Author: Gevorg CPA

Special engagements or special reports are a common AO in the CPA Canada PEP exams and the Common Final Exam (CFE). Candidates are familiar with some of them, such as Attestation engagements to report on compliance (CSAE 3530) and Direct engagements to report on compliance (CSAE 3531), but you may face a new special report on the exam.

Related post: Solving Special Reports in CPA Canada PEP and CFE Exams

Here is a list of all possible special reports you may get, per the CPA Canada Competency Map:

Assurance engagements related to F/S:
• An audit of general-purpose financial statements (CAS 200, 220, 250, 720)
• An audit of financial statements prepared in accordance with special-purpose frameworks (CAS 800)
• An audit of single financial statements and specific elements of a financial statement (CAS 805)
• An engagement to report on summary financial statements (CAS 810)
Other assurance engagements:
• Reporting on controls at a service organization (CSAE 3416)
• Assurance on other matters (i.e., not financial statements or financial information) (5021)
• An audit of internal controls over financial reporting that is integrated with an audit of financial statements (5925)

Review engagements:
• Engagements to review historical financial statements (CSRE 2400)
• Auditor review of interim financial statements (7060)

Other engagements:
• Attestation engagements other than audits or reviews of historical financial statements (CSAE 3000)
• Direct engagements (CSAE 3001)
• Attestation engagements to report on compliance (CSAE 3530)
• Direct engagements to report on compliance (CSAE 3531)
• Compilation engagements (9200, AUG 5)
• Compilation of a financial forecast or projection (AUG 16)
• Reports on the results of applying specified auditing procedures to financial information other than financial statements (CSRS 4400. Note: was called Section 9100 but archived now.)
• Agreed-upon procedures regarding internal control over financial reporting (9110)
• Reports on application of accounting principles (7600)
• Auditor’s involvement with offering documents, including assistance to underwriters and others, consent to use of report, etc. (7150, 7170, 7200, AUG 6)
• Reports on supplementary matters arising from an audit or review engagement (CSRS 4460)

Where can I get study resources for these?

These are discussed mostly in the CPA Canada’s Learning eBook. The eBook’s Assurance chapters cover: CAS 800, 805, 810, CSRE 2400, CSAE 3416, 3530/3531/ 3000/3001.

EBook is a good resource, but it’s not perfect. If you would like more coverage of special reports, with templates and explanations, check out my CAS Notes and the Assurance course.

Need help passing CPA exams?

Sign up for Assurance Review and CFE Review programs to get case marking, extra practice cases,  study plan, engaging video lessons and personalized coaching with me.

In this article, I’ll discuss how to approach quantitative (quant) and qualitative (qual) analysis per each of the CPA Canada Common Final Exam (CFE) Days:

CFE Day 1

You’ll face Strategic (ST) and Operational (Op) issues.

For ST, you’re required to analyze quantitatively and qualitatively. Follow the steps below for quants:

• Start with excel: write appendix title, purpose, conclusion
• Choose the right “technique” (ie, tool for the job). Eg, if it’s valuation, choose between asset-based, transaction-based and market-based (multiples). Use case facts to determine the right technique (eg, if “capitalization rate” given, then it’s transaction-based CCF valuation technique).
• Apply the template (horizontal, vertical, top-down, etc. I provide templates in my CFE Review course)
• Show support for calculations
• Summarize the analysis in the memo
• Write 2-3 assumptions in the memo

Follow the steps below for qual:

• Use Word, format in bullet list
• Write 4-5 Pros and 4-5 Cons
• Write a balanced analysis, including both pros and cons
• Integrate AT LEAST 4-5 situational analysis factors in EACH issue

For OP, the requirds are mostly qual-based. They have to do with minor issues, eg board issues, performance issues, ethical issues and so on. You still need to integrate 4-5 times overall in the operational issues. The format varies based on the type of issue. To get good at OP issues, practice with sample cases and debrief from the solutions.

CFE Day 2

The quants come into play at MA requireds. Follow the same approach as with Day 1, but this time go into more depth in your analysis. If there are uncertainties, perform sensitivity analysis. If there are multiple scenarios, address all of them. It’s easy to lose track of time with MA quants, so it’s important that you budget your time and move on when the time is up. Passing Days 2/3 Level 2 requires depth in FR or MA, so if you focus on getting Cs in FR, you’ll pass with RCs on MA.

There is no qual in Day 2 unless you are taking Finance, PM or Tax. See below for discussion on how to address these.

