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Introduction to Certified Public Accountant (CPA) Exam

Passing all four sections of the Uniform CPA Test is one of the first steps to being a licensed CPA. The CPA Exam is a computer-based examination conducted by the AICPA, consisting of four parts evaluating the minimum knowledge and skills needed by a CPA. The new version of the exam takes 16 hours in total.

While each state/jurisdiction has its particular criteria for obtaining a CPA license, they all require the CPA Exam to be passed by an applicant, and you have 18 months to complete all four sections of the CPA Exam (the clock starts ticking after you pass the first section), so be aware of scheduling and preparing.

The exam contains the following four main parts which are further described in details in the following section:

• Business Environment and Concepts (BEC)
• Auditing and Attestation (AUD)
• Regulation (REG)
• Financial Accounting and Reporting (FAR)

See the CPA practice exams to get a know-how of how these sections are divided. The AUD section offers questions based on professional obligations, ethics, risk assessment in the production of plan responses, the performance of procedures and facts, and drawing conclusions and reporting of accounting information. The BEC chapter discusses topics related to corporate governance, economic concepts, and interpretation, financial management, IT, and operations management. The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. The REG section consists of topics that concentrate on ethics, federal tax practices, professional obligations, business law, federal property transaction taxation, federal individual taxation, and federal agency taxation.

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

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

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

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

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

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
• Legal duties
• Federal tax procedures

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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
• Special purpose framework
• Standard setting and conceptual framework for nonbusiness entities
• Standard setting for non-business entities
• Conceptual framework

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• 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
• Government-wide financial statements

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

CPA AA Exam Syllabus Topics: