Frequently Asked Questions

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• Q: What is a CGA public accounting firm?

  Answer: CGA public accounting firms provide accounting, auditing and tax services for clients. Firms may also provide other services such as computer and management consulting. All owners of CGA firms:
  

  • maintain their firm's registration with the CGA Association of Manitoba;

  • maintain professional liability insurance;

  • have completed continuing professional development courses in areas such as accounting, auditing, tax, research and practice management;

  • have frequent practice reviews by the CGA Association of Manitoba;

  • and adhere to a comprehensive Code of Ethical Principals and Rules of Conduct.

• Q: What are the benefits of choosing a CGA public accounting firm?

  Answer: Your CGA firm is able to help you meet the challenges presented by and succeed in business. CGA public practice firms act as advisors for individuals, businesses, financial institutions and non-profit organizations. The following are several key benefits of choosing a CGA public accounting firm:

  • Certified General Accountants are Manitoba’s most highly trusted professionals.

  • The CGA Association of Manitoba has been established by an Act in the legislation as a self-regulating body. The Association and its members recognize this obligation and work to protect the public interest. A comprehensive Code of Ethical Principles and Rules of Conduct governs all CGA members.

  • In Manitoba, CGA public practitioners have full rights to audit reporting companies. This is the highest authority granted to any professional accounting body. CGA public practice firms are qualified to perform any and all levels of service in the accounting profession.

  • In addition to accounting audit and taxation services, members offer services in business and personal tax planning, financial advisory services, reorganizations, business plans and projects, business valuations, estate and succession planning, computer consulting and installation assistance as well as other management services.

  • The CGA designation is very well respected in the business community. This respect is based in part on the strength and integrity of the Association's education program. After being designated, CGAs who register as a public practice firm must undergo additional courses in practice management, accounting, auditing, tax and research. We are also the only accounting body in the province that requires individuals that do not have public practice experience to engage a mentor to ensure that the public is being properly serviced.

  • All CGA public practitioners in the province are subject to mandatory practice reviews to ensure that they are meeting the acknowledged standards of the profession. The practice review process is an integral component in maintaining the integrity and prominence of CGAs in the province.

  • The integrity of the CGA designation is based on the Association's commitment to the highest standards of professional development and ongoing education for all members. Your CGA public practitioner is required to continuously maintain their knowledge by attending approved professional development courses. 

• Q: Who can be a public accountant in Manitoba?

  Answer: In conducting your search for an accountant, please be aware that anyone can call themselves an "accountant" or "public accountant", even if they have had little or no formal training. Those individuals may not have the skills essential to provide you with the best service. They also may not protect you with professional liability insurance. In Manitoba, in fact in all of Canada, there are only three designated professional accountants:

  • Certified General Accountants (CGAs);

  • Chartered Accountants (CAs); and

  • Certified Management Accountants (CMAs).

  CGA is the largest professional association of Manitoba based accountants. CGA Manitoba was the first professional accounting body to require its members to take professional development courses, beginning in 1978. We were also the first to require our public accounting firms to maintain professional liability insurance to ensure the protection of the public.
  
  The CGA designation is an important factor in choosing your accountant. Remember, those three letters are awarded only to those individuals who have successfully completed the very demanding CGA program of studies including practical experience and rigorous national examinations.

• Q: What should I look for in selecting an accountant?

  Answer: Most individuals engage their accountants for many years. Keep in mind that a long-term working relationship between you and your CGA can help you take an informed, consistent approach to personal, financial and business problems and to help you meet your financial goals.
  

  Selecting a Professional Accountant:

  • People engage professional accountants for a variety of requirements and reasons. And, although the needs may be different, the criteria and selection process for owner-managed businesses are basically the same.

  • Develop a checklist of needs before engaging the services of an accountant.

  • Establish what functions you require the accountant to fulfil. For example, the preparation, compilation, review or audit of financial statements, tax planning, income tax returns, or assistance with cash flow statements and financial planning. You may also require assistance your dealings with the Canada Revenue Agency (CRA), making a presentation to bankers, evaluating a business sale or purchase, and so on.

  • Define your immediate needs and the timeframe for execution.

  • Assess your level of accounting knowledge. If you have little knowledge, choose an accountant who will be able to explain basic concepts to you, in language you can easily understand.

  • Be organized. Do the basic work yourself, which will help to reduce the number of hours your accountant spends on a task (as well as the amount you pay him or her).

  • Determine how accessible your accountant needs to be. Does the accountant need to be available on an immediate basis? Will you travel to his or her office? (If the accountant comes to your office, it may prove to be more expensive.)

  • The nature of the work required (including the type and size of the engagement), as well as the billing costs for an accountant’s time, determine whether you should be seeking to engage an independent practitioner or a larger accounting firm.

  
  When you speak to a prospective CGA firm, consider his or her answers to the following questions:
  

  • Does the accountant have experience with your type of business? Although all CGAs meet essentially the same education and training requirements, each has individual areas and niches in which they prefer to practice.

  • After describing your needs, does the accountant make comments and suggestions which indicate an understanding of your type of business?

  • What is the accountant’s standard billing procedures? (An hourly fee is the norm.) Once you have described the nature of the business/requirements, can he or she can provide you with an estimate or is willing to meet with you to identify services needed and prepare an estimate.

  • Who will actually do the work, the accountant or other staff members?

  
  Consider engaging the services of a Certified General Accountant (CGA) for your financial needs. Trained to offer professional accounting services in a variety of areas, all must adhere to a code of ethics and participate in a continuing professional development program to ensure current knowledge in the field. Members in public practice also carry professional liability insurance and are subject to a review of their practice by the Association on a regular basis. Find a certified general accountant (CGA) to suit your specific need, online, using CGA Manitoba’s accountant referral service. You can search and obtain contact information for CGAs that offers the services you need to assist with your accounting and financial needs.
  
  And after you speak with a CGA firm, consider compatibility. It is an important quality, although difficult to define. Before making your decision, meet with your prospective CGA firm. When you ask your questions, how comfortable are you with the answers given? Your relationship with your accountant will last for many years. Take the time to find the one that suits you and your business.
  

• Q: What types of services may a CGA public accounting firm provide?

  Answer: Here are just a few of the services a CGA may be able to offer you:
  

  • Acquiring a franchise

  • Advice on personal inheritance financial matters

  • Auditing services and reports

  • Business valuation

  • Computer Consulting

  • E-commerce

  • Eldercare services

  • Electronic Data Processing

  • Estate planning

  • Financial statements to assist you in making business decisions

  • Helping your business grow

  • Information systems design and management

  • Investing to earn satisfactory yields

  • Investment planning

  • Management consulting and advisory services

  • Non-resident taxation

  • Obtaining and securing financing

  • Payroll services

  • Planning and budget preparation

  • Planning compensation programs

  • Problem analysis and profitability improvement

  • Purchase of a business

  • Representing clients in tax matters

  • Retirement planning

  • Risk assessment and insurance planning

  • Sale of a business

  • Sales Tax Consulting (GST, PST)

  • Small Business Management Consulting

  • Solving business problems

  • Starting a new business

  • Tax planning and consulting

  • Tax return preparation (personal and corporate)

  • Valuation of your business

• Q: How can you get the most value for your accounting fees?

  Answer: CGAs themselves have some suggestions on how you can make the best use of accounting services and get the most value for their fee:
  

  • Gather information about any business or personal financial decisions under consideration so you are able to ask the CGA specific questions.

  • Save yourself unnecessary fees by maintaining good financial records and not using your professional's time for organizing your paper work.

  • Be prepared to openly discuss your plans and objectives. CGAs are in the best position to advise you and serve your interests when they understand your goals.

  • Be open to advice and suggestions to improve your financial situation. CGAs have vast experience and are able to assist you with your problems and concerns. Your CGA can be part of your management team. Their objective advice may directly improve your financial stability and cash flow.

  • Clearly explain what you expect from the CGA's services. Focusing directly at the outset saves time and money.

  • Keep your CGA informed of changes in your personal and professional life. A recent marriage or divorce, the birth of a child, a career change, sale of an asset or an especially generous bonus can all have a significant impact on your personal financial goals and tax situation.

• Q: What do firms charge for their services?

  Answer: The Association does not set out guidelines for what CGAs may charge for engagements. The scope of work and type of engagement an accountant performs for you determines the amount he/she will charge. Each situation and business is different, so standard rates are not possible. However, prior to the engagement, the accountant should be able to provide you with either his/her hourly rates charged and an estimate for the completion of the engagement under typical circumstances.

• Q: How does the CGA-Manitoba Association protect the public?

  Answer: The CGA Association, a self governing and regulatory body for CGAs, takes its commitment to protect the public interest very seriously. Each CGA must comply with The Certifed General Accountants Act, Code of Ethical Principles and Rules of Conduct and Bylaws. Enquiries concerning a CGA's professional conduct are thoroughly investigated and dealt with. In some cases this may lead to a fine, suspension of membership, and/or the complete loss of the right to use the CGA designation.
  
  All CGA public practitioners are subject to a practice review to ensure that they are meeting the acknowledged standards of the profession. The practice review process is an integral component in maintaining the integrity and prominence of CGAs in the province. As well, each CGA public practice firm is required to maintain professional liability insurance to ensure the ultimate protection of the public.