CPA AA real exam prep : Audit & Insurance

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What is the duration, language, and format of the Certified Public Accountant (CPA) Exam

• Format: Multiple choice, Task-based, communication tasks
• Language of Exam: English
• Passing score: 75 for each section
• Duration of Exam: 16 hours of total

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The benefit of obtaining the Certified Public Accountant (CPA) Exam Certification

Many accountants joining the profession are curious about the advantages of being a certified public accountant (CPA) so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

The qualification process helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue in the near future. Accountants winning their CPA earn 10 percent more on average than non-CPA colleagues and have more chances to grow their careers. In job searching, being a CPA can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, CPA certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Topics of Certified Public Accountant (CPA) Exam

The CPA Exam test consists of four, four-hour sections. You must clear all four sections within 18 months with a minimum score of 75 on each part. The core topics for each of the four sections are listed below. These contents are likely to be used for the examination. However, on any particular delivery of the test, other similar topics could also appear.

It is recommended that, where possible, the applicant uses these contents and/or other resources to provide background information on the exam objectives. The syllabus for the Certified Public Accountant (CPA) Exam is listed below with detail of each section and their topics:

1. Auditing and Attestation (AUD)

Objectives covered by this section:

Developing a Planned Response & Assessing Risk (20 to 30%)

• Entity's internal control
• Specific areas of engagement risk
• Debtor-creditor relationships
• Planning an engagement
• Materiality
• Assessing and identifying the risk of material misstatement

Professional Responsibilities, Ethics & General Principles (15 to 25%)

• Engagement documentation
• Nature and scope
• Communication with management
• A firm's system of quality control
• Communication with component auditors
• Ethics and professional conduct

Obtaining Evidence & Performing Further Procedures (30 to 40%)

• Acquisition and disposition of assets
• Subsequent events
• Internal control deficiencies and misstatements
• Sampling techniques
• Written representation
• Performing specific procedures to get evidence

Reporting and Forming Conclusions (15 to 25%)

• Review service engagements
• Reports on attestation engagements
• Other reporting considerations
• Reporting on compliance
• Reports on auditing engagements

2. Regulation (REG)

Objectives covered by this section:

Federal Tax Procedures, Professional Responsibilities, and Ethics (10 to 20%)

• Federal tax procedures
• Responsibilities in tax practice
• Legal duties
• Licensing and disciplinary systems

Business Law (10 to 20%)

• Business structure
• Debtor-creditor relationships
• Agency
• Government regulation of business
• Contracts

Federal Taxation of Property Transactions (12 to 22%)

• Acquisition and disposition of assets
• Estate and gift taxation
• Gift tax annual exclusion
• Cost recovery
• Determination of taxable estate
• Gift tax deductions

Federal Taxation of Individuals (15 to 25%)

• Passive activity losses
• Gross income
• Reporting items from pass-through entities
• Filing status
• Alternative Minimum Tax
• Computation of tax and credits
• Computation of tax and credits

Federal Taxation of Entities (28 to 38%)

• Partnerships
• Tax-exempt organizations
• C corporations
• Trusts and estates
• Limited liability companies
• S corporations
• Liquidation of business entities & tax treatment of formation

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

Standard-Setting, Conceptual Framework, and Financial Reporting (25 to 35%)

• Special purpose framework
• General-purpose financial statements
• Standard setting for non-business entities
• Conceptual framework
• Standard setting and conceptual framework for nonbusiness entities
• Public company reporting topics

Select Financial Statement Accounts (30 to 40%)

• Investments
• Cash and cash equivalents
• Property, plant, and equipment
• Income taxes
• Intangible assets
• Long-term debt
• Compensation benefits
• Inventory

Select Transactions (20 to 30%)

• Subsequent events
• Leases
• Fair value measurements
• Research and development costs
• Contingencies and commitments
• Business combinations
• Derivatives and hedge accounting
• Software costs
• Nonreciprocal transfers
• Differences between IFRS and U.S. GAAP
• Accounting changes and error corrections
• Foreign currency transaction and translation

State and Local Governments (5 to 15%)

• Government-wide financial statements
• State and local government concepts
• Specific types of transactions and events: calculation, measurement, presentation in a governmental entity, and valuation
• Comprehensive Annual Financial Report (CAFR)

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

• Regulatory frameworks and provisions
• Internal control frameworks
• ERM (Enterprise Risk Management) frameworks

Economic Concepts and Analysis (17 to 27%)

• Market influences on business
• Economic business cycles
• Financial risk management

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

• Processing integrity
• Information security/availability
• IT governance
• Systems development of maintenance
• Role of information technology business

Operations Management (15 to 25%)

• Performance management
• Cost accounting
• Process management
• Planning techniques

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CPA AA Exam Syllabus Topics: