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Preparing for the Revised CPA Exam

The views expressed by the presenters do not necessarily represent the views, positions, or opinions of the AICPA or the presenter’s respective organization. Preparing for the Revised CPA Exam. Program Objectives. This program is designed to help you:

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Preparing for the Revised CPA Exam

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  1. The views expressed by the presenters do not necessarily represent the views, positions, or opinions of the AICPA or the presenter’s respective organization Preparing for the Revised CPA Exam

  2. Program Objectives This program is designed to help you: • Understand the differences in preparing for a computer-based exam vs. paper-and-pencil delivery. • Take an in-depth look at the on-line research tool. • Understand the candidate experience from appointment scheduling to exam day to receipt of results. • Identify tools to support your preparation efforts.

  3. Arleen Thomas, CPA Vice President – Professional Standards and Services AICPA -------- Tro Konialian Manager, Channel Operations Thomson Prometric Gregory Johnson, CPA Director of the CPA Examination AICPA -------- John F. Hudson, CPA Moderator & President, Hudson Consulting Group, LLC Today’s Speakers

  4. The Differences Between Computer-Based and Paper & Pencil Exams Arleen Thomas, CPA Vice President American Institute of CPAs

  5. Getting Ready • Overview • Exam differences • In-depth look at the on-line research • Practical tips for the simulation • Time management techniques

  6. The Examination • Four exam sections • Auditing & Attestation (4.5 hours) • Financial Accounting & Reporting (4 hours) • Regulation (3 hours) • Business Environment & Concepts (2.5 hours) • 14 hour total length • Take sections individually • Granting of credit

  7. Transitioning

  8. Granting of Credit • Credit for passed section(s) retained for 18 months • No minimum score requirement for failed sections

  9. Paper-Pencil Based Auditing 100% Financial Accounting & Reporting Business Enterprises 100% Accounting & Reporting Taxation 60% Gov/NPO 30% Managerial Acct 10% LPR Business Structures 20% Other 80% Computer Based Audit & Attest 100% Financial Accounting & Reporting Business Enterprises 80% Governmental 10% Not-For-Profits 10% Regulation Taxation 60% Law & Professional Responsibilities 40% Business Environment Business Structures 20% Managerial Accounting 10% New Areas 70% Exam Content Differences

  10. Auditing & Attestation • Generally Accepted Auditing Standards • Standards for Attestation Engagements • Accounting and Review Services • Government Auditing Standards • Skills Needed to Apply That Knowledge

  11. Financial Accounting & Reporting • Generally Accepted Accounting Principles for: • business enterprises • not-for-profit organizations • government entities • Skills Needed to Apply That Knowledge

  12. Regulation • Federal Taxation • Ethics • Professional and Legal Responsibilities • Business Law • Skills Needed to Apply That Knowledge.

  13. Business Environment & Concepts • Business Structures • Economic Concepts • Financial Management • Information Technology • Planning and Measurement

  14. In Depth Look at On-Line Research • Structures of the research databases • Using the search tool

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  37. Practical Tips Cut and paste • Highlights the whole paragraph • Accurate scoring

  38. Practical Tips Searching for subsequent hits within a document • All hits are highlighted within a document • Finding subsequent hits requires scrolling

  39. Practical Tips • No Back Button • History button provides same functionality.

  40. Practical Tips • Words must be spelled correctly to get a hit.

  41. Written Communication • Response must be on topic • Address the concept not just state the concept • Clearly identifiable thesis statement • Develop main ideas • Develop support ideas • Watch fragments and run-on sentences • Watch missing final punctuation and commas • Watch spelling errors

  42. Time Management • Welcome • Directions • Testlet 1 (mcq) • Testlet 2 (mcq) • Testlet 3 (mcq) • Testlet 4 (simulation) • Testlet 5 (simulation) • Brief survey (BEC has 3 testlets)

  43. Time Management Understand your test taking skills then… Audit & Attest total minutes 270 Less: breaks (20) Remaining 250 Number of testlets 5 Average minutes per testlet 50

  44. Time Management Things to consider: • Use 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) • Allocate 45 minutes per simulation • Allocate 20 minutes for breaks • Leaves 25 minutes excluding breaks

  45. Time Management Understand your test taking skills then… FARE total minutes 240 Less: breaks 10* Remaining 230 Number of testlets 5 Ave minutes per testlet 46 *Caution: Hold break until after MCQs.

  46. Time Management Things to consider: • FARE includes calculations • Allocate 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) • Allocate 45 minutes per simulation • Allocate 10 minutes for break • Leaves 5 minutes

  47. Time Management Understand your test taking skills then… REG total minutes 180 Less: breaks ---- Remaining 180 Number of testlets 5 Ave minutes per testlet 36

  48. Time Management Things to consider: • Allocate 1.5 minute per multiple choice question as a benchmark (36 minutes per testlet) • Allocate 35 minutes per simulation • No break but watch your benchmark

  49. Time Management Understand your test taking skills then… BEC total minutes 150 Less: breaks --- Remaining 150 Number of testlets 3 Ave minutes per testlet 50

  50. Time Management Things to consider: • Allocate 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) • Leaves 15 minutes • Take first two testlets and then evaluate

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