Is a license issued by one of the 55 states or territories of US – which authorize holder to practice as a certified public accountant in that jurisdiction. It is designed by AICPA (American Institute of CPA’s) and NASBA (National Association of State Board of Accountancy, USA) to ensure only qualified individuals become CPA’s. The program which is similar to Chartered Accountancy program in India, is designed to ensure that only qualified individuals become CPA’s, equipping the individuals to have a thorough knowledge of Accounting principles of US.
Months of CPA Exams
Examination Time Duration and Format
|Section Name||Section Time||Section Format||Section Description|
Auditing & Attestation
|4 hours||3 MCQ testlets consisting of a total of 72 questions; 1 testlet with 7 TBSs||This section covers knowledge of auditing procedures, generally accepted auditing standards and other standards related to attest engagements, and the skills needed to apply that knowledge in those engagements.|
Business Environment and Concept
|3 hours||3 MCQ testlets consisting of a total of 72 questions; 1 testlet with 3 written communication tasks.||This section covers knowledge of general business environment and concepts that candidates need to know in order to understand the underlying business reason for, and accounting implications of, business transactions, and the skills needed to apply that knowledge.|
Financial Accounting and Reporting
|4 hours||3 MCQ testlets consisting of a total of 90 questions; 1 testlet with 7 TBSs||This section covers knowledge of generally accepted accounting principles for business enterprises, not for profit organizations, and governmental entities, and the skills needed to apply that knowledge.|
|3 hours||3 MCQ testlets consisting of a total of 72 questions; 1 testlet with 6 TBSs||This section covers knowledge of federal taxation, ethics, professional and legal responsibilities, and business law, and the skills needed to apply that knowledge.|
Besides Practice in U.S, CPA’s have much vogue in sectors such as financial services, banking, manufacturing and construction .The services provided by CPA’s in industry are:
Countries where CPA Exams are conducted:
Apart from the US, CPA exam is nowadays also conducted in countries like UAE, Bahrain, Kuwait and Lebanon. This has reduced the total cost of doing CPA by a significant amount for the Asian students.
Assurance and Attestation Services