CFE Day 3

The quants can be tested as part of MA, Finance, S&G or Tax. The challenge with Day 3 is time, so the goal is to write a quick analysis in Excel and summarize in the memo. Don’t write assumptions, don’t write detailed explanations nor detailed conclusions. You’ll have about 7-10 minutes to do the quants, so move quickly. Getting RC in all quants in Day 3 is enough to pass the CFE Days 2/3.

The qual can be tested as part of Finance, S&G or Tax. There can be different requireds but generally “pro/con” format is applied to S&G, “bullet list” format is applied to Tax, and “bullet list/table” format is applied to Finance. For example, if the Fiannce AO asks you to discuss the financing sources, create a table with 3 columns: financing source, pros, and cons, and discuss in each row each of the options (eg. see TinyCo case from CFE 2019 Day 3). More detailed examples are available in my CFE Review course.

Need help passing CPA CFE exam?

Sign up for the CFE Review programs to get case marking, extra practice cases,  study plan, engaging video lessons and personalized coaching with me.

A best practice with writing CPA Canada PEP and CFE practice cases is to put a timer and practice under the exam setting. In doing so, you develop time management skills and improve your case writing.

During this process, you’ll often run into situations where you can’t answer all technicals. Even though you identify the right required, you don’t know how to actually answer it.

What to do when you don’t know an AO?

Some students pause their timer, look up the relevant technical notes, and then resume the timer and answer the required. If you do this, you are not exactly imitating the exam setting.

Other students leave that required totally blank and mark it for debrief at a later point. With this approach, you’re not challenging yourself and again not imitating the exam setting.

Best approach

I know it’s temping to check your notes or the solution and work backwards.  This is a bad idea. You are better off doing it under exam conditions and getting poor results, as opposed to taking the easier route. When you come across a situation where you don’t know the technical, keep the timer going and try to answer your best by referring to the Handbook (don’t look at your notes/solution).

Don’t leave it totally blank, attempt it, take a guess if you need to, you’ll be surprised how often you are on the right track. When debriefing, mark these AOs for re-attempt and study the technical during debrief.

The reality is that during PEP and CFE exams, you’ll very often come across AOs that are totally new and you’ll be stumped.  You have to develop the skill on addressing unknown technicals.  The strategy is to:

• Budget a reasonable time
• Look up the technical in HB/CAS/ITA (if applicable)
• Apply relevant case facts
• Tie to user preferences
• Recommend

This will often give you RC, which is magnitudes better than NA.

Need help passing CPA exams?

Sign up for the Core 1 Review and CFE Review programs to get extra practice cases,  study plan, engaging video lessons and personalized coaching with me.

 

 

 

 

 

 

 

 

I often receive a question from a CPA candidate in the EVR route on how to write the technical section of the PERT.

Here are general guidelines:

• Write experience for Financial Reporting (FR), Management Accounting (MA), and Finance (skip Assurance and Tax unless you’re in public practice)
• Write 2-3 examples for each sub-competency
• Make each example at least 1/2 page long (in Word)
• Follow CARL format (challenge, action, result, lesson learned)
• Think of it like writing a case: What is the issue? How did you analyze it? What’s the recommendation?
• Have titles for each section and give lots of details.

7 Tips to write the PER report

Get CPA PER Coaching

I’m excited to release Canada’s first PER coaching program with dozens of Level 2 examples, templates, video lessons, marking services,  and more. Check out sample free lessons at PER Review.

 

Control weaknesses are a common assessment opportunity (AO) in CPA Canada’s PEP program, starting from Core 1 and leading all the way up to the Common Final Exam (CFE). It is something you should know well, even if you’re not taking Assurance as your elective.

Candidates often face the trouble of identifying the control weakness issue and understanding how to analyze it properly. Here’s a step-by-step guide:

• Step 1: Find the required.
  • The case will give clear indications that you have to discuss the weaknesses. For example, here are requireds from past CFE Day 3 cases:
    • (1) CFE 2020 Jump Inc:

 

 

 

 

• • • (2) CFE 2018 Perkins Packing Inc.:

 

 

 

• • • (3) CFE 2015 Katwill Lodge Inc.:

 

 

 

