Trust and Business Insight are More Critical than Ever in the Digital Age, CPA.com CEO Says

Technology is transforming all major practice areas within the accounting profession, and CPAs will increasingly adopt a more strategic role in delivering trusted information and insights, the chief executive of CPA.com said.

“Our priority is to help build an ecosystem that allows CPA firms to succeed in delivering both the trust driven by compliance work and insights from emerging advisory services,” said Erik Asgeirsson, president and CEO of CPA.com, in a keynote speech at the 2018 Digital CPA Conference. “This has been an effective approach with client accounting advisory services, and the same lessons are now being applied to tax, audit and assurance services.”

Asgeirsson went on to speak about how the cloud, artificial intelligence and digitized data are reshaping practice areas:

Client accounting advisory services (CAS) – Virtual CFO and controller services are becoming firmly established and firms are embracing best practices. The focus is now on automating data inputs, building scale and deepening advisory insights with high-value business intelligence. As a critical next step, CPA.com is helping to define, develop and standardize metrics that will allow CAS practices to measure performance and benchmark against peers.
Audit and assurance services – “We’re seeing the convergence of accounting and auditing services,” Asgeirsson said. “You can’t have cloud auditing, with the power of artificial intelligence-driven efficiency and insight, without cloud accounting.” On the assurance side, CPA.com, AICPA and CaseWare International this year launched OnPoint PCR, a dynamic, smart solution for preparation, compilation and review engagements. In a major commitment to innovation, the AICPA, CPA.com, CaseWare and a consortium of leading CPA firms are collaborating on the development of a Dynamic Audit Solution, elements of which would benefit all audit practices.
Tax – Driven by client demand, CPA practices are moving beyond tax compliance to integrated planning services that incorporate retirement and other financial and life planning services.

The AICPA and CPA.com are planning expanded training and curriculum to support the continued extension into advisory services. CPA.com also continues to play a key role in fostering innovation through thought-leading initiatives, such as its executive roundtables – including one at this fall’s World Congress of Accountants in Sydney, Australia – with key accounting technology providers, firm leaders and influencers from within the profession. The company also oversees, in collaboration with the Association of International Certified Professional Accountants, a startup accelerator focused on early-stage companies in fintech and educational technology. The selection process begins this month for the accelerator’s second class of promising ventures, who will gain access to and insight from senior leaders of the AICPA and CPA.com, as well as highly regarded advisors from the profession.

The company announced that next year’s Digital CPA conference will be held in Seattle from Dec. 9-11, 2019.