CPA stands for Certified public Accountant and the body governing the CPA is AICPA (American Institute of Certified Public Accountants) founded in 1887. The differences between an ordinary accountant and a CPA are education, experience, and opportunity. It is a challenging qualification that will help you to keep pace with this dynamic world and that is well within your reach.
BODIES GOVERNING CPA:
Board of Accountancy for particular jurisdiction
National Association of State Boards of Accountancy (NASBA):clearinghouse where all jurisdictions submit information on eligible candidates.
AICPA (American Institute of Certified Public Accountants):determines the content of the examination, prepares the examination questions, and determines the method of scoring.
Prometric: is the recognized global leader in technology-enabled testing and assessment services
They are chief financial officers (CFOs) for Fortune 500 companies.
They are well-respected strategic business advisors and decision-makers.
Tax and accounting consultants.
Trusted financial advisor who helps individuals, businesses, and other organization.
Job in the FBI to investigate fraud for instance.
More and more women are becoming CPAs. As of the year 2000, 57 percent of new accounting graduates were women (source: AICPA).
EXAMINATION IN UAE:
”The CPA Examination from 2011 will be offered in the United Arab Emirate”. These examinations will be conducted through the authorizedPrometic exam centers in UAE..
C.A, ACCA, ACMA and partly qualified professionals, M.Com / M.B.A. / ICWA / CA.,B.Com/ B.A. / BBA / B.SC graduates with accounting subjects are eligible, subject to conditions
The AICPA recommends at least 150 semester hours of college coursework this doesn’t necessarily mean that you should hold a master’s degree. They can meet the requirement at the undergraduate level or get a bachelor's degree and take some courses at the graduate level.
Eligibility for UAE candidates:
Citizens, permanent residents, and long-term residents of UAE, Egypt, Qatar, Oman, Saudi Arabia, and Jordan can sit for the Exam in UAE.
APPLICATION FOR REGISTRATION:
Prospective candidates must select the U.S. jurisdiction out of the 55 jurisdictions to which they will apply, contact the Board of Accountancy (or its agent) in that jurisdiction to obtain application materials, submit completed applications and required fees, as instructed, and once deemed qualified, schedule the examination.
The Uniform CPA Examination is one of the “Three Es – Education, Examination, and Experience” that are required for licensure as a CPA in the U.S. So, in order to get the practitioner license a candidate must pass these three stages.
UNIFORM EXAMINATION OF CPA:
Financial Accounting and Reporting (FAR):
This section covers skills and knowledge of generally accepted accounting principles for business enterprises, not-for-profit organizations and governmental entities
Auditing and Attestation (AUD):
This section covers knowledge of auditing procedures, generally accepted auditing standards and other standards related to attest engagements and the skills needed to apply that knowledge.
This section focuses on skills and knowledge of federal taxation, ethics, professional and legal responsibilities, and business law.
Business Environment and Concepts (Business):
This test section encompasses knowledge of the general business environment and business concepts that candidates need to know for accounting.
NEW EXAM STRUCTURE FOR 2011:
Multiple Choice Questions (MCQs):
Number of questions
Percentage score for MCQs
Task Based simulations (TBS):
Number of questions
Percentage score for TBS
Written Communication Tasks(WCT):
Number of questions
Percentage score for WCT
The MCQs are questions which require candidates to select particular option from a range of options.
Task Based Simulations (TBS)
Task-based simulations are case studies that allow candidates to demonstrate their knowledge and skills by generating responses to questions rather than simply selecting the correct answer. Task-based simulations typically require candidates to use spreadsheets and/or research authoritative literature provided in the Exam.
Written communication tasks
Unlike the other three sections, the BEC section does not have any task-based simulations. Instead, it contains three written communication questions. Each question requires the candidate to write a short passage, letter, or memo.
A total reported score of 75 is required to pass each section.
Required for licensing as Public Accounting Practitioner.
CPA FEE PLAN
Fee Payable To PAC:
Initial registration fee AED 300
Financial Accounting and Reporting AED 4,500
Auditing and Attestation AED 3,500
Regulation AED 3,500
Business Environment and Concepts AED 3,500 Note: i) Tuition Fee includes: Regular Tuition, Class Tests, Revision Classes, Study Material, Past Papers’ Practice and Mock Exam
ii) All fee once paid is not refundable
Fee payable to Accountancy Board or NASBA:
Exam Fees for 4 papers $ 750 – 900 - varies from state to state
Exam Registration Fee $ 135 – 220 - varies from state to state