Succession planning and staffing joined new client acquisition and dealing with the complexities of rapidly changing tax regulations as the top issues facing U.S. accounting firms, according to an AICPA survey released Tuesday. The 2013 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey found evidence that CPA firms
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Firm practice management
Survey spotlights need for data and security strategies
On the surface, the results of the 2013 North America Top Technology Initiatives survey show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a little deeper, and the evidence indicates that the
The leadership cycle: How to enable collective leadership
James Quigley, CPA, was CEO of Deloitte Touche Tohmatsu Ltd. from 2007 to 2011. He retired from Deloitte LLP in June 2012, after 38 years with Deloitte. He serves as a trustee of the IFRS Foundation and is co-author of the 2011 book As One: Individual Action, Collective Power, which
Independence is in the eye of the beholder
The independence of CPAs is the hallmark of the profession. As such, accountants put forth significant focus and effort to comply with independence requirements related to everything from investments to business and employment relationships to services delivered to clients. But being what accountants call independent in “fact” isn’t enough. CPAs
Cultivating leadership
Most CPAs promoted to leadership positions get there because of their technical skills and professional prowess. In many cases, however, the same CPAs have not been prepared to act as leaders. The following steps show what employers can do to cultivate leadership skills. Emphasize business acumen, curiosity, and strategic sensibility
The leadership cycle: How to effectively lead and develop talent
Richard Oliver, CPA, CGMA, is the president of familyowned THORLO Inc. in Statesville, N.C. He got his start in accounting with a fiber-optics company in Hickory, N.C., then went to work as an auditor for Deloitte. He returned to the fiber-optics field after three years, before he was recruited to
The leadership cycle: The parallel paths of career and firm success
Jennifer Wilson is a partner and cofounder of ConvergenceCoaching LLC, a nationally recognized leadership and marketing firm that provides coaching and consulting services to leaders. She is an experienced change agent who has worked in both the public accounting and business sectors and is a frequent speaker, writer, and blogger
Seven ways to address IT vulnerability
When Mike Foster hears from CFOs about IT security issues, he gets the sense they’re focusing on a single hacking event here or there, instead of viewing IT security as a project that needs constant management and attention. What Foster tells the CFOs is this: “We don’t want to fight
How can diversity be improved in the CPA profession?
Even as members of the recently created National Commission on Diversity & Inclusion work to improve opportunities for under-represented minorities in the CPA profession, they are reminded of just how much work needs to be done. During a panel discussion of commission members held Monday at the AICPA Council meeting,
Data, security take top two spots in AICPA technology priorities survey
On the surface, the results of the 2013 North America Top Technology Initiatives survey, released Wednesday by the AICPA and CPA Canada, show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a
Top concern of FVS practitioners: Business development
The top priorities of forensic and valuation services (FVS) accountants have changed drastically over the past few years, with business development concerns outpacing technical issues, according to a new AICPA study. The 2013 FVS Membership Top Issues Survey found that “bringing in new clients,” the classic business development imperative, ranked
Assurance opportunities broaden
Editor’s note: Beth Schneider is the chair of the AICPA Sustainability Task Force under the Auditing Standards Board. Corporate and public interest in sustainability and climate change issues, and voluntary reporting of greenhouse gas (GHG) emissions information, has grown significantly in the United States during the last decade. Companies have
Preparing for disaster
One CPA firm is still recovering from a “superstorm” that damaged nine of its 14 offices. Another has constructed a safe room in its new office, which was built after a tornado destroyed its previous office. A third firm is adjusting to the “new normal” in a city forever changed
Time to recruit talent
Millions of Baby Boomers will leave their jobs in the next 10 to 12 years. This exodus of talent will place extraordinary pressure on every U.S. organization’s talent recruitment and retention efforts. Consider these strategies to help your organization compete in an unprecedented people cycle: Ensure your HR leadership
Defending third-party audit claims
Early in the 20th century, audits of company financial statements served merely as verification for management that a company was productive and efficient. After the 1929 stock market crash, the role of the auditor evolved. The Securities Act of 1933 and the Securities Exchange Act of 1934 established requirements for
Baker Tilly to merge with New York firm Holtz Rubenstein Reminick
Baker Tilly Virchow Krause LLP, one of the 20 largest U.S. accounting firms, is merging with Holtz Rubenstein Reminick LLP in a deal that will give Chicago-based Baker Tilly a significant foothold in New York City. The merger announced Wednesday is scheduled to take effect June 1. It will create
Tech talk: What CPAs need to know
Tax Code modifications and new FASB rules aren’t the only changes that CPAs have to concern themselves with these days. Whether it’s the security of clients’ data, the implications of migrating to the cloud, or the uncertain future of the once-venerable desktop, rapid technological transformation continues to generate new challenges
Smart tech tips
Technology mistakes can cause higher expenses and lost revenue opportunities. During a session at the AICPA Advanced Personal Financial Planning Conference in January, Advisor Products President and CEO Andrew Gluck shared tips on how to avoid the biggest technology mistakes. The tips could prove useful for accounting firms and small
Criminal background checks can’t remain in the background anymore
Among the many client services they perform, accounting firms often handle client funds in the performance of various services provided to both individuals and businesses—bookkeeping, investment advisory, family office, and more. Imagine what might happen if a firm employee steals or otherwise misappropriates funds from a client: The firm would
From “write-up” to right profitable
CPA firms for decades saw little upside to providing basic accounting services to business clients. Bookkeeping and other “write-up” activities required extensive data entry and document transfer that chewed up man-hours but did not require much specialized knowledge. Client accounting services (CAS) were seen as commodities that brought with them
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FROM THIS MONTH'S ISSUE
How a CPA beat burnout after strokes, depression
Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.
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Digital asset transactions: Broker reporting, amount realized, and basis
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