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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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
• ERM (Enterprise Risk Management) frameworks
• Internal control frameworks

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Financial valuation methods
• Working capital
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

For more info read reference:

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Exam Contents

Exam process

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What is the duration, language, and format of the Certified Public Accountant (CPA) Exam

• Duration of Exam: 16 hours of total
• Passing score: 75 for each section
• Language of Exam: English
• Format: Multiple choice, Task-based, communication tasks

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