Collaboration Will Position the Accounting Profession for Success, AICPA CEO Says
AMELIA ISLAND, Fla. (Oct. 22, 2018) – The American Institute of CPAs and a significant number of the nation’s largest accounting firms are moving forward with a multiyear initiative to create a new, innovative process for auditing using technology.
The goal of the collaborative effort – with contributions of time, talent and funding by leading CPA firms, the AICPA, its technology arm, CPA.com, and the AICPA’s technology partner, CaseWare International – is to develop a transformational auditing methodology supported by a state-of-the-art technology platform. Some $50 million has been committed to develop the new Dynamic Audit Solution methodology. In addition, CaseWare has invested tens of millions of dollars to build out their new cloud platform and has plans to continue this level of investment to support further advancements. The output of this Dynamic Audit Solution initiative would be available to the more than 14,000 firms that have auditing practices in the United States.
“Technology is poised to disrupt auditing as we know it,” said Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA, who discussed the Dynamic Audit Solution collaboration at the fall meeting of the AICPA’s governing Council. “We can take a more cautious approach to change, automate here or there using existing methodology, or we can boldly reimagine what auditing in the future will look like. To me, and to the firms that have committed to this initiative, the choice is clear.”
The AICPA began discussions with firm leaders about pursuing a Dynamic Audit Solution two years ago. The plan is to develop a dynamic, flexible and scalable platform that uses the power of automation, data analytics and updated methodologies to transform auditing. Some 40 percent of the AICPA’s Major Firms Group have committed funds to the initiative.
“We called on firms with the scope and resources to handle a substantial investment of time, money and brainpower, and the response has been phenomenal,” Melancon said. “It’s a great testament to the foresight and vision within the profession.”
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 137 countries and territories, 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 667,000 members and students across 184 counties and territories 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.