How technology is forcing CPA firms to evolve

Featuring Audrey Katcher, CPA/CITP, CGMA, a partner with RubinBrown LLP


Video transcript:

As our clients are facing a lot of change in technology, it’s not the shiny tool, the change of technology, that’s causing them issues. It’s the governance that they have to have to manage that technology. It’s understanding what they’re trying to protect or report on. It’s having the skill sets that’s able to really analyze the magnitude of the information that they have. Then, on top of all the technology change, they are having to tell others on how they’re protecting the information, reporting it accurately, and doing it in a very, very fast pace.

And with the technology changes with our clients, the CPAs can help them address this change. We have the ability to help the client set up a governance program and organization to help report information accurately, secure that information. So basically, in some of our clients, the way we look at it, we’re there to provide advisory help on their business improvement, and sometimes what we’re helping them do is build Switzerland. Sometimes it’s an entity between IT and finance and operations that’s out there to look for the best interest of the company, to report information accurately, and to keep it secure.

One other thing we can do to help the clients through this technological change, is the pace that they are having to report information and prove that information is secure, before they get a new client, before they interact with new entities. We can help clients today providing SOC 1 and SOC 2 reports, reports on their internal control [over] financial reporting, reports on their security.

And now we’ve added a new kind of reporting in the SOC family of reporting for cyber attest over risk management. That reporting is going to go beyond just the third parties interacting with the company for service. And it’s going to be there for the other constituents, such as the board or such as the investment community. So CPAs are going to be critical in building the trust between companies and helping the companies show their strength to the outside world.

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