1031922
Description
Mind Map by Brad Hegarty, updated more than 1 year ago
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Created by Brad Hegarty
almost 10 years ago
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CPA Exam Format
- Auditing
- Auditing encompasses the entire audit process, other
services including compilations, reviews and attestation
engagements, and the AICPA Code of Professional
Conduct. If you took your auditing class during your final
semester and/or you'll be working in the audit practice of a
public accounting firm, Auditing might be a great place to
start. On the other hand, you may find it beneficial to take
the Auditing exam after Financial since a strong
understanding of U.S. GAAP and IFRS will help you
answer many of the questions in this section.
- Auditing encompasses the entire audit process, other
services including compilations, reviews and attestation
engagements, and the AICPA Code of Professional
Conduct. If you took your auditing class during your final
semester and/or you'll be working in the audit practice of a
public accounting firm, Auditing might be a great place to
start. On the other hand, you may find it beneficial to take
the Auditing exam after Financial since a strong
understanding of U.S. GAAP and IFRS will help you
answer many of the questions in this section.
- Business
- Business can be a challenging test because of the breadth of
the material, including operations and strategic management,
economics, financial management and information
technology. Many students find it helpful to take the
Business exam after Financial and Audit because issues
related to auditing (e.g. internal controls) and financial
accounting (e.g. IFRS, working capital, and debt/equity
financing) may be tested as part of the corporate
governance, economics and financial management sections.
A significant component of the BEC exam is the 3 written
communication tasks; 15% of your score will be based on
your ability to effectively communicate in writing. If you are
a capable writer, this may prove a great advantage in
succeeding on this part of the exam.
- Business can be a challenging test because of the breadth of
the material, including operations and strategic management,
economics, financial management and information
technology. Many students find it helpful to take the
Business exam after Financial and Audit because issues
related to auditing (e.g. internal controls) and financial
accounting (e.g. IFRS, working capital, and debt/equity
financing) may be tested as part of the corporate
governance, economics and financial management sections.
A significant component of the BEC exam is the 3 written
communication tasks; 15% of your score will be based on
your ability to effectively communicate in writing. If you are
a capable writer, this may prove a great advantage in
succeeding on this part of the exam.
- Regulation
- Regulation is the combination of federal taxation and
business law, including ethics and professional
responsibilities. Students who are familiar with tax,
whether personal, partnership or corporate, should be
comfortable with the Regulation materials. The areas
covered within the business law portions are straight out
of most university business law core classes. And, since
the Regulation tests U.S. tax law and business law, it is
effectively immune to IFRS. If you will or are working in a
tax practice, Regulation might be a place to start to gain
confidence.
- Regulation is the combination of federal taxation and
business law, including ethics and professional
responsibilities. Students who are familiar with tax,
whether personal, partnership or corporate, should be
comfortable with the Regulation materials. The areas
covered within the business law portions are straight out
of most university business law core classes. And, since
the Regulation tests U.S. tax law and business law, it is
effectively immune to IFRS. If you will or are working in a
tax practice, Regulation might be a place to start to gain
confidence.
- Financial
- Financial encompasses the largest volume of information, which can make it challenging. However,
most students take several classes relevant to this section of the exam during their degree program,
so it is also likely to be relatively fresh. Candidates should expect some questions focused on key
differences between financial statements prepared on a U.S. GAAP basis versus those prepared on
an IFRS basis. In addition, if you had the opportunity to take a course in governmental and/or
non-for-profit accounting, that will be an advantage in taking this section.
- Financial encompasses the largest volume of information, which can make it challenging. However,
most students take several classes relevant to this section of the exam during their degree program,
so it is also likely to be relatively fresh. Candidates should expect some questions focused on key
differences between financial statements prepared on a U.S. GAAP basis versus those prepared on
an IFRS basis. In addition, if you had the opportunity to take a course in governmental and/or
non-for-profit accounting, that will be an advantage in taking this section.
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