USA CPA(CERTIFIED PUBLIC ACCOUNTANT)

Training Programme

WHAT IS CPA?

• Certified Public Accountant• Highest accounting qualification in USA similar to CA

qualification in India• American Institute of Certified Public Accountants

(AICPA) conducts the examination

THE PROCESS

ROLES OF CPA

CPAs are doing very important roles, far beyond traditional accounting like:

• Forensic Accounting for FBI • Leading large corporations• Financial Planning/Accounting• Assurance & Attest services• Management Consulting & Performance Management• Financial Analysis• Information Technology as applied to accounting & auditing• Corporate Finance (M&A, IPO, Share & Debt Issuance, VC

Funding)• Tax Preparation & Planning• Corporate Governance• Income Tax

ROLES OF CPA

CPA’s are needed to

• design

• integrate &

• implement

IT Systems

WHY CPA?

CPAs have incredible opportunities available to them because

they are better equipped to handle demands of the market.• Globalization has led to huge complexities in the

corporate world• Professionals are needed with vast knowledge of both

Indian as well US accounting principles• US CPA has a global recognition than any Indian

accounting qualification like B. Com, M. Com, CA, CS, ICWA or MBA (Finance) therefore creates huge differentiation to a recruiter

• US CPA offers much better return on time and money invested

COMPARATIVE ANALYSIS

Course Course Duration

Course Cost

(Recognition)

Expected Salary

(p.a.) Rs.

CA 4 Years 3 lacs India 5 – 6 lacs

CS 4 Years 3 lacs India 4 –5 lacs

ICWA 4 Years 3 lacs India 2 – 3 lacs

MBA (Finance)

2 Years 3 – 5 lacs India 3 – 5 lacs

MCOM 2 Years 2 – 3 lacs India 1 – 1.50 lacs

CPA 6 months 2.5 lacs Global 7 – 12 lacs

** CPA can be undertaken by BCOM Graduates after passing the US Federal Tax Exam

WHY CPA?

• Opportunities are immense especially after the recent financial scams & melt down of Lehman Brothers & Satyam Computers

• CPA’s role is more important due to:

– High concern about corporate responsibility – Compliance with reports like

• Financial reports • Auditor reports • Management assessment of internal controls

– Compliance of Sarbanes Oxley Act

HOW?

• Four-part Exams are prepared & administered by American Institute of Certified Public Accountants (AICPA)

• Registration through any one of the 55 State Boards of Accountancy

• Computer based tests held in authorized test centres only in USA

• Similar examination throughout USA• Application & Exam fees varies from state to state• Applications can be submitted at any time of the year• Application process takes 6-8 weeks• Education credentials need to be evaluated by an agency

approved by the state boards

EXAMINATION DATES & SCHEDULE

• The examination is offered in the first two months of each calendar quarter called ‘testing window’. The examination is only offered in USA

•Testing Window 1

•March not available

J a n - Fe b

•Testing Window 2

•June not available

A p r - M ay

•Testing Window 3

•September not available

J u l - A u g

•Testing Window 4

•December not available

O c t - N o v

SOME RULES

• Candidate can take all exams in a single test window

• Cannot take specific part of the exam twice in the same test window

• Candidate is required to pass all 4 exams within 18 months from the date first passed exam was taken

• A passing score on any section of the CPA Examination is 75%

• Exams can be taken in any prometric centre in any state irrespective of which state the registration is done

• Exams can be taken in any sequence

SOME REFERENCE WEBSITES

• www.nasba.org for state boards jurisdictions

• www.cpa-exam.org for exam contents and samples

• www.aicpa.org for membership info of AICPA

• www.prometric.com for locating test Centres

EXAM DETAILS

Pass Four Exam Called Uniform CPA Exam:-

• Auditing

• Financial

• Regulation

• Business

AUDITING & ATTESTATION (AUD)DURATION – 4 HOURS

• Engagement Acceptance and Understanding the Assignment (12% - 16%)

• Understanding the Entity and Its Environment (16% - 20%)

• Performing Audit Procedures and Evaluating Evidence (16% - 20%)

• Evaluating Audit Findings, Communications, and Reporting (16% - 20%)

• Accounting and Review Services Engagements (12% - 16%)

• Professional Responsibilities (16% - 20%)

BUSINESS ENVIRONMENT & CONCEPTS (BEC)

DURATION – 3 HOURS• Corporate Governance (16% - 20%)• Economic Concepts and Analysis (16% - 20%)• Financial Management (19% - 23%)• Information Systems and Communications (15% - 19%)• Strategic Planning (10% – 14%)• Operations Management (12% - 16%)

FINANCIAL ACCOUNTING & REPORTING (FAR)DURATION - 4 HOURS

• Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements (17% - 23%)

• Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27% - 33%)

• Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27% - 33%)