• • The above examples have the trigger words “control weakness” or “improvements to processes.”
• Step 2: Determine the area.
  • The control weakness could be specific to the accounting controls (eg payable process), or IT system (eg new ERP). In both cases, your approach is the same (see the next step).
• Step 3: Apply WIR template.
  • Apply the WIR (weakness, implication, recommendation) template.
• Step 4: Write your analysis.
  • Read the relevant appendix in the case and write your analysis:
    • Weakness – what is wrong with the process? Look for 4-5 issues. For example: lack of segregation of duties, no approvals, cheques aren’t signed, lack of IT controls (eg passwords aren’t changed frequently), no disaster recovery plan. Every case will have different issues, find these specific issues in the appendix. For this part, write only 1 sentence, only the specific case fact.
    • Implication – how does it impact the company? Write how the users, operations, and financials are impacted. Make sure to answer the “so what” question to get depth (“C”). Write 2-3 sentences in this part.
    • Recommendation – what can the company do to fix the weakness? Write 1-2 actionable items, only 1-2 sentences in this part.
• Step 5: Practice WIR and debrief.
  • Practice control weakness requireds until you get Cs. You can practice using CPA Canada cases and get extra mock exam cases for supplemental practice. Make sure to debrief the cases properly so that you learn lessons and don’t repeat the same mistakes.

Need help passing CPA exams?

Sign up for the Core 1 Review and CFE Review programs to get extra practice cases,  study plan, engaging video lessons and personalized coaching with me.

 

 

 

 

 

 

 

 

If you have done some reading on the practical experience requirements (PER), or you’ve submitted a PER, you would have found that the process is a nightmare. There is very few documentation, you spend hours writing the reports, and when you submit it, it usually gets rejected by the reviewers. This is the case for both Experience Verification Route (EVR) and Pre-approved Program (PPR) routes.

7 Tips to write the PER report

Tip 1. Use the acronym CARL
CARL stands for: Challenge, Actions, Results and Lessons learned.  When writing your experience verification, don’t put random paragraphs of things that happened. Instead, put the CARL template and fill out each of the letters. What is the challenge that you faced? What exact steps did you take to resolve it? Wat was the end result and what lessons did you learn from the experience?

Tip 2: Use the words CPA Way a lot
The CPA Way is the backbone of the entire program, and it doesn’t end with the CFE. Writing PER is like writing cases. So don’t make up your own format. Instead, put the CARL format, and at the A step, put the sentence: “To resolve this challenge. I followed the CPA away”, then put each of the CPA way steps down and fill the details.

Tip 3: Use the question marks
When you’re at the PER tool, called PERT, you’ll see question marks, and when you click on them, it’s gonna give you a guideline of whether this applies to you and what to fill. This is one of the BEST resources you have because it’ll guide you on your writing process. I recommend going through the entire PERT, copying these guiding comments and saving them somewhere for your quick reference, which leads me to the next strategy.

Tip 4: Write your experience in Microsoft Word
The PERT is kind of nice and it has been updated recently but the writing space is so little that you can barely see what you wrote. Create a Word file and type your experience there, then copy to PERT and submit. Remember to start with the CARL outline and filling the details as you go Here’s another related strategy.

Tip 5: Keep a tracker at work
Since you have to write about all the challenges that you face and how you approach them, it’s really important that you keep track of those challenges. Create an Excel file and write your successes and challenges, what actions you took and what happened. Divide it into 3 columns, first is challenge or success, then next to it the details and then the date. This also comes in handy when you’re doing a performance review at work, when your boss asks you why you should get a bonus or promotion, you’ll have concrete examples to bring up. Now, assuming you haven’t been keeping track of what happened at work like most people and you’re drawing a blank when you’re doing your PERT, you can go to your Outlook, click on your Sent Mail and go through all the emails. Most of them will be regular communication, but you’ll probably come across a couple of cool projects that you worked on that you’ve completely forgotten about. You can put some examples in PER.

Tip 6. Get your employer to become a pre-approved Training Office
Here’s an interesting fact that pretty much nobody knows about, you don’t have to work in public practice to be under PPR route. Any company, be it manufacturing, retail or software, can become a pre-approved training office and, you guessed it, if you’re in the pre-approved training office, none of the technical requirements will be required for you. This will cut out at least 70% of PER workload, you just have to fill out the easy enabling questions and you’ll get your PER done. First try to get the company you’re working for right now to convert to a PPR training office. Second, consider changing your companies. If you’re stuck at a dead end job and you’re not hitting those Level 1 and 2s, and your supervisor is not supporting you, you have to do something. Most people think this means you have to go to public practice, and going from industry to public practices means a huge pay cut, but as I said any company can be under PPR. Now instead of going door by door and asking every company what CPA route they are under, just open up Google, type your provincial CPA body name and the words “pre-approved office”. You’ll get a list of all offices that are under PRR. Throw this list to Excel and filter out all LP or associate companies, which are all public practice companies.

