CPA Audit & Insurance : AA Exam Questions

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reporting on compliance
• Reports on attestation engagements
• Other reporting considerations
• Review service 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
• Licensing and disciplinary systems
• Responsibilities in tax practice

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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CPA AA Exam Syllabus Topics: