usa cpa training programme
DESCRIPTION
Details of the USA CPA course being conducted by Takshila in New DelhiTRANSCRIPT
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USA CPA(CERTIFIED PUBLIC ACCOUNTANT)
Training Programme
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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
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THE PROCESS
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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
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ROLES OF CPA
CPA’s are needed to
• design
• integrate &
• implement
IT Systems
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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
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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
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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
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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
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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
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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
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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
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EXAM DETAILS
Pass Four Exam Called Uniform CPA Exam:-
• Auditing
• Financial
• Regulation
• Business
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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%)
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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%)
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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%)
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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%)
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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%
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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
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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
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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
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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
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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)
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THE TRAINING PROGRAM
Title USA CPA
Duration 13 full-days (Sundays)
Venue 1/44, Lalita Park, Laxmi Nagar
Start Date19th February, 2012
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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
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SAMPLE QUESTIONS
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SAMPLE QUESTIONS
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SAMPLE QUESTIONS
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SAMPLE QUESTIONS
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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
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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
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TAKSHILA’S 3 GURU MANTRAS
• Multimedia Driven Classes
1
• Practical Oriented Courses
2
• Conducive Learning Environment
3
Deliver Effective Learning
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FOR B. COM STUDENTS
• Additional fee of $550 towards exam fee for Federal Tax Course (on-line exam + open book)
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FEEDBACK
Contact us@
+91 99581 57000