CERTIFIED PUBLIC ACCOUNTANTS
US CPAA Certified Public Accountant is a professional who has earned the CPA license from any of the 55 state accountancy boards of USA all of which are part of NASBA (National Association of the State Boards of Accountancy). Each state board has the authority to grant CPA license. One must meet all the requirements of the state board including Education, Experience and Examinations.
Why Become Certified ?Public Accountants seek the Certified Public Accountants to
• Enhance credibility and respect.
• Sharpen skills and proficiencies.
• Increase advancement and earning potential.
• Demonstrate understanding and commitment.
Why Pursue the US CPA?1. Professional Credibility
2.Career Advancement
3. Versatility
4.Legal Requirements
5.Continued Learning and Development
6.Global Opportunities
7.Increased Earning Potential
History OF US CPA:The CPA designation has a long history in the United States, dating back to the late 19th century.
The American Institute of Certified Public Accountants (AICPA) was founded in 1887 as the professional organization for CPAs in the United States.The first CPA exam was administered in 1896 by the New York State Board of Regents. Over time, the exam became standardized and is now administered by the AICPA.
What Is a Certified Public Accountants?
A Certified Public Accountant (CPA) is a professional accountant who has met specific education, experience, and examination requirements established by a state board of accountancy. CPAs are licensed to provide a wide range of accounting, auditing, tax, and consulting services to individuals, businesses, nonprofit organizations, and government agencies.
Here are some key points about CPAs:
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Education: CPAs typically hold a bachelor's degree or higher from an accredited college or university with a major in accounting or a related field. In addition, many states require candidates to complete a certain number of accounting and business-related credit hours, often totaling around 150 semester hours.
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Experience: In addition to education, candidates for CPA licensure must gain a specified amount of professional experience, typically working under the supervision of a licensed CPA. The amount of required experience varies by state but is often around one to two years.
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Examination: The CPA exam is a rigorous four-part examination administered by the American Institute of Certified Public Accountants (AICPA). The exam covers auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation (taxation, ethics, and professional responsibilities). Candidates must pass all four parts of the exam within a certain timeframe to qualify for CPA licensure.
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Licensure: Once candidates have met the education, experience, and examination requirements, they must apply for licensure through their state board of accountancy. Upon approval, they are awarded the CPA designation and are legally authorized to practice public accounting or offer other accounting-related services within their state.
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Services: CPAs provide a wide range of services, including auditing financial statements, preparing and reviewing tax returns, providing financial planning and consulting services, conducting forensic accounting investigations, and advising clients on matters such as budgeting, investment, and risk management.
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Ethical Standards: CPAs are held to high ethical standards and are required to adhere to a code of professional conduct established by the AICPA and enforced by state boards of accountancy. This code emphasizes integrity, objectivity, confidentiality, and professional competence.
Benefits Of Certified Public Accountant?
Certified Public Accountants (CPAs) in the USA offer a range of benefits to individuals, businesses, and organizations:
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Expertise and Knowledge: CPAs undergo rigorous education and training, including completing a bachelor's degree in accounting or a related field, gaining professional experience, and passing the Uniform CPA Examination. This ensures that they possess in-depth knowledge and expertise in accounting principles, financial reporting, taxation, and other areas of accounting and finance.
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Credibility and Trust: The CPA designation is widely recognized and respected as a mark of professional competence and integrity. Clients and employers trust CPAs to provide accurate, reliable, and ethical financial services, including auditing, tax preparation, financial planning, and consulting.
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Legal Compliance: CPAs are knowledgeable about tax laws, financial regulations, and accounting standards, helping individuals and businesses comply with legal requirements and avoid penalties or fines. They can provide guidance on complex tax issues, regulatory compliance, and financial reporting standards.
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Financial Planning and Strategy: CPAs offer valuable insights and advice on financial planning, budgeting, and strategic decision-making. They can help individuals and businesses develop financial goals, create budgets, analyze financial data, and make informed decisions to achieve long-term success.
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Tax Planning and Preparation: CPAs are skilled in tax planning and preparation, helping individuals and businesses minimize their tax liabilities while maximizing tax savings and incentives. They stay updated on changes to tax laws and regulations, ensuring that clients benefit from available deductions, credits, and strategies.
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Audit and Assurance Services: CPAs provide audit and assurance services to businesses and organizations, ensuring the accuracy and reliability of financial statements and reports. They conduct independent audits, reviews, and compilations to assess financial performance, identify risks, and provide assurance to stakeholders.
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Business Advisory Services: CPAs offer business advisory services to help businesses improve efficiency, profitability, and growth. They can assist with financial analysis, internal controls, risk management, mergers and acquisitions, and strategic planning to optimize business operations and achieve strategic objectives.
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Ethical Standards and Professionalism: CPAs are held to high ethical standards and professional conduct, as outlined by the American Institute of Certified Public Accountants (AICPA) and state boards of accountancy. They adhere to principles of integrity, objectivity, confidentiality, and professional competence in their interactions with clients, colleagues, and the public.
Program Requirements
US CPA Eligibility Criteria
In INDIA:
Some standard CPA qualification criteria are:
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Graduation in commerce and accounting (B.Com, BBA, MBA in Finance, M.Com)
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CA/ CMA/ Intermediate passed/ CS passed
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Post graduate professional certification in Accounting and Finance
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International Passport
To appear in the Certified Public Accountant (CPA) exam, Indian students should be members of either ICAI, ICMAI, or ICSI. Other than being a member of one of these organizations.Indian students can possess an MBA or M.Com degree.
In India, there are 55 states affiliated with the National Association of State Boards of Accountancy (NASBA). Individuals holding a bachelor’s degree from a university accredited with NAAC-A grade in commerce and achieving a first division are eligible to sit for the standard CPA exam.
Candidates must have completed the equivalent of a 16-year education, which could include combinations such as B.Com+M.Com, B.Com+CA, B.Com+MBA, or any post-graduation along with an undergraduate degree. Additionally, candidates need to complete 150 credits of education to obtain a CPA license
In United States:
In the United States, individuals are typically eligible to sit for the CPA exam once they have completed 120 credits of academic coursework in accounting. However, to obtain a CPA license from a state board of accountancy, candidates must fulfill additional requirements, including completing a total of 150 credits of education.
Exam Pattern of US CPA
The curriculum of CPA is spread across 4 subjects:
AUD- Auditing and Attestation
Duration:
- 4 hour Exam
Question Pattern:
78 MCQ (50% Weightage )
7 TBS (50% Weightage )
Syllabus:
- Ethics Professional Responsibilities and General Principles 15–25%
- Assessing Risk and Developing a Planned Response 25–35%
- Performing Further Procedures and Obtaining Evidence 30–40%
- Forming Conclusions and Reporting 10–20%
FAR- Financial Accounting &Reporting
Duration:
- 4 hour Exam
Question Pattern:
- 50 MCQ (50% Weightage )
- 7 TBS (50% Weightage )
Syllabus:
- Financial Reporting 30–40%
- Select Balance Sheet Accounts 30–40%
- Select Transactions 25–35%
REG- Regulations
Duration:
- 4 hour Exam
Question Pattern:
- 72 MCQ (50% Weightage )
- 8 TBS (50% Weightage )
Syllabus:
- Ethics Professional Responsibilities and Federal Tax Procedures 10–20%
- Business Law 15–25%
- Federal Taxation of Property Transactions 5–15%
- Federal Taxation of Individuals 22–32%
- Federal Taxation of Entities (including tax preparation) 23–33%
BAR- Business Analysis & Reporting
Duration:
- 4 Hours
Question Pattern:
- 50 Multiple Choice questions (50% Weightage) and 7 short Task Based Simulations (50% Weightage)
Syllabus:
- Business Analysis (40%-50%)
- Technical accounting and reporting (35%-45%)
- State and Local Governments (10%-20%)
Other Information
CPA Course Duration
An aspirant is required to qualify for all the four parts of CPA in under 18 months from the date of the first test results.
CPA Exam is administered at the following eight Prometric test centres:
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Ahemdabad
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Bangalore.
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Calcutta.
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Chennai.
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Hyderabad.
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Mumbai.
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New Delhi.
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Trivandrum.
Why Choose LSBCA?
- Face to Face Classes from Monday to Friday
- Mock Test on each Saturday
- Live Interactive classes from Monday to Friday
- Highly Dedicated & Experienced Faculty
- One to One mentoring and success plan by Experienced faculty
- Registration Assistance
- Last Minute Revision
- Doubt Discussion Sessions
- Books included
- Placement Assistance
- Interview preparation
- Training Assistance
- Provides Professional Training
- To groom the students and make them much more confident. To also build their skills.
- Strong Corporate tie ups with big 4s, also enjoy exclusive training partner in Big 4
Career Opportunities after US CPA
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Public Accounting Firms: CPAs can pursue careers in public accounting firms, including the Big Four (Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG), national firms, regional firms, and local accounting practices. They can work in audit, tax, advisory, and consulting services, serving clients across various industries.
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Corporate Sector: CPAs can work in finance, accounting, and internal audit roles in the corporate sector, including multinational corporations, publicly traded companies, privately held firms, and startups. They can hold positions such as financial analyst, controller, chief financial officer (CFO), internal auditor, or tax manager, contributing to financial reporting, analysis, planning, and compliance.
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Financial Services Industry: CPAs can pursue careers in the financial services industry, including banks, investment firms, insurance companies, and financial advisory firms. They can work in areas such as financial reporting, risk management, compliance, internal audit, investment analysis, and wealth management.
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Government Agencies and Regulatory Bodies: CPAs can work for government agencies, regulatory bodies, and public-sector organizations at the federal, state, or local level. They can serve in roles related to accounting, auditing, taxation, financial management, and regulatory compliance, ensuring transparency, accountability, and compliance with financial regulations.
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Nonprofit Organizations and NGOs: CPAs can contribute their accounting and financial expertise to nonprofit organizations, charitable foundations, and non-governmental organizations (NGOs). They can serve in roles such as financial manager, grant accountant, compliance officer, or chief financial officer (CFO), helping nonprofit organizations manage their finances, budgets, and reporting requirements effectively.
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Education and Training: CPAs can pursue opportunities in academia, training institutes, and professional organizations to teach accounting courses, conduct research, and provide professional development training to aspiring accountants and finance professionals. They can also serve as guest lecturers, examiners, or subject matter experts in educational programs and professional seminars.
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Entrepreneurship and Consulting: CPAs with entrepreneurial aspirations can start their own accounting firms, consulting practices, or financial advisory businesses. They can provide accounting, tax, and consulting services to small and medium-sized enterprises (SMEs), startups, and individual clients, helping them with financial management, tax planning, and business growth strategies.
