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Forbes
15-04-2025
- Business
- Forbes
Meet America's Best-In-State CPAs 2025 Saving the world through truth and integrity
getty What would happen to the world economy if financial records became unreliable? What would happen to you or your business? Is America prepared to go back 96 years to a world in which unreliable data helped usher in a 12-year Great Depression—when the stock market fell 81 percent before the Truth in Securities Act required audited financials? These questions might be less hypothetical than you imagine, given the headwinds facing accounting today. From regulatory hurdles to a broken talent pipeline, the profession is fighting a war on many fronts. And still, there has never been a greater need to have a top CPA in your trenches, verifying the credibility of your financial statements, and diagnosing the health of businesses and not-for-profits small and large. Indeed, when it comes to defending the integrity of financial reporting, as Oklahoma University accounting professor and CPA Jonathan Kern says, "If we can hold people accountable we can save the world. If we run out of CPAs, everything falls apart; society as we know it, is doomed." With that in mind, the Forbes editorial team has devoted the past year to recognizing our first-ever Forbes Best-In-State CPAs. Our sequel to last year's inaugural Forbes Top 200 CPAs list, this Best-In-State List identifies 1,000 of the finest CPAs from across all 50 states. And while our aim was to offer Forbes readers a resource for their personal and business accounting needs, in building the list we gleaned insights—as well as warning signs. As listmaker CPA Steve Morrison, National Director of Audit at Florida-based firm CohnReznick, says, the challenges for the profession involve nothing less than 'laying the groundwork for the CPA profession to continue serving the public interest in the coming decades.' It's no easy feat to determine who should appear on a list of America's top 1,000 Best-In-State CPAs. The challenge is to recognize the body of work of those who rise to meet the calling again and again. To do so, our review team identified thousands of eligible candidates through interviews with industry insiders, outside nominations, editorial research, and an independent advisory board of accomplished CPAs. Candidates from a variety of backgrounds, specializations and locations were considered. Throughout that year of research, in interviews with these inaugural Best-In-State CPAs, we heard one refrain time and again: There is a talent shortage in the profession, and simply not as many accounting students as needed to fill the ranks of CPAs retiring in droves. Ironically enough, the very profession the global economy relies on to account for economic activity appears to have lacked foresight into the inventory management of its own accounting professionals. It's a trend our listmakers are eager to reverse—like Kendra LaFleur, a Georgia-based CPA at Forvis Mazars. LaFleur, an advocate for recruiting students to accounting as early as high school, enjoys puncturing the stereotypes of CPA work, declaring herself, 'passionate to blow it up, to expand the narrow view of the profession.' To her, the argument is simple: 'Do you like sports? Be a CPA there. Like animals? Be a CPA. There is no industry that does not involve the language of business.' Or consider listmaker Tayiika Dennis, recently chair of the California Society of CPAs and principal at LA-based CLA, has coined—in her own effort to increase the ranks of future CPAs—a now-trademarked acronym for CPA: Coolest Profession Around. Or as CPA Ken Udenze, managing partner at Deloitte's Arizona practice, says: 'Accountants sell the profession. Accounting doesn't sell itself.' For each of them, the motivation is clear: The talent pipeline is broken at both ends and in the middle. From a shortage of accounting students, to a lack of accounting graduates becoming CPAs, to a dearth of CPAs continuing to do CPA work, to an excess of CPAs exiting the profession and retiring in droves. Astonishingly enough: almost 75% of the CPA workforce met the retirement age in 2020, as estimated by the American Institute of Certified Public Accountants (AICPA). But it's not just a lack of new talent that's vexing the industry. Many on our list say regulatory hurdles are handcuffing them as well, especially in regard to performing audits. New Jersey CPA Martin Shenkman—listmaker and author of 42 books on accounting—says government policy is wreaking havoc on small CPA firms by making regulatory guidance too daunting: 'The Corporate Transparency Act is a prime example of the insane uncertainty of the profession. The idea of the government needing information to better identify fraud, abuse, money laundering—maybe they do… [But] they took this concept and went nuts. Five hundred pages of guidance. This was designed to get small businesses to report. What small business has time for that?' For Larry Autrey, a Texas listmaker and Executive Chair at Whitley Penn, the problem resides in another regulation, the Public Company Accounting Oversight Board, whose goal, he says, is to 'beat up the profession, not to make it look better… We ask every month, should we be doing public work?' This is another question less hypothetical than you might expect, given the wide array of work conducted by CPAs today. Think 'CPA' and you likely think 'tax prep.' In truth, CPAs possess exclusive domain over issuing opinions on the fairness of financial statements and offer a dizzying and expanding menu of services beyond taxes—representing businesses and taxpayers before the IRS; preparing tax strategies, financial plans, and valuations; as well as management consulting on everything from manufacturing to blockchain and AI. Case in point: With CPA firms evolving into one-stop Swiss army knives for all things financial, KPMG gained permission from the Arizona Supreme Court in February to enter the legal profession in Arizona. Although the smallest of the 'big four' CPA firms, with $38.4 billion in global revenue for fiscal 2024, KPMG already practices law in 80 countries. Expect PwC, Deloitte and EY to follow. It is clearly a heady time for CPAs—and a time of great change. As North Carolina listmaker and Partner at EY, Jamila Abston Mayfield notes, 'This is one of the most dynamic regulatory environments we have seen in a long time,' adding that, 'AI is here and alive. Most CPA firms and small individual CPAs are trying to figure out the balance of what can and should I automate to allow my CPAs to be more creative, dynamic and engaging. We need the credibility that CPAs can bring.' Indeed, as businesses innovate, the complexity of financial reporting, revenue recognition and SEC requirements will, as well. Which creates, in turn, a greater need for CPAs. More than anyone, CPAs are fluent in the language of business—including a broad understanding of the principles of accounting and tax reporting, as well as an assessment of each firm's or individual's unique financial condition. It's the kind of work that requires the discipline and tenacity you'll find throughout our Best-In-State list. You'll find it in Connecticut CPA Darin Offerdahl, who ascended to partner with Offerdahl Emerson & Company after spending eight years in the United States Navy—while serving as treasurer of both The Multicultural Leadership Institute and 818 Ministries International. You'll also find it in New York CPA Lara Abrash, who rose at 4 a.m. to catch the train to New York City to attend Baruch College, before rising through the ranks to become Chair of Deloitte, and ultimately named by CPA Practice Advisor as one of the Most Powerful Women in Accounting. There is a reason, after all, why CPAs consistently top surveys of the most trusted business advisors. And there is a reason why misleading financial statements are mitigated by one profession alone; auditing is their unique skill set, which only Certified Public Accountants are licensed to perform. As Oregon CPA at Ashland Partners & Company and listmaker Matthew Bowers says, 'From a young age I recognized the CPA credential as the gold standard in the accounting profession, representing expertise, professionalism and ethics. I enjoy my role as a trusted advisor to my clients and believe the credential behind my name helps solidify their trust.' Such trust remains an essential function upon which the economic fabric of America relies. 'Figures don't lie, but liars do figure,' is a sentiment often attributed to Mark Twain. In truth, it could as easily have been coined by a CPA—which is why you want the best of the best on your side. And together, you might just save the world. For the full list of America's Best-In-State Top 1000 CPAs 2025, click here. Editor's Note: Andrea Bergeron Paul contributed to this article. To create our inaugural list of America's Top 200 CPAs, Forbes assembled an editorial team with broad experience in CPA practice, coverage of accounting news, and knowledge of CPA practice. The team then identified a wide array of eligible candidates through thousands of interviews with industry insiders, outside nominations, editorial research, and an independent advisory board of experts. To qualify for consideration, CPAs were required to be active and licensed. Several thousand CPAs from a variety of backgrounds, specializations and locations were ultimately considered. Candidates were rated in ten weighted categories, including achievements, professional honors, influence on the profession, thought leadership, and community service. Although their lifetime achievements were considered, emphasis was placed on their most recent accomplishments. The CPAs with the highest scores made our final list. For more information on the selection process see Forbes Top 200 Methodology. As with all Forbes lists, candidates do not pay any fee to be considered or selected. For questions about this list, please email cpalist [at]
Yahoo
28-02-2025
- Business
- Yahoo
Apax Partners invests in US accounting firm CohnReznick
New York-based accounting firm CohnReznick has secured investment from funds advised by private equity company Apax Partners. Financial details of the transaction, termed as a 'strategic growth investment', remain undisclosed. This is said to be the first institutional investment in CohnReznick, which is anticipated to catalyse the firm's growth plan, enhance client services, and create more opportunities for its workers. In collaboration with Apax, CohnReznick plans to further invest in its talent and operations to sustain its growth trajectory. Apax will contribute its operational expertise and extensive experience in professional services to support CohnReznick's value creation plan. This includes expanding service lines, developing technology-driven client solutions, entering new markets, strengthening talent, and enhancing its technology platform. Additionally, Apax will aid CohnReznick in executing a targeted acquisition strategy to expand its client services. Post-transaction, CohnReznick will adopt an alternative practice structure. CohnReznick, a licensed CPA firm, will continue to provide attest services under the leadership of CEO Kelly O'Callaghan. Meanwhile, CohnReznick Advisory, which will not be a licensed CPA firm, will offer tax, advisory, and other non-attest services, headed by CEO David Kessler. Kessler said: 'This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. 'We were impressed by the Apax team's track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.' Apax Partners partner Ashish Karandikar said: 'We are excited to partner with David and the firm's leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership.' "Apax Partners invests in US accounting firm CohnReznick" 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
