Additionally, both platforms let you create additional practice tests at any time. If this sounds interesting to you, we recommend trying their free trial to get a better sense of their platform. CPA Army is a clear and concise review company. They break up their services specifically by section of the CPA exam.
Each section of the exam has its own set of free questions and sample study guide pages to check out. With the variety on display with this prep course company, students looking for free content or paid content would have a tough time not liking Yaeger.
They also host a CPA podcast on their site that covers topics in accounting and current events. Finally, take a chance on their free trial and experience all that Yaeger has to offer firsthand. As the main test needed for a highly-sought after distinction in the field of accounting, it makes sense that the CPA exam would be quite difficult. How do you know where to start on your journey to pass the CPA exam? The CPA exam is broken down into 4 separate sections: 1.
You have 4 hours to complete each CPA exam section. As you can see, they most commonly include multiple choice questions and task-based simulations, though there are also written communication questions for some questions. There are a few key points to keep in mind when understanding how grading for the CPA exam works:. First, remember that each section of the CPA exam is divided into testlets. This structure allows each portion of the test to have an associated difficulty level: either medium or high.
These are known as pre-test questions and are included to help the test makers create new questions for future versions of the exam. Every person taking the CPA exam begins with 0 points.
Each correct answer will earn you points; but as we learned earlier, not all questions are created equal. A score of 75 points or higher is needed to pass the CPA exam.
Achieving this score proves that you have a level of knowledge that will uphold public safety in accounting services. An important question to ask yourself the first time you take the CPA exam is which section to tackle first. Instead of listening to people who tell you to take the hardest portion of the exam first or suggest particular study methods, consider your own strengths and weaknesses first.
These are going to be key determining factors in your decision. This is because you only have so much time to pass all 4 exam sections— so you should start strong to build momentum. In the past, the exam was offered 4 times in a year on specific dates, referred to as testing windows. There are a few things to keep in mind when dealing with your NTS:. You can take all 4 parts of the CPA exam at your own pace— so long as you pass all of them within 18 months of each other.
Keep this in mind when you plan to take your exams; otherwise you can waste a lot of time on retakes! While the general requirements for taking the CPA exam are pretty consistent in most of the country, each state does have its own rules and regulations. Be sure to find the specific requirements for your state before you start studying.
The good news is that there are several helpful resources, including these:. Wiley has a handy map on their site that allows you to select your state and provides you with the information that you need from there. Everyone learns differently— keep this in mind as you prepare to take your CPA exams.
Consider your own personality traits to determine how effective a certain kind of exam study guide will be for you. For example, consider your approach to organization.
Are you highly organized? Can you develop your own study schedule without any assistance? There are many courses available online from providers who specialize in knowing exactly how to pass the CPA Exam.
Now that you have information on the structure and general process for applying to take the CPA exam — as well as plenty of study resources at your disposal — the rest is up to you.
Remember to take on larger topics in chunks and keep a consistent schedule. This will help you ease into the overall process and feel more confident in sections that you may not be quite as solid with. We hope you enjoyed learning about the CPA Exam and various study tools currently available. This exam can be extremely difficult for some. Hopefully with this guide, we can be a helping hand to you in uncertain and difficult times. Kenneth W. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.
Updated: Nov. We believe everybody should be able to make online purchases with confidence. So how do we actually make money? While this may influence which products we review and write about, and where they show up on the site, it absolutely does not influence our recommendations or guidance, which are formed by hundreds of hours of research and analysis.
Communication with those charged with governance Management representations Professional responsibilities Audit documentation The effect of information technology on the audit Government auditing Quality control standards A Class question explanations CQ-1 Glossary Glossary-1 Index The purpose of an Audit The purpose of an audit is to provide financial statement users with an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
PA s s K e y The applicable financial reporting framework is the financial reporting framework that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.
Acceptable financial reporting frameworks include general purpose frameworks designed to meet the needs of a wide range of users e. GAAS does not make any reference to compliance frameworks because all financial reporting frameworks used in the United States are fair presentation frameworks. A fair presentation framework is a financial reporting framework that requires compliance with the requirements of the framework and: — acknowledges explicitly or implicitly that to achieve fair presentation of the financial statements, it may be necessary for management to provide disclosures beyond those specifically required by the framework; and — acknowledges explicitly that it may be necessary for management, in extremely rare circumstances, to depart from a requirement of the framework to achieve fair presentation of the financial statements.
