Cpa

Certified Public Accountant (CPA)

A CPA is an accounting professional who has met specific education and experience requirements, passed the CPA exam, and maintains ongoing professional standards. This designation is highly regarded in the accounting field and signifies a commitment to integrity and excellence in financial practices.

III

ACCURACY68%

Courses in this track

FAR

Financial Accounting and Reporting (FAR)

The FAR CPA Exam is a crucial part of the CPA certification process, focusing on the knowledge of accounting and reporting frameworks essential for business, government, and not-for-profit entities. It covers areas such as GAAP, FASB, SEC, AICPA, and GASB standards, assessing proficiency in financial statement preparation, analysis, and transaction reporting. The exam format includes multiple-choice questions and task-based simulations, with a total of 50 MCQs and 7 TBSs, spanning five testlets.

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AUD

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the CPA Exam evaluates a candidate's understanding of the entire audit process, from engagement acceptance and risk assessment to forming conclusions and issuing audit reports. It covers key areas such as ethics and independence under the AICPA Code of Professional Conduct, evaluating internal controls, identifying risks of material misstatement, gathering sufficient and appropriate audit evidence through substantive procedures and tests of controls, and reporting under both GAAS (for private companies) and PCAOB standards (for public companies). The section also includes attestation engagements, reviews, and compilations governed by SSAE and SSARS standards, making it one of the most comprehensive sections of the CPA Exam.

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REG

Taxation and Regulation (REG)

The Regulation (REG) section of the CPA Exam tests a candidate's knowledge of federal taxation, business law, and ethics as they apply to individuals, businesses, and property transactions. It covers key areas such as individual income tax (Form 1040), business entity taxation including partnerships, S corporations, C corporations, and sole proprietorships, as well as property transactions like capital gains, depreciation recapture, and like-kind exchanges. The section also includes federal tax procedures, penalties, and taxpayer rights, along with business law topics such as contracts, agency, bankruptcy, and secured transactions under the Uniform Commercial Code (UCC). A solid understanding of both tax planning strategies and legal frameworks is essential, making REG one of the most detail-heavy and rule-intensive sections of the CPA Exam.

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