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Advanced Accounting and Finance

Ontario College Graduate Certificate


Overview

CPA Canada's Advanced Certificate in Accounting and Finance (ACAF) is a nationally recognized program and Seneca College is proud to be the first Ontario College with approval of ACAF Accreditation by CPA Ontario. ACAF Accreditation applies to specific courses and students completing these courses with minimum grade requirements are exempt from the technical and applied courses of the ACAF program and are qualified to write the CPA ACAF Final National Exam.

Courses included in the ACAF program enhance your technical skills (financial and management accounting, taxation, IS, and assurance) while helping you develop professional competencies employers look for during their search for accounting and finance talent including ethics, communication and problem solving skills.

Once you've completed the ACAF program you'll have the knowledge and skills to:

  • Create financial statements
  • Analyze financial information for the purposes of decision-making and organizational management
  • Track cash flow, prepare budgets, and run financial reports
  • Offer insight on improvements to accounting procedures and controls

ACAF Entry courses must be completed prior to enrolling in the ACAF Technical courses and ACAF Technical courses must be completed prior to enrolling into the ACAF Applied courses. Entry courses must be completed within 10 years prior to taking the Technical courses. Entry courses marked with an (*) require a minimum grade of 60%. The passing grade for all Technical and Applied courses is 60%.

Entry and Equivalency

Interested in pursuing the ACAF? Begin by completing the program's Entry Courses and Technical Courses. All entry courses must be completed within 10 years prior to admission to ACAF. Entry courses marked with an (*) require a minimum grade of 60%. To receive a full exemption for the technical courses, you must achieve a minimum grade of 60%.

In addition to the entry courses, students require an equivalent to one year of full time study at a postsecondary institution or three years relevant work experience.

For details please see the Prerequisite Equivalency Chart

Please note that effective September 1, 2016, the prerequisites for ACAF have changed. The ACAF entry courses are now Introductory Financial Accounting, Introductory Management Accounting, Intermediate Financial Reporting I, Intermediate Financial Reporting II and Business Law. The minimum entrance requirement for ACAF is 30 credit hours of post-secondary study (equivalent to one year full-time study) at a post-secondary institution or three years relevant practical experience. CPA Ontario advises that the equivalency charts on this link will be updated to reflect these changes over the fall of 2016.

Equivalency Chart

ACAF Entry Courses Seneca Equivalency
Introductory Financial Accounting ACC120 and ACC220
Introductory Management Accounting ACC431
Intermediate Financial Reporting I* ACC415
Intermediate Financial Reporting II* ACC517
Business Law ALW380
 
ACAF Technical Courses Seneca Equivalency
Advanced Financial Reporting* ACC530
Corporate Finance* FIN401 and FIN603
Audit and Assurance* ACC551
Taxation* ACC540 and ACC642
Intermediate Management Accounting* ACC533
Information Technology* SMS415
 
ACAF Applied Courses Seneca Equivalency
Accounting Software Application* SMS315
Ethics and Workplace Skills ACA210
Applied External Audit ACA230
Applied Personal and Corporate Tax ACA240

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Curriculum

Technical Courses

ACA110
Advanced Financial Reporting
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This advanced financial accounting course provides an in-depth study of six major areas of advanced financial accounting. These are standard setting in Canada and internationally, financial instruments, income tax allocation, long-term intercorporate investments, consolidation, foreign currency translation and consolidation of foreign subsidiaries, and not-for-profit and public sector accounting.




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ACA120
Corporate Finance
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This course provides an in-depth study of finance concepts, tools and theories required by financial specialists working in a Canadian organization and a global economy, in making corporate financing decisions. Students obtain a broad understanding of the use of mathematical techniques to aid in managerial decision-making; learn the language and description of Canadian financial markets and the implications of these markets to financial managers; how to select the appropriate financial and investment strategies to achieve the company's goals and objectives, given the economic environment in which the firm operates. The content includes analytical techniques relating to the current financial environment, its components and financial decision making, security valuation, the capital budgeting process, the component costs of capital, introduction to risk, financial planning, dividend policy, investment decisions, derivatives, risk management, international financial management, options and swaps.




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ACA130
Audit and Assurance
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This course covers the auditing principles and procedures applicable to both internal and external auditing. Students learn the principles of reporting, professional standards and ethics, legal liability, audit objectives, audit evidence, planning and analysis, materiality and risk, internal control, audit sampling and EDP auditing. Students use the functions and procedures for the revenue and collection cycle, acquisition and expenditure cycle, production and payroll cycle, and finance and investment cycle and also use auditing software for the related practice set.




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ACA140
Taxation
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This course offers a full understanding of the issues of Canadian income tax law. It provides an in-depth study of both personal and corporate taxation in Canada as well as related tax planning and GST implications. Topics include a detailed examination of the federal income tax law concerning income of individuals from employment, business and property, computation of corporate taxes, integration theory, corporate reorganizations, surplus distributions, partnerships and trusts. At the successful conclusion of this course, it is anticipated that students will be proficient at recognizing tax issues, developing planning alternatives, locating proper authority to resolve issues, and communicating courses of action to implement the solutions.
All tax provisions are subject to change. Accordingly, the intent is that students develop an understanding of how the tax law works and incorporate the ability to find and apply the appropriate tax provisions in a variety of situations. Students are expected to demonstrate (in exams, assignments and class participation) competence in the technical aspects of the tax laws covered.




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ACA150
Intermediate Management Accounting
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This course builds on the entry course - Introductory and covers the intermediate concepts including the impact of organizational structure on cost structures, transfer pricing, cost allocation methods, flexible budgets and variance analysis, capital budgeting for long-term projects, the design and implementation of effective management control systems, and their impact on organizational behaviour. Ethical standards for and moral responsibilities of managers will be emphasized throughout the course.




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ACA160
IT and Accounting Software Applications
Availability
 

Prerequisite(s):

All entry courses must have been completed before taking this course.

This course focuses on the use of computer-based information systems in management and accounting, taking into consideration the global aspect of business. Topics include hardware and software of computer systems; file and database organization; networks and telecommunications; the systems development process; designing information systems solutions; system security and controls; artificial intelligence; the management of information systems; planning, design, implementation and management of enterprise databases to support business information needs; relational databases. In-class team assignments and hands-on projects include analysis, data flow diagrams, entity relationship diagrams, Structured Query Language, database administration and integration of information to address business needs. Computer software is used to provide illustration and practice in database concepts.




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Applied Courses

ACA210
Ethics and Workplace Skills
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking Ethics and Workplace Skills.
Permission from the Program Coordinator is required.

This foundational course introduces students to the ACAF Method, which is the problem-solving approach used throughout the applied courses. This framework underscores the importance of business and accounting ethics. Other workplace skills are integrated into the course, with special attention given to communication, as students apply the framework to various scenarios typically encountered by those working in mid-level accounting and related positions.




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ACA220
Business Applications - APP
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking this course.
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coordinator is required for entry.

This course requires students to apply the ACAF Method to a single comprehensive business scenario. Each week, the business scenario will require students to demonstrate a different combination of technical skills acquired through the technical application courses, along with workplace skills such as the following: communication, routine problem solving, personal management and teamwork, management and analysis of information, and ethics.
The scenario deals with financial accounting, management accounting, finance, taxation, audit and information systems issues, providing practice in these technical areas through the application of the ACAF Method. Working both individually and in groups, students will incorporate material from prerequisite courses and continue to refine their workplace skills.




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ACA230
Applied External Audit
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking this course.
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coordinator is required for entry.

Applied External Audit is an elective course that builds on the technical components from previous auditing courses, focusing on external audit issues. The course assumes that students are familiar with the material related to the first two stages of an audit - acceptance/continuance and audit planning - and will focus on the last two stages - execution and reporting.




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ACA240
Applied Personal and Corporate Taxation - EPT
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking this course.
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coodinator is required for entry.

Applied Personal and Corporate Taxation emphasizes the application of personal and corporate tax concepts in the preparation of tax returns for individual and corporate clients. The purpose of this course is to produce a mid-level accountant with tax skills who is able to function in environments of low to mid-level complexity with low levels of uncertainty. The course will focus on applied knowledge, using authentic business scenarios that require students to demonstrate the application of technical knowledge. Excel and other applications such as ProFile tax software will be integrated in the course material and in assessments to help develop the accounting and other practical skills needed in the marketplace, and workplace skills (communication, managing and analyzing information, solving routine problems and effectively promoting personal management and teamwork) are emphasized.




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ACA250
Public Sector Financial Management Practices - EPS
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking this course.
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coordinator is required for entry.

This course focuses on how public sector entities of various kinds make the best use of the vast resources entrusted to them in creating public value. Public sector accounting is a core body of knowledge supporting financial management. The purpose of the course is to provide students with the public sector financial management skills necessary to function in public sector environments of low to medium complexity and low uncertainty. Topics addressed include the following: governance and decision-making processes; government budgeting and planning; government financial reporting; financial analysis of government and not-for-profit programs, and public sector auditing.




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ACA260
Not-for-Profit and Related Topics - ENP
Availability
 

Prerequisite(s):

All entry and technical courses must have been completed before taking this course.
In addition, you must have completed the Ethics and Workplace Skills course (or be taking it concurrently).
Permission from the Program Coordinator is required for entry.

This course emphasizes the application of accounting concepts encountered in the not-for-profit and charities sector.
The purpose of this course is to produce a mid-level accountant with skills in the not-for-profit sector able to function in environments of low- to mid-level complexity with low levels of uncertainty. The course will focus on applied knowledge, using authentic not-for-profit scenarios that require students to demonstrate the application of technical knowledge. Accounting software is integrated throughout the course to help students develop the skills needed in the marketplace. In addition, this course will help students develop other skills such as communication, managing and analyzing information, solving routine problems and effectively promoting personal management and teamwork. This course covers the following topics: how not-for-profit organizations (NFPOs) are created; the concepts of good governance and internal controls with an NFPO; differences in accounting between NFPOs and for-profit entities; fund accounting and the use of the restricted fund method; the deferral method of accounting for contributions; the characteristics of registered charities; a brief overview of various types of government organizations, and Accounting Software Application.




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OSAP Funding Available

This program is eligible for OSAP funding.

Course load is used by OSAP to determine funding options for programs.

If you are taking 1 - 2 courses at the same time, you may be considered for part-time student grants and loans.

  • 1 course (20%)
  • 2 courses (40%)

If you are taking 3 or more courses at the same time, you may be considered for full-time student grants and loans.

  • 3 courses (60%)
  • 4 courses (80%)
  • 5 courses (100%)

To find out if you qualify and to learn how to apply, please visit the OSAP website.

For information on other awards and financial assistance, please see Financial Aid.

Credit for Prior Learning

Prior Learning Assessment

Earn college credits for what you already know!
Prior Learning Assessment is a method of assessing and recognizing learning that is equal to college level learning, but has been gained outside a traditional classroom (through work experience, volunteering, outside study, etc.). If you can prove that the knowledge you have gained meets the outcomes of a Seneca course, then credit will be awarded.

How does the PLA process work?
Prior Learning is demonstrated through a "challenge" process. The process measures learning through a variety of methods which may include tests, portfolio assessment, interviews, demonstrations, essays, and work samples. The method used will be determined in consultation with a Program Coordinator.
For more information and to determine if you are eligible for PLA, please call the Program Coordinator.

The process may take from 6 to 8 weeks.

Note: Not all courses can be challenged. For more information go to PLA website or contact your Program Coordinator.

Transfer Credit (Advanced Standing)

Many students who enter Seneca College will have earned academic credits in post-secondary educational institutions which they may be able to apply toward completion of a Seneca College program.

Requests for Transfer Credit must be for a specific course and must be accompanied by an official transcript and course outline. A minimum grade of "C" (60 percent) is generally required for a course to be considered for Transfer Credit.

Download a Transfer Credit Request form. An official copy of your transcript and applicable detailed course outlines should be attached and submitted. Please note it may take 4 to 6 weeks for a Transfer Credit decision.

More Information

Please visit the Degree and Credit Transfer Office.

Graduation/Convocation

When you meet all program requirements and become eligible for a certificate, diploma, or degree, you must inform the Registrar by completing a Graduation Application form and paying the graduation and alumni fee. Certificates, diplomas, and applied degrees are issued twice a year in the Fall (October) and Spring (June).

For further information including deadlines and fees, please visit the  Convocation website or contact the Convocation Office at 416-491-5050 ext. 77461.

Minimum Performance for Graduation

Students will only be eligible to graduate with a Seneca College certificate or diploma if they have maintained an overall good standing in their current program of study. Students in degree programs will be eligible to graduate when they have obtained an average of C (2.5 GPA) in courses in the main field of study, and an average of C (2.0 GPA) in all other courses.

Program Contacts

Contact us via this form or using the phone number(s) below it.





Terry Wood
Program Assistant

416-491-5050 ext.22501


Cynthia Duncan
Program Coordinator

416-491-5050 ext22527