AICPA

Independent Firms Have a Regulatory Advantage

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three men seated at table in office and talking

Use it to set yourself apart.

By Hitendra Patil

This article covers something I do not hear discussed nearly enough in conversations about how independent firms differentiate themselves. Most of the differentiation conversation focuses on relationship depth, niche expertise and responsiveness. All of that is real, but there is a structural advantage available to independent CPA firms right now that almost none of them are naming to clients, and it is growing in legal and regulatory significance.

Structural independence in the attest function.

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How Private Equity Structures Actually Work

When PE enters an accounting firm, the transaction does not simply add capital to the existing firm. Generally, the acquired firm splits into two separate legal entities:
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Jen Cryder: Collapse of the CPA Firm Pyramid | Gear Up for Growth

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Relationships, Not Technology, Will Define Success.
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Gear Up for Growth
With Jean Caragher

“More than anything else, I think CPAs have this incredible opportunity right now to redefine our relevance in the future,” Jennifer Cryder, CEO of the Pennsylvania Institute of CPAs, says in the new episode of Gear Up for Growth with host Jean Caragher. “What CPA meant for the last hundred years was relatively static. All of that has changed.”

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Cryder says that the profession is at a pivotal moment. While artificial intelligence and new market entrants are transforming service delivery, Cryder stressed that the profession’s true competitive advantage lies in human connection.

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Sarah Flischel: The End of the SALY Audit | The Disruptors

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Transformation in audit can help predict clients’ futures.

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Sponsored by The Balanced Millionaire: Advisor Edition: Building a 7-Figure Firm in 4 Hours a Week by Dr. Jackie Meyer, CPA, CCA   

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Lexy Kessler: Your Future Depends on These Three Questions | Gear Up for Growth

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At stake: Growth, relevance and survival.

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Gear Up for Growth
With Jean Caragher

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CPA firm leaders must act decisively on technology, talent strategy and long-term identity or risk falling behind in a rapidly evolving marketplace, Lexy Kessler, Chair of the AICPA and a partner at Aprio, tells JJean Caragher in a new episode of Gear Up for Growth.

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In a wide-ranging discussion, Kessler focuses on three urgent priorities for firm leaders.  

    • AI Adoption Is No Longer Optional 
    • The Talent Pipeline Is Showing Real Progress, and 
    • Firm Leaders Must Recalibrate Who They Want to Be 

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Why Strategic Planning Matters More Than Ever

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Ten benefits and ten challenges.

diagram
Based on a concept by Eric Teller, director of Google X

By Matt Rampe

Our world is changing at an increasing rate.

Eric Teller, CEO of Google X research and development lab, says that “even though human beings and societies have steadily adapted to change, on average, the rate of technological change is now accelerating so fast that it has risen above the average rate at which most people can absorb all these changes.”

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This probably will not come as a surprise. Artificial intelligence, cloud-based solutions, automation and data analytics are rapidly advancing and changing the way accountants work forever.

And the rate of change is not limited to just technology. Barry Melancon, former CEO of the AICPA, said, “We faced a level of disruption none of us had ever experienced before,” at the end of 2020, but the changes have not stopped or slowed. Similarly, in an Accounting Today article, current AICPA CEO Mark Koziel said, “You’re going to hear, ‘Disrupt, disrupt, disrupt.’ I hate that word. How many people want to be disrupted? How many people want a root canal? But the whole marketplace is being disrupted – it’s not just us.”
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