CPA Exam
The uniform CPA examination is for individuals who want to become Certified Public Accountants in any of the fifty five United States jurisdictions. These include the fifty states, District of Columbia, Puerto Rico, The U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands. The CPA exam is one of the three “Es”- Education, Examination, and Experience that are required for licensure as a certified public accountant.
This means that just passing the exam is not enough to meet the requirements for licensure. Requirements for licensure vary by jurisdiction and are described on the websites of those states Board of Accountancy. The CPA examination mission’s statement states that the purpose of the exam is “to admit individuals into the accounting profession only after they have demonstrated entry level knowledge and skills necessary to protect the public interesting in a rapidly changing business and financial environment.”
The uniform CPA exam is only available in computer based format. The exam is offered at authorized testing centers in fifty-four of the United States jurisdictions. The exam is not offered yet in the fifty-fifth jurisdiction – The Commonwealth of Northern Marina Islands. The exam is offered five days per week during two months of every quarter – and sometimes is offered six days in certain jurisdictions. Testing is available in January and February; April and May; July and August; and October and November. Testing is not available in: March, June, September, and December. Test prep is recommended.
Basic Components of the CPA Exam
The CPA exam is divided into four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).
The section of Auditing and Attestation, or AUD, covers the knowledge of auditing procedures, generally accepted auditing standards, other standards related to attest engagements, and the skills needed to apply the knowledge.
CPA Exam practice is advised.
Self-Assessment Practice Tests:
The section of Business Environment and Concepts, or BEC covers knowledge of general business environment and business concepts that candidates need to know in order to understand the underlying business reasons for and accounting implications of business transactions, and the skills needed to apply the knowledge.
Financial Account and Reporting, or FAR, covers the knowledge of accepted accounting principles for business enterprises, non for profit organizations, and governmental entities, and the skills need to apply that knowledge.
Regulation, or REG, covers the knowledge of federal taxation, ethics, professional and legal responsibilities, and business law, and the skills needed to apply that knowledge.
Check with the jurisdiction that the test will be administered in for the requirements needed to qualify for a CPA licensure.
