Certified Public Accountant (CPA)
What Is CPA:
A CPA license is the accounting profession’s highest standard of competence, a symbol of achievement and assurance of quality. Whether you are licensed or soon-to-be licensed, NASBA provides information and resources you need to earn and maintain the respected CPA credential.
Internationally recognized, the CPA Program ensures you will be well equipped to tackle any of the challenging accounting, finance or business situations faced in today’s global marketplace. Providing you with more than a technical accounting focus, the CPA Program goes beyond the numbers, teaching the skills to help you reach the next level in leadership, strategy and business.
What Are the Benefits of being CPA?
- Increased Salary and Benefits. The monetary rewards of the CPA certification start out great and get better over time.
- Increased Job Security.
- Increased Career Opportunities.
- Increased Personal and Professional Development.
- Increased Trust and Respect.
A. Audit (AUD):
The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate when performing:
- Audits of issuer and non-issuer entities (including governmental entities, not for-profit entities, employee benefit plans and entities receiving federal grants)
- Attestation engagements for issuer and non-issuer entities (including examinations, reviews and agreed-upon procedures engagements)
- Preparation, compilation and review engagements for non-issuer entities and reviews of interim financial information for issuer entities
Area I Ethics, Professional Responsibilities and General Principles 15-25%
Area II Assessing Risk and Developing a Planned Response 20–30%
Area III Performing Further Procedures and Obtaining Evidence 30–40%
Area IV Forming Conclusions and Reporting 15-25%
B. Financial Accounting and Reporting (FAR):
The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and non-public), not-for-profit entities and state and local government entities. The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:
• Financial Accounting Standards Board (FASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• American Institute of Certified Public Accountants (AICPA)
• Governmental Accounting Standards Board (GASB)
• International Accounting Standards Board (IASB).
A listing of standards and regulations promulgated by these bodies, and other reference materials that are eligible for assessment in the FAR section of the Exam are included under References at the conclusion of this introduction.
Area I Conceptual Framework, Standard-Setting and Financial Reporting 25– 35%
Area II Select Financial Statement Accounts 30–40%
Area III Select Transactions 20–30%
Area IV State and Local Governments 5–15%
C. Regulation (REG):
The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:
• U.S. federal taxation
• U.S. ethics and professional responsibilities related to tax practice
• U.S. business law.
A listing of reference materials relevant to the REG section of the Exam are included under References at the conclusion of this introduction.
Area I Ethics, Professional Responsibilities and Federal Tax Procedures 10–20%
Area II Business Law 10–20%
Area III Federal Taxation of Property Transactions 12–22%
Area IV Federal Taxation of Individuals 15-25%
D. Business Environment & Concepts (BEC):
The Business Environment and Concepts (BEC) section of the Uniform CPA Examination (the Exam) tests knowledge and skills that a newly licensed CPA must demonstrate when performing:
• Audit, attest, accounting and review services
• Financial reporting
• Tax preparation
• Other professional responsibilities in their role as certified public accountants
The content areas tested under the BEC section of the Exam encompass five diverse subject areas. These content areas are corporate governance, economic concepts and analysis, financial management, information technology and operations management. Reference materials relevant to the BEC section of the Exam are included under References at the conclusion of this introduction.
Area I Corporate Governance 17–27%
Area II Economic Concepts and Analysis 17–27%
Area III Financial Management 11–21%
Area IV Information Technology 15-25%
Area V Operations Management 15-25%
E. A. CPA Exam Structure
|Multiple-Choice Questions||Testlets||Task-Based Simulation||Written Communication|