Transcript Onscreen presentation template

Preparing for the Revised CPA Exam
Gregory Johnson, CPA
Program Objectives
This presentation is designed to help you:
• Understand the format and content of the
revised computer-based CPA examination.
• Understand the candidate experience.
• Identify tools to support your preparation
efforts.
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
The Examination
• Each section includes three testlets of
MCQs
– Testlets are groups of 24 – 30 MCQS
• Each section (except BEC) includes two
simulation
– Simulations are condensed case study type
problems
– BEC includes only MCQs
Exam Content Differences
Computer Based
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%
•
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%
Auditing & Attestation
• Generally Accepted Auditing
Standards
• Standards for Attestation
Engagements
• Accounting and Review Services
• Government Auditing Standards
• Skills Needed to Apply That
Knowledge
Financial Accounting & Reporting
• Generally Accepted Accounting
Principles for:
– business enterprises
– not-for-profit organizations
– government entities
• Skills Needed to Apply That
Knowledge
Regulation
• Federal Taxation
• Ethics
• Professional and Legal
Responsibilities
• Business Law
• Skills Needed to Apply That
Knowledge.
Business Environment & Concepts
•
•
•
•
•
Business Structures
Economic Concepts
Financial Management
Information Technology
Planning and Measurement
Granting of Credit
• Sections can be taken individually and in any order
• Credit for passed section(s) retained for 18 months
• No minimum score requirement for failed sections
Transitioning
Paper & Pencil
Auditing
CBT
Auditing & Attestation
Financial Accounting & Financial Accounting &
Reporting
Reporting
Accounting &
Reporting
Regulation
Business Law &
Professional
Responsibilities (LPR)
Business Environment
& Concepts
The Candidate Experience
Application Process
• Apply to a Board of Accountancy
• Receive your Notice to Schedule (NTS)
– Verify information for accuracy
– Confirms eligibility to sit for your exam
• Scheduling Parameters
– Testing Windows
– Schedule Early
– Testing Centers
Appointment Scheduling
• Schedule Your Examination Appointments
– Visit www.prometric.com/cpa
– Call the Candidate Services Contact Center at
1-800-580-9648
– Call Your Local Test Center
• Changes to Your Appointments
– Reschedule
– Cancel
What to Expect on Test Day
• Taking Your Exam
– Arrive Early
– What to Bring
• NTS
• 2 forms of Personal Identification
– What is Provided
• Small lockers for purses and wallets
• Scratch paper booklets & pencils
• Reference materials and calculator
– What not to Bring
• Large purses or briefcases
• Laptop computers
What to Expect on Test Day
• Break Procedures
– Between exam sections
– On Break status
• End of Exam
–
–
–
–
Sign out
Return scratch paper booklet
Receive End-of-Exam Report
Retrieve personal belongings
Preparing for the Physical Environment
• What does a test center look like?
–
–
–
–
Consistent configuration with varying layout
Procter’s desk with viewing window
15-19 seats in the test room
Continuous audio and video recording
• What differences should you expect?
– Noise
• Typing vs. pencil tapping
• Mouse clicks vs. shuffling paper
– Lighting
• State-of-the-Art monitors vs. paper/pencil glare
– Workstation/Testing Carrel
• Private, individual carrels vs. community desks
Taking a Look
Welcome To The Uniform CPA Examination
Photo
Please confirm that the following information is correct.
Name:_____________________________
Exam Section :______________________
If this information is incorrect
select the Quit Exam button
below and raise your hand so the
Test Center Administrator can
assist you.
If this information is correct
select the Continue button
below.
Taking a Look
You are about to begin the _______________________ section of the Uniform CPA
Exam. You will receive _______ testlets. Each of three testlets contains ______
multiple choice questions. You should answer every question. Each of ___ testlets
contains one case study, also known as a simulation. In the simulation testlets, a
pencil icon on a tab indicates that a response is required within that tab. You should
complete all tabs showing the pencil icon.
Some of the questions or simulation tabs you will receive are pretest items. These
items do not count toward your final grade. You will not know which items are scored
and which are pretest items.
You have ___ hours to complete the entire exam. You may work through each
testlet at your own pace. However, once you exit a testlet and indicate you are done
with that testlet, you cannot return.
You will have the option to take a break at the completion of every testlet, except for
the last testlet. Please note that if you decide to take a break, the clock will
keep running. Use break time wisely.
To begin the exam, select “Continue” below. The clock will start to run.
Taking a Look
Are you sure you want to leave this testlet?
You have not answered all questions in this
testlet.
Taking a Look
You have just indicated you are done with this testlet. You may review this
testlet, or continue the exam, or quit the exam completely.
If you choose to continue,
- you will have the option of taking a break unless you have completed the last
testlet in the
exam.
- you will not be able to return to this testlet.
- you will receive no credit for any unanswered questions.
Select the Continue button to leave this testlet and continue the exam.
If you quit the exam,
- you will not be able to return.
- you will receive no credit for any unanswered questions or testlets not taken.
Select the Quit Exam button to quit the exam completely and leave the test
center.
Select the Review button to return to the first question in this testlet.
Taking a Look
Are you sure you want to continue? If you continue,
you will not be able to return to or review this testlet.
Simulations
Simulations
Simulations
Simulations
Simulations
Simulations
Simulations
Simulations
Authoritative Literature
Authoritative Literature
Authoritative Literature
Authoritative Literature
Authoritative Literature
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
Preparation Tools Available
Review Course Providers
• Provide various information/advice to candidates
– Applying to take the exam
• Assist with preparation of applications
–
–
–
–
–
–
–
Test center policies
Which sections to emphasize
Types of preparation
Time management
When and where to study
How to study
Test taking strategies
Types of Preparation
• On-line
• Classroom
– Live instruction
– Audio Instruction
– Videotape instruction
• Self study
– Books and CD-ROM
• Email lessons/support
Changes To Courses
• Redesigned materials to be in line with exam Content
Specification Outlines;
• Integrated simulations and testlet approach into
courses;
• Simulations approximate those in the CPA exam; and
• Incorporated database training.
Which Sections to Take
• Encouraged to sit as soon as eligible and prepared
– Study commitment
• Some suggest the following order:
–
–
–
–
Audit & Attest
Financial Accounting & Reporting
Regulation
Business Environment & Concepts
• Schedule and study for two sections at a time; and
• Take two sections in each testing window
– Pass all sections in six months
What Candidates Are Saying
• They like the ability to take one section at a time;
• They are concerned about how to manage time on
the exam in the testlet format;
• They would like to receive scores faster; and
• They are not very concerned about computer delivery
of test, but not as comfortable with content.
Advice for Candidates
• Determine how much time you can commit to study;
• Be prepared to drop other activities;
• Schedule study during times you are more
productive;
• Choose study method in line with the way you learn
best;
• Do not be intimidated by simulations;
• Become familiar with exam tutorial and sample test;
• Contact your state board about requirements to sit for
the exam;
• Visit www.cpa-exam.org!!
Advice for Candidates
• Working professionals should closely look at
schedules;
• Make sure you become familiar with researching the
authoritative literature; and
• Apply early to schedule and begin study.
Preparing For The
Revised CPA Exam
Summary & Questions
Thank You
For Participating!