Erik Asgeirsson Outlines Coming Changes to Tax and Audit Practices

SAN FRANCISCO (Dec. 6, 2017) – Technology is rapidly transforming the practice of accounting, and there has never been a better opportunity for CPA firms to grow and thrive, the chief executive of CPA.com said in a keynote speech at the 2017 Digital CPA Conference.

The rise of autonomous business, marked by the continuing automation of accounting and finance functions, has hastened the shift of CPA firms into advisory services, said Erik Asgeirsson, president and CEO of CPA.com, the technology subsidiary of the American Institute of CPAs. That pace will only quicken as artificial intelligence, machine learning, blockchain and the ongoing evolution of data analytics become more common in everyday business transactions.

“If you want to see what lies ahead for tax and audit, look at what we’ve seen in client accounting services over the past decade – with the cloud, virtual CFO services are now an increasingly important driver of CPA firm revenue growth,” Asgeirsson said.

CPA.com’s ongoing research has identified talent, pricing and the ability to identify prospective clients as three continuing challenges facing virtual CFO practices. To help firms address these, the company plans to:

• Set up roundtable groups of client accounting practitioners, keyed to firm size, to provide a support network and a means to exchange best practices
• Create advocacy materials for CPAs looking to get internal buy-in for their teams to build or expand client accounting services practices
• Design a comprehensive benchmarking survey, in collaboration with the AICPA’s practice management section, to set metrics for client accounting services pricing and best practices

Asgeirsson also outlined several broad initiatives already underway to support the rapid evolution of the profession. These include:

• A collaboration between CPA.com, the AICPA and CaseWare, a global provider of audit and analytic software, to create a broad, automated audit solution. One piece of this collaboration – the creation of a dynamic preparation, compilation and review solution – was announced earlier this week at Digital CPA.
• Expanded uses for the RIVIO Clearinghouse, a secure hub for private company financial information jointly developed by CPA.com and Confirmation.com, such as the managed distribution of reports from System of Organization Control (SOC) engagements. Asgeirsson noted that there is growing interest in RIVIO within the credit union industry, and within the Top 20 accounting firms.
• Taking a leading role in defining the impact of blockchain on the profession through a collaboration with the AICPA and Wall Street Blockchain Alliance.
• Offering insight into emerging technology trends through CPA.com’s sponsorship of 1) an annual executive roundtable for accounting technology CEOs, and 2) formation of a startup accelerator with the Association of International Certified Professional Accountants. Four companies that represent the initial class of the accelerator were announced at the conference today.

“At CPA.com, we’re moving forward on several fronts to help CPA firms succeed: thought leadership, the development of key tools and solutions, and collaborations to define and advance emerging technologies and practice management improvements,” Asgeirsson said. “We’re excited about the future.”

About CPA.com

CPA.com offers a growing list of products and services for practice management, client advisory services and professional development. The company has established itself as a thought leader on cloud technology and has been a driving force around the reemergence of virtual CFO/controller services by firms. In addition, CPA.com – in partnership with Confirmation.com – has developed the RIVIO Clearinghouse, an online financial document clearinghouse that enables private businesses to exchange key financial information with lenders and investors. The company is subsidiary of the American Institute of CPAs, the world’s largest member body representing the CPA profession. For more information, visit CPA.com.

Four Companies Selected by the Association of International Certified Professional Accountants and CPA.com

SAN FRANCISCO (Dec. 6, 2017) – Four entrepreneurial companies have been chosen as the initial class of a startup accelerator sponsored by the Association of International Certified Professional Accountants (the Association) and CPA.com.

The startup accelerator was launched this past June to help jumpstart innovation in the accounting profession and provide insight into disruptive technologies and automation trends for CPAs and Chartered Global Management Accountants (CGMAs). The finalists get a modest amount of seed money and gain access to senior leaders of the Association and CPA.com, as well as to an advisory panel of leading practitioners and thought leaders who collectively will provide expertise about global trends and marketplace needs within the accounting profession.

“We were impressed with both the quality and breadth of applicants for the accelerator,” said Erik Asgeirsson, president and CEO of CPA.com, the technology subsidiary of the American Institute of CPAs. “The Association and CPA.com are committed to keeping the accounting profession in the forefront of technology, and we look forward to working closely with these promising startups over the next year.”

