Certified Public Accountant (CPA)
is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA.n most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where,
although the "CPA" designation is restricted, the practice of auditing is not..
Many states prohibit the use of the designations "Certified Public Accountant" or "Public Accountant" (or the abbreviations "CPA" or "PA") by a person who is not certified as a CPA or PA in that state Texas additionally prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA in another state, a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners
CPA exam
In order to become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA)
Typically the requirement is a U.S. bachelors degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional 1 year study. This requirement for 5 years study is known as the "150 hour rule" and has been adopted by the majority of state boards, although there are still some exceptions (e.g.California). This requirement mandating 150 hours of study has been adopted by 45 states. Work experience under the supervision of a practising accountant is not generally required.,Although the CPA exam is uniform, licensing and certification requirements are imposed separately by each state's laws and therefore vary from state to state.
The Colorado State Board of Accountancy allows Chartered Certified Accountants (ACCA), together with Chartered Accountants from eligible jurisdictions (Australia, South Africa, Canada, Ireland, New Zealand) automatic eligibility to sit for the Uniform CPA Exam as a Colorado candidate. As of December 9, 2009, ACCA members are not automatically eligible to sit for the Uniform CPA Exam.
State requirements for the CPA qualification can be summed up as the Three Es—Education, Examination and Experience. The Education requirement normally must be fulfilled as part of the eligibility criteria to sit for the Uniform CPA and the Examination component is the Uniform CPA itself. Some states have a two tier system whereby an individual would first become certified as a CPA—usually by passing the CPA exam. That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met.
The experience component varies from state to state:
Over 40 of the state boards now require applicants for CPA status to complete a special examination on ethics, which is effectively a fifth exam in terms of requirements to become a CPA .
1) Financial Accounting.
2) Introduction to Law.
3) Entrepreneurship and Communication.
SECTION TWO:
4) Economics.
5) Cost Accounting.
6) Auditing and Assurance.
7) Management Information Systems.
8) Financial Management.
9) Financial Reporting.
SECTION FOUR.
10) Taxation.
11) Company Law.
12) Quantitative Analysis
PART THREE.
SECTION FIVE.
13) Principles and Practice of Management.
14) Management Accounting.
15) Advanced Financial Management.
SECTION SIX.
16) Advanced Taxation.
17) Advanced Auditing and Assurance.
18) Advanced Financial Reporting.
is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA.n most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where,
although the "CPA" designation is restricted, the practice of auditing is not..
Many states prohibit the use of the designations "Certified Public Accountant" or "Public Accountant" (or the abbreviations "CPA" or "PA") by a person who is not certified as a CPA or PA in that state Texas additionally prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA in another state, a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners
CPA exam
In order to become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA)
Typically the requirement is a U.S. bachelors degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional 1 year study. This requirement for 5 years study is known as the "150 hour rule" and has been adopted by the majority of state boards, although there are still some exceptions (e.g.California). This requirement mandating 150 hours of study has been adopted by 45 states. Work experience under the supervision of a practising accountant is not generally required.,Although the CPA exam is uniform, licensing and certification requirements are imposed separately by each state's laws and therefore vary from state to state.
The Colorado State Board of Accountancy allows Chartered Certified Accountants (ACCA), together with Chartered Accountants from eligible jurisdictions (Australia, South Africa, Canada, Ireland, New Zealand) automatic eligibility to sit for the Uniform CPA Exam as a Colorado candidate. As of December 9, 2009, ACCA members are not automatically eligible to sit for the Uniform CPA Exam.
State requirements for the CPA qualification can be summed up as the Three Es—Education, Examination and Experience. The Education requirement normally must be fulfilled as part of the eligibility criteria to sit for the Uniform CPA and the Examination component is the Uniform CPA itself. Some states have a two tier system whereby an individual would first become certified as a CPA—usually by passing the CPA exam. That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met.
The experience component varies from state to state:
- The two-tier states generally do not require work experience for a CPA certificate (it is required for a license to practice).
- Some states, such as Colorado and Massachusetts, will waive the work experience requirement for those with a higher academic qualification compared to the state's requirement to appear for the Uniform CPA
- The majority of states still require work experience to be of a public accounting nature. However an increasing number of states, including Oregon, Virginia, Georgia and Kentucky will accept experience of a more general nature in the accounting area. This allows persons to obtain the CPA designation while working for a corporation's finance function.
- The majority of states require work experience to be verified by a licensed CPA. This can cause difficulties for applicants based outside the United States. However, some states such as Colorado and Oregon will accept work experience certified by a Chartered Accountant as well
Over 40 of the state boards now require applicants for CPA status to complete a special examination on ethics, which is effectively a fifth exam in terms of requirements to become a CPA .
Continuing Professional Education (CPE)
CPAs are required to take continuing education courses in order to renew their license. Requirements vary by state but the vast majority require 120 hours of CPE every 3 years with a minimum of 20 hours per calendar year. The requirement can be fulfilled through attending live seminars, webcast seminars, or through self-study (textbooks, videos, online courses, all of which require a test to receive credit). As part of the CPE requirement, most states require their CPAs to take an ethics course during every renewal period. Again, ethics requirements vary by state but the courses range from 2–8 hours.Certified Public Accountants outside the U.S.
The designation Certified Public Accountant (CPA) also exists as an accounting designation in many countries ouside the United States. Education, experience and examination requirements vary. These countries include:- China: Chinese Institute of Certified Public Accountants
- Cyprus: Institute of Certified Public Accountants in Cyprus
- Hong Kong: Hong Kong Institute of Certified Public Accountants
- Israel: Institute of Certified Public Accountants in Israel
- Indonesia: The Indonesian Institute of Certified Public Accountants
- Japan: The Japanese Institute of Certified Public Accountants
- Kenya: Institute of Certified Public Accountants of Kenya
- Korea: The Korean Institute of Certified Public Accountants
- Malaysia: The Malaysian Institute of Certified Public Accountants
- Malta: The Ministry of Finance grants the Malta CPA title to B.Accty (Hons) graduates from the University of Malta or ACCA/ICAEW qualified accountants who have sat for the Maltese Variant with at least 3 years experience
- Mexico: The Mexican Association of Public Accountants, The Mexican Institute of Certified Public Accountants
- Pakistan: Institute of Certified Public Accountants of Pakistan
- Philippines: Philippine Institute of Certified Public Accountants
- Republic of Ireland: Institute of Certified Public Accountants in Ireland
- Singapore: Institute of Certified Public Accountants of Singapore
- Turkey: TURMOB
- United Kingdom: Association of Certified Public Accountants
- Venezuela:
PART ONE.
SECTION ONE: 1) Financial Accounting.
2) Introduction to Law.
3) Entrepreneurship and Communication.
SECTION TWO:
4) Economics.
5) Cost Accounting.
6) Auditing and Assurance.
PART TWO.
SECTION THREE. 7) Management Information Systems.
8) Financial Management.
9) Financial Reporting.
SECTION FOUR.
10) Taxation.
11) Company Law.
12) Quantitative Analysis
PART THREE.
SECTION FIVE.
13) Principles and Practice of Management.
14) Management Accounting.
15) Advanced Financial Management.
SECTION SIX.
16) Advanced Taxation.
17) Advanced Auditing and Assurance.
18) Advanced Financial Reporting.
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