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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

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

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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Many accountants joining the profession are curious about the advantages of being a certified public accountant (CPA) so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

The qualification process helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue in the near future. Accountants winning their CPA earn 10 percent more on average than non-CPA colleagues and have more chances to grow their careers. In job searching, being a CPA can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, CPA certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

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In the accounting industry, any aspiring accountant who wants to sit for the CPA Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough.

However, today's developments in accounting technology and new compliance laws mean that in addition to 30 hours of graduate education, the AICPA has changed the educational requirement to include 120 semester hours in a bachelor's degree accounting program. In most US nations, these standards are implemented. As a result, a master's degree in the field or a similar industry is required for most aspiring accountants wanting to take this exam.

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