Latest news with #AICPA
Yahoo
a day ago
- Business
- Yahoo
Aprio furthers $300m AI strategy with TimeCredit AI acquisition
Business advisory and accounting practice Aprio has acquired TimeCredit AI, a start-up from the 2024 AICPA and Startup Accelerator, to transform accounting services. The acquisition is part of Aprio's five-year investment of $300m in AI and automation aimed at enhancing the delivery of services across various practices. The addition of TimeCredit to Aprio's portfolio bolsters the company's intelligent automation capabilities, especially in areas such as audit, tax, reporting and advisory services. TimeCredit's AI-powered platform is designed to improve the accuracy and efficiency of accounting workflows, which aligns with Aprio's goal of delivering smarter and faster services. Aprio's AI strategy also aims to deploy advanced AI tools, ranging from assisting with document drafting and legal content analysis to automating research, summarising complex data and optimising workflows. Aprio chief digital officer Brent McDaniel said: 'By integrating intelligent automation into our workflows, we are building a more agile, responsive organisation that delivers faster insights for clients and a more fulfilling experience for our team members. 'We believe our AI ecosystem can truly scale with our goals, helping us stay ahead of client needs while empowering our people to do their best, most impactful work.' Three key TimeCredit executives, including CEO and co-founder Ndonga Sagnia, have transitioned to Aprio following the acquisition. Sagnia, now serving as senior director of AI transformation at Aprio, will be instrumental in driving the company's AI initiatives and fostering innovation throughout the organisation. Sagnia said: 'At TimeCredit, we have always believed that technology will be the key driver for growth in the accounting profession. 'With Aprio, we are combining truly advanced technology with strong domain expertise to create smarter solutions for clients and professionals alike. I am excited to join a firm that is on the leading edge of the profession.' Aprio's AI Council, a cross-functional leadership team, will oversee the company's AI transformation, ensuring that technological advancements align with business strategies and client requirements. Aprio CEO Richard Kopelman said: 'This investment is about more than just adopting new tools. It's about fundamentally reimagining how we work. 'By adding new platforms to our growing AI ecosystem, we are doubling down on our belief that technology, when paired with the best people, can reshape the future of professional services." "Aprio furthers $300m AI strategy with TimeCredit AI acquisition" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
AICPA and CIMA unveil new resilience toolkit for finance leaders
The American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have launched a Business Resilience Toolkit. The resource is designed to help finance professionals and business leaders navigate the complexities of the current economic landscape. The launch comes at a time when businesses are facing various challenges including fluctuating economic conditions, geopolitical strife and technological disruptions. The toolkit provides a suite of resources that includes frameworks, actionable tools and questions designed to prompt deeper analysis. These materials are intended to assist organisations in three primary areas: scanning the external environment for potential risks; assessing the impact of economic changes on their operations; and adjusting strategies to remain robust in the face of uncertainty, while also identifying new opportunities for growth. The toolkit addresses several key themes such as comprehending economic and policy risks, integrated thinking within organisations, tracking critical performance drivers, and enabling a swift and informed response to changes. The toolkit insights are also applicable to business leaders, enabling them to evaluate the repercussions of market conditions on their company's strategy. AICPA and CIMA business growth & engagement EVP Tom Hood said: 'With record numbers of businesses failing or under financial pressure, access to strong financial management expertise can make the difference between survival and failure. Financial business partnering is essential to navigating uncertainty. 'The Business Resilience Toolkit equips accounting and finance professionals to act as strategic advisors and critical business partners.' Recently, the AICPA reported that 32% of Americans are potentially unprepared for financial disruptions that could result from natural disasters. "AICPA and CIMA unveil new resilience toolkit for finance leaders " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
AICPA: 32% of Americans unprepared financially for natural disasters
