Board of Examiners
2013 Illinois International Journal of
May 17-20, 2013
Symposium on Tax Research
September 19-20, 2013
Department of Accountancy
University of Illinois
360 Wohlers Hall
1206 South Sixth Street
Champaign, Illinois 61820
Generally, instructors will review material as listed on the syllabus as they see fit. Some will review CPA Exam questions to help you develop a "test taking strategy." Of course, the responsibility falls on you to prepare for each class and keep up with the class material. Some instructors will provide you with handout materials (e.g., lecture slides) on the Compass2g website.
1. ID card: You may be required to show your University ID card for admission to class. You will be required to show your University ID card to receive copies of class handouts. You will not receive the class handouts without your University ID card, no excuses (and you can’t pick up copies for others).
2. Software: The course software will be available around 2/1/13 . You may pick up your copy in 284 Wohlers Hall (MSA students should pick up at the MSA Office). You must show your University ID and sign for the software when you pick up your copy. You will not receive the software without your University ID card, no excuses (and you can’t pick up software for others). Generally, the software runs on PCs (not MACs), but this year Wiley is using an online version and the MAC problem may be moot.
3. Withdrawal from course: The last day for receiving a refund of the course fee is 5:00 pm on Monday, January 28, 2013. There will be no refunds after this date. In addition, if you drop the course and do not return the Wiley software, you will be assessed $229 that will be deducted from your course fee refund.
4. Assistance: The class handouts include both problems and worked-out solutions. If you need assistance in understanding any of these materials the course TA is available to work with you on an individual or small-group basis. Please see the first page of the syllabus for contact information.
5. Duplicate copies of course handouts: Course handouts will be distributed in a module packet via 284 Wohlers Hall. You must sign for the module packets. You will be charged $25 to replace lost/stolen course module packets.
6. Course examinations: If you are enrolled for credit in ACCY 398 your grade is determined from your scores on the four course examinations (it's expected that your average will be at least 75% --- CPA exam passing score). Grades will be awarded as follows: Mean scores less than 70% = C; Mean scores ranging from 70% to 80% = B; and, Mean scores above 80% =A. If you enrolled for zero credit, Mean scores equal to or greater than 60% earn you credit (below 60% and you don't get credit). Our expectation is that you will exert a "good faith" effort in the exams as these exams are important for YOU to assess your knowledge of the relevant CPA Exam material. The exams, which are computer-based, will be made available on Illinois Compass2g. Each exam will be made available for a short testing window (about one week). You may take the exam at a time and place of your choosing anytime during this testing window. Additional instructions will be given in class.
If you are unable to take an exam during the testing window, you must contact Dr. Frank prior to the exam to arrange a conflict exam (email@example.com). Make-up exams may be made up during another assigned window. Make-up exams should be made up within three weeks. These events should be very rare since you have a week to complete the exams.
7. Taking the course for credit. The practical problems in accounting course is available for no credit or for as many as ten hours of academic credit. Should you take the course for credit? There are two reasons for doing this.
Reasons for taking the course for credit:
1. The candidate needs additional hours of credit to satisfy one of the requirements of Illinois to qualify for the CPA exam;
2. The candidate wishes to maintain full-time student status.
Section A, CRN30412, is for 1-10 credit hours and a grade.
Reasons for not taking the course for credit:
1. If you would otherwise be a part-time student without taking the professional practice course for credit, your University tuition may be lower. For tuition and fee information for spring 2013 please visit the website at http://www.registrar.illinois.edu/financial/ugrad_business.html . If enrollment in the professional practice course changes you from a part-time to a full-time student, you will owe additional University tuition, in addition to your $900 course fee.
2. The candidate believes that enrolling for credit would be “extra pressure.”
Section B, CRN30415, is for “0” credit only and S/U grade.
It has been our observation over the years that students who enroll in the course for credit tend to do better on the CPA exam.
8. Transcripts: Practical problems in accounting course on University transcript. If you are a student enrolled in the course for credit, this credit will not be applied to your degree requirements. The credit does count towards the 150 hour State of Illinois educational requirement, however.
The CPA Examination - Information Sources
It is recommended that you become very familiar with the various sources of information regarding the CPA Examination.
First, you should learn about the CPA Exam in general terms. Check out the AICPA's websites related to the CPA Exam.
Information for CPA Exam candidates: http://www.aicpa.org/BECOMEACPA/CPAEXAM/FORCANDIDATES/Pages/ForCandidates.aspx
See the AICPA website for college students and professionals who are interested in becoming a CPA. Navigate through the Exam & Licensure section for a step by step walkthrough of the application and licensure process: https://www.thiswaytocpa.com
Second, obtain more information about the CPA Exam (and the players) from the National Association of State Boards of Accountancy (NASBA) at http://www.nasba.org/. You can find contact information for all the state boards of accountancy on the NASBA website. Plus, see the Prometric website for information on testing centers at www.prometric.com/CPA/.
Third, obtain detailed information related to educational requirements to take the CPA Exam, the application process (including academic credentials evaluation), etc. from the applicable state board of accountancy. (You should apply to the state in which you plan to practice public accounting --- If it's Illinois, you should see the Illinois Board of Examiners website at www.ilboa.org). (NOTE: You apply to the state in which you will practice, but you can physically take the exam at any Prometric testing site.) Please study and learn your state board's requirements to sit for the CPA Exam (all states are not the same).
You are responsible for your own professional life. As such, you must start now and learn the process to become a CPA. A "big picture" of the process goes as follows (see the above referenced websites for details):
- Obtain the required education to become a CPA. (Check your state's requirements.)
- Apply to your state board for the CPA Exam. (Check your state board.)
- Application is approved and you're issued an Authorization to Test (ATT) letter (and a copy is sent to NASBA).
- Pay NASBA for the exam --- you'll receive a payment coupon from NASBA. After you pay (within 90 days or your ATT will expire and you have to submit a re-exam application), NASBA will issue a Notice to Schedule (NTS).
- Once you have the NTS, you contact a Prometric testing center (anywhere in the U.S. and some locations outside the U.S.) to schedule a specific date and time for each part of the exam you are taking. (The NTS is valid for 6 months from the date of issuance.)
- Take and pass the exam sections.
- Pass credit for the exam is 18 months. This means that starting with the date that you passed your first (earliest) section of the exam you have 18 months to pass the remaining sections. For example, if you took and passed the FAR section of the exam on May 15, 2013, then you must take and pass the remaining three sections on or by November 15, 2014.
- NOTE: Controlling the administrative time-line related to taking the CPA Exam is very important. Make sure you devote the requisite attention to this administrative process.