Ask TSCPA – Student’s Frequently Asked Questions
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Q. Who are CPAs?
A. Certified Public Accountants (CPAs) are individuals who have demonstrated their competence as licensed professional accountants by meeting the statutory requirements of a state or other U.S. jurisdiction.
The professional quality of their services is based upon the requirements for the CPA certificate - education and a uniform examination given by the appropriate regulatory authority as well as upon the standards established and enforced by their profession
The Texas State Board of Public Accountancy (TSBPA) regulates the practice of public accountancy in Texas.
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Q. What is the difference between CPAs and other accountants?
A. Only CPAs have demonstrated their professional competence by passing a rigorous examination and meeting high standards of education.
In addition, they must meet stringent continuing education requirements, undergo peer review, and are held to a high level of accountability for their honesty and professionalism. They are also authorized to represent taxpayers in an IRS audit.
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Q. What do CPAs do?
A. The hallmark of the CPA's work in the practice of public accounting is the audit, whereby an opinion is expressed as to the fairness of financial statements. CPAs also perform almost every conceivable financial and management advisory service for business and individuals. While such services can be performed by others too, CPAs do general accounting, tax planning and advice, tax return preparation, personal financial planning and representation of clients before government agencies.
CPAs also do accounting systems, budgets, cost controls, profit plans, internal reports, data processing and quantitative analysis. Like other professional persons, CPAs are often consulted on business, civic and other problems on which their judgment, experience and professional standards permit them to provide helpful advice and assistance - including the development and implementation of programs approved by others.
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Q. What education is required of CPAs?
A. Every CPA entering the profession today has a
college degree with a concentration in accounting.
A graduate degree is increasingly common. The current
law in Texas requires students to complete 150
hours or five years of college.
CPAs are required to participate in various continuing
professional education (CPE) programs to keep
pace with the profession's expanding body of knowledge.
Most states require such participation in one form
or another.
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Q. Is there an experience requirement?
A. Most states and other U.S. jurisdictions require some practical experience before a CPA can earn their certificate, usually one or two years. However, graduate education often can be substituted for partial or complete fulfillment of the experience requirement.
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Q. How is the CPA examination developed?
A. The Uniform
CPA Examination tests the competence of an individual
to perform the duties of a professional accountant.
It is a four part up-to-date accounting achievement
test designed to determine the CPA candidate's knowledge
of accounting practice, auditing standards, tax
law and business environment.
The examination is prepared by the Board of Examiners
of the American Institute
of CPAs (the AICPA, the national professional
society of CPAs) with the cooperation of the National
Association of State Boards of Accountancy (members
of the state licensing boards for accountants) and
the American
Accounting Association (the national organization
of university accounting professors).
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Q. How is the CPA examination given?
A. The Uniform
CPA Examination is administered as a computer-based
test taken at one of more than 300 testing centers
in the United States, Puerto Rico, Guam and the
U.S. Virgin Islands. The examination is made up
of multiple choice questions and case-based simulations
that are randomly chosen from more than 10,000 possible
questions and simulations. In order to pass, a score
of 75 is required.
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Q. How is the CPA examination graded?
A. It is graded by the American
Institute of CPAs (AICPA). Exams are scored
relative to a base exam to assure consistency and
provides a basis for the interstate practice of
CPAs.
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Q. What courses qualify to sit for the CPA Exam in Texas?
A. TSCPA recommends that students contact the Texas State Board of Public Accountancy to find out if particular courses and/or accounting programs qualify as credit towards sitting for the CPA exam. You can visit the Texas State Board’s Web site at www.tsbpa.state.tx.us.
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