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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)
• Regulation (REG)
• Auditing and Attestation (AUD)
• 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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Study Guide

Exam Contents

Exam process

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• Partnerships
• Tax-exempt organizations
• S corporations
• Limited liability companies
• 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%)

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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
• Economic business cycles
• Market influences on business

Financial Management (11 to 21%)

• Capital structure
• Working capital
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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

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

CPA AA Exam Syllabus Topics: