Respondents who complete the survey will gain access to in-depth, individualized data to help shape their CAS practice strategies

NEW YORK (May 23, 2024) – CPA.com, the business and technology subsidiary of the American Institute of CPAs (AICPA), is currently accepting responses to its fourth bi-annual Client Advisory Services (CAS) Benchmark Survey, which aims to understand the transformation and growth of the client advisory services practice area.

The survey is open to practitioners and firm leaders offering transactional accounting and bookkeeping through advisory services in the U.S., regardless of firm size.

The 2024 survey will help firms benchmark their successes, identify areas for improvement, and create new goals that drive practice transformation. Participants will receive extensive data to assess how they compare to peer firms and the highest-performing practices in the country. The insight will help CAS practices identify where they are excelling, areas for improvement and key KPIs and benchmarks to apply moving forward.

“We chose to participate in the CAS Benchmark Survey because we needed a way to analyze how we were performing in our CAS practice and measure ourselves against other firms,” said Krista Richardson, Director-Client Accounting Services at Lucas Horsfall Accountants & Advisors, who participated in the 2022 benchmark survey. “The CAS Benchmark Survey taught us that we’re actually a better CAS practice than we ever thought we were. We also learned where other firms were performing better and what we need to aim for. That’s been instrumental in defining the next steps to take.”

Survey responses will be accepted through June 26.

Only survey participants will receive robust, individualized comparison data. A summary of key survey insights will be included in the 2024 CAS Benchmark Survey report that will be released later this year.

For more information or to get started, please visit the CPA.com CAS Benchmark Survey page.
 

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.

Growing excitement from users on power and benefits of transformational tool

New York, NY (May 14, 2024) - CPA.com today shared the latest highlights related to the Dynamic Audit Solution (DAS), a major initiative from the AICPA and CPA.com that targets audit transformation through a comprehensive, end-to-end, cloud-based solution built by auditors, for auditors.

Powered by a transformative methodology developed by the AICPA, and in partnership with audit professionals from leading firms, DAS is enhancing the efficiency, quality, and client value of financial statement audits through a risk-focused, data-driven approach. Built on the Caseware Cloud platform, DAS features guided workflows, real-time collaboration and a fully integrated methodology from start to finish to support an enhanced auditor and client experience.

Launched commercially in June 2023, DAS adoption has accelerated significantly:

FIRM USAGE

• 80% of the DAS stakeholder firms are advancing adoption.
• Multiple Top 25 firms are now in the process of doing full firm migration to DAS.
• DAS is now commercially available for all firms to leverage.
• Many Top 100 and Top 500 firms who were not part of the original stakeholder group are in advanced discussions/evaluations.
• A rollout to a broader cohort of firms is currently underway, beginning with the change management preparation and planning that ensures successful adoption.
• To date, more than 2,500 engagements have been completed in the solution with 4,000+ licensed seats.

FIRM FEEDBACK

Users of the platform are providing valuable insights and perspectives on their experiences with the solution:

Efficiency and efficacy of audits

• “I’m really impressed and feel like DAS helps all auditors connect the dots between the risk and why we do the audit procedures. Some key benefits we’re realizing include:
  • How much time we spend in each audit phase
  • How we manage our resources and schedule audits
  • How often we communicate with clients during the year
  • When review of the audit work occurs

– Sarah Flischel, CPA, Director, AAFCPAs

• “DAS is everything in one. It’s your one-stop shop. It is your document retention platform, it is your methodology, it is your PBC client request. It prepares your financial statements for you and it is your data analytics tool.” – Jen Wood, CPA, Partner & Assurance Leader, Director of Audit Innovation, The Bonadio Group; DAS Architect

Talent attraction, retention and upskilling

• “We are half-way through our planning process and getting used to how it feels to be working in a cloud-based product. Navigating a cloud-based product takes some time to get used to but being able to work from anywhere is ‘great’!” – Sarah Flischel, CPA, Director, AAFCPAs
• “The idea that we can get a 27-year-old without 30 years of experience to start, lead and execute an audit with the tool leading them through all the right steps—as we think about long-term efficiency, I think that’s the real benefit that DAS will give us all.” – Jere Shawver, CPA, Managing Partner, Assurance and Risk, Baker Tilly US, LLP; DAS Early Adopting Firm
• “We’re hiring people straight out of college—they were born with an iPhone. They are used to technology and expect that technology when they walk into firms. Tools like this are what they’re looking for, and it will help attract people, it’ll help retain people. We’ve received just the best feedback from our staff, senior, manager level, saying this tool is modern, it’s nice-looking, I enjoy doing my work and this tool.” – Jessie Kanter, CPA, Partner in Charge of Innovation and Methodology, Citrin Cooperman; DAS Implementation Lead

Greater client value

• It’s really going to change the way that we audit. It's going to allow our people to focus more on the risk, to really focus on what matters to our clients in our audits so that we can perform our audits in a more effective manner. Not focusing on the same things because maybe they're easy. That guided experience really does drive us to focus on the risky areas of the audit. Focus on the things that really matter in order to bring those insights to up-skill our people and make them understand how to more effectively perform an audit. – Jessie Kanter, CPA, Partner in Charge of Innovation and Methodology, Citrin Cooperman; DAS Implementation Lead

INTERESTED IN LEARNING MORE ABOUT DAS FOR YOUR FIRM?

• If you’d like to learn more about DAS, contact us at cpa.com/das-inquiries.
• CPA.com can also help firms assess their readiness and offers comprehensive implementation consulting, training and data and migration services to prepare for a technology-driven shift.

ADDITIONAL RESOURCES

• Video: Early adopter firms share the key benefits of DAS (3 minutes)
• Video: Firm leaders discuss the adoption and roll out of DAS (10 minutes)
• Blog: DAS – Built for auditors by Auditors

Program Fosters Emerging Technologies that Benefit the Accounting and Finance Profession

NEW YORK (March 12, 2024) – Today the American Institute of CPAs (AICPA) and CPA.com announced the participants of its 2024 Startup Accelerator program, which will kick-off this week at a meeting at their headquarters in New York. This year’s participants include seven early-stage companies leveraging artificial intelligence (AI) aimed at creating efficiencies and enhancing value in services across audit, accounting, tax advisory and firm management.

The Startup Accelerator supports the growth of early-stage technology companies benefiting the accounting and finance ecosystem. Selected companies receive focused insights from subject matter experts and firm and finance leaders who are reshaping the profession. They also benefit from strategic intelligence, business acumen and guidance from AICPA and CPA.com senior leaders and the program’s advisory board members. Additionally, selected companies will receive a $25,000 grant and have an opportunity to showcase their solutions at AICPA & CIMA ENGAGE, the premier conference for the accounting and finance profession that will be held in June at the ARIA Resort & Casino in Las Vegas.

“Artificial intelligence is going to play an increasingly strategic role in the world of accounting and finance,” said Kacee Johnson, vice president of Strategy & Innovation at CPA.com. “Our responsibility is to stay ahead of trends in technology so we can identify and foster solution providers with the best potential to meet the changing needs of the profession. The Accelerator program is a great way to stay current with the latest entrants into the ecosystem and connect these providers with CPAs that can put their solutions to work.”

The following technology providers were selected for inclusion in the 2024 cohort:

• Aider delivers compliance efficiencies, while enabling AI-powered advisory at scale for firms.
• Black Ore offers CPAs an AI-powered tax preparation platform designed to automate complex tax returns quickly and accurately, which can reduce burnout and give CPAs more time to focus on client advisory and growing their firms.
• TimeCredit provides AI-powered research and documentation tools for accountants to automate technical memo writing and answer complex questions instantly.
• Laurel utilizes advanced AI to automate timekeeping and address billing complexities for accounting firms, saving timekeepers valuable time and offering unparalleled insights into their operations.
• Digilence offers AI, machine learning, automation and intelligent document processing capabilities to accounting firms through its Digilence Cloud, using a SaaS model.
• Supervizor, an advanced audit analytics software automates financial anomaly detection for continuous error and fraud detection.
• Materia providers an AI-powered intelligent workflow automation platform for public accounting firms that helps improve the efficiency and quality of audits.

This year’s AI-focused cohort is part of a broader Generative AI initiative by CPA.com to support the profession in understanding and harnessing the capabilities of this rapidly expanding technology, including a GenAI toolkit, an AI Symposium and other resources housed at CPA.com/gen-ai.

For more information about the Startup Accelerator, please visit cpa.com/accelerator.

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.

AICPA and CPA.com host inaugural AI Symposium to explore the implications and opportunities of artificial intelligence for the accounting and finance profession.

NEW YORK (Jan. 24, 2024) – Leaders from across the accounting and technology ecosystem convene today at the inaugural AICPA and CPA.com AI Symposium to exchange insights and perspectives on the real and potential impacts and transformative abilities of artificial intelligence on the accounting profession.

The event, hosted by the American Institute of CPAs (AICPA) and CPA.com, its business and technology subsidiary, brings together more than 70 firm and finance leaders, standard setters, thought leaders, AI solution providers and technologists to identify the ways AI is reshaping the profession and creating new possibilities, along with the risks and considerations to be addressed for effective implementation.

“GenAI has the potential to revolutionize the way firms deliver value and business insights, while also increasing their capacity to do so. When implemented correctly, it can deepen the trusted advisor relationship and unlock new opportunities for growth,” said Erik Asgeirsson, CPA.com president and CEO. “We’re energized by the response to this first symposium and the leadership underway to support firms and finance professionals in the responsible and effective deployment of its transformational capabilities. We look forward to building on the momentum.”

The symposium agenda covers key areas of leadership and focus including AI standards and regulations, advocacy initiatives, AI-enabled technology solutions, education and awareness for practitioners, and use cases related to internal management and practice areas encompassing tax, audit, finance and advisory services. CPA.com will release a whitepaper in March that recaps key themes and takeaways from the event sessions, including:

• The Future of AI in Accounting & Finance with Aaron Harris, CTO, Sage.
• Exploring Responsible AI: Industry Insights & Lessons Learned with Alyssa Lefaivre Škopac, Head of Global Partnerships and Growth, Responsible Artificial Intelligence Institute.
• AI Regulation & D.C. Outlook with Mark Peterson, EVP-Advocacy, AICPA.
• AI in Audit & Assurance with Amy Pawlicki, VP-Assurance and Advisory Innovation, AICPA.
• AI Strategies & Use Cases panel with Michael Cerami, EVP, CPA.com, Molly Goins-Cox, Chief Innovation Officer, Withum, Peter Scavuzzo, Chief Information & Digital Officer, Marcum LLP, and Moe Asgharnia, Chief Information Officer, BPM.

The event will also feature remarks from Erik Asgeirsson and Sue Coffey, CEO of Public Accounting at the AICPA, as well as an interactive session led by Kacee Johnson, VP-Strategy & Innovation, CPA.com, and Jason Staats, president, Realize LLC.

“As a trusted profession, we must remain agile in our pursuit to keep up with the speed and transformational capabilities of technology, but we must also be diligent in our commitment to adopt it securely,” said Sue Coffey, CPA, CGMA. “Working with policymakers and establishing and adopting standards and practices that instill confidence in financial and non-financial data and information remains a top priority for us as we deploy initiatives and resources to support CPAs and CGMAs.”

Resources to support accounting and finance professionals
The AI Symposium is part of the AICPA and CPA.com’s ongoing efforts to deliver education, tools and resources to help accounting and finance professionals build their understanding of GenAI and the potential impact on their practices during this time of rapid change, including:

• CPA.com’s Generative AI initiative, which includes a toolkit featuring use cases and a security checklist to help firms build smart, safe AI strategies.
• AICPA Artificial Intelligence Resource Center
• An AI-specific cohort as part of the 2024 AICPA and CPA.com Startup Accelerator

Heightened Regulatory Landscape Will Drive Momentum in 2024 and Create New Opportunities for the Accounting Profession.

NEW YORK (Dec. 18, 2023) – New and emerging regulations and stakeholder demand are increasing pressure on companies to focus on environmental, social and governance (ESG) reporting, which in turn is creating significant opportunities for the accounting profession, according to a new special report from the AICPA and CPA.com.

The report, ESG: A new era in practice opportunities, includes insights from the second annual AICPA and CPA.com ESG Symposium, which brought together top leaders in the ESG space to exchange ideas and perspectives on emerging issues and to discuss the critical role of accounting and finance within the ESG category. It was released during the AICPA & CIMA’s virtual ESG & Sustainability Conference.

“The birth of audit and accounting occurred more than 100 years ago when an economic downturn led to the requirement for companies to provide financial information to operate their businesses. Today that’s shifting as a larger group of stakeholders, including customers, employees and local communities, are expecting companies to provide broader ESG reporting,” said Barry Melancon, CPA, CGMA, CEO of AICPA & CIMA, during this week’s conference. “The accounting profession has a critical role to play to ensure the reliability and comparability of the information. CPAs have the skillset and expertise to design systems to do this.”

The report offers five key takeaways in 2023 related to the growing ESG landscape and the potential for accounting and finance professionals to build on their trusted advisor roles through ESG services, including:

• Critical need for standards. Although various frameworks have been used in the past, the absence of mandates has resulted in a lack of consistency, reliability and comparability. In response, the profession has taken an important role in the development of the International Sustainability Standards Board (ISSB) to create a new reporting system and, ultimately, position firms as leaders in the ESG space.
• Turning point in regulation. Beyond ISSB global standards, the impacts of new and emerging regulations at global, national and state levels, including the recently passed California laws and the Securities and Exchange Commission (SEC)’s proposed climate-disclosure rules, will require businesses to address ESG with the same metrics-based rigor as is applied to financial reporting. The impacts will extend far beyond those jurisdictions and the largest public companies. As part of a larger business’s value chain, smaller companies may be expected to provide their own emissions reporting and will look to their trusted advisors for help.
• Value in CPA assurance. While the global assurance market is growing, the percentage of ESG assurance engagements conducted by audit firms has declined to 57%, down from 63% two years earlier, according to a survey by IFAC and the AICPA & CIMA. CPAs are best positioned to provide proper assurance given their deep expertise and experience in protecting the public interest, backed by the profession’s rigorous attestation standards, oversight structure and independence requirements.
• Quantifying the value in finance. As CFOs continue to seek a financial ROI for sustainability programs, many may be ignoring the societal push from stakeholders, including employees and customers. If finance can evaluate and communicate the value of a company’s sustainability initiatives, it can better articulate impact and value, which can be attractive to talent, customers and business partners.
• Building an ESG practice requires an intentional approach. As with any new service line, having a strong business model strategy, training and awareness are critical to a firm’s success. The report offers best practices to help firms launch or enhance their ESG practice, focusing on areas such as leadership buy-in, leveraging internal and external expertise, customizing services around what your clients truly need, and more.

Looking toward 2024, the demand for ESG services will likely accelerate as the SEC is expected to release disclosure rules for publicly traded companies, adding to a growing number of global and state regulations. During his session at this week’s AICPA & CIMA ESG & Sustainability Conference, Wes Bricker, Vice Chair - US Trust Solutions Co-Leader, PWC, discussed the important role that ESG regulations play in driving consistency in sustainability reporting. “Over the last couple of years, there’s been a lot of progress made on sustainability reporting, but with the emergence of new regulations, we’re now shifting from voluntary reporting toward mandatory reporting,” said Bricker. “We see how some of the regulations overlap, but also how they’re different. We need to connect the dots and not just limit our attention to one.”

The ESG Symposium, 2023 report and ESG & Sustainability Conference are part of the ongoing efforts of the AICPA & CIMA and CPA.com to support accounting and finance professionals in their understanding of the growing ESG landscape and ways to leverage the opportunities to enhance their roles as trusted advisors. “In the coming year, we will continue to build on the momentum to help accounting and finance professionals stay up-to-date on the latest developments in this area and support firms in expanding their services into the ESG category,” noted Erik Asgeirsson, president and CEO, CPA.com.

Additional resources and tools can be found on CPA.com’s ESG Professional Services webpage and the AICPA & CIMA ESG Resource Center.