Behind the Scenes: How Smith Patrick Helped Revamp the CPA Exam

Big news in the accounting world… The CPA exam is getting a major facelift in 2024, and it’s shaping up to be quite the game-changer. Now, you might be wondering what’s all the buzz about and, more interestingly, how someone from our very own team at Smith Patrick CPAs played a part in it. Let’s dive in, shall we?

The Lowdown on the 2024 CPA Exam Changes

So, the powers that be have decided it’s time to give the CPA exam a bit of a refresh, making it more relevant to the fast-paced, tech-driven world we’re living in. The new setup will still have the four-section, 16-hour format we all know and have feelings about (😅), but with a twist. They’re introducing a core-plus-discipline model, which means you’ll get to show off your skills in three core areas:

• Financial Accounting and Reporting (FAR)
• Auditing and Attestation (AUD)
• Taxation and Regulation (REG)
  

And here’s the cool part: you also get to pick a specialty area to dive deeper into. It’s like choosing your own adventure but for accounting.

Smith Patrick’s Alan Dierker Lends a Hand

Alan’s Adventure with the AICPA

Alan headed off to Princeton, NJ, to work with the AICPA and a bunch of other smart folks (accounting subject matter experts) from around the country. During this two-day deep dive, they focused on the complexities of modern tax law and how best to test for it.

“Having a voice in the process is crucial,” Alan notes. “It enabled us to raise important points and evaluate the applicability of certain taxes on the test.” Alan shares that it is important to make sure the exam is fair and relevant to accountants everywhere, regardless of where they’re practicing. No matter the state, the CPA exam is designed to prepare accountants for the real world.

Inside Story: The Hot Seat

Now, for a little insider story that’s too good not to share: right off the bat, the volunteers were hit with a surprise—they had to take the test section they came to review! Picture the scene: a room full of experts, ready to critique and fine-tune, suddenly finding themselves scribbling answers under the clock. It’s one of those moments where you had to be there to believe it.

Alan couldn’t help but laugh about the mix of shock and realization on everyone’s faces. “It was a good reminder of what it feels to be in the hot seat,” he said. “It was a unique way to ensure we really understood the material what we were there to evaluate.” So, whenever you’re feeling the pressure of exam questions, just remember: even the pros get to experience the jitters now and then!

Why We’re All About Continuous Learning

Here at Smith Patrick CPAs, we’re big believers in always continuing to learn. It’s why we’re always nudging our team to grab every opportunity to grow, whether that’s through additional training, workshops, or getting involved in industry-shaping projects like the CPA exam revision. We’re big believers in staying current, expanding our knowledge, and providing the best service to our clients.

So, What’s Next?

The changes to the CPA exam are a big deal, not just for future test-takers but for the profession as a whole. It’s moving towards recognizing the diverse skills and knowledge areas modern accountants need to thrive. And for us at Smith Patrick CPAs? We’re just proud to have played our part, however small, and we’re excited to see where this new direction leads.

Our team is dedicated to keeping up with the times, staying curious, and always being ready to learn something new. Here’s to the future of accounting, folks!