CPA Exam: Audit Sampling

The following Accounts Receivable—Confirmation Statistics working paper (indexed B-3) was prepared by an audit assistant during the calendar year 20X1 audit of Lewis County Water Co., Inc., a continuing audit client. The engagement supervisor is reviewing the working papers.

Now assume that another deficiency in the working paper is that the difference found in the sample has not been projected to the overall population. Mean per unit, ratio estimation and difference estimation are three methods that might be used to project results. Assume that after all other deficiencies in the above working paper are corrected, $12,000 is the proper amount of misstatement in the previous confirmation statistics. Calculate the projected misstatement using each of these three methods.

Difference Estimation

Estimated Ratio

Mean per unit

Tata Tertib Peserta Indonesia CPA

TATA TERTIB PESERTA INDONESIA CPA EXAM

1. Peserta ujian harus membawa dan menunjukkan Kartu Ujian yang telah ditandatangani Petugas Pendaftaran untuk dapat mengikuti ujian.

2. Peserta harus membawa Kartu identitas utama yang digunakan waktu melakukan pendaftaran (KTP atau paspor) dan Kartu identitas tambahan (Kartu Kredit atau ATM yang menunjukkan nama dan tanda tangan sesuai dengan kartu identitas utama, atau Kartu Identitas lain yang diterbitkan oleh Pemerintah.

3. Pada saat mengikuti Ujian, peserta ujian diwajibkan membawa alat tulis berupa pensil 2B, karet penghapus, peraut pensil dan pulpen berwarna hitam/biru. Cadangan alat tulis, khususnya pensil 2B dan pulpen hitam sangat dianjurkan. Panitia tidakmemperkenankan pinjam meminjam alat tulis antara peserta ujian. Kalkulator akan disediakan oleh panitia, peserta tidak diperkenankan untuk membawa atau menggunakan kalkulator sendiri.

4. Peserta ujian harus sudah berada di ruang ujian 30 menit sebelum waktu ujian yang telah ditentukan. Peserta ujian yang terlambat (tiba lebih dari 15 menit setelah ujian dimulai) tidak diperkenankan mengikuti ujian pada saat itu, dengan alasan apapun.

5. Peserta ujian harus berpakaian rapi dan sopan serta bersepatu dalam mengikuti ujian.

6. Peserta ujian hendaknya ke kamar kecil terlebih dahulu sebelum dimulainya ujian. Peserta ujian tidak diperkenankan meninggalkan ruang ujian selama ujian berlangsung, kecuali dalam keadaan terpaksa atau bermaksud mengundurkan diri dari ujian.

7. Peserta ujian yang sudah memasuki ruang ujian dan menerima soal ujian dianggap telah mengikuti ujian.

8. Peserta ujian yang ingin mengundurkan diri dari ujian tidak diperkenankan meninggalkan ruang ujian sebelum waktu berlalu 60 menit dari saat dimulainya ujian dan harus menandatangani Kartu Absensi Peserta serta mengembalikan lembar soal ujian kepada pengawas ujian.

9. Peserta ujian wajib menandatangani Kartu Absensi Peserta dengan menunjukkan Kartu Peserta Ujian yang telah ditandatangani Petugas Pendaftaran.

10. Peserta ujian wajib meninggalkan semua buku, catatan, kertas, table logaritma dan lain sebagainya yang dianggap dapat membantu penyelesaian soal-soal ujian di tempat yang ditentukan oleh pengawas ujian.

11. Peserta ujian dilarang melakukan tindakan-tindakan sebagai berikut:

a. Menggangu kelancaran jalannya ujian;

b. Membawa makanan atau minuman serta merokok di dalam ruang ujian;

c. Merusak fasilitas ujian;

d. Melihat pekerjaan peserta ujian lainnya;

e. Memperlihatkan pekerjaannya kepada peserta ujian lainnya;

f. Berbicara atau berdiskusi satu sama lain;

g. Pinjam meminjam alat tulis satu sama lain;

h. Meninggalkan ruang ujian tanpa seijin Pengawas ujian;

i. Membawa dan menggunakan kalkulator sendiri (kalkulator khusus akandisediakan oleh Panitia Ujian);

j. Membawa contekan, termasuk kalkulator/PDA/Handphone yang sudah diisi

contekan dalam memori;

k. Membuka buku atau catatan di luar ruang ujian pada saat diberi ijin ke kamar kecil;

l. Membawa atau menggunakan alat komunikasi seperti handphone, PDA, Blackberry dan sejenisnya.

m. Peserta ujian dilarang untuk membawa atau menuliskan sebagian atau seluruh askah soal ujian kedalam media apapun untuk dibawa keluar ruangan ujian.

Peserta ujian wajib mentaati segala ketentuan lain yang ditetapkan Panitia Indonesia CPA Exam pada saat pelaksanaan ujian.



SANKSI ATAS PELANGGARAN


Pelaksana Indonesia CPA Exam, Dewan Sertifikasi Institut Akuntan Publik Indonesia (IAPI) akan memperlakukan pelanggaran dan kecurangan secara sangat serius.


Peserta yang terbukti melakukan pelanggaran akan diminta untuk meninggalkan ruangan ujian dan akan dikenakan sanksi administratif lainnya termasuk tidak dikembalikannya biaya ujian dan tidak diperbolehkan mengikuti Indonesia CPA Exam. Apabila kecurangan terbukti setelah selesainya ujian, atau telah lulus dan atau telah memperoleh sertifikat, IAPI berhak untuk membatalkan sertifikat tersebut.


Peserta yang menginginkan bantuan atau mempunyai pertanyaan dapat mengangkat tangan dan pengawas ujian akan memberikan bantuan.


BARANG BAWAAN



A. Barang bawaan yang wajib dibawa ke tempat ujian:

‐ Kartu Ujian

‐ Kartu Identitas Utama (KTP atau Paspor)

‐ Kartu Identitas Tambahan (Kartu ATM, Kartu Kredit, atau Kartu identitas lain yang dikeluarkan oleh Pemerintah

‐ Pensil 2 B dan Peraut

‐ Karet Penghapus

‐ Pulpen hitam atau biru

B. Barang bawaan yang boleh dibawa ke tempat ujian:
Jaket, peserta yang memutuskan menggunakan jaket karena suhu udara ruangan ujian, harus tetap mengenakan jaket tersebut sampai dengan selesainya ujian.


Panitia akan menyediakan makan siang bagi peserta ujian.

Six Attributes Of CPA Exam [Guaranteed] Success

Your primary objective in preparing for the CPA examination is to pass. Other objectives such as learning new and reviewing old material should be considered secondary. There are six attributes of CPA exam by far. The six attributes of examination success discussed through out this post are essential. You should study the attributes and work toward achieving/developing each of them before taking the examination.

Attribute#1. Knowledge of Material

Two points are relevant to “knowledge of material” as an attribute of examination success:

First, there is a distinct difference between being familiar with material and knowing the material. Frequently candidates confuse familiarity with knowledge. Can you remember when you just could not answer an examination question or did poorly on an examination, but maintained to yourself or your instructor that you knew the material? You probably were only familiar with the material. On the CPA examination, familiarity is insufficient; you must know the material. For example, you may be familiar with the concepts in accounting for leases (SFAS 13), but can you compute the present value of an annuity due under a lease agreement and record entries for the lessee and lessor? Once again, a very major concern must be to know the material rather than just being familiar with it. Knowledgeable discussion of the material is required on the CPA examination.

Second, the Uniform Certified Public Accountant Examination tests a literally overwhelming amount of material at a rigorous level. The CPA examination includes material from the following courses:

• Accounting
• Auditing (including Auditing with Technology and Audit Sampling)
• Intermediate Financial
• Advanced Financial
• Cost/Managerial
• Governmental and Not-for-Profit
• Tax
• Business Law
• Accounting Information Systems
• Finance
• Economics

Furthermore, as noted earlier, the CPA exam will test new material, sometimes as early as six months after issuance. In other words, you are not only responsible for material in the above courses, but also for all new developments in each of these areas. This text contains outlines of accounting topics from FASB pronouncements, financial accounting courses, cost accounting courses, finance courses, etc. Return to the original material (e.g., FASB, your accounting textbooks, etc.) only if the outlines do not reinforce topical areas you already know.

Attribute#2. Commitment to Exam Preparation

Your preparation for the CPA exam should begin at least two months prior to the date you plan to schedule your seating for an exam section. If you plan to take more than one section, you should start earlier.

Over the course of your preparation, you may experience many peaks and valleys. There will be days when you feel completely prepared and there will also be days when you feel totally overwhelmed. This is not unusual and, in fact, should be expected.

The CPA exam is a very difficult and challenging exam. How many times in your college career did you study months for an exam? Probably not too many. Therefore, candidates need to remain focused on the objective—succeeding on the CPA exam.

Develop a personal study plan so that you are reviewing material daily. Of course, you should schedule an occasional study break to help you relax, but don’t schedule too many breaks. Candidates who dedicate themselves to studying have a much greater chance of going through this process one time. On the other hand, a lack of focus and piecemeal preparation will only extend the process over a number of exam sittings.

Attribute#3. Solutions Approach

The solutions approach is a systematic approach to solving the questions and simulations found on the CPA examination. Many candidates know the material fairly well when they sit for the CPA exam, but they do not know how to take the examination. Candidates generally neither work nor answer questions efficiently in terms of time or grades. The solutions approach permits you to avoid drawing “blanks” on CPA exam questions; using the solutions approach coupled with grading insights (see below) allows you to pick up a sizable number of points on test material with which you are not familiar.

Attribute#4. Grading Insights

Your score on each section of the exam is determined by the sum of points assigned to individual questions and simulation parts. Thus, you must attempt to maximize your points on each individual item.

The number of points assigned to a multiple-choice question varies depending upon its difficulty level, easy, medium, or hard. In other words, you will receive more points for correctly answering a hard question than correctly answering an easy question. Multiple-choice questions are organized in 25- to 30-question testlets, and each testlet includes questions from all of the content areas of the particular section.

With respect to the multiple-choice testlets, the CPA exam uses a form of adaptive testing known as multistage testing. Using this technique the average difficulty of subsequent testlet(s) is determined by how the candidate has performed on the previous testlet(s). Therefore, if you get a testlet with a preponderance of very difficult questions, do not become discouraged. It may mean that you performed very well on the previous testlet(s). In addition, since the number of points assigned to hard or medium questions will be greater than the number of points for easy questions, you have an opportunity to accumulate a large number of total points on that testlet.

Simulations will include more extensive scenarios and a number of requirements. For example, the requirements may involve calculations, form completion, research, or written communication. The points assigned to the requirements will vary according to their difficulty.

Most of the requirements will be graded by the computer. Only those that involve written communication will be graded manually. The simulations will make use of a number of commonly used tools such as spreadsheets and electronic research databases.

The functionality of the word processor and the spreadsheet will not be exactly like Microsoft Word and Excel. You should complete the AICPA CPA examination tutorial and sample exams to become familiar with the functionality of the tools you will use on the exam. You will need to become proficient in the use of these tools to maximize your score on the simulations.

Attribute#5. Examination Strategy

Prior to sitting for the examination, it is important to develop an examination strategy (i.e., an approach to working efficiently throughout the exam). Your ability to cope successfully with the examination can be improved by:

• Recognizing the importance and usefulness of an examination strategy
• Using previous examination experience to develop a personal strategy for the exam.
• Testing your personal strategy on any example examinations under conditions similar to those at the test centers (using similar tools and databases and with a time limit)

Attribute#6. Examination Confidence

You need confidence to endure the physical and mental demands of 2 ½ to 4 ½ hours of test-taking under tremendous pressure. Examination confidence results from proper preparation for the exam, which includes mastering the first four attributes of examination success. Examination confidence is necessary to enable you to overcome the initial frustration with problems for which you may not be specifically prepared.

A good CPA Exam study manual, when properly used, contributes to your examination confidence. If it is systematically outlined, it will provide you with a sense of organization such that as you sit for the examination, you will feel reasonably prepared (it is impossible to be completely prepared). If yours now isn’t provide these aspect, consider to combine it with a better study manual!

http://accounting-financial-tax.com/2010/01/six-attributes-of-cpa-exam-guaranteed-success/

CPA Exam

Ujian Certified Public Accountant (CPA) merupakan sistem penyaringan yang baku bagi mereka yang akan berpraktik sebagai akuntan publik maupun untuk mereka yang ingin mendapatkan sertifikasi atas kompetensi di bidang akuntansi dengan memperoleh gelar CPA (Certified Public Accountant). Khusus untuk profesi Akuntan Publik, departemen Keuangan Republik Indonesia telah mengeluarkan suatu ketentuan yang mensyaratkan bagi calon Akuntan Publik untuk lulus dari CPA. Keputusan tersebut telah dituangkan dalam Surat Keputusan Menteri Keuangan Republik Indonesia No. 43/KMK.017/1997 tanggal 27 Januari 1997 jo 470/KMK.017/1999 tanggal 4 Oktober 1999.

KETENTUAN PESERTA

Program USAP Review FEUI terbuka bagi para karyawan dan manajemen dari semua perusahaan yang bekerja sebagai auditor, akademisi dalam bidang Akuntansi, serta semua orang yang berkeinginan untuk mendapatkan sertifikasi CPA.

Dengan persyaratan:

1. Memiliki gelar atau sebutan akuntan yang dibuktikan dengan memiliki nomor register akuntan yang dikeluarkan oleh Departemen Keuangan RI

2. Pernah mengikuti CPA tetapi belum lulus seluruh mata ujian

Ujian CPA meliputi:
1. Pelaporan dan Akuntansi Keuangan
2. Lingkungan Bisnis, Perpajakan & Hukum Komersil
3. Auditing dan Assurance
4. Akuntansi Manajemen , Manajemen Keuangan & Sistem Informasi Akuntansi

The CPA Exam is Changing

You’ve all been asking, so here it is. The rumors are true; the CPA Exam will undergo some major changes starting January 1st, 2011. The American Institute of Certified Public Accountants (AICPA) is working hard to ensure that the exam is consistent with the knowledge and skills required of entry level CPAs in the industry.

Content:
One of the biggest questions we receive is whether or not the exam will include IFRS. The answer is yes. The AICPA recently conducted a survey of CPAs with 2-15 years of experience. Based on the results, it was determined that all entry level CPAs should be somewhat bilingual in IFRS and US GAAP, although US GAAP is expected to prevail in the US for some time. Therefore, there will be a mixture of both types of questions on several sections of the exam. You can expect to see IFRS questions on the AUD, FAR and BEC sections. For now, REG is free of IFRS, but this will probably change in the future. Don’t worry, we’ll keep you posted!
Aside from IFRS, there will be a revamp of the topics covered on each section.

Below is an overview of how these topics will change.

Format:
The actual format of the CPA Exam is changing as well. It will still be a 14 hour fun-filled experience, but the time allocation, along with the actual format will be adjusted.

In the current format, AUD, FAR and REG all have three testlets of Multiple-Choice questions, two Simulations and two Written Communication tasks. In the new format, the Multiple-Choice testlets will stay the same, but the Simulations and Written Communication tasks will change. Simulations are currently long formatted questions that should take about 40-45 minutes for candidates to complete. Beginning January 1st, they will do away with these long problems, and replace them with six to seven shorter Task-Based Simulations (TBS). Of the six to seven TBS’s, two will not count towards your overall score, and will be used for the AICPA’s research. Of course, you won’t have any idea which ones will affect your score! Furthermore, Written Communication will no longer be a part of these three sections.

BEC is currently made up of three Multiple-Choice testlets containing 30 MCQ each (total of 90 MCQ). These three testlets will remain in the new format, but will have 24 MCQ per testlet (total of 72 MCQ). The BEC section will also include three Written Communication tasks. One of these tasks won’t be counted towards your final score. Again, you’ll have no idea which it will be.

In order to accommodate these changes and to keep the overall CPA Exam at 14 hours, the following time changes will be made:

• AUD, which is currently a 4.5 hour exam, will decrease to an even 4 hours.
• BEC, which is currently a 2.5 hour exam, will increase to an even 3 hours.
• The FAR section will maintain its status at 4 hours.
• REG will remain at 3 hours.

The charts below should help you wrap your mind around the new format:

Weight/Scoring:
In order to pass the CPA Exam, you will still need to have at least a 75 out of a possible 99 points on each section of the exam. With the new format, each area will have different weight towards your final score. Below shows how each sections’ weight will change:

The new changes and Roger CPA Review:
We understand that many candidates are concerned that their CPA Review Course will not keep them up to speed with the upcoming changes—especially in regards to content. You can be certain that, at Roger CPA Review, we are making all of the necessary changes to our lectures and materials to ensure our students continue to achieve pass rates of 86% or better. Whether you plan on taking your exam before or after these changes are implemented, our course will meet your needs. As leaders in this industry, we’re proud to meet the challenge these changes present, and are committed to helping our students pass with the most motivating instruction and up-to-date information.

The 5 Things You Shouldn't Forget When You're Studying

The CPA Exam is overwhelming. Granted, that's a very obvious statement but it's amazing how many important practices can be overlooked when you're in the midst of preparing for the exam; even things that seem to be 'obvious'. So in addition to all the study tips we recommend related to the Exam, we thought we'd remind everyone of important things that are easy to forget:

1. Sleep

Yes everyone has heard about the studies that show the importance of sleep and academic performance, but students still push their studies late into the night, sometimes to the point where the brain in no longer retaining the information that being crammed into it.
When you're designing your study strategy, take your sleep schedule into consideration. While you may not be getting a full eight hours every night if you're studying, working, and have kids/pets, you don't want to stretch yourself too thin.

2. Eat (Brain Food)

Just as your brain and body need sleep to function properly and efficiently, they also need the right fuel. With a little bit of planning and awareness, you can give you brain the nutrients it needs to function at a high level instead of eating say, the bag of chips you just barely had time to grab from the vending machine at work. It may seem like studying through lunch is more important than taking time to eat a nutritious meal but you'd be surprised at how efficiently your brain will function with attention to your diet.

3. Exercise

We understand that you need to spend a significant amount of time at your desk and on the computer when you're studying for the exam. But even just a 20 minute walk around the block can do wonders for your brain's agility and function. Your mind and body must work together for optimum performance, so make sure to spend time stimulating your muscles as much as your mind.


4. Talk

Because the CPA Exam is so consuming, it can be easy to become isolated and close off to other people. Yes, sacrifices in friends and family time will be necessary, but that doesn't mean that you can't enjoy the benefits of your support system during this stressful time. Talk about the reasons you're becoming a CPA with a family member or friend to find motivation. Commiserate with study partners, co-workers, or whomever (the CPAnet forum is a great place to do this) so you're able to vent your frustration. Just remember there is a big difference between commiserating about your frustrations and totally obsessing.

5. Step Back

While we would never advise students to be nonchalant about their preparation for the CPA Exam, we have seen plenty of students almost give them self an aneurysm because of the stress of passing the exam. It's important to keep everything in perspective. If you study you will pass. Don't panic at the last minute and convince yourself that you'll fail if you don't do every multiple choice question in the book just one more time. If you find yourself in panic mode, just take a deep breath and remember all the hard work you've put into your studies--you'll be fine.

Posted by Sarah Mills

Brick by Brick: The Structure of the CPA Exam

For all of the CPA Exam tips, tricks, news, debates, updates, information, etc. etc. etc. that we provide our readers here at the CPA Exam Preparation Blog, I don't think that we have ever truly broken down the structure of the CPA Exam and what makes up the grueling 14 hours that students will have to endure in testing.

The CPA Exam is a highly serious, structured exam administered at Prometric sites around the country. Just like other standardized tests – the format does not change from person to person (although the entire exam is being reformatted for 2011, see below). Although most people are familiar with the overall structure of the exam, we thought we would explain the parts of the exam in more detail for our readers who are just starting out their CPA process. In order to conquer the exam, it is not only important to have a firm understanding of the accounting principles and concepts, but it is also essential to understand how the test is comprised and administered so that you are not surprised.

The CPA Exam is really four distinct exams: Auditing and Attestation, Financial Accounting and Reporting, Regulation, and Business Environment and Concepts. The total length of the exam is 14 hours, but each separate test is a different length – AUD: 4.5 hours; FAR: 4 hours; REG: 3 hours; BEC: 2.5 hours.

The structure of the CPA Exam is built around three question types.

1. Multiple Choice Questions: Most of us remember these from high school - Pick the best response from a list of options. These questions are scored automatically by the computer and are allotted different values based on a variety of factors including difficulty level.

2. Simulations: Often people worry about this section the most. Simulations are case study examples of situations in which a candidate must demonstrate a wider array of skill sets. Rather than choosing from a list, candidates must create their own responses based on the information given. Most simulations will require several responses, which is what makes them so daunting. Simulations are also scored automatically.

3. Written Communication: This portion of the test requires a candidate to demonstrate their writing skills. In response to a case study, the candidate must prepare a response to a variety of professional documents. The key here is just to make sure that your response is on topic, regardless of if your answer is 100% correct. Responses should also be well organized and meet conventional business English standards. Not all written communication sections are scored by computers; some responses are scored by a network of readers who are also CPAs.

The Financial, Auditing, and Regulation exams are made up of five "testlets". The first three testlets consist of either 24 (REG) or 30 (FAR, AUD) multiple choice questions and the last two testlets are simulations. The Business Environment and Concepts Exam consists only of three testlets of 30 multiple choice questions.

The multiple choice questions account for 70% of a candidate's final score. Simulations account for 30% of a candidate's final score, 10% of which focuses on written communication.

AUD, FAR, & REG: 70% Multiple Choice, 30% Simulations; 10% of simulations are related to effective written communication

BEC: 100% Multiple Choice

On January 1, 2011, significant changes will be made to the structure of the CPA Exam. The AICPA is going to be releasing updates throughout 2010 as they finalize the details, but here is the gist of what we think you can expect:

AUD, FAR, REG:

• Two longer simulations will turn into six or seven shorter task-based simulations. No more written communication.

• 2 of the 6 or 7 smaller simulations will not be graded (pretested only)

• Can re-enter each TBS (can jump back and forth)

BEC:

• The addition of three smaller written communication sections.

• Only 2 of 3 written communication tasks scored (1 thrown out)

• Written communication make-up between 10%-20% of score

• Additional time may be moved from AUD to BEC

Understanding the structure of the CPA Exam ensures that you are not surprised come exam day. By knowing exactly what sort of questions to expect, and in what order, you can focus solely on making sure that you get the right answer.