Preparing for the CPA Exam November 18, 2020 Slides available on the Accounting Department Homepage Margaret Duncombe, 2020 PwC Core Assurance Boston Nick Stasium, 2020 PwC Tax Practice Boston Olivia Zdrojewski, 2020 Deloitte Audit Boston Professor Dianne Feldman - Accounting Department Professor Liz Quinn – Accounting Department
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PreparingfortheCPAExamNovember18,2020
SlidesavailableontheAccountingDepartmentHomepage
Margaret Duncombe, 2020 PwC Core Assurance BostonNick Stasium, 2020 PwC Tax Practice BostonOlivia Zdrojewski, 2020 Deloitte Audit BostonProfessor Dianne Feldman - Accounting DepartmentProfessor Liz Quinn – Accounting Department
o TheCPAlicenseisissuedatthejurisdictionlevel.TobecomeaCPA,youmustbedeclaredeligiblefortheexamination,andsubsequentlylicensed,bytheBoardofAccountancyinoneofthe55U.S.jurisdictions.
o TheConstitutionoftheU.S.grantseachstateorterritorythepowertoregulatethepracticeoftheprofessionswithinthatjurisdiction’sborders.Eachjurisdictionsetsitsownrequirementsforeducation,examinationandexperience.
o TheNationalAssociationofStateBoardsofAccountancy(NASBA):The55U.S.andterritorialBoardsofAccountancyarethemembersofNASBA.NASBAexiststoserveitsmembers.NASBAtakesontheroleofacentralclearinghousewherealljurisdictionssubmitinformationoneligiblecandidatesandfromwhichalljurisdictionsreceiveadvisoryscoresandotherexaminationdata.Youmayaccessthesitehere:NASBA.
o CPACentral:Youmayrequest,completeandsubmitanapplicationonlineinmoststatesat:CPACentral.
o Prometric:Prometricisthegloballeaderintechnology-enabledtestingandassessmentservicesforinformationtechnologycertification,academicadmissionsandprofessionallicensureandcertifications suchastheUniformCPAexam.Prometricoperatestestcentersaroundtheworld.
o Youcantakethe4differentpartsinanyorder.o 75isthepassinggrade.o ThecomputerizedCPAexamisadaptive,i.e.,thelevelofdifficultychangesaccordingtoyourperformance.
o YoumayscheduleyourexaminationatanyPrometricsiteinanyofthejurisdictions.Youdonothavetositinthesamestatewhereyouappliedtobelicensed.
o Testingwindowshavebeeneliminatedinmoststates,theexaminnowadministeredonacontinuousbasis(notcontinuousyet:CT,MI&SC*).
o Onceyoupassonepartoftheexam,youhave18monthstocompletetheremainingparts.Otherwise,youwillneedtoretakethepart(s)thatyoupassedthatis(are)over18monthsold.
o Ifyoudonotpassasection,younolongerhavetowaittoreschedule,youmaydosoassoonasyourofficialscoreisreleased.
o Candidateswillreceiveatleastoneresearchquestion(research-orientedTBS)intheAUD,FARandREGsectionsthatrequirethecandidatetosearchtheapplicableauthoritativeliteratureandfindanappropriatereference.
o Pretestitemsareusedtodevelopfutureexaminations.Theyarenotusedincomputingexaminationscores.Anysectionmayincludepretestitems.
o Sendapplicationformstostateyouintendtopractice(applyon-lineforyourstateatwww.nasba.org ordirectlytoyourBoardofAccountancy).Note:NameonapplicationmustmatchthenameonyourID.
n Thecostofeachexamis$200+(variesbystatee.g.$209inMaine,$225inMass.)Note:Youlosetheexamfeeifyoudonottaketheexamappliedfor,sobecarefulhowmanyexamsectionsyouregisterfor.
o OnceNTSreceived,scheduleexam(s)withPrometrics.com–exam(s)canbetakenanywhereintheU.S.Schedule45daysinadvancerecommended,butnolaterthan5daysinadvance.YoumusttakebeforeyourNTSexpires(inmoststates6months).
o Complete36generalbusiness(non-Accounting)credithoursingeneralbusinesselectivesinanycombinationofthefollowingareas:businessstatistics;businesslaw;computerscience;economics;finance;management;marketing;operationsmanagement;organizationalbehavior;businessstrategy;quantitativemethods;andinformationtechnologyandsystems.
o Thecurriculummustalsoincludecoverageofbusiness/accountingcommunication(BCOM6688)andethics&professionalism(satisfiedbyACCT3309or6634).