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
• Specific areas of engagement risk
• Planning an engagement
• Entity's internal control

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• Government-wide financial statements
• Specific types of transactions and events: calculation, measurement, presentation in a governmental entity, and valuation
• Comprehensive Annual Financial Report (CAFR)
• State and local government concepts

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
• Economic business cycles
• Financial risk management

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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FAQs and Guide

Introduction to Certified Public Accountant (CPA) Exam

Passing all four sections of the Uniform CPA Test is one of the first steps to being a licensed CPA. The CPA Exam is a computer-based examination conducted by the AICPA, consisting of four parts evaluating the minimum knowledge and skills needed by a CPA. The new version of the exam takes 16 hours in total.

While each state/jurisdiction has its particular criteria for obtaining a CPA license, they all require the CPA Exam to be passed by an applicant, and you have 18 months to complete all four sections of the CPA Exam (the clock starts ticking after you pass the first section), so be aware of scheduling and preparing.

The exam contains the following four main parts which are further described in details in the following section:

• Regulation (REG)
• Financial Accounting and Reporting (FAR)
• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)

See the CPA practice exams to get a know-how of how these sections are divided. The AUD section offers questions based on professional obligations, ethics, risk assessment in the production of plan responses, the performance of procedures and facts, and drawing conclusions and reporting of accounting information. The BEC chapter discusses topics related to corporate governance, economic concepts, and interpretation, financial management, IT, and operations management. The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. The REG section consists of topics that concentrate on ethics, federal tax practices, professional obligations, business law, federal property transaction taxation, federal individual taxation, and federal agency taxation.

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