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

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

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

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

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

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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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
• Government-wide financial statements
• 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
• 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%)

• Financial valuation methods
• Working capital
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

The benefit of obtaining the Certified Public Accountant (CPA) Exam Certification

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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CPA AA Exam Syllabus Topics: