Arkansas Society of Certified Public Accountants
September 2009
Young CPAs Conference
CPA Exam Overview
THURSDAY OCTOBER 29, 2009
8:00 a.m. - 4:45 p.m.
MONDAY OCTOBER 5, 2009
6:00 p.m. – 10:00 p.m.
ASCPA Conference Center
Little Rock, AR
ASCPA Conference Center
Little Rock, AR
First Annual Young CPAs Conference, for students,
Associate members, and ASCPA members under age
forty. Lunch will be provided.
Topics and Speakers Include:
Technology and XBRL: Ron F. Pitts, CPA
CFO in Industry, and ASCPA Past President
Davidson Holding Company, Inc.
Little Rock, AR
Financial Literacy: Keith M. Crass, CPA
Managing Partner in Public Accounting Firm
Crass and Smith, PA
Hot Springs, AR
Fraud: Jerry E. Spratt, CPA
Legislative Auditor
Arkansas Division of Legislative Audit
Little Rock, AR
Professional Ethics: Charlott A, Jones, CPA
Senior Accountant in Public Accounting Firm
Jones & Company, Ltd.
Jonesboro, AR
A two hour panel presentation on Career Choices will
also be held. Are you aware of the different areas of
opportunity that are available as a young CPA? Attend to
hear what various career choices are available, and listen
to other issues young CPAs are facing, and hear the
solutions offered by the panel of experts.
Cost is $30.
Eight hours of CPE Credit is offered.
Lunch will be provided, as well as a short happy/
social network hour will be offered after the event.
To register, go to:
www.arcpa.org/young_cpas_event.html
Becker CPA Live Course Instructor Andy Babbitt and
Laura Young will be presenting information regarding
the computer based test format of the CPA Exam to
students and uncertified professionals planning to sit for
the CPA Exam. The presentation will cover the following
topics:
 Topics Covered in Each of the Four Parts of the CPA
Exam
 The New CBT (Computer Based Test) Exam Format
 CBT Simulations
 Writing Skills on the CPA Exam
 Top Candidate Issues and Concerns
 Time Management
 Application process to State Board to Receive NTS
(Notice to Schedule)
The instructors will then lead everyone through an audit
simulation exercise that replicates the CPA Exam
simulations. Each participant is urged to bring their lap
top computer, as flash drives will be provided for
demonstration of six audit simulations. The instructors
will walk everyone through the first simulation to receive
“hands on experience” in reading requirements,
answering the questions and functionally posting
answers. The simulations are geared to expose students
and young professionals to the technology aspects and
hurdles of the actual Exam. Students and young
professionals will then have the chance to work through
the remaining simulations as we play games and compete
for prizes!
The event is free of charge and students or anyone
planning to sit for the CPA Exam are invited. Dinner will
be provided by the ASCPA, and a representative from the
State Board of Public Accountancy will be present to
answer questions specific to the application process in
Arkansas. To register, go to: www.arcpa.org/becker.html
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ASCPA Student News
President
Jim C. Petty
Membership/Peer Review Manager
Marsha A. Moffitt
Executive Director
Barbara S. Angel
Public Relations/Communications Manager
Robin E. Harris
Finance/Technology Manager
Sushil Subedi
Cpe Assistant
Stephanie Davis
CPE Manager
Christal N. Holliman-Ingram
Executive Director’s Assistant
Lisa Hunt
COMPUTERIZED CPA EXAM REACHES
ONE MILLION MARK
Financial Framework: Money
Management for Young Adults
The computerized Uniform CPA Examination has achieved
one million administrations, according to the American
Institute of Certified Public Accountants, National
Association of State Boards of Accountancy, and
Prometric, the three parties in charge of the Exam.
HAVE A PLAN IN PLACE
To avoid misunderstandings with your parents, openly
discuss which college expenses they expect you to cover
and which they will pay. Next, have them set up a plan
for disbursing those funds. Monthly payments typically
work best. If your parents give you a large lump sum at
the beginning of the semester, you may be tempted to use
the entire amount in the first few months.
“The significance of the one millionth exam section
transcends the milestone itself,” said Barry Melancon,
AICPA president and CEO. “More people are sitting for
the CPA Exam because the CPA profession has enjoyed
unprecedented growth as an attractive career choice. Our
research shows that colleges and universities are awarding
more bachelor’s and master’s degrees in accounting than at
any other time in history.”
The AICPA, NASBA, and Prometric introduced the
computerized CPA Exam in April, 2004. Successful
completion of the Exam is required for licensure in all
jurisdictions. Candidates may sit for the Exam in any of
hundreds of Prometric test centers in the 50 states,
Washington, D.C., Puerto Rico, the U.S. Virgin Islands,
and the NASBA test center on Guam. Individuals have 18
months to achieve successful completion of the Exam,
which consists of four parts:




Auditing and Attestation
Business Environment and Concepts
Financial Accounting and Reporting
Regulation
Prior to the computer-based format, the CPA Exam was
paper and pencil-based and administered twice a year, in
May and November, in large auditoriums. Candidates had
to complete all four parts in two days.
“Delivering this exam one million times since it moved to
computer in 2004 is a true testament to the success we’ve
had with the delivery model,” said Michael Brannick,
president and CEO of Prometric. “Exam candidates have
truly embraced the user-friendly interface, as well as the
flexibility it provides with regard to exam administration
times and locations.”
FOCUS ON BUDGETING
College life is full of opportunities to spend. By
developing a budget, you can maintain control of your
money. Get started by listing all sources of income–job
earnings, savings, and parental support– and then develop
a list of what you think you might spend in each category
for a month. Identifying your living expenses in advance
can be tricky. For starters, think about the cost of books
and school supplies, meals, entertainment, personal care
items, laundry, telephone and Internet service, car
expenses, and clothes. Remember, budgets need to be
flexible and can be revised after the first month or two.
The next step is to total income and expenses. If expenses
are higher than your income, you’ll need to find ways to
increase the income, perhaps by taking on a part-time job
or by reducing spending.
CREDIT CARDS CAN SPELL DANGER
Credit cards can be a major pitfall. Having a credit card
for emergencies and for building a credit history is not
necessarily a bad idea. But don’t let it be an invitation to
overspend. Be sure you understand how credit works.
You should never charge more than the amount you can
comfortably afford to pay each month. To be on the safe
side use a debit card for everyday expenses and reserve
the credit card for true emergencies. Debit cards give you
convenience, but are limited to the amount of money in
your bank account.
(Continued on Page 3)
ASCPA Student News
Financial Framework: Money
Management (Continued)
CHECKING ACCOUNTS TEACH SKILLS
It’s usually a good idea to open a checking account in the
area where your school is located. Locate a bank that
offers free or low-fee checking for students and has
several convenient ATM locations. This reduces out-ofnetwork ATM fees. You should know how to balance a
checkbook. It’s a tedious job, but it’s cheaper than
bouncing checks. Also, it’s important to know that out-of
-state check deposits take a few days to clear.
SMART SPENDING SAVES DOLLARS
Keep your spending under control by looking for lowcost entertainment on campus. Universities and college
towns are known for having excellent entertainment at
lower prices. Also, joining clubs and organizations means
that you will have something to do and someone to do it
with, and the expenses are far less than a weekend
shopping spree. It’s also good to learn to comparison
shop and economize. Clipping coupons, purchasing used
textbooks, buying generic brands, and renting videos
instead of going to the movies are just some of the ways
you can save money.
ASCPA on Facebook
Arkansas Society of CPA is now on Facebook. Facebook
is a free-access social networking web site that is operated
and privately owned by Facebook, Inc. If you are already
a Facebook user, you can find us by typing the keyword
“Arkansas Society of CPAs” in the search box. If you are
not a Facebook user, you can sign up by going to the site
at: www.facebook.com. It is free and anyone can join.
The objective of the group is to bring CPAs from
Arkansas to one place for sharing and a connection.
ASCPA on Twitter
Arkansas Society of CPAs is now on Twitter. Twitter is a
free social messaging utility for staying connected in realtime. You can follow us via the link, www.twitter.com/
ascpalittlerock. Our Facebook friends will automatically
receive our twitter updates. We will update our twitter
page with recent events, CPE courses, etc. Don’t miss out
on important events of the Society.
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Becker CPA Review
Arkansas Society of CPAs associate and student
members can receive a discount on the Becker
Professional CPA Review for the full 4-part review
course. Save $250 off of the full 4-part review of either
Live, Online, or CD-Rom self study review course
format. Becker CPA Review classes correspond with the
exam testing windows that you select.
For more information on this member service, ASCPA
members should click on the Becker icon in the Student
Lounge section of the ASCPA website: www.arcpa.org
or call Becker at (800) 868-3900.
ExamMatrix CPA Review
Arkansas Society of CPAs associate and student
members can receive a discount on the ExamMatrix ™
CPA Review for both 4-part review course purchases, as
well as individual exam sections.
The ASCPA associate and student member rate is $795
full review ($1395 retail), or $245 per section ($395
retail). Both full review and per section review include
ExamMentor, a free tool for Exam preparation guidance.
Go to: http://www.ExamMatrix.com/CorpDemo to view
a free online demo, or click on the ExamMatrix icon in
the Student Lounge section of the ASCPA website:
www.arcpa.org
Kaplan Schweser CPA Review
As an ASCPA student or associate member, you can take
advantage of discounted pricing on Kaplan Schweser
CPA Education’s Online Review Course for $280 per
section. Additional discounts are available when you
purchase multiple sections.
To take advantage of this discount, ASCPA members can
visit click on the Kaplan Schweser icon in the Student
Lounge section of the ASCPA website: www.arcpa.org
or call Kaplan Schweser at (605) 271-0593 or (888) 3255072.
Application for Student Membership
ARKANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
11300 Executive Center Drive, Little Rock, AR 72211-4352
501-664-8739 / 800-482-8739 in Arkansas / Fax 501-664-8320
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PLEASE RETURN THIS COMPLETED APPLICATION FORM.
The ASCPA will bill for the $25.00 Annual Dues when your membership becomes effective.
By signing this application, I hereby represent to the Arkansas Society of CPAs that I will be bound by the Society’s Bylaws and Code of Professional
Conduct. I further agree to comply with the rules of ethical conduct contained in the current version of the AICPA publication entitled, “Professional
Standards, Ethics, Bylaws, Quality Control,” the acceptance of which should not be construed as a denial of the existence of other standards of conduct not
specifically mentioned.
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