Know all about AUD before the CPA Evolution 2024

The year 2024 will be different for accounting and finance professionals pursuing the US CPA course as the CPA Evolution 2024 is on the way. The evolution is proposed to bring a change in the US CPA syllabus along with some structural changes in the exam format. The next big question is, are you prepared for the change? If you are not, this might be a handy navigator to overcome that doubt.

CPA Evolution 2024

AICPA and NASBA have rolled out a new CPA course structure to meet the futuristic business needs of the F&A industry. Let’s try and understand the AUD as the first three core sections.

Nitty-gritty of AUD

The Auditing and Attestation (AUD) section is one of the toughest sections in the US CPA syllabus. The AUD section is designed to validate your expertise in auditing, attestation, accounting reviews, and service engagements. The AUD exam comprises four main areas namely – Ethics & general principles, Risk, Evidence, and Reporting. Candidates with prior professional auditing experience will have a better understanding of AUD concepts and could crack the AUD exam much faster than the non-professionals. 

Most CPA candidates prefer to study FAR and AUD together as the concepts complement each other. Since the AUD exam extends for 4 hours covering 72 MCQs and 8 Task-based Simulations, you need to build sound retention, application, analysis & investigation, and evaluation skills.

Since the AUD section involves more analysis and judgemental concepts and less computing skills, it is more advantageous for a CPA to take this exam first. Placing AUD next to FAR in the order can also provide you ample preparation space and less disruption while preparing for the next sections like FAR & REG. 

Cracking the AUD Exam Code

As the average minimum study hours required for AUD is between 150-200 hours, create a game plan and strategic study schedule. You can use the VARK approach while choosing the best CPA review institute in India that offers many immersive and informative live online classes, mock tests, CPA literature, concept-based flashcards, host webinars, alumni talks, industry leader lectures, and batch starts to increase pass rates.

Working in a public accounting firm as well as under a specialized auditor will help you crack the simulations and MCQs can enhance your judgemental and analytical skills in cracking the MCQ and TBS sections.

Never try to memorize concepts as the MCQs are tricky and are more analytical-based questions with close answer choices. 

As the CPA evolution focuses on mastery over technical skills in auditing, tax, and accounting areas, the AUD section gears you to build innovative audit reporting strategies,  perform attestation and review engagements, and design ethically sound judgments to macro and bottom-line accounting problems & challenges in the Big 4 and top accounting firms. 

Becoming a CPA in a booming accounting market opens you to 1,449,800 accounting job openings by 2030 as the Bureau of Labor Statistics projects a 6% growth.