Latest news with #AmericanInstituteofCertifiedPublicAccountants
Business Insider
21 hours ago
- Business
- Business Insider
A Big Four consulting giant tries to make accounting less boring with AI
Accounting has a reputation for being technical, tedious, and high-pressure. A Big Four firm is trying to change that with AI. EY, one of the world's largest accounting and consulting players, wants to use this technology not to replace accountants but to make their work more interesting and fulfilling. EY is investing $1 billion to increase early-career compensation and work with colleges to encourage students to pursue CPA careers. Some of this money will go toward smarter tools that the firm hopes will also attract more young workers into the profession while retaining existing talent. "Under no circumstances are we ever thinking that we will get rid of our human workforce and do this just through AI agents or other things like that," Raj Sharma, a global managing partner at EY, told me in a recent interview. This problem is more about a lack of human employees. In a world where modern businesses operate across dozens of jurisdictions with complex and ever-changing regulations, audits have become a logistical and mental minefield. That complexity has driven some away from the field, contributing to a nationwide accountant shortage. About 65,000 students in the US completed bachelor's or master's degrees in accounting in the 2021-22 school year, 18% fewer than a decade earlier. About 30,000 people took the CPA exam in 2022, down roughly 40% from 2010. Meanwhile, three-quarters of CPAs in the US were thought to be at or near retirement in 2019, according to the American Institute of Certified Public Accountants. "Even though AI can do a lot of things, think of our business around assurance, audit, and the certifications that are required. We are significantly short of people coming up with accounting degrees," Sharma said. "We are still hiring big classes of accountants from colleges, and we are training them into AI." EY is embedding this AI assistance across tax, risk, and finance workflows via its Agentic Platform, developed and launched with Nvidia earlier this year. This has already created about 200 specialized AI agents that support 80,000 EY employees to help with tasks such as data collection, document analysis, and tax compliance — automating dull tasks and amplifying more engaging ones. More interesting, less daunting, audits Sharma cited AI-powered audits as an example of what's possible. Audits are a staple of accounting work that traditionally involved sampling a small subset of transactions to look for errors or fraud. This is painstaking work, and pretty daunting when you're checking the books of huge, complex multinational corporations. "It's just overwhelming for our accountants," he told me. "That's one big reason why people don't want to go into accounting because it's so technical, so deep. And the risks are so high of getting it wrong." He explained how AI can make these situations more manageable. For example, an audit that used to take five hours for a particular process might now take two and a half hours with EY employees supported by AI agents. "In the past, we would maybe sample 100 transactions. Now, with AI, you could sample 10,000 transactions," Sharma said. EY's accountants would get more involved in situations where this new technology flagged maybe 25 potentially questionable transactions out of that 10,000 total. They'd dig deeper into those specific situations, which could be more interesting and useful work. "The accuracy of the audit becomes a lot better. Our ability to catch fraud is a lot better in that particular area," Sharma said. "So AI is a welcome relief for these people that are out there, that they have another tool to be able to help and do more." "Our people are a lot happier in that particular area," he added. "We are making AI agents available for our people to work with, but not with the intent that we will replace the accountants that are out there." Make accounting human again EY is training its employees to work hand-in-hand with these AI tools. It sees a future where the job is less about memorizing arcane rules and more about having human accountants apply their insights in the right places, such as "high-end work around due diligence" in EY's tax practice, Sharma said. EY generated just over $50 billion in revenue last year and has roughly 400,000 employees. Sharma said the firm hopes to become a $100 billion company with 500,000 people and 200,000 AI agents. However, he added that EY is not impervious to what may happen in the world and the broader economy. Accounting may never be the most glamorous profession, though EY is trying to make it less grueling. With AI taking on some of the complexity and monotony, the firm is opening the door to a new kind of accounting career, where professionals do more thinking, less grinding, and might find greater purpose in their work. That, in the long run, might be exactly what saves the profession.