Tip 7. Write a lot
Aim to write at least 1 full page for each example and don’t spare the details. Too often I see students writing a quick half-page example and they think they can get away with it, but it doesn’t work that way .We need a full page, 3-4 detailed examples of everything you’ve done related to that experience. Don’t spare the details, you need to storytell and paint a picture in the reader’s head of what is going on.

Get CPA PER Coaching

I’m excited to release Canada’s first CPA PER coaching program with Level 2 examples, templates, video lessons, marking services and more. Check out sample free lessons at PER Review.

 

One of the most frequently asked questions I get as a CPA Exam Coach is what types of Finance and Tax topics can be tested in Core 1.

I’ve covered Financial Reporting (FR), Assurance and Finance topics in other posts. I’ll cover the Tax topics here.

Common Tax topics to know for Core 1

Here are some of the common Tax topics you should know for Core 1:

• Tax income/payable – individual
• Tax income/payable – corporation
• Destructibility of expenses(eg home office, meals, moving expenses, etc.)
• Common business expenses DISALLOWED
• Common business expenses ALLOWED
• CCA
• Employee vs Contractor
• Residency
• Property Income
• Sales tax (GST/ITC) rules and deadlines
• Employer provided automobile – standby charge
• Employer provided automobile – operating benefit
• Pros/cons of incorporating
• Salary vs. Dividends
• Filing and payment deadlines
• Notice of assessment/reassessment
  

All Tax topics that can be tested

The full list of Tax topics that you will be tested on are listed in the CPA Canada Competency Map.

 

 

 

 

 

 

 

Get Help with Passing Core 1

Sign up for the Core 1 Review program to get extra practice cases, study plan, engaging video lessons and personalized coaching with me.

 

Candidates who wrote the CPA Canada June 2026 CFE (Common Final Exam) are wondering if they can re-write the exam at the next offering in September 2026, should they be unsuccessful.

Yes, you can write in September if you didn’t pass May or June

According to Claire, module registration officer at CPA Western School of Business, this is allowed. This is the reply I received from her:

While candidates are welcome to choose to write the CFE in back to back offerings please be aware that the CFE is not designed to be taken that way.

If you write in May your results will be released in August – if you choose to re-register for September at that time you will need to register and write the CFE well before May CFE appeal results will be available (likely available in October) and significantly before PAR results will be available (likely February/March).

You will be able to add your name to the waitlist and register for the Fall CFE if you wish to do so after the results are released for the May offering. A waitlist fee will not be required and adding your name to the waitlist guarantees you a place in that exam.

So you can write it in September, but it’s not recommended by CPA Canada.

Should you do it?

If you need to re-write only Days 2/3 of CFE, I recommend that you write back-to-back, because your technical knowledge and case writing skills are fresh. However, first make sure you can take time off, analyze your weaknesses, and get coaching.

If you need to re-write Day 1 only, your Day 1 case will be different in the next CFE. As a result, most writers choose to wait and write next year. The reality is that it doesn’t take much time to learn a new Day 1 case and become ready. All Day 1 cases are similar to each other, in terms of AOs and formatting. So I still recommend writing in September, while the knowledge is fresh.

If you need to re-write all three days of CFE, it is better to study a year because you have a lot of content to review and learn. However, if you can take 3 weeks time off, your results show that you were close to passing, you have study resources available (e.g. tutors, extra cases, marking services), you can still write in September.

Postponing to next year is recommended for students who are busy with work, can’t take time off, didn’t pass at multiple levels, didn’t pass all days of CFE, and don’t have extra support resources.

Will the registration open after the results are released?

The September CFE registration closes before the results are released. However, after the results come out, CPA Canada will re-open it to allow students who want to write back-to-back to register into the exam.

What Day 1 cases are in June 2026, September 2026, September 2027 and September 2028 CFE?

For the June 2026 CFE*, the following Day 1 cases:

• Karnat Bread Company Ltd. (KBC) v1
• Viviana’s Trattoria Ltd. (VTL) v2

(Note: Usually CFEs are in May and September. For 2026, the May 2026 CFE has been delayed to June [June 2 to June 4], so it’s referred to as “June 2026 CFE” in this post.)

For the September 2026 CFE, the following Day 1 cases:

• Singular Textiles Corporation (STC) v1
• Meadowlark Entertainment Inc. (MEI) v2

There is no CFE in May 2027.

For the September 2027 CFE, the following Day 1 cases will be tested:

• Singular Textiles Corporation (STC) v2
• TBD, new case v1

For the September 2028 CFE, the following Day 1 cases will be tested:

• TBD, prior case v2
• TBD, new case v1

Extra resources

We are Gevorg CPA Coaching Team. To get exam coaching, sign up for our CPA CFE Review Course.

 

The Capstone 1 Waste Disposal Inc. (WDI) case will be tested in both September 2021 and 2022 Common Final Exams (CFEs) on Day 1. The original Capstone 1 case was made available to candidates enrolled in Capstone 1 and it will be released publicly be CPA Canada at a later date.

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

On CFE Day 1, you will be presented with the same WDI case and you will be required to analyze and answer new strategic and operational 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 analysis
• Step 2: Know the Capstone 1 strategic issues: WDI is facing 4 major strategic issues and several minor issues. In the May 2021 CFE, 4 new strategic issues were presented and it is likely that you will see again 4 strategic issues in your exam.
• Step 3: Make note of the timeline: The 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: The WDI case has several users who have opposing views. For example, Laura is not interested in selling her shares and would like to buy Kingsley out. Kinglsey on the other hand wants to increase WDI’s profits as quickly as possible and sell the company by 2025. It’s important that you understand  these user preferences as these will repeat in the CFE Day 1.

Whether you are in Capstone 1, Capstone 2 or you are an intentionally trained accountant (ITA) challenging the CFE under MOU, I strongly recommend practicing with supplemental mock exam cases. In Capstone 2, you will get 3 practice versions of the WDI case. However, most writers find that this is not enough and feel unprepared.

Where can I get a WDI mock exam cases?

I provide one (1) original Waste Disposal Inc. (WDI) 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 covers typical AOs that you may find in your Day 1. The value package includes the WDI mock exam case, marking guide and the solution.

Head over to the cases section of my website for a free preview. If you have any questions  or need additional help, I’m here for support.

Waste Disposal Inc. (WDI) Mock CFE Day 1 Exam Practice Case and Solution

Preview and purchase the supplemental CFE Day 1 WDI mock exam case to improve your case writing skills and take on the Day 1 exam.

 

 

 

 

Are you a professional accountant with a CPA designation looking to help university students get through their accounting courses or candidates in CPA Canada’s PREP/PEP programs get through their exams and successfully pass the CFE?

GevorgCPA Coaching is looking for enthusiastic and knowledgeable part-time Tutors who are familiar with CPA Canada’s education and examination process, including: technicals, marking, case writing, and exam strategies. The successful tutors will provide support to candidates in various GevorgCPA courses, demonstrate and give practical instruction in online class settings, and assist in the delivery webinars and other program-related activities.

GevorgCPA Coaching is Canada’s only CPA coaching provider that has been recognized in the national news as the CPA exam experts. Our flexible, integrated prep programs allow candidates to enter the CPA Canada PEP modules with strong academic knowledge, technical expertise and case writing skills. Our CPA PEP and CFE programs support candidates in their studies throughout the Core 1, Core 2, Assurance, PM, Tax, Finance, Capstone 1, Capstone 2 and the CFE. Student success is achieved through personalized coaching, the Honour Roll approach and our in-depth knowledge of the CPA examination process.

Duties & Responsibilities

• Demonstrate and give practical coaching in online setting (Zoom) on part-time basis
  
• Delivery introductory to advanced level tutoring related to CPA Canada’s PREP, PEP and CFE modules
  
• Mark practice cases and integrative problems as needed
  
• Devise educational models to demonstrate case writing principles
• Explain complex concepts in an easy to understand manner by using everyday examples
• Provide a safe and inclusive learning environment

Qualifications

• CPA designation or Bachelor’s Degree related to accounting
• Some experience with tutoring, marking, mentoring or teaching accounting to CPA candidates
• Demonstrated coaching skills, communication skills, and interpersonal skills
• Post-secondary teaching experience an asset

Benefits of working with GevorgCPA Coaching

• Connect with a pool of candidates actively seeking tutoring support
• Professional Development (PD) hours and opportunities for career development
• Learning opportunities from Canada’s leading CPA exam experts
• Increase your knowledge with discounts on GevorgCPA courses

Pay rate

• $50-$60/hour, depending on experience

Location

• Remote
  

How to apply

Update: The applications are now closed. Please contact the support team (support@gevorgcpa.com) if you’re interested in similar roles.