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CPA (US) Exam Survival Guide

A Fatskills Exam Survival Guide: what to focus on, what to avoid, and how to get through test day without panicking.

Window: US | Exam sections: AUD, FAR, REG, ISC (formerly BEC → tech & systems)

Must-do topics

• AUD: risk assessment, internal controls, sampling, reports & modifications
• FAR: revenue recognition (ASC 606), leases (ASC 842), consolidations, gov’t/NFP
• REG: individual & business taxation, basis & losses, property transactions, ethics
• ISC: IT governance, data management, SOC reports, cybersecurity & business processes
• Cross-cutting: journal entries, ratios, assertions (CEAVOP), independence & ethics

Top traps (avoid)

• Misaligning assertions ↔ procedures (e.g., existence vs completeness)
• FAR lease misclassification (finance vs operating) and right-of-use measurement errors
• REG capital vs ordinary treatment; basis/at-risk/passive loss ordering
• Using control tests when only substantive work answers the risk
• Confusing SOC 1 vs SOC 2 objectives; weak documentation language

Time split (per section)

• MCQ first pass: ~55–60% time; answer all, flag 2nd-look items
• TBS sims: ~40–45% time; read requirements twice, fill easy tabs first
• Keep last 5–7 min for review & tying out numbers

Last-48h checklist

• FAR: leases, consolidations, bonds, pensions one-pager
• AUD: reports decision tree; sampling basics; independence rules
• REG: basis ladder, property dispositions, credits vs deductions map
• ISC: data lifecycle, controls catalog, SOC report purposes
• Do 2 mini-blocks of mixed MCQs + 2 sims per weak area

Quick facts / formulas

• Modified audit opinions: scope (qualified/adverse?) vs GAAP issue → wrong report chosen = instant miss
• Goodwill under acquisition method; NFP net assets classes (w/ & w/o restrictions)
• MACRS vs straight-line; like-kind rules (limited)
• SOC 1 = ICFR impact; SOC 2 = Trust Services Criteria (security, etc.)

Speed tactics

• Translate each sim into sub-requirements; lock easy points early
• For MCQs, eliminate options that over-audit or ignore risk
• Write mini memos for sims using clear conclusions + support
• If numbers don’t tie, state the tie-out plan and move on

Day-of mini-plan

• 10-min warm-up: 8 MCQs + 1 small JE sim
• Pace checkpoints each testlet; don’t burn time reconciling pennies
• Breathe, reset between testlets; finish with a quick flagged-item sweep

Ready to practice? Try the CPA (US) MCQ practice sets on Fatskills.