News

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.

Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.

Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.

More than half of finance leaders believe technology will improve audit quality, but the human element is irreplaceable.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30

Businesses with 5 or more employees who do not offer a retirement plan and have been in business since January 1, 2023 are required to either register and enroll employees in MyCTSavings, or provide another qualified retirement plan. Once enrolled, employees have the option to opt-out, stay with the standard Roth IRA, or customize a Roth IRA by setting the deduction percentage and choosing from several fund options.

Imagine that a claim has been brought against your firm and you are sitting on the witness stand defending the firm's services. Your confidence is bolstered by detailed engagement letters used for each service that was delivered to the client by the firm. Yet doubt creeps into your mind as you remember your client's comments.

Organisations should consider addressing management practices and age-inclusion policies to retain talent across generations.

Brian May, CFO of food service company Nicholas and Company, offers a unique CFO perspective on the lessons he learned during a major digital overhaul.

On May 28, 2024, Governor Ned Lamont signed legislation expanding Connecticut’s 2011 Sick Leave Law. The new legislation is effective on January 1st, 2025. The law covers more employees, expands the reasons under which employees may use paid sick leave, and reduces the required hours to accrue paid sick leave.