Yahoo
29-05-2025
- Business
- Yahoo
Certify Achieves Third Consecutive SOC-2 Compliance
Milestone underscores company's enduring commitment to data security and compliance NEW YORK, May 29, 2025 /PRNewswire/ -- Certify, the provider data intelligence company, today announced it has achieved Service Organization Control (SOC) 2 Type 2 compliance for the second consecutive year, building on their initial SOC-2 Type 1 certification received in 2023. The achievement demonstrates Certify's ongoing dedication to maintaining the highest standards of security, privacy, and compliance in an increasingly digital healthcare environment. "Our three-year track record of SOC-2 compliance reflects our unwavering commitment to security excellence," said Shannon Kern, Senior Director of Quality, Compliance and Security at Certify. "These certifications validate that our comprehensive security framework doesn't just exist on paper but operates effectively every day across our entire organization. For our healthcare clients, this means peace of mind knowing their sensitive data is protected by proven, independently-verified safeguards that meet the industry's highest standards." The SOC-2 Type 2 audit examination, administered by the American Institute of Certified Public Accountants (AICPA), evaluates an organization's information systems and security controls over a rigorous 12-month period. Certify underwent assessment across 131 controls spanning nine categories of the Trust Services Criteria (TSC) for Security, including control environment, communication and information, risk assessment, monitoring controls, logical and physical access controls, system operations, change management, and risk mitigation. As healthcare organizations continue their digital transformation journey, security certifications have become essential indicators of reliability and trustworthiness. "We see these certifications as stepping stones, not finish lines," added Kern. "We're building the most robust compliance framework and security posture possible, with privacy as our ultimate guide. Our goal has always been to exceed industry standards and make it easy for our healthcare clients to trust us with their sensitive information." Certify's security program aligns with industry-leading frameworks like NIST, and includes continuous monitoring, encryption, secure system architecture, antivirus and malware protection, annual penetration testing, business continuity testing, and other organization-wide compliance protocols (e.g., security awareness training, vendor risk assessment). Certify takes a rigorous and comprehensive approach to security and compliance in support of our healthcare partners. On June 25th, we're hosting a webinar to discuss how we're helping our clients stay ahead of changes to the NCQA credentialing changes; you can reach out to your client relationship manager or email sales@ to request an invite. About Certify Certify is the architect of modern provider data infrastructure — combining best-in-class technology, best-in-class data, and deep domain expertise to transform how healthcare operates. Entering the market in 2021 as a credentialing platform, Certify now powers the full provider data lifecycle through a continuously updated source of truth powered by thousands of primary sources and available through one API. The provider data intelligence company is backed by esteemed investors including General Catalyst and Upfront Ventures. For more information, please visit us at Media Contact Emily View original content to download multimedia: SOURCE Certify 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
Arabian Post
27-05-2025
- Business
- Arabian Post
Building Trust Through SOC 2 Audit Preparedness
Arabian Post Staff -Dubai Companies handling sensitive customer data are increasingly adopting SOC 2 audit readiness as a strategic imperative, not merely a compliance checkbox. This proactive approach is becoming essential for businesses aiming to secure partnerships, streamline operations, and fortify their reputations in a competitive digital landscape. SOC 2, developed by the American Institute of Certified Public Accountants , evaluates an organisation's controls related to security, availability, processing integrity, confidentiality, and privacy. Achieving SOC 2 compliance demonstrates a company's commitment to data protection and operational excellence. ADVERTISEMENT A SOC 2 readiness assessment serves as a preliminary evaluation to identify and address potential gaps in an organisation's control environment before undergoing the formal audit. This process involves a thorough review of policies, procedures, and systems to ensure they align with the Trust Services Criteria. By conducting this assessment, companies can proactively mitigate risks and enhance their security posture. The benefits of SOC 2 readiness extend beyond compliance. Organisations that complete the assessment often experience increased efficiency in their audit processes, reduced time and resources spent on remediation, and improved confidence among stakeholders. Furthermore, a successful SOC 2 audit can serve as a competitive differentiator, signalling to clients and partners that the company prioritises data security and integrity. In sectors where data breaches can have significant financial and reputational consequences, SOC 2 readiness is particularly valuable. It enables companies to identify vulnerabilities, implement robust controls, and establish a culture of continuous improvement in their security practices. This proactive stance not only safeguards sensitive information but also positions organisations as trustworthy and reliable partners.
Yahoo
22-04-2025
- Business
- Yahoo
MedsEngine Achieves SOC 2 Type II Certification: Reinforcing Our Commitment to Data Security
DAYTON, Ohio, April 22, 2025--(BUSINESS WIRE)--MedsEngine, a provider of chronic disease management software, is proud to announce that it has successfully attained SOC 2 Type II certification. This certification, awarded by the American Institute of Certified Public Accountants (AICPA), is a rigorous audit that evaluates a company's controls relevant to security, availability, processing integrity, confidentiality, and privacy. Dr. Doug Romer, CMO, stated, "this milestone underscores MedsEngine's continued commitment to safeguarding customer data and maintaining the highest standards of security. Our clients can trust that their data is protected by industry-leading security measures." For more information about MedsEngine and its SOC 2 Type II certification, visit About MedsEngine: MedsEngine develops EHR-integrated clinical decision support applications that generate real-time, personalized, evidence-based medication recommendations for hypertension, cholesterol management, type 2 diabetes, and heart failure. Medical groups utilizing MedsEngine have seen nation-leading hypertension control, higher HEDIS scores and Star ratings, lower medical costs, standardized care across all providers, and greater patient understanding and satisfaction. View source version on Contacts hello@ Sign in to access your portfolio
Forbes
17-04-2025
- Business
- Forbes
The Art Of Tax Planning: How CPAs Add Value Beyond Crunching Numbers
Bree Manay, Managing Partner & CEO at Manay CPA. When you endure the same routine of filing tax returns and paying taxes every year, you may wonder if you're missing out on an opportunity to save money. Researching feels incomprehensible or inapplicable, especially as a business owner. Investing in a CPA can be a great place to start, and their knowledge of tax planning may hold the key to your financial success. As licensed by the American Institute of Certified Public Accountants (AICPA), a Certified Public Accountant (CPA) is a professional expert in taxation, accounting and financial consulting. To keep their license and stay informed on changes in their industry, CPAs must also complete continuing professional education requirements and maintain a passing grade on the CPA exam. CPAs also utilize their industry knowledge to serve as tax planners, forecasting financial outcomes beyond the current year's tax return. A tax preparer is an industry professional specializing in preparing and filing tax returns and forms for individuals and businesses. Their role is based primarily on using their strong understanding of the official tax code of the Internal Revenue Service (IRS) to reduce their clients' overall tax liability and anticipate the largest possible tax refund. CPAs can provide a wide range of services, including preparing tax returns, conducting audits, managing bookkeeping systems and examining financial records for compliance. CPAs will not only prepare your tax return but can do so with cost-saving strategies in mind, applying specific tax deductions and tax credits to your situation that even the most popular tax preparation software might miss. For example, a client could reduce their taxable income by purchasing an electric vehicle through their business, enabling them to take advantage of both bonus depreciation and the electric vehicle tax credit. CPAs can also walk clients through itemizing deductions or deducting individual expenses and losses one by one from total income. Charity donations are a common deductible expense, and most charities tend to remind donors to keep receipts. Not only can CPAs zoom in on the details of credits and deductions, but they can also zoom out and assess the complete financial picture about your tax situation. CPAs can prepare and analyze financial statements, balance sheets and cash flow statements for accuracy, risk management and compliance to evaluate a business's current and future health. For example, by helping a client properly forecast their freelance business, that client was then able to make the necessary estimated quarterly tax payments using Form 1040-ES, Estimated Tax for Individuals, and nearly eliminated their tax liability at filing time. By being proactive and communicating with a CPA before making significant financial decisions, you can ensure that you receive valuable guidance to help you make these decisions as tax-efficient as possible. Your CPA must understand your complete tax situation when you work together. Consider asking your CPA a few of these tax planning questions: No matter the size of the business, CPAs can review expenses, capital gains and losses to identify tax deductions; suggest different business structures to avoid double taxation on income; and maintain organized records of revenue and other cash flow and the tax laws affecting them, especially for larger businesses with operations and employees based in multiple states and countries. If a business earns revenue from more than one state or country, it may be required to pay income taxes, property taxes, sales taxes and any other taxes relevant to the business operations in each operating state and country. If you are a multistate or international business, you want to find a CPA who is especially familiar with national and international business tax laws and can help you fully understand and organize your complex tax situation. Most CPAs may offer reduced fees for relatively simpler tax returns and conversely may increase their fees for more complex returns. The larger your business is, the more moving pieces there will be in your financial puzzle, and therefore the more complex your tax return will be. If your business needs to file an amended tax return for whatever reason, a CPA may charge an additional fee for the time, research and efforts to verify eligibility and correct the return accordingly. Some of your expenses may be eligible for tax deductions, but not all. Ensure you keep an organized bookkeeping system for your receipts and expense records throughout the tax year to make this process as smooth as possible come tax season. Take advantage of eligible deductions for your business. A CPA will sit down with you and review your expenses to determine which ones are ultimately deductible on your tax return. Any CPA will tell you it's unwise to wait until April to start preparing your tax return. Begin gathering and organizing tax documents as early as January, including W-2s and 1099 forms. If you're self-employed or own a business, calculate and pay any estimated quarterly taxes, as these can be deducted on your year-end return. Be aware of your current filing status, which may change due to significant life events, and understand your business structure for tax classification. Consult a CPA or tax professional to check your eligibility for credits and deductions. Filing early can make tax season far less stressful. While CPAs don't typically complete the same training as licensed financial advisors, they can still offer guidance on your investments related to your tax situation. They cannot directly manage your investment portfolio. Still, they can recommend how to structure your portfolio best to maximize tax benefits and minimize liabilities and other tax consequences. For businesses, CPAs can weigh in on opportunities and risk factors for mergers and acquisitions, or they can help optimize costs throughout a business restructuring. You do not have to endure the complexities of taxes alone. CPAs play a strategic role in tax planning, ensuring compliance while maximizing savings and minimizing risk. Investing in a CPA can bring peace of mind during tax season when your tax situation becomes more closely aligned with your financial goals. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
