Understanding the need for SOC 1 reports for outsourced IT functions GAAPĭerivatives and hedge accounting (e.g., swaps, options, forwards)īEC CPA Exam Changes Effective July 1, 2021: New Content Added to BECīusiness processes and flows of transactions including enabling technology, identifying opportunities to improve efficiency, identifying and designing transaction-level controls, use of SOC 1 reports from service providers, identifying risks and control gaps, and using data and business intelligence in the context of an entity’s significant business processes Going concern requirements Compensated absences other than vacation accruals Retirement benefits (eg, calculation of pension cost and funded status)** Differences between IFRS and U.S. Reporting on compliance with regulatory or contractual agreementsįAR CPA Exam Changes Effective July 1, 2021: Content removed from FAR Written representations that should be obtained from management or those charged with governance
Preconditions for accepting or continuing an engagementĪn entity’s ability to continue as a going concern Using automated tools and techniques related to recalculationĪnalyzing the results of an ADA procedure and understanding the significance of notable or unusual items (no Excel skills necessary)Ĭommunications with management and those charged with governance regarding all matters other than the timing of an engagement and internal control related matters Communication with component auditors (in a group audit) and parties other than management and those charged with governance (eg, communications required by law) Auditing opening balances Auditing investments in derivative instruments Reporting on the audit of a single financial statement Letters for underwriters (ie, comfort letters) and filings with the SEC Alerts that restrict the use of written communication (ie, due to the possibility of being misunderstood by other parties) Using automated tools and ADAs in audit sampling Use of audit data analytic (ADA) techniques to identify transactions that may have a higher risk of material misstatementĭetermining the sources of sufficient appropriate evidence and identifying procedures to validate the completeness and accuracy of data Internal control walkthroughs and documenting the flow of transactions (i.e., flowcharts, process diagrams, etc.) to include significant business processes and how they relate to the financial statements
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Obtaining an understanding of the IT systems that are used for financial reportingĮffect of key controls (ie, manual controls, IT general controls, application controls) on the completeness and reliability of data What are the 2021 CPA Exam Changes? AUD CPA Exam Changes Effective July 1, 2021: New Content Added to AUDĬonsideration of technology’s impact on an entity and its environment These changes specifically add, remove and alter content and scope of content available for testing. Recently, the AICPA released a new set of Blueprints, which will take effect on July 1, 2021, and include changes to all four sections. These Blueprints can be used as the base to your studies, and you can build off it with an exam review course.Įach CPA Exam section has its own section on the Blueprints detailing the minimum level of knowledge and skills you’ll need to pass the CPA exam. The Blueprints also include scoring weights assigned to each content area.
develop a detailed engagement plan) for each content topic (e.g.
General accounting, audit, and tax related questions may find more help is in the /r/Accounting subreddit.CPA Exam Changes What are the CPA Exam Blueprints?Įvery year, and sometimes twice per year, the AICPA updates and publishes the CPA Exam Blueprints, a document explaining what is tested on the CPA Exam, as well as the skills (e.g. Also, posts soliciting pirated study material will result in a ban. Posts trying to sell study material will be removed. This is not a study material marketplace. The AICPA has a published breakdown of topics by section and percentages of each exam. What do I do / What should I study!īefore you post, let me search that for you (sort=Recent):ĭo not disclose exam content and do no ask “What was on your exam?”, if you do your post will be removed and you may be permanently removed from this subreddit. Help! I have _ exam coming up in "short time frame". Passed 4/4 on First Try - Some insights I'd like to share - by u/informal detail WikipediaĬPA - We have either been through it, or are currently going through the study and CPA licensing process.ĪUD, REG, BEC Study Guides - SUPER HELPFUL Certified Public Accountant or CPA is the title of qualified accountants in numerous countries in the English-speaking world.
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