comprehensive courses cover every stage of the CPA PEP process, including Core 1 and the Practical Experience Requirement (PER), ensuring you’re fully prepared. With a proven track record of helping over 4,500 students succeed, you can be next.

 

The exam case Meadowlark Entertainment Inc. (MEI) case will be tested in September 2025 and September 2026 Common Final Exams (CFEs) on Day 1. The original Capstone 1 case has been made available to candidates enrolled in Capstone 1 in May 2025 and released publicly by CPA Canada.

How do I prepare for MEI case for the CFE Day 1?

On CFE Day 1, you will be presented with the same MEI case and you will be required to analyze and answer new strategic and additional issues.

Follow these strategies:

• Step 1: Study the Capstone 1 original case well: It’s important that you know the Capstone 1 case inside-out. You will encounter the same users and similar industry challenges. I suggest making notes of the following key situational analysis factors:
  • Users
  • Mission, vision and values
  • Key success factors (KSF)
  • Strengths, weaknesses, opportunities and threats (SWOT)
  • Board objectives
  • Quantitative constraints (eg. covenants, financing options)
• Step 2: Know the Capstone 1 strategic issues: In Capstone 1, MEI faced 4 major strategic issues and several minor issues. In the Day 1 CFE exam, you’ll get 3-5 new strategic issues.
• Step 3: Make note of the timeline: CFE Day 1 case is several years in the future and there are new issues to analyze. It helps to stay organized by creating a timeline of events as you are reading the case.
• Step 4: Understand key stakeholder preferences: MEI case has several users who have opposing views. It’s important that you understand these user preferences as these will repeat in the CFE Day 1.

I strongly recommend practicing with supplemental mock exam cases. In Capstone 2, you will get 3 practice versions of the MEI case. However, most writers find that this is not enough and feel unprepared.

Where can I get extra MEI mock exam cases?

I have released one (1) original Meadowlark Entertainment Inc. (MEI) supplemental mock exam practice case to help you better prepare for the CFE Day 1. This mock exam case is a realistic simulation of what you may get on your exam and covers typical AOs that you may find in your Day 1. The casepack includes the MEI mock exam case, marking guide, and the solution.

Now available as PDF and Excel, head to the cases section of my website for a free preview.

 

 

 

Similar to prior CPA Canada Common Final Exams (CFEs), the May 2025 CFE had two Day 1, one Day 2 and three Day 3 cases.

The following Day 1 cases were tested:

• Neptune Point Fisheries Inc. (NPF) v2
• Viviana’s Trattoria Ltd. (VTL) v1

The following Day 2 and Day 3 cases were tested:

• Day 2
  • Keats Learning Institute (KLI) (300 minutes)
• Day 3
  • Lazy Guest Ranch Inc. (Lazy Ranch)
  • Ocean Brewing Inc. (OBI)
  • LeBlanc Asphalt Paving Inc (LeBlanc)

For the September 2025 CFE, the following Day 1 cases will be tested:

• Amuzu Parks Inc. (API) v2
• Meadowlark Entertainment Inc. (MEI) v1

For the May 2026 CFE, the following Day 1 cases will be tested:

• New case to be announced later in 2025 
• Viviana’s Trattoria Ltd. (VTL) v2

Where can I get the solutions?

The solutions for May 2025 CFE exam cases will NOT be released by CPA Canada until 2026. In the interim, I have written sample answers to help you prepare for the September 2025 CFE.

Now available to download as PDF and Excel, you can obtain them from here. 

Will I get these cases in Capstone 2?

If you are registered for the Capstone 2 module for Summer 2025, you will NOT receive these cases at the module. You should download using the links above. If you are someone challenging the exam, such as an internationally trained accountant applying under MRA/MOU, please also download using the links above.

How do I prepare for the CFE?

There are several prep methods for the CFE. You will need to focus on these three items:

1. Technical knowledge
2. Case writing skills
3. Strategy

I speak a lot about these items on my YouTube channel and webinars. You can check out my latest webinar.

Technicals:

• Know the key topics on each of the competencies
• Distinguish depth from breadth
• Debrief

Case writing skills:

• It’s all about following the CPA Way
• Know your case inside out
• Integrate throughout the case

Strategy:

• Prepare a study plan
• Obtain study materials
• Get support and resources

Pass the CPA Canada CFE Exam

I’m Gevorg. I’m an instructor and a CPA exam coach. If you want coaching with me, sign up for my CPA CFE Review Course, for a comprehensive prep package.

The exam case Viviana’s Trattoria Ltd. (VTL) case will be tested in May 2025 and May 2026 Common Final Exams (CFEs) on Day 1. The original Capstone 1 case has been made available to candidates enrolled in Capstone 1 and released publicly by CPA Canada.

How do I prepare for VTL case for the CFE Day 1?

On CFE Day 1, you will be presented with the same VTL case and you will be required to analyze and answer new strategic and additional issues.

Follow these strategies:

• Step 1: Study the Capstone 1 original case well: It’s important that you know the Capstone 1 case inside-out. You will encounter the same users and similar industry challenges. I suggest making notes of the following key situational analysis factors:
  • Users
  • Mission, vision and values
  • Key success factors (KSF)
  • Strengths, weaknesses, opportunities and threats (SWOT)
  • Board objectives
  • Quantitative constraints (eg. covenants, financing options)
• Step 2: Know the Capstone 1 strategic issues: In Capstone 1, VTL faced 4 major strategic issues and several minor issues. In the Day 1 CFE exam, you’ll get 3-5 new strategic issues.
• Step 3: Make note of the timeline: CFE Day 1 case is several years in the future and there are new issues to analyze. It helps to stay organized by creating a timeline of events as you are reading the case.
• Step 4: Understand key stakeholder preferences: VTL case has several users who have opposing views. It’s important that you understand these user preferences as these will repeat in the CFE Day 1.

I strongly recommend practicing with supplemental mock exam cases. In Capstone 2, you will get 3 practice versions of the VTL case. However, most writers find that this is not enough and feel unprepared.

Where can I get extra VTL mock exam cases?

I have prepared one (1) original Viviana’s Trattoria Ltd. (VTL) supplemental mock exam practice case to help you better prepare for the CFE Day 1. The mock exam case is a realistic simulation of what you may get on your exam and cover typical AOs that you may find in your Day 1. The casepack includes the VTL mock exam case, marking guide and the solution.

Head over to the cases section of my website for a free preview.