Audit Function Adds "credibility" The auditor's report gives credibility to the financial statements. The auditors, as a group independent of management, have an objective view and can report on a company's activities without bias or conflict of interest.
Without a report from an independent auditor, a company's financial statements would be meaningless, because the public would have little faith in financial statements issued by the inherently biased company. Responsibilities The financial statements of an enterprise are prepared by the management of the enterprise, not by the independent auditor.
Further, the financial statements are the product and property of the enterprise; the independent auditor merely audits and expresses an opinion on them. Management Responsibilities An audit is conducted on the premise that management and, when appropriate, those charged with governance, are responsible for: a.
PA s s K e y The preparation and fair presentation of the financial statements requires: 1. Auditor Responsibilities The auditor is responsible for expressing an opinion on the financial statements based on the audit. The auditor is also responsible for having appropriate competence and capabilities to perform the audit, complying with relevant ethical requirements, maintaining professional skepticism, and exercising professional judgment throughout the planning and performance of the audit.
Reasonable Assurance Reasonable assurance is a high, but not absolute, level of assurance. In order to obtain reasonable assurance, the auditor must: a.
Inherent Limitations of an Audit The auditor is unable to obtain absolute assurance that the financial statements are free from material misstatement because of the following inherent limitations: a. The nature of Financial Reporting Some financial statement items are subject to an inherent level of variability because they involve judgment by management or because they involve subjective decisions or assessments or a degree of uncertainty e.
The nature of Audit procedures There are practical and legal limits on an auditor's ability to obtain audit evidence, including: 1 The possibility that management or others may not provide, intentionally or unintentionally, the complete information that is needed for the preparation and presentation of the financial statements or that is requested by the auditor. Timeliness of Financial Reporting and the Balance Between cost and Benefit There is an expectation by users of financial statements that the auditor will form an opinion on the financial statements within a reasonable period of time and will achieve a balance between benefit and cost, recognizing that it is impracticable to address all information that may exist.
Therefore, it is necessary for the auditor to: 1 plan the audit so that it is performed effectively; 2 direct efforts to areas most expected to contain risks of material misstatement; and 3 use testing and other means of examining populations for misstatement. Note that compliance with GAAS is mandatory on all audit engagements.
These clarified SASs were issued by the ASB in late and are effective for audits of financial statements for periods ending on or after December 15, The PCAOB establishes auditing and related professional practice standards to be used in the preparation and issuance of audit reports for issuers. Issuers consist of entities subject to the rules of the SEC primarily public companies.
No members of the Board can receive payments from a public accounting firm other than fixed continuing payments, such as retirement payments. Registered firms are subject to Board inspection, disciplinary proceedings, and sanctions. The PCAOB adopted, on an initial, interim basis, ASB standards, but continues to review each standard to evaluate whether it should be modified, repealed, replaced, or permanently adopted.
These Auditing Standards will be covered throughout the course. Be sure to visit the Becker website for possible updates to this area. Note that the ASB retains the authority to set performance and reporting standards for audits of financial statements of nonissuers. IsA d. The IFAC is a worldwide organization that establishes and promotes adherence to high-quality professional standards and works toward the international convergence of such standards.
ISAs issued by the IAASB do not override the local laws and regulations or national standards that govern the audits of historical financial statements in particular countries. Over countries are using or are in the process of adopting or incorporating the ISAs into their national auditing standards or are using the ISAs as a basis for preparing national auditing standards.
Each type of engagement has a different set of applicable professional standards, and the requirements, responsibilities, and limitations vary with the nature and scope of the engagement.
Below is an overview of standards for engagements other than audits that will be tested on the Auditing and Attestation section of the CPA exam. These standards apply to attest engagements, covered later in the course. Statements on Standards for Accounting and Review Services SSARS are issued by this Committee, and they are applicable to unaudited financial statements or unaudited financial information of a nonpublic entity.
SSARS are covered later in the course. Related Papers. Download PDF.
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