Your Step-by-Step Guide

EXAMCPAThe

kycpa.org502.266.5272 or800.292.1754

Updated Aug. 2015

Since 1917, the American Institute of Certified Public Accountants (AICPA) has prepared and graded the CPA Exam, while individual states have established the educational requirements to sit for the Exam. The Exam is administered in a computerized format at Prometric test sites throughout the country during the first two months of every quarter (referred to as testing windows). The following questions have been designed to assist candidates in understanding the Exam process and format.

For more information about the Exam contact:Kentucky State Board of Accountancy332 West Broadway #310 Louisville, KY 40202Phone: 502.595.3037 Fax: 502.595.4500Web site: www.cpa.ky.govEmail: cpa@ky.gov

Questions and AnswersWhen am I able to sit for the CPE Exam?All Exam candidates must submit a final transcript which substantiates the candidate has completed a bachelors degree with at least 27 semester hours in accounting courses and 12 semester hours in business-related courses.

When are the testing windows?Jan-Feb, April-May, July-Aug, Oct-Nov.

Is there an application deadline? Where can I find the application?There is no application deadline as candidates are permitted to schedule the Exam throughout the year.

IntroductionThe Kentucky Society of CPAs (KyCPA) has developed this brochure to inform candidates about the general format and administration of the Uniform Certified Public Accountant (CPA) Exam. However, certain information is only applicable to Kentuckys examination candidates. Since state regulations vary, CPA Exam candidates are encouraged to apply to sit for the examination in the state in which they plan to practice. Anyone planning to take the CPA Exam should regularly review the information posted on the Web sites listed below for updates.

Web site Contentwww.cpa.ky.gov Kentucky educational requirements to apply to sit for the CPA Exam

Application materials for candidates who plan to sit for the CPA Exam in Kentucky

Exam Candidate Bulletin View online

www.cpa-exam.org Exam tutorial showing question formats and sample questions Exam practice tests

Score release information

www.Prometric.com/cpa List of test centers available and hours of operation List of test center policies and procedures of the CPA Exam

www.kycpa.org Kentucky Society of CPAs Web site CPA Exam review resources

Kentucky requirements for becoming a CPA

KyCPA membership application

The application to sit for the Exam as a Kentucky candidate is available at the State Board of Accountancys Web site, www.cpa.ky.gov.

Do I need to apply to the Kentucky State Board of Accountancy?Yes, if you plan to practice and be licensed in Kentucky. Candidates should apply to sit for the Exam in the state in which they plan to practice and become licensed.

What is the process after I file my application with the State Board of Accountancy?Candidate information is entered into a national database that is operated by the National Association of State Boards of Accountancy (NASBA). This step is referred to as the Board issuing an Authorization to Test (ATT).

Kentucky Society of CPAs1735 Alliant Avenue Louisville, KY 40299Phone: 502.266.5272 or 800.292.1754 Web site: www.kycpa.org

NASBA then sends each authorized candidate a payment coupon which details the fees that need to be paid to NASBA to sit for the Exam. The payment coupon must be returned to NASBA with the appropriate fee within 90 days from the date the coupon is issued. Payment may also be made online at www.nasba.org, or by calling NASBA at 866-696-2722. Once payment has been received, NASBA will issue a Notice to Schedule (NTS) to each candidate. Candidates then have six months to schedule to sit for a section of the Exam. Please keep in mind that two of those six months testing will not be available since they are considered dark months.

As a Kentucky candidate, must I sit for the CPA Exam at a Kentucky Prometric test site?No. An Exam candidate may sit at any approved Prometric test center located throughout the United States. Visit the Prometric Web site at www.prometric.com/cpa for a complete list of test centers.

How long does it usually take to process an application?Typically it takes two to three weeks for an initial exam application to be processed. Keep in mind the process involves submitting the appropriate documents to the Kentucky State Board of Accountancy, receiving an ATT, paying all of the fees to NASBA, receiving the NTS, and scheduling the actual Exam date and time with Prometric. Usually re-exam applications take one to two weeks to process.

