CPA Exam Changes
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Each year, the AICPA approves various changes and updates to the CPA Exam based on changes to the profession, as well as new laws and pronouncements. These changes can involve altering existing sections, adding new topics, and occasionally removing older ones. Read through the timeline below to learn about the upcoming CPA Exam changes and updates to the CPA Exam blueprints. If you’re studying for the CPA Exam, you need to keep track of the latest announcements on the CPA Exam changes.
2023 CPA Exam Changes
In this section, we’ve reduced the multitude of exam changes down to the most important takeaways by exam, incorporating new content being added, content being removed, and topics being deemphasized with a reduction in the skill level required to be demonstrated. These changes are eligible for testing in Q1 of 2023.
There are no content updates for the BEC or REG sections of the 2023 CPA Exam.
SAS 142: Audit Evidence
- Explains what constitutes audit evidence
- Sets out attributes of information that are considered by the auditor when evaluating information to be used as audit evidence
- Addresses the use of emerging technologies by preparers and auditors
- Incorporates the concepts surrounding professional skepticism, including the auditor’s consideration of susceptibility of information to bias and whether the audit evidence obtained corroborates or contradicts management’s assertions.
You have one goal—to pass the CPA Exam.
CPA Exam Changes 2022
Changes are made to the CPA Exam annually. It is done by the AICPA to revise sections, add new topics, and eliminate older topics. The CPA Exam should remain relevant as a measure of the knowledge and skills newly licensed CPAs must have in order to practice their profession and protect the public interest efficiently and effectively.
There are no content updates for the BEC or FAR sections of the 2022 CPA Exam. Changes to AUD and REG are outlined below, which became effective on January 1, 2022.
Here are the changes made to the AUD section of the CPA Exam in 2022:
SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, revises:
- The sample engagement letter
- Various changes made to the audit report for non-issuers include:
- Reordering the report to be similar to a PCAOB audit report, which starts with the auditor’s opinion and is followed by the basis for opinion section
- Requiring a separate section in the report when substantial doubt about the entity’s ability to continue as a going concern exists
- Expanding the auditor’s responsibility section of the report
- Communicating key audit matters (KAMs) in the report (in a separate section) when the auditor is engaged to do so
- Additional inquiries of the predecessor auditor regarding related party relationships/transactions and significant unusual transactions
- An additional inquiry of management and others regarding significant unusual transactions
- Additional examples of fraud risk factors
- Additional procedures to perform with respect to related parties
- The auditor’s responsibilities with respect to other information included in an annual report
- The definition of an annual report for such purposes
SAS No. 138, Amendments to the Description of the Concept of Materiality, revises the definition of materiality.
SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134 updates the reporting requirements with regard to special purpose frameworks to align with the new audit report structure.
SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137 revises the reporting requirements for the following types of engagements to align with the new audit report structure:
- GAAS integrated audits (ie, reporting on internal control in conjunction with a financial audit)
- Reviews of interim financial information
- Government compliance audits
SAS No. 140, also requires separate sections in the report for other information, supplemental information, and required supplemental information.
SAS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions:
- Requires the accountant to determine materiality for the financial statements as a whole, and design and perform review procedures to address all material items
- Permits the expression of an adverse conclusion in a review engagement
- Requires the review report to include a statement that the accountant is independent
Why do UWorld students LOVE AUD?
If you buy the UWorld Roger CPA Review course now, you will have access to a fully upgraded course platform. All students will be notified of automatic updates to their online course materials for the duration of their course.
Here are the expected changes:
- Critical thinking, problem solving, analytical ability, and professional skepticism
- Effective communication skills
- Well-developed research skills
- A strong understanding of business environment and processes
- Ethics and professional responsibilities
Learn more about the CPA Exam
UWorld Roger CPA Review provides CPA candidates with all the study materials and resources needed to prepare and successfully pass the US Uniform CPA Exam online.
The CPA Exam is a comprehensive test composed of 4 parts, given individually over a total of 16 hours. These exams cover a wide variety of topics taught in most university accounting programs.
A score of 75 or greater is required to pass each section of the CPA Exam, but candidates do not know how this score is generated. Here are the variety of factors that go into compiling the score.