Registration Available for Taxation I and Audit II

Registration for Taxation I (no prerequisites) and Audit II (prerequisite Audit I) is now available through distance education with the University of Waterloo at the following link: https://student.dce.uwaterloo.ca/dceforms/ce_registration/cma_reg_form.html.

Both courses will begin February 20th Please check previous post titled CMA Public Accounting Overview for course length, cost etc. Course outlines for Taxation I and Audit II are also posted on this blog and can be accessed using the links to the right

CMA Public Accounting Overview

The CMA Public Accounting Program is comprised of 2 topic areas:

Auditing

Taxation

The Auditing material is divided into two courses – Audit I and Audit II. Each course is 12 weeks in length, and has two assessment components – a midterm and a final exam.

The Taxation material is divided into 3 courses – Taxation I, Taxation II, and Taxation III. Each course is 9 weeks in length and has two assessment components – a midterm and a final exam.

The Auditing and Taxation courses are offered in conjunction with the University of Waterloo Continuing Studies Department. The courses are offered exclusively as distance learning and the materials for the courses are accessed through the University of Waterloo Continuing Studies web site.

For Audit I and II detailed PowerPoint lessons support the readings and are narrated by the instructor of the class. Additionally on-line discussion boards will facilitate learning and provide candidates access to the instructor and other classmates. Candidates will be required to sit for the midterm and final exams at a specified centre arranged by their respective provincial bodies.

For Taxation I, II, and III the website will facilitate candidate learning though directed readings and the completion of group assignments. These groups will be composed of 3-4 individuals and candidates will have access to a group forum hosted on the course web site in order to assist groups who are geographically dispersed.

Prospective candidates must be a Certified Management Accountant in good standing in order to be eligible to enrol for these courses

The cost of each of the 5 courses is $750 plus GST. Materials such as textbooks or the CICA Handbook are not included in this fee.

Taxation I Course Outline

Course Outline

This course is the first part of a three-part course series designed to prepare CMAs to take and pass the Ontario Public Accountants Council’s licensure exam.

Description
We hope you are prepared for an active and engaging learning experience. Taxation, all appearances to the contrary, is a lively and engaging area of study. Clashing interpretations of tax law can spark energetic debates - especially when your own money is involved! It is often unclear how tax laws should be applied to real life situations, with no pre-existing "answer" to a dispute. The study of taxation thus requires independent analysis, argumentation, and interpretation. Memorization of facts and formulas will not take us very far in the study of taxation.

Since discussion and debate are so vital for learning about taxation, this course will be highly participatory. You will not only be reading about taxation in this course. You will also be working with other students to assess and resolve tax situations. Everything you read will be applied to solve problems, and you will have to convince others of the correctness of your approach. Thus, in this course, you will be "learning by doing", not just learning by reading.

Objectives
The provisions of the Income Tax Act are not a series of rules and formulae to be memorized and applied. By understanding the reasons and concepts behind the legislation, how the various provisions interrelate and the tax consequences of various choices you will be able to apply the available tools and techniques to accomplish client objectives with predictable results.

This three-course introductory series in federal income tax law is designed to:

1. Explain the theoretical concepts behind the specific provisions of the law,
2. Apply the law in practical problems and case settings,
3. Interpret the law, taking into account the specific wording of the provisions, judicial decisions and the Canada Revenue Agency's position, and
4. Introduce basic tax planning concepts through problem application.

Course Sessions

Week	Session Title
Week 1	Module 1: Using the Income Tax Act (ITA)
Week 2	Module 2: Tax Liability and Intro to Employment Income
Week 3	Module 3: Employment Income and Income from Property
Week 4	Module 4: Income from Property and Intro to Capital Gains
Week 5	Mid Term Exam (45%)
Week 6	Module 5: Capital Gains (continued)
Week 7	Module 6: Other Sources of Income and Deductions
Week 8	Module 7: Computing Taxable Income for an Individual
Week 9	Module 8: Computing Tax Payable for an Individual
Week 10	Module 9: Tax Payer Rights and Obligations
Week 11	Final Exam (55%)

The Instructor for this course is Dr. Stanley Laiken

Educational Background
Ph.D., Business Administration, University of Western Ontario, 1972M.B.A., Wharton Graduate Division, University of Pennsylvania, 1969H.B.A., Business Administration, University of Western Ontario, 1966

Professional Designations
CBV (Chartered Business Valuator), Canadian Institute of Chartered Business Valuators
Academic and Professional Awards
Deloitte & Touche Professor, University of Waterloo, 1998-presentL.S. Rosen Award, in recognition of outstanding contribution to Canadianaccounting education, The Canadian Academic Accounting Association, 1997Distinguished Teacher Award, University of Waterloo, 1994

Audit II Course Outline

Course Outline

This course is the second part of a two-part course series designed to prepare CMAs to take and pass the Ontario Public Accountants Council’s licensure exam. Students develop their understanding of current practical auditing, with awareness of current research and the current business environment.
Major parts of the course focus on elements of the context in which auditing is carried out, including such topics as:
• The reasons for auditing
• Auditing problems (e.g., liability and other current issues)
• Auditing practice, which includes:

o audit planning

o internal control

o audit evidence

o audit procedures

o information technology, and

o audit completion and reporting

Objectives

To complete this auditing course, you will need to be able to:

1. Explain the reasons for external audits and their nature and scope.
   
2. Discuss the auditing environment, including explaining the nature of the audit expectation gap and explaining the effects of an auditor's professional and legal responsibilities.
   
3. Demonstrate your ability to evaluate audit risk and plan an audit.
   
4. Use audit procedures to assess control risk and evaluate internal control.
   
5. Apply judgemental and statistical sampling.
   
6. Describe procedures for the audit of information technology.
   
7. Prepare audit programmes to obtain audit evidence for assertions concerned with transactions and balances.
   
8. Interpret and explain different types of audit reports.
   
9. Discuss current issues in auditing.

To help you understand the role of auditors with a focus on public accountants (external auditors) who audit financial statements. The materials provided will include discussion and consideration of:
• The economic and legal reasons why audits are requested.
• The environment under which audits are conducted.
• The concepts underlying the practice of external auditing.
• The decisions an auditor faces in conducting an external audit.
• The audit process from start to finish.
• The current external auditing environment and likely future changes that will take place in that environment.

Course Sessions

Week	Session Title
1	Fraud Auditing and the Nature of Fraud
2	Overall Audit Plan and Audit Program
3	Audit Sampling Concepts
4	Audit of the Sales and Collection Cycle - Tests of Controls
5	Completing the Tests in the Sales and Collection Cycle
6	Audit of Cash Balances, Payroll and Personnel Cycle, and the Acquisition and Payment Cycle
7	Completing the Tests in the Acquisition and Paymetn Cycle - Verification of the Selected Accounts; Audit of the Inventory and Warehousing Cycle; Audit of the Capital Acquisition and Repayment Cycle
8	Completing the Audit
9	Using Advanced Skills; Internal Auditing and Government Auditing
10	Enterprise Risk Management and Governance
11	International Regulation of Financial Reporting
12	Canadian Regulation of Financial Reporting

The Instructor for this course is Dr. Morley Lemon:

Educational Background
PhD (1975) University of Texas at Austin
MBA (1972) University of Toronto
BA (1961) University of Western Ontario

Professional Designations
Fellow - elected by Institute of Chartered Accountants of Ontario (1985)
Certified Chartered Accountant - Texas (1974)
Chartered Accountant - Ontario (1965)

Academic and Professional Awards
Canadian Academic Accounting Association: L.S. Rosen Outstanding Educator Award (2004)
Institute of Chartered Accountants of Ontario Award of Outstanding Merit (2003)
University of Waterloo Distinguished Teacher Award (1998)
PricewaterhouseCoopers Professorship in Auditing (1993-2004)