News

With a bit of time, training and technology, it’s possible to upgrade your engagement letters to create a more automated, better-connected way of working where firms get more value.

CFOs should push audit firms on technology, workforce quality and regulatory readiness, according to a new report from the representing body of Pennsylvania CPAs.

Most people download finance apps to check their balances, transfer money, and maybe pay a bill. But it turns out these apps are interested in much more than just finance-related activities. Cybernews has analyzed 44 of the top finance apps and the permissions they request.

With more than half of UK taxpayers planning to use artificial intelligence tools such as ChatGPT to help with their self assessment tax return, accountants are preparing for a new kind of tax season.

The National Association of State Boards of Accountancy (NASBA) today announced the launch of its new NASBA CPA Mobile App (App), designed to give CPA Exam candidates a convenient, mobile-friendly way to prepare for, apply to, and stay informed about the Uniform CPA Examination—anytime, anywhere.

Most workers are using tools not provided by their employers, and few see any type of internal oversight.

Completing the monthly or quarterly close activities can be lengthy and cumbersome. Many steps are repetitive and manual, which leads to inefficiencies making it difficult to close the books in a timely manner. The good news is there have been significant technology advancements enabling organizations to shorten the financial close cycle while enhancing accuracy and efficiency. Various technological solutions can streamline financial close operations while maintaining financial information integrity. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

A click on a link in an email that could have brought down Catharine Drake Madeley’s CPA firm instead caused 40 clients whose tax information was exposed in a data breach to think of her and her staff even more as trusted advisers.

Find out what the next leap in the evolution of artificial intelligence is and how it may affect the way accountants do their job.

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?“

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.

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.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.

Finance transformation has taken accounting departments by storm in the past decade as more and more organizations are asked to do more with less – but it isn’t always easy to know where to start on the finance transformation journey. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

In October, the CTCPA hosted an informative Town Hall meeting featuring Melissa Travis, FEMA CISA specialist and CEO of the Rhode Island Society of CPAs . Travis delivered crucial insights on business continuity planning, disaster preparedness, and the pressing challenges of cybersecurity.

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.

Tax ID numbers, Social Security numbers, net income, etc. — CPAs manage a tremendous amount of valuable information for themselves and for their clients. Keeping it safe is a serious responsibility.

There are striking similarities between the roles and responsibilities of accountants and cybersecurity professionals, particularly in their need for precision, data protection, and thorough scrutiny before adopting new technologies. Both are working with sensitive information in highly regulated environments, making trust a cornerstone of client relationships.

Artificial Intelligence (AI) has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes – AI-generated synthetic media that can convincingly manipulate or fabricate audio, video, and images – have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks. By leveraging deepfakes, they can easily manipulate information, deceive individuals, and exploit vulnerabilities within organizations. The consequences of these attacks can be severe, ranging from financial losses to reputational damage. 

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