Ericka Racca, director of audit professional services at CPA.com, and Karl Busch, senior director of product management at the AICPA, describe the capabilities of the upcoming Dynamic Audit Solution.

https://www.accountingtoday.com/podcast/get-ready-for-das

Client accounting services has been hugely successful as a service offering, but CPA.com president and CEO Erik Asgeirsson and vice president of growth and professional services Kalil Merhib say firms need to evolve toward the next stage: client advisory services.

https://www.accountingtoday.com/podcast/inside-cas-2-0

ESG is not new. Business and government leaders have been discussing corporate social responsibility for decades. But the heightened turbulence of the last two years has ignited a sharper focus on environmental, social and governance matters that’s shaking up every organization and industry around the world — and presenting significant opportunities for the accounting and finance profession.

https://www.accountingtoday.com/list/a-sharper-focus-on-esg

The value of client advisory services and its impact on the accounting profession can no longer be denied, as recent data shows explosive growth within just a few short years. But even if many firms are now offering these services, it is not certain they will do it well, nor that they will generate a lot of revenue from it.

https://www.accountingtoday.com/news/client-advisory-service-revenues-leave-other-services-in-the-dust

AICPA and CPA.com host inaugural Environmental, Social and Governance (ESG) Symposium to discuss the opportunities and impact of ESG for the accounting and finance profession

NEW YORK (May 25, 2022) – Top leaders in the environmental, social and governance (ESG) space convened yesterday at the inaugural AICPA and CPA.com ESG Symposium to exchange ideas and perspectives on emerging issues and to discuss the critical role of the finance and accounting profession within the ESG category.

The event, hosted by the American Institute of CPAs (AICPA) and its business and technology arm CPA.com, brought together a diverse group of more than 50 investors, CPA firm leaders, corporate finance officers, technologists, standard setters, lenders and thought leaders to identify, categorize and prioritize the myriad interest areas in the ESG ecosphere for the accounting and finance profession.

“We couldn’t be more energized by the success of our first ESG Symposium. The event brought together top leaders to discuss the accelerating market demand for ESG services, the opportunities it offers for the accounting and finance profession, and the leadership underway across the various stakeholder groups,” said Erik Asgeirsson, president and CEO of CPA.com. “We look forward to continuing to build on this momentum to provide leadership across the entire ESG ecosystem.

The symposium agenda covered topics ranging from changing regulatory requirements, new reporting standards, marketplace demands and the growing need for ESG advisory and assurance services. CPA.com will release a special report later this year that recaps key themes and takeaways from the event. Some of those include:

• The confluence of proposed international and national ESG regulations that are creating momentum in the ESG space. The profession has a strong voice in helping shape the future of global ESG standards.
• CPAs are well positioned to meet marketplace demands with the innate skills, experience and systems to assure the performance of quality services and core values of independence, integrity and competency. Firms are already building on services to help clients with their ESG strategy, reporting and assurance needs.
• Corporate finance leaders are beginning to lead internal efforts to gather and report on ESG efforts to improve decision-making and demonstrate value creation.
• ESG covers broad and nascent topics. Accounting and finance professionals will need to expand their knowledge of the category to best advise clients and organizations on ESG best practices.
• Today’s consumers and employees want to buy from - and work for - organizations whose values align with their own. Firms and organizations that adopt ESG practices will be well positioned to secure top talent and build strong client and customer relationships.
• Investors, particularly the younger generation, want to work with companies that invest responsibly and balance purpose with profit. ESG reporting will become a cornerstone of financial reporting.

The ESG Symposium will become an annual event and will follow a similar format to the AICPA & CPA.com Blockchain Symposium, which is now in its sixth year.

“AICPA & CIMA have worked hard to promote the consolidation of global standards for ESG, and the category is a significant strategic focus for us as it becomes more central to business decision-making,” said Susan Coffey, CPA, CGMA, CEO – Public Accounting, Association of International Certified Professional Accountants. “We’ve been supporting ESG initiatives for well over a decade and we’re seeing new momentum from policy makers and heightened demand from investors, lenders and other market participants for this kind of information. The symposium serves as a great listening post and source of input from key leaders in the ESG space in accounting and finance.”

Resources to support accounting and finance professionals

The Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, recognizes the growing opportunity for CPAs and finance professionals to elevate their role as trusted advisors in the ESG space and has introduced several initiatives and resources including:

• Sustainability Attestation Guide
• Sustainability Assurance online course
• ESG Practice Aid – Considerations of ESG in an Audit
• ESG update from AICPA Town Hall
• An ESG-focused Startup Accelerator cohort to support the development of ESG technology tools for the profession
• ESG Fundamental Course – coming soon

For more information, please visit http://aicpa.org/esg.

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 Association of International Certified Professional Accountants, and AICPA & CIMA The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership.

We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.