CPA Audit & Insurance : AA

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Working capital
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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.

For more info read reference:

Study Guide

Exam Contents

Exam process

FAQs and Guide

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

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

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