What are the sections of the Exam and time limits?1. Auditing and Attestation 4 hours 2. Financial Accounting & Reporting 4 hours 3. Regulation 3 hours 4. Business Environment & Concepts 3 hours

What does the Exam look like?Business Environment and Concepts (BEC), is comprised of three sections of multiple-choice format questions and a section dealing with written communications that candidates must prepare. The remaining three sections each contain three sets of multiple choice questions and two simulations. For a preview of the Exam, to review the tutorial provided by the AICPA, and to take a practice test please visit www.cpa-exam.org.

Content of the Exam?Visit www.cpa-exam.org to view the CPA Exam content details, referred to as Content Specification Outlines (CSOs). This includes questions that require knowledge of the International Financial Reporting Standards (IFRS) and demonstration of research and communication skills. During the exam you will exhibit these abilities by completing two simulations; the AICPA tutorial provides candidates with the opportunity to familiarize themselves with all question formats. .

What areas of study are most important to passing the CPA Exam?The following table presents suggested areas of study that candidates, at a minimum, should have completed prior to sitting for the CPA Exam. This is not intended to be an all-inclusive list, as professional work experience, previous college coursework, and general level of preparedness varies among candidates.

Exam section Suggested areas of study

Auditing and Attestation

Financial statement auditing performed by external auditors

Statistical sampling and auditing with technology may be helpful

Financial Accounting & Reporting

Intermediate accounting or financial reporting

Advanced financial accounting covering the areas of partnership accounting, and combinations and consolidations

Governmental/nonprofit accounting

Regulation Business law including professional and legal responsibilities

Individual income taxation

Corporate and partnership taxation

Taxation of estates, trusts and exempt organizations may be helpful

Business Environment & Concepts

Micro and macro economics

Corporate finance

Business formation, operation, and dissolution of various business organizations

Information systems

Managerial/cost accounting

Are there review courses available to help me pass?Yes, there are a number of review courses available. If a candidate is a student member of the Kentucky Society of CPAs (join at kycpa.org), he or she is eligible for a $300 discount on the Becker Professional Education CPA Exam Review Course.

Is the Exam content confidential?Yes. Candidates are required to sign a statement of confidentiality prohibiting the disclosure of any Exam information, content, or form.

Must I sit for all sections within a single testing window? Is there a time limit to complete all four sections?No, a candidate may schedule to sit for any number of sections within a testing window. Once a candidate passes an Exam section, an 18-month rolling time period begins to pass the remaining sections. The 18 months begins from the last day of the month of the administration of that section. The NTS issued by NASBA is only valid for six months and for two of these months the Exam is not offered. If a candidate fails to sit for all four sections within those six months, the NTS expires and the candidate must reapply.

May I select the order in which I take the four Exam sections?Yes, candidates are free to sit for the four Exam sections in any desired order.

Will I be allowed to go back to test questions during the Exam?Yes, if you are in an individual testlet. A testlet is a group of questions consisting of either multiple-choice or simulation formats. For Example, the Auditing and Attestation section consists of three, multiple-choice testlets and two simulation testlets.Candidates may move freely throughout any individual testlet. However, once an individual testlet is closed, candidates are not permitted to re-access that testlet.

What am I allowed to bring into a Prometric test center Exam room?The following are NOT permitted during the Exam:

Any outside materials (study materials, purses, coats, etc.) Hand-held calculators (An on-screen calculator may be accessed during the Exam.)Food and drinkExiting the room while working within a testlet

*Personal items such as purses and coats are stored in a locker outside of the Exam room.

Are special accommodations available for candidates with disabilities?Yes, candidates desiring special accommodations should contact the State Board of Accountancy. Professional documentation of the existence of a disability is required.

When will I receive my score?Scores are sent from the AICPA to NASBA and from there to the State Board. All scores are posted on the Web site of the State Board on the day they ar