News

In today’s rapidly evolving technological landscape, the use of generative AI is gaining currency in the accounting profession. Not only are CPA firms integrating generative AI into administrative workflows, but a growing number of firms are investigating how deploying generative AI can help them more efficiently deliver solutions to clients. Generative AI options range from publicly available platforms to custom-built systems and include essential programs that also make use of generative AI, such as technical research software. Regardless of the platform or software, CPAs are increasingly asking, “Should we inform our clients about our use of generative AI, and if so, how?“

At the March State Board of Accountancy meeting, the issue of advertising attestation services and peer review enrollment was addressed. Previously, the Department of Consumer Protection (DCP) prohibited CPAs from advertising attestation work unless they were enrolled in the peer review program.

When Michael Ly launched his CPA firm in 2015, his then-revolutionary work model led to some unexpected, and hilarious, circumstances during interviews with potential employees.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

The state legislature’s General Law Committee will conduct a public hearing Wednesday to consider a bill that would offer more flexibility for state residents to become a certified public accountant.

Artificial intelligence is shaking up the accounting world, but the firms thriving in this new era aren’t just embracing technology, they’re making sure their people are on board first.

The new Connecticut Paid Sick Leave Act is shaking things up significantly. If you’re an employer in Connecticut, here’s what you need to know – including a few potential pitfalls to avoid.

The AICPA Peer Review Board voted in November to approve Peer Review Standards Update (PRSU) No. 2, which aligns peer review standards with new quality management standards that go into effect late next year. The update also clarifies and improves existing technical guidance.

As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, CTCPA has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

State Board of Accountancy (SBOA) staff has recently confirmed that firms that are not performing audits, compilations, or reviews must specifically submit a waiver from peer review requirements annually as part of the firm permit renewal process. If your firm no longer does or has never performed audits, compilations, or reviews, you must submit the Quality Review Waiver Form annually to be in compliance.

Another large accounting firm has struck a deal with private-equity investors.

For an industry that's often stereotyped as stagnant, the world of accounting is changing at unprecedented speed: accounting industry trends include headline-grabbing topics such as AI, automation, ESG consulting, and remote work.

At the recent NASBA annual meeting, the AICPA and NASBA delivered an update on the progress of the CPA exam, highlighting significant advancements and future initiatives that promise to enhance the candidate experience.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.

During a recent session at the NASBA Annual Meeting, the complexities and misconceptions surrounding private equity (PE) investments in accounting firms were thoroughly discussed. There is no one-size-fits-all strategy when it comes to the diverse structures of private equity.

At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.

At the NASBA annual meeting, there was a session on "AI Revolution: Unlocking the Future of Tomorrow," which showcased the remarkable pace at which artificial intelligence is being integrated into various sectors. With 80% of Fortune 500 companies weaving AI into their workflows just nine months after the launch of ChatGPT, it's evident that we stand on the brink of a transformative era.

Pay transparency laws are being enacted across the U.S. If you have clients operating across state lines, you know how complicated staying compliant with these laws can be. Business owners need to understand what’s coming and how they can prepare.

Looking for accounting talent is no longer just hunting for number crunchers. The digital age has ushered in the art of scouting for a diverse mix of tech wizards and creative thinkers. Think of it as adding fresh beats to classic tunes — it's all about building a lineup that's as diverse in skills as it is in ideas.