The American Institute of CPAs (AICPA) has revealed that 32% of Americans have not taken any steps to safeguard their finances against natural disasters. The survey, conducted by The Harris Poll on behalf of the AICPA, found that 66% of Americans believe experiencing a natural disaster would significantly (29%) or moderately (37%) affect their financial circumstances. The most common preparatory actions include reviewing insurance coverage (31%) and cataloguing assets for insurance claims (30%). However, fewer individuals have considered updating or creating an estate plan or will, with only 19% addressing this aspect of financial readiness. The survey indicates that 63% of business owners are concerned about the prospect of financial difficulties following a disaster, with specific worries including revenue loss due to operational disruptions (33%), customer or contract attrition (29%), and damage to physical assets (26%). The survey's findings are drawn from an online poll conducted in the US between June 13 and 17, 2025, involving 2,093 adults, 284 of whom are business owners. AICPA of member value, tax & advisory services vice president Eva Simpson said: 'Many Americans don't think about their finances when it comes to preparation for a natural disaster. 'However, financial needs become front and centre after the destruction has already taken place. Disaster preparedness when it comes to finances can go a long way to mitigate the financial toll and help people and businesses recover.' Recently, the AICPA sought additional guidance on the application of Roth catch-up contributions as stipulated by the SECURE 2.0 Act, 2022. "AICPA: 32% of Americans unprepared financially for natural disasters " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
16-07-2025
- Business
- Forbes
Why The Accounting Profession Is Better Off Without A 150-Hour Rule
A former accountant turned cofounder and CEO, Mike Whitmire is the leader of pre-IPO fintech company FloQast. Some people still believe that the 150-hour rule has elevated the accounting profession. I'm not one of them, and frankly, I'm thrilled that the rule may soon become a thing of the past. For those not intimately familiar with the ins and outs of accounting, this rule forces aspiring CPAs to complete what amounts to a fifth year of schooling—30 extra credit hours of college credit beyond a bachelor's degree—before they can even sit for the CPA exam. In theory, adding 30 extra hours of schooling seems like a sound idea. After all, more education should lead to better-trained and better-skilled accountants. Well, based on my experience in the profession and personal opinion, an extra year of schooling doesn't benefit anyone. It just leads to higher tuition payments without offering much real, practical value. If you ask me, the rule has only served to make the talent crisis in our industry worse. Accounting firms can't fill positions fast enough, experienced CPAs are retiring in droves, and fewer students are choosing accounting as a career path. Meanwhile, the 150-hour rule simply places unnecessary financial and time burdens on aspiring accountants. The numbers don't lie. The accounting profession has a serious people problem. U.S. accountants and auditors are leaving their jobs in high numbers. Even worse, about 75% of today's CPAs are set to retire over the next 15 years. Sure, the 150-hour rule isn't the only reason why our industry is in crisis. But it certainly isn't helping. For many promising students, the prospect of taking on an extra year of tuition—often accumulating more student debt—simply doesn't make financial sense, especially when other high-paying careers in tech, finance or consulting don't impose similar hurdles. Nothing beats experience. Proponents of the 150-hour rule argue that additional education leads to better-prepared professionals. But ask any seasoned accountant, and they'll tell you: The most valuable learning happens on the job. Auditing, for example, is as much an art as it is a science. Textbooks can only take you so far. And they certainly can't fully prepare someone for the judgment calls, client interactions and real-world problem-solving that define the profession. CPAs truly learn their craft through hands-on experience, not through extra semesters of coursework that often have little relevance to their day-to-day responsibilities. This is why I'm so gratified to see the recent shift in state-level licensing rules. Fourteen states have passed legislation allowing alternative pathways to CPA licensure, typically by substituting the extra 30 credit hours with an additional year of work experience. And now, after years of defending and promoting the 150-hour rule, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) are finally changing their tune. Most notably, they've agreed to amend the Uniform Accountancy Act (UAA) to allow for alternative pathways to licensure, specifically, permitting candidates to qualify with a bachelor's degree along with two years of experience, rather than the traditional 150-hour requirement. This is a significant step forward, but it's also an admission that the 150-hour rule has failed in its original purpose. If the AICPA and NASBA—once the rule's strongest advocates—are now willing to reconsider it, that should signal to the rest of the profession that change is not just necessary, but long overdue. Let's rethink the entire model. Reducing the 150-hour rule to 120 hours is definitely a step in the right direction. But why stop there? We should be asking an even bigger question: Why are we fixated on credit hours at all? The truth is, the current system is built on an outdated assumption that more classroom time equals better-prepared professionals. But in a field like accounting—where technology, regulations and business practices evolve rapidly—rigid educational mandates can actually hinder adaptability. What if, instead of requiring a fixed number of credit hours, we focused on competency-based assessments? What if we allowed apprenticeships, on-the-job training or specialized certifications to further supplement traditional education requirements? The future of the profession depends on attracting smart, capable professionals in a way that removes artificial barriers and recognizes diverse pathways to expertise. AI will transform accounting. This shift becomes even more urgent when we consider how technology is reshaping the skills accountants need. There's no question that artificial intelligence (AI) will have a profound impact on the accounting profession. AI-powered tools, like those we develop at my company, are already helping to automate repetitive tasks, reduce errors and allow accountants to focus on higher-value work. According to Gartner, finance leaders are increasingly optimistic about AI's potential, with many planning to allocate more resources to AI deployment in the coming years. But AI won't replace accountants—it will augment them. The profession will always need skilled professionals who can interpret data, exercise judgment and provide strategic insights. The question is: Will we have enough of them? Here's the bottom line. The accounting profession is clearly in crisis. Between the talent shortage, increasing regulatory complexity and the rapid pace of technological change, the status quo is no longer sustainable. Eliminating the 150-hour rule won't solve every problem, but it's a critical first step. At the end of the day, the goal should be simple: Ensure that the profession attracts the best and brightest. Because if we don't act now, the talent crisis will only deepen—and the profession will suffer for it. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Globe and Mail
15-07-2025
- Business
- Globe and Mail
CurrentSCM Achieves SOC 2 Type I Compliance, Reinforcing Commitment to Data Security and Trust
CurrentSCM, a leading provider of supply chain management solutions, announced it has successfully completed its System and Organization Controls (SOC) 2 Type 1 audit. This independent attestation, performed by the nationally recognized CPA and cybersecurity firm, A-LIGN, affirms CurrentSCM's commitment to maintaining the highest standards of security, availability, processing integrity, confidentiality, and privacy for its clients' data. The SOC 2 Type I audit is a comprehensive evaluation of a service organization's controls relevant to the Trust Services Criteria established by the American Institute of Certified Public Accountants (AICPA). Achieving this compliance demonstrates CurrentSCM's dedication to implementing and maintaining robust internal controls designed to protect customer information and ensure the reliable operation of its services. "We are incredibly proud to announce the successful completion of our SOC 2 Type I audit," said Rizwan Hassan, Director of SaaS at CurrentSCM. "This achievement is a testament to our team's unwavering commitment to operational excellence and data protection. Thanks to the team for their work in proving our security and processes in this independent audit." The rigorous audit process involved an in-depth review of CurrentSCM's policies, procedures, and infrastructure related to security, including access controls, change management, incident response, and data encryption. By demonstrating adherence to these strict criteria, CurrentSCM provides its clients with enhanced assurance regarding the security and integrity of their supply chain data. This milestone further solidifies CurrentSCM's position as a trustworthy partner for businesses seeking secure and efficient supply chain solutions. The company remains committed to continuously improving its security posture and upholding the highest standards of data protection. For more information about A-LIGN's SOC 2 audit services, please visit their website: About CurrentSCM: CurrentSCM, developed by Current Suite Ltd., a subsidiary of Vista Projects Limited, is an innovative software solution designed to streamline and optimize complex procurement and materials management for project-driven organizations. As the first of its kind, CurrentSCM provides a unified, collaborative platform that integrates end-to-end processes, including Materials Management and Vendor Document Requirements, into the order flow. The platform is dedicated to maximizing collaboration, enhancing efficiency, minimizing risk, and controlling costs for its global clientele. Media Contact Company Name: CurrentSCM Contact Person: Adam Singfield, Marketing Communications Manager Email: Send Email Phone: 1-833-237-4127 City: Calgary State: Alberta Country: Canada Website:
