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O
n August 31, the AICPA issued new requirements for
the administration of peer review programs. These
substantially different new guidelines, coupled with
the launch of the new PRIMA online portal, will significantly
change the structure and management of peer review
programs nationwide. This, in addition to the announced
retirement of longtime CTCPA Practice Programs Manager
Bonnie Olivieri on March 31, 2018, will require an extensive
reworking of the way peer reviews are administered in
Connecticut.
The CTCPA Peer Review Committee, Board of Directors,
and staff are exploring various options to determine how
to best serve our members and their firms in the future,
including talks with leadership from New England Peer
Review (NEPR) to determine if a strategic partnership
between our organizations may be a viable option.
"You can rest assured that
the CTCPA members' inter-
ests will be well-represented
by the members of the Board
and the Peer Review Commit-
tee as we move forward," said
Immediate Past President
and Peer Review Committee
Member Bob Boudreau, who
has worked extensively on the
initiative. "These are major
changes for this vital program, and we are exploring any
and all options to ensure we move forward in the best way
possible for our members."
We will keep you apprised of any new developments as
they occur.
90%
of major U.S., Canadian,
and European banks
are currently exploring
blockchain technology
in the field of payments.
Source: Accenture's Blockchain
Technology: How banks are building
a real-time global payment network
By the
Numbers
#
Workplace and Professional Trends
The number of new
CPA Exam candidates
increased
13%
between 2015 and 2016.
This increase is due to the new
Exam launch in April 2017, the
efforts of state societies and the
AICPA to encourage Exam takers,
and the efforts of employers to
encourage individuals to take the
Exam. The number of candidates
who passed their fourth section
of the Exam increased 7% in
the same time frame.
Source: AICPA 2017 Trends in the
Supply of Accounting Graduates and the
Demand for Public Accounting Recruits
U.S. business executives cite
scarcity of
skilled personnel
as their top concern.
That's according to the AICPA's
most recent poll of CEOs, CFOs,
controllers, and other CPAs
in U.S. companies who hold
executive and senior management
accounting roles. The executives
maintained a generally upbeat
view of prospects for the U.S.
economy, and have upgraded
expectations for profit and
revenue growth over the next
12 months.
In fact, 30% of those major banks
are already involved in developing
or undertaking proof-of-concepts
of distributed ledger solutions for
payments. A further 13% have
engaged in implementing their
blockchain-based products.
Source: AICPA Economic Outlook Survey
Major Restructuring of Peer Review Program Administration on Horizon
5
Connecticut CPA
g
November/December 2017