CPA AA : Audit & Insurance

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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
• Conceptual framework
• General-purpose financial statements
• Special purpose framework
• Standard setting for non-business entities

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• Government-wide financial statements
• 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)

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%)

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

Financial Management (11 to 21%)

• Financial valuation methods
• Capital structure
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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How to book the Certified Public Accountant (CPA) Exam

Follow the steps mentioned below to book the Certified Public Accountant (CPA) Exam:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application, prepare from the CPA exam dumps and submit all required documents
• Step 5: Schedule your exam by following this link

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CPA AA Exam Syllabus Topics: