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

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

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reports on auditing engagements
• Reports on attestation engagements
• Review service engagements
• Reporting on compliance
• 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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

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

Financial Management (11 to 21%)

• Capital structure
• Working capital
• Financial valuation methods

Information Technology (15 to 25%)

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

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.

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