• Governmental Accounting and Reporting (8% - 12%)• Not-for-Profit (Nongovernmental) Accounting and

Reporting (8% - 12%)

REGULATIONDURATION – 3 HOURS

• Ethics, Professional, and Legal Responsibilities (15% -19%)

• Business Law (17% - 21%)• Federal Tax Process, Procedures, Accounting, and

Planning (11% - 15%)• Federal Taxation of Property Transactions (12% - 16%)• Federal Taxation of Individuals (13% - 19%)• Federal Taxation of Entities (18% - 24%)

SKILL SPECIFICATION OUTLINES

Skills CategoryWeights

(FAR, REG, AUD)

Weights (BEC)

Knowledge and Understanding 60% 85%

Application of the Body of Knowledge 40% -

Written Communication - 15%

EXAMINATION LENGTH & FORMAT

• Examinations are administered in a series of 4 “testlets”• 3 of the testlets comprises of MCQs• For AUD, FAR and REG, the fourth testlet will include the

short task-based simulations (TBS); • For BEC, the fourth testlet will include the written

communication tasks• The task-based simulations are condensed case studies

that test accounting knowledge and skills using real life work-related situations

• The written communication tasks are designed to test writing skills

TASK BASED SIMULATIONS

• Task-based simulations are condensed case studies that test accounting knowledge and skills using real life work-related situations

• Each task-based simulation is expected to take approximately 8 – 15 minutes to complete

• All task-based simulations are intended to assess knowledge and skills that are appropriate for an entry-level accountant

• Simulations are case studies to test the knowledge & skills required for entry-level CPA

TASK BASED SIMULATIONS

• While completing the task-based simulations, you will use financial accounting, auditing, or taxation databases

• The financial accounting database will include certain portions of the FASB and AICPA authoritative literature

• The auditing database will include certain portions of the professional standards issued by the AICPA and the PCAOB

• The taxation database will include certain portions of the Internal Revenue Code, as well as certain portions of the professional standards issued by the AICPA and the PCAOB

EXAMINATION LENGTH & FORMAT

Section MCQs TBSs Testlet Time

AUD 3 testlets (90 questions) 1 testlet (7 TBS) 4 hours

BEC 3 testlets (72 questions) 1 testlet (3 written communication task)

3 hours

FAR 3 testlets (90 questions) 1 testlet (7 TBS) 4 hours

REG 3 testlets (90 questions) 1 testlet (6 TBS) 3 hours

ELIGIBILITY CRITERIA

Course Evaluation of Foreign Credential

Federal Tax Exam

CA Yes No

CS, ICWA, MBA (Fin), M. Com Yes No

B. Com + CA (Int), ICWA (Int), CS (Int) Yes Yes

B.Com. Yes Yes

(Attested Certificates & Mark sheets of 10th Onward to be sent for evaluation)

THE TRAINING PROGRAM

Title USA CPA

Duration 13 full-days (Sundays)

Venue 1/44, Lalita Park, Laxmi Nagar

Start Date19th February, 2012

CPA(USA) REVIEW BY TAKSHILA

• In financial education for more than 10 years• Classes by well known competent faculties• Conveniently schedule weekend class • Bank loan facility available as well• Orientation on:

– Exam functionality – How to navigate questions – How to use tools which are unlike those which are being

used today

• Committed to our students' success

SAMPLE QUESTIONS

SAMPLE QUESTIONS

SAMPLE QUESTIONS

SAMPLE QUESTIONS

COST OF THE COURSE

Contents Dollars ($) INR

1. Study Material, Software and Classes 1600 80,000

2. Associated Cost a) Credential evaluation with state board b) Examination Fees of CPA

1201000

6,000 50,000

3. Travel Cost a) VISA & Air Fare b) Expense in US for 10 days @ $70 per day

1000700

50,000 35,000

Total Cost 4420 2,21,000

$1 Assuming INR 50, Courier, Bank Charges & Service Tax will be extra

2,50,000 is the approx. cost

MISC INFO

Modalities for payment– Cheques to be couriered to 1/44, Lalita Park,

Laxmi Nagar, , New Delhi – 110008– Cheques can be deposited in our HDFC Bank

Account no. 01442000012558 in any HDFC Bank Branch

– For transferring funds on-line through net-banking NEFT, branch IFSC Code is: HDFC0000144

– Call for Our exécutive to pick-up the cheque/cash from your door-steps

Reference websites:www.takshilalearning.com

TAKSHILA’S 3 GURU MANTRAS

• Multimedia Driven Classes

1

• Practical Oriented Courses

2

• Conducive Learning Environment

3

Deliver Effective Learning

FOR B. COM STUDENTS

• Additional fee of $550 towards exam fee for Federal Tax Course (on-line exam + open book)

FEEDBACK

Contact us@

+91 99581 57000