CPA Handbook

CPA
Certified Public Accountant
Handbook
CPA
Certified Public Accountant
 What is a CPA
A CPA is a certified public accountant who is licensed by a state board of
accountancy. To earn the prestige associated with the CPA license, you are
required to demonstrate knowledge and competence by meeting high educational
standards, passing the CPA exam and completing a specific amount of general
accounting experience. The two most important aspects of becoming a CPA are
passing the Uniform CPA Exam and meeting licensing requirements in the state
where you want to practice.
 Becoming a CPA
3 E’s are required for licensure
Education
Exam
Experience
• Have a bachelor's degree or higher
• Requirements vary by state/jurisdiction
• Pass all 4 exams
• Eligibility to sit for exam depends on state
• Many states require the candidate to
have 1 – 2 years experience under a CPA
 Why get licensed?
The CPA license is a symbol to the public that an accountant has mastered the
vital elements of the profession.
A CPA license is a high standard recognized by employers and their clients,
governments and the public as an assurance of skill, dedication and quality. In
today’s business world, a CPA represents a trusted voice in business and financial
consulting and is a sought-after commodity among all walks of professional
organizations.
The AICPA does not license CPAs. The licensing authority and requirements for
CPAs falls under the jurisdiction of the Board of Accountancy for the state,
district, or country in which a CPA practices.
 Five popular reasons for earning a CPA
license
Prestige and Respect
Career Development
Career Security
Money and Benefits
Job Satisfaction and Variety
 Why and Who Should Apply for the CPA
The CPA examination is the most established and recognized professional
accounting designation. The benefits include:
Higher
Salary
Recognition
in an Elite
group
Increase
Confidence
The opportunities available to a CPA are positions in:
NGO
Public/Privat
Company
Government
CPA
Accounting
Firms
As a CPA, you could specialize in:
Accounting
Estate
Planning
Tax
Financial
Planning
IT
Management
CPA
Auditing
 Enrolment in CPA
 Pay Application and Examination Fees
Taking the examination involves two categories of required fees that are to be
paid either to your board of accountancy or to NASBA. The required sections are
as follows:
o Application Fee: This fee is established by and paid to your board of
accountancy or its designated agent.
o Examination Fee: The amount of this fee depends on the section of the
examination and is paid either to your board of accountancy, its designated
agent or to NASBA.
o Examination fees are established by boards of accountancy, NASBA, the
AICPA and Prometric.
o Note: You must pay additional fees for each examination section you plan to
take internationally upon registration, regardless of which board of
accountancy has declared you eligible for the examination.
• International Administration of the CPA
Exam
The CPA Examination application process is basically the same for U.S. and
international candidates. In order to qualify to take the CPA Examination outside
the U.S., candidates will have to establish their eligibility through a State Board
participating in the International CPA Examination Administration program.
Prospective candidates must select the participating U.S. jurisdiction to which
they will apply, contact the Board of Accountancy in that jurisdiction to obtain
application materials, submit completed applications and required fees asinstructed, and once deemed qualified, register for the examination. After
receiving the Notice to Schedule, you may then register to take the examination
in an international location through a participating state board.
 The CPA Curriculum
FAR: Financial Accounting and Reporting
REG: Regulations
AUD: Auditing and Attestation
BEC: Business Enviroment and Concepts
• Examination Length and Formats
*Passing score is 75 on a 0-99 scale for each exam.
 Join the CPA Courses Now at
Milestones
 Course Schedule: Once a week from 6:00 PM till 9:00 PM
 Course Location: Milestones Head Office, Antelias
 Course Duration: 30-32 weeks
 Exam Location: Amideast, Beirut, Down Town
 Testing Windows:
1. January 1 – February 28 (29)
2. April 1 – May 31
3. July 1 – August 31
4. October 1 – November 30
You can take any or all sections of the examination during any testing
window and in any order. However, you may not take the same section
more than once during any one testing window.
 Gleim CPA Materials
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Visit: www.milestones-mena.com or mail us on: [email protected]
Call us: 00961 4 402569/70 00961 70 124567
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