CPA Audit & Insurance : AA Exam

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reporting on compliance
• Other reporting considerations
• Reports on attestation engagements
• Reports on auditing engagements
• 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
• Licensing and disciplinary systems
• Federal tax procedures
• Legal duties

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• Limited liability companies
• Trusts and estates
• Tax-exempt organizations
• C corporations
• Partnerships
• S corporations
• 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%)

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

• ERM (Enterprise Risk Management) frameworks
• Regulatory frameworks and provisions
• Internal control frameworks

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Financial valuation methods
• Working capital
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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Who should take the Certified Public Accountant (CPA) Exam

To have a CPA designation, many businesses prefer their accountants. Applicants winning their CPA title will find themselves more hirable and will be better paid. People who wish to become business accountants and explore its dynamic culture to jump-start their certification and lifelong learning goals should take this exam. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. As a non-official prerequisite, candidates must have studied the CPA exam dumps. Also, they must have completed their bachelor's degree with accounting as their major.

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In order to study for the Certified Public Accountant (CPA) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. The “Help” button on each sample test provides a link to tutorial topics that can be further used to gain more in-depth knowledge. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. CPA exam dumps are highly recommended for candidates as they are the best study materials. For further exam self-study materials, refer to the links down below.

As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the CPA practice exams. Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material.

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CPA AA Exam Syllabus Topics: