Hi Zeeshan, While I do not have insight into this specific question, and will leave it up to the community to help, I have found a few resources that might answer your question. 1. If this is a family member to family member transaction, you may wish to see if it would qualify as a "gift" in Canada, and therefore have no real tax implications. 2. Related Party loans at below market value interest rates are covered in this article: https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-1---related-party-loans-at-below-market-interest-rates.pdf 3. Tax tips about making loans to your family from BDO Canada: https://www.bdo.ca/en-ca/insights/tax/weekly-tax-tips/family-loans-at-prescribed-rates-of-interest/#:~:text=The%20prescribed%20rate%20is%20an,for%20the%20rest%20of%202019. Hopefully someone in the community can shed some more light.

Perhaps the "7" refers to the requirement for audit partners to rotate every 7 years? If the prior audit partner audited the company's books for more than seven years, this would also be considered an engagement issue, since the partner may no longer be considered to have a sufficiently arm's length/objective relationship with the client (i.e. they are too familiar with the client). In general, engagement issues are factors that may affect an auditor's ability to perform an objective and competent audit. All of the above (scope limitation, independence, timeline, and prior engagements greater than 7 years in length) would affect the auditor's ability to provide a competent audit. Note that the prospective engagement partner should also not be taking on an audit engagement for more than seven years - this is something to look for in any case scenario.

Hi Wilson, Thank you for your post. Engagement issues are things for an accountant/accounting firm to consider prior to undertaking an audit engagement with a client. While I'm not familiar with the "7", I believe SIT stands for Scope Limitation, Independence and Timeline. These are all issues to consider prior to accepting an audit engagement. Scope limitation: An auditor is unable to obtain sufficient evidence over prior year’s financials. Independence: There may not be a sufficiently arm's length relationship with the prior engagement partner. For example - perhaps an engagement partner used to be on the company's Board of Directors. Timeline: Is it possible to complete the audit within the desired time frame? These are all issue to consider prior to accepting an engagement. Hopefully someone else can clarify the "7" in SIT-7. Hope this helps!

Here's the newer link, for anyone who needs free CPD hours: https://www.cpacanada.ca/en/career-and-professional-development/webinars

Hi Roshini, Thank you for reaching out! Those are great questions. 2-3 Months before exams: When I was studying for the CFEs, I would study for an average of 1-2 hours before or after each work day, and then another 8-16 hours during the weekends. I started studying about 2-3 months before the exam and spent about 15-16 hours of studying/week at the beginning. 1-1.5 Months before exams: The closer I got to the exam, the more I would study: about 24 hours of studying per week a month before the exam. 2-3 Weeks before exams: I took time off of work two weeks immediately before the exam, and I was studying for about 8 hours daily: 48 hours/week. I always took one full day off to decompress. While I don't have a study planner to send over to you, I do have a Study Topics Excel, that you can download and edit yourself from this post/link: https://www.cpasolved.com/post/cfe-exam-topics-and-tips I recommend dividing the topics up on your calendar to create a study schedule. It's a balance between spending time learning the topics themselves, and practicing case studies. My weekends were more focused, and that's when I spent time learning difficult topics. Weekdays were dedicated to practicing the short case studies. I hope this helps! If anyone else has any suggestions or would like to upload their study planner to share with the community - feel free to reply to this post. This forum allows file uploads (at the bottom left corner of the Reply box).

Hello, Thank you for your question - you're in luck! CPA Canada publishes the answers and feedback to all of the case studies through their yearly CFE Reports. Note that the Capstone 2 cases are based on prior CFE exam cases. I have included a link to download the past years' reports in the Additional Materials page, click here.  For example, the King Street Theatre case study can be found in the September 2018 CFE Report, starting on page 239. The examiner's comments and feedback start on page 302. In general , if you'd like to find the answers and feedback to previous case studies, simply download the report here, and Ctrl+F to find the case study you are looking for.

NEW! We have created a "Study Tips" article, which you can find by going to: https://www.cpasolved.com/post/cfe-exam-topics-and-tips . Hope this helps you in your study journey!

Hi, If you click on the link entitled " 2019 Capstone 2 Module Calendar " . This will download a PDF, where you should be able to see a list of all of the practice cases and the dates they are due. This is taken from the CPA website. If the link doesn't download, you can go directly to the CPA website: https://www.cpacanada.ca/en/become-a-cpa/cpa-professional-education-program-becoming-a-cpa/cpa-professional-education-program-capstone-modules/cpa-pep-capstone2 Hope this helps!

Hi Miro, The CFE pass rates (for Canadian CPA Board Exams) are published every year. You can find the CFE pass rates here: https://www.cpacanada.ca/en/become-a-cpa/cpa-certification-program-evaluation/cpa-examination-performance-rates I've also included a screenshot of their pass rates below. Best of Luck! Reference: https://www.cpacanada.ca/en/become-a-cpa/cpa-certification-program-evaluation/cpa-examination-performance-rates

Hi Lizzy. The good news is that you don't have to pay for your PD credits. Here's a link to CPA's online learning/PD resources: https://www.cpacanada.ca/en/career-and-professional-development/webinars?page=0&num=2147483647&date=%7BA3D2E8AE-71BB-4C85-B85B-57743CFBE539%7D&type=%7B4F23AB3C-62BE-47E3-A253-1A2547A578EF%7D&topic=%7BA2FA1C0E-3C24-4426-9FA9-F1750FAD00B8%7D&sortBy=date&sort=desc Many of the webinars are free and available to watch even after the webinar dates. You'll receive a certificate (which you can save as proof of attendance) after you finish watching the webinar and answer 3 quiz questions. Note that you'll have multiple attempts at each question.

Hi Miro! I've uploaded a list of topics from the Capstone 2 cases (which are taken from previous CFE Exams). You can download the Excel file by clicking here.