The four finalists are:

• TrueUp – The Los Angeles startup uses gamification to help companies assess the technical skills of job candidates and improve those of current employees
• RegroupTax – A La Mesa, Calif., firm that built a cloud-based program and app that creates a trial balance and workpapers for business tax preparation
• Pluma – A San Francisco company that offers a professional development platform pairing working professionals with experienced executive coaches through in-app messaging and video sessions, accessible by computer or mobile device
• North Capital – A Salt Lake City marketplace solutions and advisory firm whose technology platform allows broker-dealers, funding platforms, and issuers to conduct online private securities offerings

Each finalist will be given the opportunity to present information about their company next summer at AICPA ENGAGE, one of the leading events devoted to public accounting in the United States.

“At the start of this process, we identified two key areas of focus for applicants: 1) technology and financial information and 2) professional competency innovation,” said Lawson Carmichael, the Association’s executive vice president for strategy, people and innovation. “Our finalists nicely balance those priorities.”

The finalists were announced at the Digital CPA Conference, one of the leading U.S. events on technology adoption and practice management improvement for CPA firms.

For more information about the startup accelerator, please visit aicpaglobal.com/accelerator.

About CPA.com

CPA.com offers a growing list of products and services for practice management, client advisory services and professional development. The company has established itself as a thought leader on cloud technology and has been a driving force around the reemergence of virtual CFO/controller services by firms. In addition, CPA.com – in partnership with Confirmation.com – has developed the RIVIO Clearinghouse, an online financial document clearinghouse that enables private businesses to exchange key financial information with lenders and investors. The company is a subsidiary of the American Institute of CPAs, the world’s largest member body representing the CPA profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants

The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.

Companies Will Also Collaborate on Broader Audit Solution

SAN FRANCISCO (Dec. 4, 2017) – CPA.com, the technology subsidiary of the American Institute of CPAs, and CaseWare, a global provider of audit and analytic software, today announced they have teamed up to create a new solution for CPAs that will make preparation, compilation and review engagements more dynamic, intelligent and efficient.

The cloud-based solution, called OnPoint, eliminates repetitive tasks and integrates information from AICPA technical guides, giving practitioners a powerful, all-in-one tool for serving clients.

“Technology is reshaping the accounting practice, and the next big area to be transformed by automation, artificial intelligence and other innovation is audit and attest services,” said Erik Asgeirsson, president and CEO of CPA.com. “Today we’re announcing a solution geared toward the more than 20,000 firms that provide preparation, compilation and review services. This solution, which uses dynamic checklists to structure and manage engagements, will help CPA firms deliver the highest level of service to clients.”

OnPoint features include:

• Intelligent checklists to guide practitioners step-by-step through the engagement process, starting with customizable engagement letters
• Seamless collaboration between the firm and clients, with the ability to share files more securely than through email attachments
• Delivery over the CaseWare Cloud platform, which allows anywhere, anytime access with bank-grade encryption and other security features
• Integration with the latest AICPA technical guides
• Financial statement data and footnotes that can be updated with one click
• Dedicated on-boarding support for firms through CPA.com

“The marketplace is moving toward automated services faster than most practitioners recognize,” said Dwight Wainman, CEO of CaseWare. “OnPoint offers all the advantages of an intelligent solution, but also has the added benefit of integrating with the AICPA’s highly regarded technical guides. That’s difficult to match.”

As a cloud-based solution, OnPoint permits timely updates as technical issues change.

“Quality of service is a defining characteristic of the CPA profession, which is why the AICPA launched the Enhancing Audit Quality initiative and is collaborating on solutions such as OnPoint,” said Susan Coffey, CPA, CGMA, executive vice president of public practice for the Association of International Certified Professional Accountants. “Having the relevant technical information on hand while managing engagements is critical to providing the consistency and quality the profession requires in the preparation, compilation and review service lines.”

The collaboration between CPA.com and CaseWare was announced at the Digital CPA Conference, a leading event for driving technology adoption and practice management improvement within the accounting profession. More details about OnPoint will be available in early 2018. As part of their work together, the two companies are developing a broader audit solution for CPA firms.

Firms interested in more information about OnPoint can send inquiries to onpoint@hq.cpa.com.

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.

About CPA.com

CPA.com offers a growing list of products and services for practice management, client advisory services and professional development. The company has established itself as a thought leader on cloud technology and has been a driving force around the reemergence of virtual CFO/controller services by firms. In addition, CPA.com – in partnership with Confirmation.com – has developed the RIVIO Clearinghouse, an online financial document clearinghouse that enables private businesses to exchange key financial information with lenders and investors. CPA.com is a subsidiary of the American Institute of CPAs, the world’s largest member body representing the accounting 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 418,000 members in 143 countries, 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.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.

About the Association of International Certified Professional Accountants

The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.