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Classified Public Accountant (CPA)

Course Description:

A Classified Public Accountant is a certified expert in accounting, specializing in financial reporting, auditing, tax preparation, and management of financial records. We hold recognized qualifications such as CPA and adhere to strict ethical and professional standards set by governing bodies. These accountants provide essential services across various sectors, ensuring compliance, accuracy, and financial integrity.

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Certification Overview

A Classified Public Accountant is a highly qualified financial expert, certified by recognized accounting bodies to manage, audit, and analyze financial data with accuracy and integrity. These professionals often hold certifications such as CPA (Certified Public Accountant), CA (Chartered Accountant), CMA (Certified Management Accountant), or ACCA (Association of Chartered Certified Accountants). Key Roles and Responsibilities: Financial Reporting & Analysis: Preparing and analyzing financial statements, ensuring compliance with laws and regulations. Taxation: Handling tax planning, preparation, and ensuring regulatory adherence. Auditing: Conducting internal or external audits to verify the accuracy of financial records. Management Accounting: Supporting business decisions with budgeting, forecasting, and performance analysis. Consulting: Advising businesses on financial strategies, cost management, and financial risk. Certification Requirements: Educational Qualification: Typically a degree in accounting or a related field. Professional Experience: Varies by certification, but most require relevant work experience (e.g., 2-3 years). Examinations: Passing rigorous exams set by the certifying body. Ethical Standards: Commitment to ethical guidelines and continuous professional development. Classified Public Accountants are essential in ensuring the financial integrity of businesses and helping organizations navigate complex financial landscapes.

E-Course Duration: 240

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Exam Information

  • Administered by: Global Institute of Professional Management Certification (GIPMC)
  • Exam Structure: Four sections
    1. Auditing and Attestation (AUD)
    2. Business Environment and Concepts (BEC)
    3. Financial Accounting and Reporting (FAR)
    4. Regulation (REG)
  • Duration: Each section is 4 hours (16 hours total)
  • Passing Score: 75 on a scale of 0-99
  • Requirements: Typically requires 150 credit hours of education and relevant work experience.

  • Mode of Exam: Computer-based testing (CBT)
  • Testing Centers: Prometric Testing Centers (global locations)
  • Format:
    • Multiple-choice questions (MCQs)
    • Task-based simulations (TBS)
    • Written communication tasks (only in BEC section)
  • Frequency: Offered year-round at authorized testing centers.
  • Remote Testing: Not available; all candidates must appear in person at designated test centers.

  • Total Duration: 16 hours across four sections
  • Section Breakdown:
    1. Auditing and Attestation (AUD): 4 hours
    2. Business Environment and Concepts (BEC): 4 hours
    3. Financial Accounting and Reporting (FAR): 4 hours
    4. Regulation (REG): 4 hours
  • Format: Each section is administered separately over 4 hours.

  • Format: Closed book
  • Materials Allowed: Candidates cannot bring in any notes or reference materials during the exam. All questions must be answered based on knowledge and understanding.

  • Retake Policy: Candidates can retake any section they did not pass.
  • Waiting Period: No mandatory waiting period; candidates can schedule a retake as soon as they feel prepared.
  • Limitations: Candidates must pass all four sections within 18 months from the date they pass the first section.

  • Validity: Lifetime, but requires renewal.
  • Continuing Education: Most states require CPAs to complete a minimum of 40 hours of continuing professional education (CPE) annually, including ethics training.
  • Renewal Process: CPAs must renew their licenses periodically (usually every 1-3 years) depending on state regulations.

Trademarked by: Global Institute of Professional Management Certification (GIPMC) in the U.S. and similar bodies in other jurisdictions.

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Each certification has specific pre-requisites that candidates must meet before they can sit for the exams or pursue the designation. Here’s an overview of the pre-requisites for major accountant certifications:

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Course Outline

Financial Accounting and Reporting

    Covers the principles of financial accounting, including the preparation of financial statements, the accounting cycle, and the recognition of revenue and expenses.

Auditing and Attestation

    Focuses on auditing standards and procedures, including planning an audit, internal control assessment, and reporting on financial statements.

Business Environment and Concepts

    Examines the business environment, including economic concepts, financial management, and the impact of regulations on businesses.

Regulation

    Addresses U.S. federal taxation, business law, and ethics, focusing on compliance with regulations governing the accounting profession.

Target Audience

  • Recent graduates with degrees in accounting or finance.
  • Professionals seeking to enhance their career prospects in public accounting, auditing, and taxation.
  • Individuals looking to specialize in regulatory compliance and financial reporting.
  • Those interested in obtaining a license to practice as a CPA in their state.
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