The BEC Exam Faces Changes for Test Takers in 2021 by Kyle Ashcraft, CPA

Auburndale, FL -- (SBWIRE) -- 10/18/2021 -- The Business Environment and Concepts (BEC) exam will exclude certain topics that were included in prior years, such as regulatory frameworks other than SOX and general macroeconomic content. Students should still be familiar with Sarbanes Oxley and its impact on the accounting and auditing profession. Even though topics like GDP and money supply will no longer be tested, students should still know about microeconomic concepts, such as the demand and supply curves.

There will now be new topics introduced on the BEC exams, which include business processes, data management and analytics, and systems development and change management. Before this change, students only needed to know about business processes for the AUD exam, such as the revenue cycle and the relevant documents. Now, students will also need to know these topics for the BEC exam.

Lastly, certain topics will now be tested on a more simplified level, which includes capital structure, IT systems development and maintenance, and IT continuity and recovery plans. Capital structure refers to a company's decision regarding its reliance on debt financing versus equity financing. The topic of IT recovery plans refers to the need for a backup site in the case of an unexpected IT situation.

There have not been any exam changes yet announced for the U.S. CPA exams for 2022.

Kyle Ashcraft
Maxwell CPA Review, LLC

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NASBA Releases CPA Scores for Exams

Auburndale, FL -- (SBWIRE) -- 10/15/2021 -- On Tuesday, October 12, the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) released the CPA exam scores for exams taken before September 30. Students must pass the CPA exams with a score of 75 or above. If a student took the BEC exam, then the wait time might be extended by one week, due to additional grading of the written communication tasks.

For the Audit (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG) exams, a student's score is split 50/50 between the multiple-choice questions (MCQs) and task-based simulations (TBSs). For the Business Environment and Concepts (BEC) exam, 50% of a student's score is derived from MCQs, 35% is derived from TBSs, and 15% is from the written communication tasks.

Thus far in 2021, the pass rates for AUD have been 48.56% and 50.49% for Q1 and Q2, respectively. For BEC, the pass rates have been 62.16% and 63.31% for Q1 and Q2, respectively. For FAR, the pass rates have been 46.64% and 42.63%; and for REG, the pass rates have been 59.29% and 58.81%.

The next release date will be on November 9, which will be for exams taken on or before October 23.

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Changes to the U.S. CPA Audit Exam Starting in 2021 By Kyle Ashcraft

Auburndale, FL -- (SBWIRE) -- 10/15/2021 -- Due to the growing complexity in the fields of accounting and auditing, the U.S. CPA AUD exam will now test new topics, while also removing a few topics from the exam. The topics removed include opening balances, the auditing of derivatives, and the communication of "other matters" with management and those charged with governance. Additionally, the topics of single statements, alerts that restrict the use of written communication, and letters for underwriters and filings with the SEC will be removed.

The new exam topics will include audit data analytics, business processes and internal controls, and SOC1 and SOC2 reports. Audits rely increasingly more on automated processes to perform workpapers, which both helps efficiency and accuracy. Students need to be prepared to distinguish between raw data and structured data. Companies under audit often rely on service providers to help with the accounting of areas such as 401(k) plans or payroll, which leads to the increased focus on SOC1 and SOC2 reports.

Furthermore, the AUD exam will now test certain topics at a more simplified level. These topics include related party transactions, the testing of a company's ability to continue as a going concern, and the preparation of compilation reports. Other topics being tested at a more basic level also include preconditions for an engagement, subsequently discovered facts, and developing a detailed engagement plan.

There have not been any exam changes yet announced for the U.S. CPA exams for 2022.

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Startups Focused on Accountech and Regtech Offered Up to $25,000

Toronto, ON -- (SBWIRE) -- 09/14/2021 -- Applications are currently open for the 2022 cohort of the AICPA Startup Accelerator (applications close on November 30, 2021). Upon acceptance, startups will be offered $25,000 of seed money, along with mentorship and press opportunities.

Startups with a focus on accounting and regulatory technology (referred to as accountech and regtech, respectively) are invited to apply. The theme of accountech focuses on improving the industries of accounting or finance. The theme of regtech focuses on helping businesses to more effectively adhere to their regulatory requirements.

For eligibility, startups should be at the seed or pre-Series A stage (with some exceptions). Additionally, startups should have a working product or service.

For applicants that are accepted, the six-month period for the cohort includes in-person training, ongoing mentorship calls, and even an opportunity to present at ENGAGE 2022, North America's premier accounting conference.

About Kyle Ashcraft
Kyle Ashcraft is a CPA that scored a 90+ on all four CPA exams. Kyle founded Maxwell CPA Review, which is an exam-prep company that offers video courses and private tutoring. Kyle can be reached at or by visiting MaxwellCPAreview.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Auburndale, FL -- (SBWIRE) -- 09/01/2021 -- Effective July 1, 2020, students will be allowed to take the CPA exam all throughout the year, based on the new continuous testing model presented by the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).

Before the change, every quarter represented a testing window. At the end of every quarter, there was a 20-day blackout window when students could not take the exam. Furthermore, if a student failed an exam in one testing window, the student could not retake the exam until the next quarter. Now, students are allowed to retake the exam more quickly, there by CPA exam decreasing the overall time toward becoming a CPA.

This change does not affect the 18-month requirement for passing all four exams. For example, if a student passes the first exam in September 2021, then the student has until March 2023 to pass the other three exams.

About Kyle Ashcraft
Kyle Ashcraft is a CPA that scored a 90+ on all four CPA exams. Kyle founded Maxwell CPA Review, which is an exam-prep company that offers video courses and private tutoring. Kyle can be reached at MaxwellCPAreview@gmail.com or by visiting MaxwellCPAreview.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm