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In 1994, the exam was restructured into a four-section, two-day exam. The subject matter was reorganized, primarily between Accounting Theory and Accounting Practice (Parts I and II). In addition, innovative machine-scorable test questions were incorporated to better assess the skills needed by CPAs to protect the public.
AICPA and its predecessors date back to 1887, when the American Association of Public Accountants (AAPA) was formed. [4] [5] The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in ...
Students must demonstrate the depth and breadth of their abilities according to the CPA Competency Map. Students answer questions which are presented in the form of business cases that include a combination of both explicit and implicit requirements for each case's "users", followed by a list of exhibits that provide case facts from which observations, suggestions and conclusions are derived.
State boards of accountancy are responsible for assessing eligibility of candidates to sit for the CPA examination. Boards are also the final authority on communicating exam results received from NASBA to candidates. The AICPA is responsible for setting and scoring the examination, and transmitting scores to NASBA.
The association admits members based on either their existing professional accounting body memberships, accountancy qualifications, or experience. [4] As of April 2015 it was pursuing Ofqual recognition as an awarding body; a 2018 document stated that by 2022 it could begin preparations for an application to Ofqual. [ 5 ]
On January 1, 2010, a new law, AB 138 (Chapter 312 of 2009), [5] took effect in California requiring all accounting firms providing accounting and auditing services to undergo a mandatory peer review. A peer review is a study of a firm's accounting and auditing work, performed by an unaffiliated CPA following professional standards.
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
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