(1)The Certified Public Accountant (CPA) is a professional license granted by a U.S. state, U.S. territory, or the District of Columbia. The license enables those individuals to practice in accounting and bookkeeping in the public sector.
(2)Individuals who become Certified Public Accountants must meet certain educational, work experience, and examination requirements imposed by the jurisdiction in which they desire to become licensed. Generally, the requirements include a bachelors degree, specified accounting coursework and credits, a period of one year of public accounting experience and the completion of the Uniform CPA Examination.
(3)The CPA Exam is composed of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). The exam is administered via computer and is offered in test centers located throughout the United States and its territories.
(4)The CPA exam is scored on a scale of 0 to 99, with the minimum score for passing being 75, depending on the jurisdiction. A CPA license is generally valid for a period of one year and must be renewed each year.
1. Introduction to the Certified Public Accountant (CPA):
Certified Public Accountant (CPA) is a professional qualification in accounting and financial management, as authorized by governments across the world. CPA qualification is the highest professional accounting distinction and is recognized globally. In the United States, it is granted by the American Institute of Certified Public Accountants (AICPA).
2. Objective of the CPA designation:
The main purpose of the CPA designation is to certify the technical competence and professional skills of accounting and financial professionals. Once qualified, professionals may audit financial statements, provide guidance on business developments, and advice on effective accounting processes. The CPA provides assurance and transparency when it comes to financial matters.
3. Evaluation process and criteria:
To become a CPA, candidates must go through a comprehensive evaluation process that assesses their aptitude and knowledge. Candidates must pass the Uniform CPA Exam and have at least 150 semester credit hours of college education, including a minimum of a bachelors degree and a specified and approved set of accounting courses. They also need to acquire at least two years of core accounting experience and pass the AICPA Professional Ethics Exam.
4. Benefits of becoming a CPA:
Having the CPA qualification provides several benefits to the holders. These include the ability to provide independent financial advice, engage in public practice and provide assurance services. Additionally, it increases marketability and value to businesses seeking qualified financial professionals. CPAs are also rewarded with financial benefits and remuneration packages.
5. International recognition:
