CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section :  The Uniform CPA Examination consists of four sections:

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

CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section : FAR CPA Exam Duration

Today, FAR is a 4 hour, 240 minute, or 14,400 second monstrosity that you will overcome. During this time, you are responsible for taking on 90 multiple choice questions and 7 task-based simulations with a weight of 60 percent and 40 percent, respectively. You will see topics in the following areas: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements; Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures; Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures; Governmental Accounting and Reporting; and Not-for-Profit (Non-governmental) Accounting and Reporting. Looking for a test day timeline? Well, look no further. Consider using the following timeline:

Testlet 1: 45 minutes

Break: 5 minutes

Testlet 2: 45 minutes

Break: 5 minutes

Testlet 3: 45 minutes

Break: 5 minutes

Task-Based Simulations: 90 minutes

The equates to 1 minute and 30 seconds per multiple choice question and 12 minutes and 51 seconds per task-based simulation. If you find you need more time on the multiple choice questions or prefer having fewer breaks, adjust away.

CPA Time Allocation For Each Section In Detail

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CPA Time Allocation For Each Section  : REG CPA Exam Duration

As of now, REG is a 3 hour, 180 minute, or 10,800 second monster that is comprised of 72 multiple choice questions and 6 task-based simulations. The multiple choice questions make up 60 percent of the weight of the section, whereas the task-based simulations make up the remaining 40 percent of the section. Specifically, REG covers your favorite topics on Ethics, Professional, and Legal Responsibilities; Business Law; Federal Tax Process, Procedures, Accounting, and Planning; Federal Taxation of Property Transactions; Federal Taxation of Individuals; and Federal Taxation of Entities. Who wants a REG test day timeline? Love your enthusiasm! Consider using the following timeline:

Testlet 1: 36 minutes

Break: 3 minutes

Testlet 2: 36 minutes

Break: 3 minutes

Testlet 3: 36 minutes

Break: 3 minutes

Task-Based Simulations: 63 minutes

The equates to 1 minute and 30 seconds per multiple choice question and 10.5 minutes per task-based simulation. If you find you need more time on the multiple choice questions or prefer having fewer breaks, consider changing the timeline to benefit you the most.

CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section  :  BEC CPA Exam Duration

Currently, BEC is a 3 hour, 180 minute, or 10,800 second behemoth that covers Corporate Governance, Economic Concepts and Analysis, Financial Management, Information Systems and Communication, Strategic Planning, and Operations Management. In this timeframe, you have the opportunity to take on 72 multiple choice questions and 3 written communication tasks that are weighted at 85 percent and 15 percent, respectively. Are you interested in a test day timeline for BEC? Awesome! Consider using the following timeline:

Testlet 1: 40 minutes

Break: 5 minutes

Testlet 2: 40 minutes

Break: 5 minutes

Testlet 3: 40 minutes

Break: 5 minutes

Written Communication Tasks: 45 minutes

The equates to 1 minute and 40 seconds per multiple choice question and 15 minutes per written communication task. If you find you need more time on the written communication tasks or prefer having fewer breaks, consider tweaking the timeline to suit your individual needs.

CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section  :  AUD CPA Exam Duration

The AUD Exam is 4 hours long, though the candidate is not required to use all the allotted time, and consists of 72 Multiple Choice Questions (MCQs) and 8 Task-Based Simulations (TBSs).

Of the 72 MCQs, 60 are operational, meaning they count toward the exam score, while 12 are pretested and do not count toward the exam score. Of the 8 TBSs, 7 are operational and 1 pretested. Other than scoring, there is no functional difference between operational and pretested questions and no sure way for the candidate to tell the difference between an operational and pretested question.

The AUD Exam is organized into five testlets – two 36-question MCQ testlets followed by a 2-question TBS testlet, then an optional 15-minute break that does not count against the 4-hour test time, then two additional TBS testlets of three questions each. Once a testlet has been submitted, it cannot be revisited.

CPA Time Allocation For Each Section In Detail

This section covers knowledge of audits of issuer and non issuer entities, attestation engagements for issuer and non issuer entities, preparation, compilation and review engagements, and the skills needed to apply that knowledge.

CPA Time Allocation For Each Section In Detail

CPA Time Allocation For Each Section :  The Auditing & Attestation (AUD) section of the CPA Exam covers the entire auditing process, including auditing procedures, generally accepted auditing standards, standards related to attest engagements and the AICPA Code of Professional Conduct. It’s important to remember that the AUD exam tests on how well a CPA candidate applies their audit and attestation knowledge when solving problems and performing specific Blueprint tasks, not how well they are able to memorize auditing concepts.

CPA  Auditing and Attestation (AUD) For 2017 Exam : 

15-25% Ethics, Professional Responsibilities and General Principles

  • Nature and Scope of Audit and Non-Audit Engagements
  • Ethics, Independence and Professional Conduct
  • Terms of Engagement for Audit and Non-Audit Engagements
  • Requirements for Engagements Documentation
  • Communication with Management and Those Charged with Governance
  • Communication with Component Auditors and Parties Other Than Management and Those Charge with Governance
  •  A Firm’s System of Quality Control, Including Quality Control at the Engagement Level

20-30% Assessing Risk and Developing a Planned Process

  • Planning an Engagement
  • Understanding an Entity and Its Environment
  • Understanding an Entity’s Internal Control
  • Assessing Risks Due to Fraud
  • Identifying and Assessing the Risk of Material Misstatement and Planning Further Procedures Responsive to Identified Risks
  • Materiality
  • Planning for and using the Work of Others, Including Group Audits, the Internal Audit Function and the Work of a Specialist
  • Specific Areas of Audit Risk

30-40% Performing Further Procedures and Obtaining Evidence

  • Understanding Sufficient Appropriate Audit Evidence
  • Sampling Techniques
  • Performing Specific Procedures to Obtain Evidence
  • Specific Matters that Require Individual Attention
  • Misstatements and Internal Control Deficiencies
  • Written Representations
  • Subsequent Events and Subsequently Discovered Facts

15-25% Forming Conclusions and Reporting

  • Reports On Auditing Engagements
  • Reports On Attestation Engagements
  • Accounting and Review Service Engagements
  • Reporting On Compliance
  • Other Reporting Considerations

70-76% Auditing Engagements and Standards

  • Engagement Acceptance and Understanding
  • Understanding the Entity, its Context, and its Internal Control
  • Audit Procedures and Evidence Evaluation
  • Audit Reports and Opinions

16-20% Professional Responsibilities

  • Ethics
  • Independence

12-16% Accounting & Review Services

  • Engagement Planning
  • Evidence
  • Reports

CPA Time Allocation For Each Section In Detail

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This section covers knowledge of general business environment and business concepts that candidates need to know in order to perform audit, attest, accounting and review services, financial reporting, tax preparation, and other professional responsibilities in their role as certified public accountants, and the skills needed to apply that knowledge.

CPA Time Allocation For Each Section : The Business Environment and Concepts (BEC) section of the CPA Exam tests CPA candidates’ understanding of business concepts and the significance of a CPA’s professional duties and responsibilities within the larger context of the business environment. Areas covered on the BEC Exam are corporate governance, economic concepts and analysis, financial management, information systems and communications, strategic planning and operations management. One unique aspect of the BEC exam is that it requires the candidate to prepare and submit three Written Communication responses.

Many CPA candidates consider BEC to be the easiest section of the CPA Exam. However, BEC pass rates have historically been only slightly higher than those for other sections, and the exam still requires a serious study effort.

CPA Business Environment and Concepts  : BEC EXAM CONTENT

17-27% Corporate Governance

  • Internal control and enterprise risk management frameworks
  • Other regulatory frameworks and provisions

17-27% Economic Concepts and Analysis

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

11-21% Financial Management

  • Capital structure
  • Working capital
  • Financial valuation methods and decision models

15-25% Information Technology (IT)

  • IT governance
  • Role of IT in business
  • Information security/availability
  • Processing integrity (input/processing/output controls)
  • Systems development and maintenance

15-25% Operations Management

  • Cost measurement concepts, methods and techniques
  • Variance analysis
  • Process management
  • Planning techniques

CPA Time Allocation For Each Section In Detail

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