ACCT 601 - CPA Review: Elective Section (ISC/TCP/BAR)

For the Business Analysis and Reporting (BAR) focus

• Analyze financial statements to assess the financial health and performance of an organization.
• Interpret and evaluate accounting information to make informed business decisions and provide strategic recommendations to stakeholders.
• Communicate financial analysis findings, interpretations, and recommendations to various stakeholders, including clients, management, and investors.
• Articulate the regulatory environment surrounding financial reporting and disclosure requirements, including the role of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
• Prepare comprehensive financial reports in accordance with professional standards and guidelines, including proper formatting, disclosure, and presentation of financial information.
• Apply critical thinking and analytical skills to solve complex accounting problems and reconcile discrepancies in financial data.

For the Tax Compliance and Planning (TCP) focus

• Interpret income tax laws and regulations and apply them to real-world scenarios and case studies.
• Calculate the tax impact of property transactions, including sales, exchanges, and dispositions of assets.
• Outline the tax implications associated with different business entities, including sole proprietorships, partnerships, corporations, and S corporations.
• Identify the tax implications of international transactions and operations, including foreign tax credits, transfer pricing, and tax treaties.
• Research and analyze tax laws and regulations applicable to a given scenario.
• Apply ethical principles and professional standards when advising clients on tax compliance and planning matters, including issues related to confidentiality, conflicts of interest, and disclosure requirements.

For the Information Systems and Control (ISC) focus

• Analyze the impact of information technology on financial reporting processes.
• Apply risk assessment techniques to evaluate the effectiveness of internal controls over information systems and identify areas of vulnerability or exposure to fraud or error.
• Interpret regulatory requirements and industry standards governing information security and privacy.
• Outline the role of emerging technologies, such as blockchain, artificial intelligence, and cloud computing, in accounting information systems and their implications for audit procedures and risk management.
• Leverage data analytics tools and techniques to analyze large volumes of financial and non-financial data for the purpose of identifying anomalies, patterns, and trends.
• Apply ethical principles and professional judgment when addressing ethical dilemmas related to information systems and controls, including issues of confidentiality, integrity, and data protection.