CPA Audit & Insurance : AA

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Certified Public Accountant (CPA) Exam Certification Path

The certification path for the Certified Public Accountant (CPA) Exam consists of this Uniform CPA Examination with 4 sections that can be taken separately as in one section per test window or all sections at once. After clearing these 4 sections, an ethics exam must also be cleared before your license could be processed.

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Introduction to Certified Public Accountant (CPA) Exam

Passing all four sections of the Uniform CPA Test is one of the first steps to being a licensed CPA. The CPA Exam is a computer-based examination conducted by the AICPA, consisting of four parts evaluating the minimum knowledge and skills needed by a CPA. The new version of the exam takes 16 hours in total.

While each state/jurisdiction has its particular criteria for obtaining a CPA license, they all require the CPA Exam to be passed by an applicant, and you have 18 months to complete all four sections of the CPA Exam (the clock starts ticking after you pass the first section), so be aware of scheduling and preparing.

The exam contains the following four main parts which are further described in details in the following section:

• Financial Accounting and Reporting (FAR)
• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Regulation (REG)

See the CPA practice exams to get a know-how of how these sections are divided. The AUD section offers questions based on professional obligations, ethics, risk assessment in the production of plan responses, the performance of procedures and facts, and drawing conclusions and reporting of accounting information. The BEC chapter discusses topics related to corporate governance, economic concepts, and interpretation, financial management, IT, and operations management. The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. The REG section consists of topics that concentrate on ethics, federal tax practices, professional obligations, business law, federal property transaction taxation, federal individual taxation, and federal agency taxation.

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

• Internal control frameworks
• Regulatory frameworks and provisions
• 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%)

• Working capital
• Financial valuation methods
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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