CPA AA : Audit & Insurance

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Who should take the Certified Public Accountant (CPA) Exam

To have a CPA designation, many businesses prefer their accountants. Applicants winning their CPA title will find themselves more hirable and will be better paid. People who wish to become business accountants and explore its dynamic culture to jump-start their certification and lifelong learning goals should take this exam. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. As a non-official prerequisite, candidates must have studied the CPA exam dumps. Also, they must have completed their bachelor's degree with accounting as their major.

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.

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
• Materiality
• Assessing and identifying the risk of material misstatement
• Planning an engagement
• Debtor-creditor relationships

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Review service engagements
• Reporting on compliance
• Reports on attestation engagements
• Other reporting considerations
• 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
• Licensing and disciplinary systems
• Legal duties

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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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CPA AA Exam Syllabus Topics: