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CPA Regulation Exam curriculum and CPA Regulation Details

CPA Regulation Exam curriculum

CPA Regulation Exam curriculum : Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfilment of the required CPE or have requested to be converted to inactive status are in many states permitted to use the designation “CPA Inactive” or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants and their state CPA society.

State laws vary widely regarding whether a non-CPA is even allowed to use the title accountant. To illustrate, Texas prohibits the use of the designations “accountant” and “auditor” by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners.

CPA Regulation Exam curriculum : CPA FUNCTION

The primary functions performed by CPAs relate to assurance services. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed by corporations—termed “the private sector”—in finance functions such as Chief Financial Officer (CFO) or finance manager, or as CEOs subject to their full business knowledge and practice. These CPAs do not provide services directly to the public.

Although some CPA firms serve as business consultants, the consulting role has been under scrutiny following the Enron scandal where Arthur Andersen simultaneously provided audit and consulting services which affected their ability to maintain independence in their audit duties. This incident resulted in many accounting firms divesting in their consulting divisions, but this trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. However, most individual CPAs who work as consultants do not also work as auditors.

CPAs also have a niche within the income tax return preparation industry. Many small to mid-sized firms have both a tax and an auditing department. Along with attorneys and enrolled agents, CPAs may represent taxpayers in matters before the Internal Revenue Service.

CPA Regulation Exam curriculum

Whether providing services directly to the public or employed by corporations or associations, CPAs can operate in virtually any area of finance including:

  • Assurance and attestation services
  • Corporate finance (merger and acquisition, initial public offerings, share and debt issuings)
  • Corporate governance
  • Estate planning
  • Financial accounting
  • Governmental accounting
  • Financial analysis
  • Financial planning
  • Forensic accounting (preventing, detecting, and investigating financial frauds)
  • Income tax
  • Information technology, especially as applied to accounting and auditing
  • Management consulting and performance management
  • Tax preparation and planning
  • Venture Capital
  • Financial reporting
  • Regulatory reporting

And Bout the Regulation format and other details you can get here.

CPA Regulation Exam format: 

The REG Exam is 4 hours in length, however the competitor is not required to utilize all the dispensed time, and comprises of 76 Multiple Choice Questions (MCQs) and 8 Task-Based Simulations (TBSs).

Of the 76 MCQs, 64 are operational, which means they check toward the exam score, while 12 are pretested and don’t number toward the exam score. Of the 8 TBSs, 7 are operational and 1 pretested. Other than scoring, there is no practical contrast amongst operational and pretested questions and no beyond any doubt path for the possibility to differentiate between an operational and pretested address.

The REG Exam is sorted out into five testlets – two 33-address MCQ testlets taken after by a 2-address TBS testlet, then a discretionary 15-minute break that does not represent a mark against the 4-hour test time, then two extra TBS testlets of three inquiries each.The competitor continues at his or her own pace through the testlets. Once a testlet has been submitted, it can’t be returned to.

CPA Regulation Exam format: REG EXAM CONTENT

60-80% Federal Taxation

  • Federal taxation of individuals
  • Federal taxation of entities
  • Federal taxation of property transactions

10-20% Business Law

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

15-19% Ethics, Professional Responsibilities, and Federal Tax Procedures

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

CPA Regulation Exam format

REG EXAM SCORING

CPA candidates are given 4 hours to complete the REG Exam and are required to receive an overall scale score of 75 or more to get clear the exam.

CPA Regulation Exam format

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