CPA AA : Audit & Insurance

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• Tax-exempt organizations
• Limited liability companies
• Partnerships
• C corporations
• Trusts and estates
• 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%)

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

• Economic business cycles
• Financial risk management
• 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
• Systems development of maintenance
• Information security/availability
• IT governance
• Processing integrity

Operations Management (15 to 25%)

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

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Difficulty in Writing Certified Public Accountant (CPA) Exam

In the accounting industry, any aspiring accountant who wants to sit for the CPA Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough.

However, today's developments in accounting technology and new compliance laws mean that in addition to 30 hours of graduate education, the AICPA has changed the educational requirement to include 120 semester hours in a bachelor's degree accounting program. In most US nations, these standards are implemented. As a result, a master's degree in the field or a similar industry is required for most aspiring accountants wanting to take this exam.

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. CPA practice exam dumps are designed in such a way to make better preparatory material. Certified Public Accountant (CPA) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying these exam dumps and then take the CPA practice exams before actually appearing for the exam. Applicants may, however, clear the exam with the right concentration and the right preparation material. TorrentVCE have the most up-to-date CPA exam dumps, having a fair understanding of the question trend being asked in real certification with the help of these questions. TorrentVCE also include practice testing, which proves to be an outstanding forum for testing the information gained. Refer to the links down below to access the study materials.

How to study the Certified Public Accountant (CPA) Exam

In order to study for the Certified Public Accountant (CPA) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. The “Help” button on each sample test provides a link to tutorial topics that can be further used to gain more in-depth knowledge. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. CPA exam dumps are highly recommended for candidates as they are the best study materials. For further exam self-study materials, refer to the links down below.

As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the CPA practice exams. Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material.

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How to Prepare For Certified Public Accountant (CPA) Exam

Preparation Guide for Certified Public Accountant (CPA) Exam

Introduction

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. The CPA exam tests are graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

The American Institute of Certified Public Accountants (AICPA) is the United States' national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

This exam guide is intended to get you to know about the exam details and help you to prepare for the Certified Public Accountant (CPA) Exam successfully. This guide includes information on the certification test target audience, recommended preparation and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, a study of CPA exam dumps, course attendance, and self-study.

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CPA AA Exam Syllabus Topics: