How to Respond to CPA PERT Reviewer Comments

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Submitting your Practical Experience Reporting Tool (PERT) reports is a key milestone in obtaining your Canadian CPA designation. After you provide your detailed experience report, it is very common for the CPA reviewer in charge of assessing your submission to have follow-up questions or request revisions.

Getting your report returned with reviewer comments is a standard part of the PERT process. Before outlining how to systematically tackle these revisions, there are a few important realities about the review process that candidates should understand.

The Human Element of PERT Reviewers

When you submit a PERT report, it is evaluated by a human reviewer. Because this process involves human judgment, there is naturally an element of subjectivity.

Two candidates could submit nearly identical experience reports. For one reviewer, the report might clear perfectly without a single question. For another reviewer, that exact same report might receive reviewer comments and revision requests. Because there is no way of perfectly predicting a reviewer’s specific preferences, receiving comments doesn’t necessarily mean you did something wrong. It simply means that your specific reviewer needs a little more context to connect the dots and confidently approve your competencies. We talked about this in detail, specifically for Alberta PERT candidates who have a reputation of facing a more challenging reviewer hurdle.

Managing Expectations: The Reality of Progression

Another common reason you might receive reviewer comments is related to where you are in your CPA journey. CPA reviewers expect to see progression in your experience over time; they will almost never approve a Level 2 technical proficiency right out of the gate.

This is a topic we have talked about in the past on the blog as well. For example, in our article, Is One Example Enough for PERT Enabling Competencies?, we discussed how the core strategy for completing your competencies relies on demonstrating a gradual progression. In your first report, you might claim a Level 0. In your second, a Level 1. It isn’t until your later reports, after providing multiple complex examples over time, that a Level 2 is typically granted.

Similarly, we have highlighted this expectation in our guide on Catching up on CPA PERT Reports. Even if you are submitting multiple catch-up reports at once, you must still show a chronological progression. If you submit your very first 6-month report and request a Level 2, the reviewer will likely ask for revisions or downgrade you to a Level 1. They need to see your duties evolve and your autonomy increase over the full 30 months.

5 Key Steps to Respond to CPA Reviewer Comments

Understanding these expectations helps frame the reviewer’s feedback. Now, let’s look at how to tackle the revisions efficiently through a clear, 5-step process.

Step 1: Note Your Response Deadline

Before you review the comments or begin drafting a response, you must make note of your submission deadline and set yourself as many alarms and reminders as required to ensure you don’t miss this. This is critical. It is not a suggestion. You cannot request an extension. You must reply within the timeline.

Missing this deadline essentially causes you to “surrender” any experience within the report that did not get cleared on the first pass. If you do not respond within the time allotted, you lose your ability to go back and edit or revise those comments to utilize your experience. We have seen students lose the ability to use over 2 years of hard-earned experience simply due to failing to respond within the allotted time limit. Treat this deadline as an absolute priority.

Step 2: Read and Process the Feedback Objectively

When a report is returned for revisions, it is important to process the feedback objectively before making any edits. Read the reviewer’s comments carefully. Reviewers often leave specific notes about what is missing or what requires clarification. Your objective in this step is simply comprehension: understand exactly what the reviewer is saying and what aspect of your role they are trying to clarify.

Step 3: Pinpoint the Targeted Area of Your Report

PERT reports are comprehensive and contain multiple sections. Once you have read the feedback, you need to pinpoint exactly which section the reviewer is targeting. Start by identifying:

Is this a Technical Competency or an Enabling Competency?
Which specific sub-competency is being targeted? (e.g., Financial Reporting vs. Audit and Assurance).
Which specific part of your response is in question? (Are they looking at the Situation, the Action, or the Result?)

By isolating the exact area of your report the reviewer is speaking about, you keep your revisions focused and avoid unnecessarily altering sections of your report that were already approved.

Step 4: Identify the Actionable Change Required

Next, identify what actionable change the reviewer wants you to make. Ask yourself what the core of their request is. Reviewer comments usually fall into a few common categories:

Lack of specific examples: You may have explained a process generally (e.g., “I perform variance analysis”), and the reviewer requires a real-world example of a specific, non-routine variance you analyzed.
Missing the “How” and “Why”: You might have stated what you did, but the reviewer needs to understand how you did it step-by-step, and why it matters to the organization.
Clarifying Autonomy: The reviewer might need you to use “I” instead of “We” to clarify your independent role versus your manager’s or team’s role.
Progression/Complexity: Based on the progression expectations mentioned earlier, they may need you to demonstrate more complexity to justify granting a higher proficiency level.

Translate their comment into a direct instruction. (For example: “The reviewer needs me to add an example of a complex accounting standard I applied.”)

Step 5: Draft a Targeted Revision

With a clear understanding of the targeted area and the required change, you can now draft your revision.

When writing your response, be clear, concise, and direct. Address the reviewer’s comments explicitly. If they asked how you calculated a specific metric, provide the exact methodology. If they asked for the impact of your work, explicitly state: “The impact of this analysis was…”

You rarely need to rewrite your original response entirely. Usually, you only need to add a few specific sentences or a new paragraph to your original draft to bridge the gap. Provide the specific evidence the reviewer requested so they can confidently approve your level.

Pro-Tip: Before resubmitting, read the reviewer’s original comment, and then immediately read your new draft. Ensure your addition directly and thoroughly answers their prompt.

Final Thoughts

Navigating PERT is a detailed process, and receiving reviewer comments is simply a standard step on your path to the CPA designation. The reviewer’s goal is to ensure your experience meets the requirements set by CPA Canada. Guard your deadlines carefully, manage your expectations regarding progression, and follow a systematic approach to your revisions to get your reports cleared efficiently.

Looking for additional support with your PERT reports, aiming for Level 2 competencies, or studying for the CFE? Review the resources, templates, and CPA coaching programs available at www.gevorgcpa.com to help navigate your path to becoming a Canadian CPA.

Tackling Unknown AOs on the CFE

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How to Tackle Unknown AOs on the CFE

Picture this: You are writing Day 2 or Day 3 of the CFE. You just systematically completed a standard inventory valuation, worked through a variance analysis, and you are managing your time perfectly. You flip to the next appendix, read the first paragraph, and realize you are being asked for the accounting treatment of a crypto-backed joint venture in deep-sea mining.

Welcome to the “Unknown AO.”

Every year, the Board of Examiners (BOE) includes Assessment Opportunities (AOs) on the CFE that are completely non-routine, obscure, or nowhere to be found in your standard study templates. As a CPA exam coach here at Gevorg CPA, I see our candidates struggle with these issues very often. In the recent release of the May 2025 report, BOE told candidates to prepare better in this area. As part of our review of this most recent BOE report, we are tackling this issue within this article. We will highlight some of the key tactics we teach to handle these unknown AOs.

The Perspective Shift

Why does the BOE do this?

The BOE explicitly includes these unusual AOs because they want to see if you, as a future Canadian CPA, can handle the unknown in a professional environment. The test isn’t just about your technical memory; it’s about applying the CPA Way (Assess → Analyze → Conclude → Communicate) to an accounting scenario you have never encountered before.

They are testing your ability to process the unknown quickly, provide a commercially reasonable response, and move on. Spending 40 minutes hunting through Knotia for the perfect technical answer to one unknown FR AO is like spending three hours perfectly formatting the fonts on a balance sheet while leaving the income statement completely blank. You have robbed precious time from the routine AOs that actually guarantee your pass.

Remember: If it’s weird to you, it’s weird to everyone. You are competing against the curve. The candidate sitting next to you is grappling with this exact same issue. Keep your composure and execute your strategy.

Have a Planned Response

When you encounter the unknown in Financial Reporting, where we see the majority if Unknown AOs, you need to stop and think about the issue first before jumping to find the applicable handbook section. First, consider how to bucket the topic, then guide yourself to apply a framework:

1. Labeling the Unknown: Identification IS Half the Battle

First things first: simply identifying and labeling an AO as “unknown” is half the battle.

The unknown AO trap on the CFE happens when you panic and try to treat a non-routine AO exactly like a routine one. Trying to forcefully fit an obscure, software licensing issue into a standard 5-step IFRS 15 Revenue Recognition template won’t work, and it will certainly burn valuable time that should be spent tackling the rest of the exam.

True exam confidence doesn’t mean having a photographic memory of the CPA Canada Handbook. Confidence comes from knowing what is not routine. When you read a prompt and recognize that it is highly unusual, validate that professional judgment. Actively labeling it as an “Unknown AO” in your mind stops you from wasting time searching for a perfect template that does not exist.

2. Bucket the Issue

For technical FR AOs where you aren’t clear what it is, what the actual accounting issue is, and therefore what the actual GAAP standard to consider is, the trick is to first avoid panic. Stop and really think about: What IS the thing in question?

If you had to bucket it into a category, or describe it to someone, where does it fit?

Is it kind of like an asset? Is it a piece of equipment, is it cash, or an investment?
Is it kind of like a liability? Are you going to owe someone money?
Is it kind of like an expense? Has someone done work for you, or will you owe someone because of a service?
Is it kind of like equity? Have you issued shares, or granted an ownership stake?

For example: Imagine the case introduces a complex “government carbon emission credit.” Instead of freezing because you’ve never studied carbon credits, bucket it. The company purchased them, owns them, and will use them to avoid future fines. It holds future economic value, so it is kind of like an asset—specifically, an intangible one.

Thinking about the issue in this way is going to make your Knotia search significantly easier, and will help get you somewhere in terms of answering the “what is this?” question before you apply a formal framework.

3. Apply a Technical Framework

Once you have bucketed the issue, try searching Knotia. Search the specific trigger words right out of the case alongside your new bucket category. Grab the closest criteria you can find, framed with support from your bucketing activity above, and apply it. We say this often to our students, you need to practice desperate Knotia searches as part of your studying. You will quickly learn that searching in Knotia is not as slick as you would like it to be. The more specific and unique your search word is, the more useful the search result. Do not try this for the first time on exam date.

If your search comes up empty and you are completely lost in the Handbook, stop, and default to the three key components of any accounting standard:

Recognition: When does it go on the books?
Measurement: How much is it worth?
Disclosure: What do we tell the users of the financial statements?

4. Bare minimum: Case facts + so what + recommendation

When all else fails, write whatever reasonable accounting logic comes to mind, but you MUST apply case facts from the appendices, and you ALWAYS provide a recommendation.

You can draft the most logical analysis in the world, but if it doesn’t use the specific numbers, quotes, or situations provided in the case, you aren’t scoring points. You need to integrate the case facts (to Assess the situation), structure your logic using handbook criteria or the Big Three (to Analyze the issue), make a definitive journal entry or treatment recommendation (to Conclude), and ensure your advice is clear and actionable for the client (to Communicate). The BOE rewards candidates who make a decision over those who skip the issue.

Get support at Gevorg CPA

You don’t have to face the CFE curveballs alone, register for a Gevorg CPA CFE Prep program today.

We will help you navigate this exact challenge and much more. From mastering “Unknown AOs” to perfecting your time management and building rock-solid technical frameworks, we provide the grounded, strategic coaching you need to conquer the CFE.

Don’t leave your exam success to chance. Join us today.

CPA Canada 2025 Pass Rates Released

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CPA Canada has now released the 2025 Professional Education Program (PEP) and Common Final Exam (CFE) exam pass rates. The 2026 pass rates will be released in February 2027.

2025 CFE Pass Rates

Below are the official exam pass rates as reported by CPA Canada.

The 2025 CFE pass rate is 69.8%.

CFE Offering	Cumulative Pass Rates
CFE Offering	First Attempt	Second Attempt	Third Attempt
May and September 2025*	69.8%	n/a	n/a
May and September 2024*	67.3%	n/a	n/a
May and September 2023*	70.5%	n/a	n/a
May and September 2022*	71.3%	n/a	n/a
May and September 2021*	73.6%	n/a	n/a
September 2020	75.8%	n/a	n/a
September 2019	76.3%	87.4%	n/a
September 2018	77.6%	87.5%	90.8%
September 2017	77.6%	88.1%	90.6%
September 2016	76.8%	88.6%	91.4%
May 2016	68.7%	75.4%	79.9%
September 2015	82.9%	94.6%	96.6%

*In 2025, 2024, 2023, 2022 and 2021, there were two offerings of the CFE. The 69.8%, 67.3%, 70.5%, 71.3% and 73.6% pass rates are the combined averages of the first-time writers in both the May and September CFEs.

The 2025 pass rate increased 2% versus the 2024 CFE which was the lowest pass rate on record at 67.3%.

2025 Professional Education Program (PEP) Pass Rates

Below are the updated 2025 PEP exam pass rates:

CPA PEP Module	2025 Pass Rate	2024 Pass Rate	2023 Pass Rate	2022 Pass Rate	2021 Pass Rate	2020 Pass Rate	2019 Pass Rate
Core 1	72.4%	71.9%	72.1%	74.0%	77.1%	81.9%	79.4%
Core 2	81.8%	80.4%	78.4%	82.5%	85.3%	86.2%	84.3%
Taxation	87.5%	86.8%	87.6%	87.5%	88.1%	88.0%	88.1%
Assurance	86.6%	88.1%	87.6%	89.7%	90.5%	89.1%	89.2%
PM	87.0%	87.1%	90.2%	89.5%	90.9%	90.7%	90.6%
Finance	83.4%	84.8%	87.1%	87.2%	89.1%	89.0%	89.9%

The pass rates above are the average rates for first-time writers for the 2025 year (March, June, September, December). There is a minor increase in 2025, compared to 2024, in Core 1, Core 2, and Tax. Assurance and Finance dropped slightly in 2025 and PM was flat.

PEP and CFE Exam Coaching

My name is Erika, a CPA exam coach at Gevorg CPA. If you need helping passing your CPA Canada exams, contact us for more details or check out our tutoring courses.

Members Approve the New CPA Canada Governance Model

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I attended the special CPA Canada members meeting where members have voted for a new governance structure that will change how every CPA in Canada connects with the national body. The shift takes effect April 1, 2026, and it moves the profession from a provincially routed model to a more direct national relationship.

For CPA students, this means that you’re entering the profession at a time when its structure is changing. In this blog post, I’ll break down each part so you can plan ahead.

[Further reading: The New 2027 CPA Professional Program]

What this means for your future membership

Members voted in favour of allowing all CPAs across the country to become direct members of CPA Canada. This marks a full transition toward a model where the national body has a direct relationship with individual CPAs, instead of relying on the provincial/territorial bodies as intermediaries.

The national CPA body wants a clearer connection with each CPA. Whether this improves things or not is something we’ll see over time but the structure is changing and you should understand the direction the profession is moving in.

Until March 31, 2026, nothing changes. CPAs remain part of CPA Canada through their provincial or territorial regulator.

After April 1, 2026, the connection to the national body continues but membership in CPA Canada becomes an individual choice. Instead of automatic membership through your province, you’ll be able to apply directly.

Students in Ontario and Quebec should note that existing CPA Canada subscribers will automatically become full members as of April 1, gaining voting rights and other benefits for the remainder of their subscription term.

Your exams, designation and mobility

Your CPA letters, your rights and your mobility across provinces stay the same. These governance updates don’t change recognition of the designation. National mobility remains a priority and CPA Canada says that it will continue coordinating with provinces to protect that.

There is no impact on the CPA exams. The exams are the same no matter what province you’re located.

How this may affect your fees

Fees will shift from being collected through provincial bodies to being collected directly by CPA Canada. The intention is to create more transparency about what you pay for and what you receive. Details on pricing haven’t been released yet.

Who qualifies to join CPA Canada under the new model

Starting April 1, 2026, any CPA in good standing will remain part of the national body and can apply to become a member of CPA Canada.

Good standing with your provincial body remains a requirement. The difference is that joining CPA Canada becomes optional and no longer automatic.

Once students become a CPA, membership with province is still mandatory but membership with CPA Canada becomes a personal decision. I recommend to get the membership with CPA Canada to gain access to the resources noted below.

How to join CPA Canada

In early 2026, CPA Canada will release the direct membership process. It’s expected to offer flexible options that reflect the varied needs of CPAs working in industry, firms or solo practice. More info to come in 2026.

What CPA Canada will offer

The new membership model focuses on delivering tools, guidance and resources that CPAs can use in their day-to-day work. It includes:

Custom approach with options based on your individual needs
National resources, firm tools, community platforms like Tax 360 and internationally aligned PD
A stronger individual voice through voting rights, audited financial statement access and board elections

This means the national body wants CPAs to choose their involvement. The offering will be customizable, and you will have more direct influence than before.

Why the changes are happening now

The Collaboration Accord between CPA Canada and the provincial bodies ends on April 1, 2026. CPA Canada is updating its governance documents consolidating to one class of members and shifting board election rights to individual CPAs.

This is being positioned as aligning governance with best practices. The changes were coordinated between CPA Canada and the remaining provincial and territorial bodies. Those bodies voted unanimously to support the governance amendments before the Nov. 21 member vote.

The model is meant to give CPA Canada a more defined role as serving members. Provincial bodies will continue regulating, licensing and enforcing standards.

What to expect

This is a major signal that the national structure is evolving, aligning with the changes we’ve seen in the New 2027 CPA Professional Program.

As you continue on your journey towards your CPA designation, reach out to the Gevorg team for educational support.

Steps to CPA Canada for ICAN Nigeria Members

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CPA Canada recently signed a new Memorandum of Understanding with ICAN Nigeria. If you’re a qualified ICAN member, the path to becoming a Canadian CPA is now much more direct. Many ICAN members have been reaching out with questions, so I want to walk through how this new process works and what you should focus on.

New ICAN-CPA Canada MOU

Before this agreement, ICAN members had to complete the CPA Canada Professional Education Program (PEP) with six modules before writing the final CPA exam. That requirement is now removed. You can go straight to the Common Final Exam, known as the CFE. Once you pass CFE, you receive your Canadian CPA designation.

CPA Canada recommends taking Capstone 1 and Capstone 2, but I don’t recommend them. Capstone 1 focuses on teamwork and presentations, which don’t appear on the CFE. Capstone 2 gives past exams with some feedback, but the feedback is usually generic. Most students get better results by practicing past exam cases and using focused study strategies.

Steps to CPA Canada for ICAN

Step 1: Confirm your eligibility

You must be a fully qualified ICAN member in good standing. You also need either:

Recognized university degree, or
At least 8 years of experience in any CPA competency area like Financial Reporting, Audit or Strategy.

You also must have obtained your ICAN designation while living outside Canada.

Step 2: Register for and pass the CFE

All ICAN members must pass the CFE. You get three attempts. If all three attempts are unsuccessful, your registration is cancelled and you would need to start over.

Most candidates study around 5–6 months. The CFE format is different from ICAN exams.

Day 1 tests strategic writing
Day 2 goes deep into your chosen role
Day 3 tests breadth across all technical areas

The exam is case-based and very very time constrained. Cases are 4 to 5 hours long. You’ll write memos, analyze scenarios and explain your decisions. It’s less about calculations and more about judgment, time management and clear writing.

Key areas ICAN members need to study for CFE:

Formatting your case responses clearly and effiienctly
Canadian-specific standards like ASPE and Canadian tax
Typing speed, because time pressure is high

Step 3: Meet the practical experience requirements

If you already have more than 2 years of post-designation ICAN experience, it’s accepted automatically. If you have less than 2 years, you’ll submit a detailed report for review. Your experience must come from your time as an ICAN student or member.

Getting your CPA doesn’t give you audit signing rights automatically. For that, you need a public accounting licence. That requires showing depth in Financial Reporting and Assurance on the CFE and completing your province’s licensing steps.

When choosing your CFE Day 2 role, you have Assurance, Performance Management, Tax or Finance. If you’re not sure which role to choose, Assurance is a flexible choice because it keeps pathways open in public practice. PM is also a good choice for ICAN members. You can reach out to me if you’re not sure which role to choose.

Step 4: Get study resources

CPA Canada provides the Learning Ebook and the optional Capstone modules. Most candidates also use private resources to prepare for CFE. Students in public practice firms like KPMG, PWC and EY all get extra support. Many MOU students do the same, because their academic background is rusty.

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

The New CPA Collaboration Model from April 1, 2026

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CPABC members recently received a notice about a new Collaboration Model. It’s an important update that ties directly to the broader shift I discussed earlier in my post about the CPA Ontario and CPA Québec separation from CPA Canada. This latest announcement marks another milestone in how the Canadian CPA profession is being reshaped.

In short, the changes that happened to Ontario and Quebec in 2024 are now happening to CPABC.

What’s changing

CPABC, and potentially other provinces and territories, has agreed to move forward under a modernized collaborative model. This means:

CPABC will continue regulating the profession in BC, granting the CPA designation, setting rules, and protecting the public interest.
Funding will now flow differently. CPABC will no longer collect national dues on behalf of CPA Canada. Instead, standards and education will be funded through provincial fees.
CPA Canada will adopt a new governance model, giving every Canadian CPA the chance to join directly with the national body.

In short, the old “Collaboration Accord” between CPA Canada and provincial bodies is ending, and a new structure is taking its place.

There’ll be change in responsibilities:

Provincial bodies will focus on regulation, licensing, and member support.
CPA Canada will focus on national standards, education, and advocacy.

This change may sound administrative, but it can have broader impacts.

What this means for members

For now, CPAs in BC, and potentially other provinces/territories, remain members of CPA Canada until April 1, 2026. After that, each CPA will have the option to sign up directly with CPA Canada under the new model. This is similar to what happened with CPA Ontario & Quebec and CPA Canada at the end of 2024.

CPA Canada has published a detailed FAQ about the process which I recommend that you review.

If you don’t keep your membership with CPA Canada from April 2026 onwards, you’ll still be a CPA BC member. You’ll pay lower dues, but you won’t have access to broader resources.

On the other hand, if you do keep your membership with both CPA Canada and CPA BC, you’ll likely pay higher dues and access broader resources.

There is no impact on the CPA exams. The exams are the same no matter what province you’re located.

What to expect

In the coming months, CPA Canada will share how members can join directly. Until then, nothing changes operationally for CPAs in BC and other provinces/territories. You’ll still pay your provincial dues as usual and remain a member of CPA Canada through your province.

This is a major signal that the national structure is evolving, aligning with the changes we’ve seen in the New 2027 CPA Professional Program.

As you continue on your journey towards your CPA designation, reach out to the Gevorg team for educational support.

September 2025 CPA CFE Cases and Answers (Download)

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

The following Day 1 cases were tested in September 2025:

Amuzu Parks Inc. (API) V2 (Download)
Meadowlark Entertainment Inc. (MEI) V1 (Download)

The following Day 2 and Day 3 cases were tested:

Day 2 (Download)
- Sky City Towers Inc. (SCT) (300 minutes)
Day 3 (Download)
- Capsule Clothing Inc. (CCI) (90 minutes)
- Fresh Air Beauty Inc. (FAB) (80 minutes)
- Bijou Inc. (Bijou) (70 minutes)

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

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 will be tested:

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

Where can I get the Day 1 MEI v1 solution?

CPA Canada will NOT release the solution to MEI v1 until 2027. In the interim, I will write a sample answer to MEI v1. You can download it at the cases section of the Gevorg, CPA website, when available.

Are Day 2 and Day 3 solutions available?

CPA Canada will release the official solutions to September 2025 CFE cases in May 2026.

Will I get MEI v1 solution in Capstone 2?

If you are registered for the Capstone 2 module for Spring 2026, you will NOT receive the solution to Day 1 MEI v1. 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:

Technical knowledge
Case writing skills
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

We are Gevorg CPA Coaching Team. To get help with passing your exams, sign up for CPA CFE Review Course, for a comprehensive prep package.

June 2026 CPA CFE Cases and Answers (Download)

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Similar to prior CPA Canada Common Final Exams (CFEs), the June 2026 CFE will test two Day 1, one Day 2 and three Day 3 cases.

(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.)

The following Day 1 cases will be tested in June 2026:

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

The following Day 2 and Day 3 cases will be tested in June 2026:

Day 2
- TBD (300 minutes)
Day 3
- TBD (usually 90 minutes)
- TBD (usually 80 minutes)
- TBD (usually 70 minutes)

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

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

Where can I get the solutions?

The solutions for June 2026 CFE exam cases will NOT be released by CPA Canada until 2027. In the interim, I will write sample answers to help you prepare for the September 2026 CFE.

When available, you can download as PDF and Excel from here.

Will I get these cases in Capstone 2?

If you are registered for the Capstone 2 module for Summer 2026, 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:

Technical knowledge
Case writing skills
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

We are Gevorg CPA Coaching Team. To get help with passing your exams, sign up for CPA CFE Review Course, for a comprehensive prep package.

CPA Canada CFE Day 1 Singular Textiles Corporation (STC) Mock Exam Case

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The exam case Singular Textiles Corporation (STC) case will be tested in September 2026 and September 2027 Common Final Exams (CFEs) on Day 1. The original Capstone 1 case will be made available to candidates enrolled in Capstone 1 and released later publicly by CPA Canada.

How do I prepare for Singular Textiles Corporation (STC) CFE Day 1?

On CFE Day 1, you will be presented with the same STC 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, STC 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: STC 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 STC case. However, most writers find that this is not enough and feel unprepared.

Where can I get extra Singular Textiles Corporation mock exam cases?

I will prepare one (1) original Singular Textiles Corporation (STC) supplemental mock exam practice case to help you better prepare for the CFE Day 1. The mock exam case will be 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 will include the STC mock exam case, marking guide and the solution.

When ready, head over to the cases section of my website for a free preview.

CPA Canada CFE Day 1 Karnat Bread Company Ltd. (KBC) Mock Exam Case

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The exam case Karnat Bread Company Ltd. (KBC) case will be tested in June 2026 Common Final Exams (CFE) on Day 1. The original Capstone 1 case will be made available to candidates enrolled in Capstone 1 and released later publicly by CPA Canada.

How do I prepare for Karnat Bread Company case for the CFE Day 1?

On CFE Day 1, you will be presented with the same KBC 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, KBC 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: KBC 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 KBC case. However, most writers find that this is not enough and feel unprepared.

Where can I get extra Karnat Bread Company mock exam cases?

I will prepare one (1) original Karnat Bread Company (KBC) supplemental mock exam practice case to help you better prepare for the CFE Day 1. The mock exam case will be 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 will include the KBC mock exam case, marking guide and the solution.

When ready, head over to the cases section of my website for a free preview.