AICPA Peer Review Conference: The profession in the 21st century

By Carol W. Kirwan, CPA
MACPA Director of Technical Services and Regulatory Affairs

Jim Castellano, incoming chairman of the AICPA, spoke at the AICPA Peer Review conference, held in September, to share his thoughts on the future of the profession. He described how all of AICPA's strategic initiatives are grounded in the vision. The top five issues are as follows:

The future success of the profession relies upon public perceptions of CPAs abilities and roles.
CPAs must become market-driven and not dependent upon regulations to keep them in business.
The market demands less audit & accounting services and more value-added consulting services.
Specialization is critical for the future of the CPA profession.
The marketplace demands that CPAs become conversant in global business practices and strategies.

Mr. Castellano presented these key questions:

Do CPAs currently possess the competencies to compete in the global, knowledge and technology-driven marketplace?
How do the buyers of these services perceive the CPA profession relative to this market space?
Are CPAs the dominant service providers in this market?

The goal is to raise the prestige of accounting professional and to provide higher value services on higher value information. Mr. Castellano described the "incredible privilege" CPAs have through their access to the most intimate client information that no one else has access to—a broad array of information. CPAs should be thinking of what we can provide to the client—how we can share insights on how the company is performing—beyond the traditional financial statements. He believes that firms need a strategic plan for adding value to client relationships. The plan may consider developing the necessary competencies to offer new assurance or consulting services.