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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Other reporting considerations
• Review service engagements
• Reports on auditing 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%)

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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)
• Government-wide financial statements
• State and local government concepts

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%)

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

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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.