Wainman Remains in Executive Chairman Role Responsible for Innovation

TORONTO (July 14, 2020) – CaseWare International Inc. today reinforced its defining commitment to innovation in audit and accounting technology by naming veteran software executive Matt Dodds its new Chief Executive Officer. The move is part of a broader management expansion for the leading global provider of cloud-enabled audit, financial reporting and data analytics solutions.

Dodds had previously served as General Manager of CaseWare IDEA, a data analytics software division of the parent firm. Dwight Wainman, CaseWare’s founder, president and CEO for the past 32 years, will become executive chair and focus on the company’s global innovation initiatives, including the Dynamic Audit Solution (DAS), an audit-of-the-future project being developed with the American Institute of CPAs (AICPA), CPA.com and leading CPA firms.

“The accounting profession is at an inflection point, with significant changes coming to audit and assurance practices due to technology and new methodologies,” Wainman said. “CaseWare is a significant part of this evolving story, and our work with AICPA is fundamental to this transformation. Matt has distinguished himself at CaseWare IDEA and I’m confident he will drive the day-to-day management of the company as I shift my focus entirely to work on driving innovation and transformative change.”

“We’re excited that this change allows Dwight to focus solely on innovation and advancing our joint effort with firms around DAS,” added Susan Coffey, the AICPA’s Executive Vice President, Public Practice.

Dodds brings diverse experience in technology to his new role as CEO. The Cambridge University-educated engineer served as COO of Jibestream and held various leadership positions at Volaris Group, a division of Constellation Software, before joining CaseWare IDEA in 2017 as General Manager. “Matt’s promotion to CEO shows the deep bench strength at CaseWare and positions the company well for what will be a transformative period for the accounting profession,” according to Erik Asgeirsson, President and CEO of CPA.com, the business and technology arm of the AICPA.

“I am honoured to take on this role and to help build on the pioneering audit, financial reporting and data analytics solutions CaseWare has delivered to global markets over the past 30 years,” Dodds explained. “But more importantly, I’m excited to bring all of our capabilities together within one unified cloud platform, transforming CaseWare into a cloud-first business.”

CaseWare Head of Business Development Ross Hampton, who plays a critical role working closely with the AICPA and CPA.com, brings over 20 years of experience in the information technology and financial services industry to the CaseWare team and will continue to lead its activities in the U.S. market.

As this transition takes place, CaseWare is reassuring staff and global customers that there are no other changes to day-to-day operations at this time, and that this decision signals a renewed commitment to the company’s founding principles of innovation, a high standard of excellence, and compliance for firms worldwide.

About CaseWare

CaseWare International Inc. is the leading global provider of cloud enabled audit, financial reporting and data analytics solutions. With efficiency, quality and value in mind, CaseWare provides cutting-edge technology to accounting firms, businesses and government entities. Over 400,000 users, in 130 countries and in 16 languages, use CaseWare solutions.

Cloud Solution Transforms Process for “Limited Scope” Audits of Employee Benefit Plans

NEW YORK (June 25, 2020) — The American Institute of CPAs (AICPA), CPA.com and CaseWare International Inc. today announced the launch of OnPoint EBP, a cloud solution designed to facilitate the efficient and effective performance of “limited scope” employee benefit plan audits.

OnPoint EBP is powered by the CaseWare Cloud platform and designed for audits of employee benefit plans pursuant to ERISA Section 103 (a)(3)(C). It combines AICPA-developed methodology, engagement management, analytics, advanced client collaboration tools and links to authoritative guidance within a single application.

“The tools many auditors rely on today for employee benefit plan audits are inefficient, requiring manual data entry, redundant processes and outdated, on-premise technology,” said Erik Asgeirsson, president and CEO of CPA.com, the business and technology arm of the AICPA. “We’ve seen how modern, cloud-based solutions have transformed client accounting services, and OnPoint EBP brings many of the same elements of efficiency and quality to limited scope EBP audits.”

Technology and evolving standards are transforming the way audits are being conducted. The AICPA has been a leader in this area, particularly in its work to define and develop the audit of the future through projects such as the Dynamic Audit Solution (DAS). The AICPA has committed significant resources over the last six years to promote and improve the quality of audit engagements through the Enhancing Audit Quality initiative, a data-driven program to improve auditors’ performance through guidance, peer review and other measures.

“This is one more step in our evolution of resources to support firms in their performance of quality services,” said Sue Coffey, CPA, CGMA, the AICPA’s executive vice president of public practice. “Technology will never eliminate the need for a CPA’s professional judgment and expertise in audits. But equipping auditors with the best tools can help facilitate greater quality and provide better insights during their engagements. That’s been one of the guiding principles behind our efforts in this area.”

There are close to 84,000 employee benefit plan audits conducted in the United States each year, almost 70 percent of which are limited scope audits. Of the 5,000 CPA firms that perform EBP audits, a little more than half do four or fewer engagements each year.

Employee benefit plan features can vary widely. OnPoint EBP drives quality and efficiency through its unique Plan Profile, which functions as a powerful scoping tool to identify specific features and nuances of the plan under audit. Among other advantages, the tool:

• Improves auditor understanding of the employee benefit plan and its provisions
• Provides a guided approach to risk identification and assessment
• Integrates diagnostics to indicate when an auditor’s response warrants additional consideration or when someone chooses a non-standard path
• Automates drafting of financial statements and note disclosures as a permissible nonattest service
• Streamlines audit processes with dynamic content and workflow
• Facilitates collaboration with the client and engagement team

OnPoint EBP is commercially available to all firms through CPA.com and may be used for ERISA limited scope audits both currently and after the adoption of SAS 136 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.

For more information on OnPoint EBP, including a product overview, key benefits, pricing and training, visit cpa.com/onpoint-ebp.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

About CaseWare

CaseWare International Inc. is the leading global provider of cloud enabled audit, financial reporting and data analytics solutions. With efficiency, quality and value in mind, CaseWare provides cutting-edge technology to accounting firms, businesses and government entities. Over 400,000 users, in 130 countries and in 16 languages, use CaseWare solutions.

The impact of the coronavirus pandemic on the U.S. economy has made the role of accountants and other finance professionals more urgent, especially as non-essential businesses across the country are forced to close and make critical operational decisions. CPAs were particularly in the spotlight last week as the tax-filing deadline was extended to July 15 in response to the crisis.

It is important that CPAs keep abreast of these fast-moving updates, said American Institute of CPAs president and CEO Barry Melancon, recommending the AICPA’s coronavirus online resource center as a good starting point. He also explained that CPAs can currently offer more to clients than just meeting these new deadlines.

“If you think of the makeup of the profession, the knowledge, we are extraordinarily well-positioned,” Melancon told Accounting Today. “It’s way more than complying with the tax deadline, financial reporting. Those things are important, but way bigger is real solid decision-making. Our economy will fight to bounce back; I see an opportunity to do that, a path to do that. … People from every type of organization have the potential for a powerful impact on good decision-making and how to come out of this. It’s probably the greatest opportunity for our profession to affect the economy.”

Beyond financial expertise, accountants might find themselves especially in-demand for their practicality, Melancon predicted.

“I think that we have this incredible obligation and opportunity — not from an opportunistic [standpoint] — but the opportunity to impact a very serious situation in the economy,” Melancon continued. “It’s all about how we are trusted, knowledgeable, ethical people in this profession — those are true statements. Right now, we can be a calming force for clients; if you work for a company, you can be a calming force for good decisions. We can be realists [and] help people work through some difficult decisions.”

Amid this pandemic, both Melancon and CPA.com president and CEO Erik Asgeirsson (pictured) have been in communication with accounting firms and AICPA members, as well as the other organizations comprising a coalition they formed to ask the U.S. government to direct any coronavirus relief funds to small businesses through payroll processors. These conversations have inspired optimism, according to Asgeirsson, who added that firms that have adopted the technology solutions that thought leaders like those at CPA.com have been evangelizing for years are at an advantage.

“We’ve both been talking to a lot of firms, and like everyone, they’re focused on the safety of employees and doing an excellent job, making sure people work remote and take care of their situations,” Asgeirsson shared. “The second thing is a focus on helping clients navigate unprecedented times, to really be set up to operate in this environment. What happened with cloud-enabled solutions was they are able to support businesses and clients wherever they are and are actually operating today. Things have changed [but] we are operating and connected and will be in a position to support clients in these uncharted waters.”

The AICPA and CPA.com are prepared to continue helping CPAs in these unprecedented times, Asgeirsson said.

“Some firms need a little assistance in getting modern platforms up and running, and we continue to provide those services,” he explained. “We’re also aware these firms are knowledge workers and are invested in systems that can support clients, and can play a big role. It’s an otherwise fortunate position to be in, that we can still provide these services. We’ve also seen states declare [CPAs] as essential services.”

As the spread of the coronavirus, and the government and economic response to it, continues to accelerate, preserving connectivity will be critical, according to Melancon and Asgeirsson.

“It’s amazing how fast this is all going,” Asgeirsson observed. “Communication matters.”

The American Institute of CPAs (AICPA) has petitioned President Donald Trump to enact a faster system of payment for small- to medium-sized businesses as the coronavirus pandemic rolls on in the country, stalling the economy, according to reports.

The AICPA was joined by the International Franchise Association and two payroll companies, Paychex and Intuit, in penning the open letter to Trump. The proposition is for the federal government to set up a new centralized system in which SMB payroll processors could funnel finances to businesses to help them keep paying employees.

AICPA President and CEO Barry Melancon said this would be the most efficient way to get payroll processes running and help money get to those that need it, as well as assisting in getting things running again once the pandemic has eased up at some point.

The coalition emphasized that the plan would especially help out businesses that have been forced to lay off workers or close their doors as the crisis continues to unfold and people have to practice social distancing.

However, the funds for this project would depend on the passage of a financial aid and relief measure in Congress, which had not happened as of Tuesday (March 24). Several attempts at such were blocked by Democrats in Congress who said the measures did not go far enough toward protecting workers and instead focused more on corporate interests.

There are more payroll companies looking to join this coalition and voice support, according to officials. The AICPA is prepared to continue responding to Washington’s actions, hoping that whatever Congress decides to do will align with the coalition’s goals.

Erik Asgeirsson, president and CEO of CPA.com, said one reason this could work well is that the system is mostly already in place, as payroll companies know who needs to get paid and how much. All that’s missing, he said, is the centralized hub that would bring it all under the government’s roof.

For the calculation of the Average Monthly Payroll cost under the Paycheck Protection Program (PPP), the Gross Payroll approach should be used for the application, according to the recommendation from the AICPA-led small business funding coalition. This recommendation was developed in conjunction with the National Payroll Reporting Consortium (NPRC). It comes after the additional guidelines Treasury and the Small Business Administration (SBA) issued on Thursday.

For the calculation of the Average Monthly Payroll cost, we recommend that payroll providers and CPAs use Gross Payroll based on 2019 data versus Net Payroll (defined as Gross Payroll less federal withholding and employee FICA). Neither the CARES Act nor the recent guidance instructs the PPP applicant to exclude federal withholding and employee FICA for the 2019 period. The Average Monthly Payroll cost includes Gross Payroll and the other defined PPP payroll cost elements such as health care, etc.

Downloadable Paycheck Protection Program (PPP) Borrower Application Form.

“Treasury and the SBA have acted quickly to generate this small business stimulus. As key stakeholders in the implementation of the PPP relief, we are collectively working to drive consistency in the interpretation of the administration’s guidance. Our goal is to help produce an efficient application process to quickly get the funds in the hands of small businesses and their employees,” said Erik Asgeirsson, president and CEO of CPA.com.

Mark Koziel, CPA, CGMA, the AICPA’s executive vice president of firm services, added, “Based upon statements from members of Congress, it appears that the intent of the PPP was to base the salary calculation on gross wages with no adjustment for federal taxes. This ensures that payroll tax expenses are not passed on to the small businesses in need. In a program of this magnitude, it’s expected that guidance will evolve and terms will be clarified.”

The AICPA also said that its discussions with Treasury, SBA, banks and payroll processors to address these and other issues are ongoing and that it will keep its members, coalition partners and small businesses updated on the efforts to protect Main Street America.

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession