april2022 - 34

AICPA NEWS
AICPA News is a round-up of recent
announcements from the Association.
AICPA ACCEPTING
APPLICANTS TO GEORGE
WILLIE SCHOLARSHIP
PROGRAM
The American Institute of CPAs (AICPA) is now accepting applications
for the Private Companies Practice Section (PCPS) George Willie
Ethnically Diverse Student Scholarship and Internship program.
The George Willie scholarship program provides a scholarship
and paid internship to ten ethnic minority accounting students who
intend to pursue their CPA licensure. Each student receives up to
$10,000 (USD) toward their final academic year tuition.
Ten PCPS member firms will each sponsor a student for an
internship during the 2023 busy season. The participating member
firms are:
■ BBD, LLP - Philadelphia, PA
■ Bernard Robinson & Company, LLP - Greensboro, NC
■ Blackman & Scoop, CPAs, PA - Chapel Hill, NC
■ Brown, Edwards, & Company LLP - Roanoke, VA
■ Lance CPA Group - Chicago, IL
■ Lurie, LLP - Minneapolis, MN
■ Novogradac & Company LLP - San Francisco, CA
■ REDW - Albuquerque, NM
■ Smith Patrick CPA - Webster Groves, MO
■ Tonneson + CO - Wakefield, MA
This program was created in honor of George Willie, CPA, CGMA,
a former chair of AICPA's PCPS Executive Committee and the AICPA
Minority Initiatives Committee. During his more than 35-year career,
Willie has promoted the benefits of a career in accounting to students
and young professionals in pursuit of the CPA license.
The George Willie scholarship program is open to racial and
ethnic minority students pursuing an undergraduate or graduate
degree in accounting or an accounting-related major. Students
interested in the program can visit aicpa.org/pcpsscholarship for
full eligibility requirements, selection criteria and more. Applications
are currently open, with a deadline of April 30, 2022.
■ The George Willie scholarship program is one of several scholarships,
awards and programs from the AICPA to help promote
diversity, equity and inclusion. The Accounting Scholars Leadership
Workshop is an annual event underwritten by the AICPA Foundation
for racial and ethnic minority students to strengthen their
professional and networking skills while helping them understand
the possibilities and benefits of a career in accounting and earning
the CPA credential. Additionally, the AICPA Scholarship Award for
Minority Accounting Students, part of the AICPA Legacy Scholars
program, provides funding to outstanding minority students studying
accounting. ■
34 APRIL 2022 ■ www.CPAPracticeAdvisor.com
INFLATION CONCERNS AND SUPPLY
CHAIN WOES DIM OUTLOOK FOR U.S.
ECONOMY, AICPA SURVEY FINDS
Inflation fears, supply chain woes and a
lack of skilled job candidates continue to
dampen business executives' views on the
U.S. economy, according to the first-quarter
AICPA Economic Outlook Survey. The survey
polls chief executive officers, chief financial
officers, controllers and other certified
public accountants in U.S. companies who
hold executive and senior management
accounting roles.
Only 36% of business executives
expressed optimism in the U.S. economy
over the next 12 months, down from 41% last
quarter. The outlook for the global economy
also fell, with 30% of business executives
expressing optimism, down three percentage
points over the same term. Notably, the
survey closed on Feb. 23, the day before
Russia's invasion of Ukraine and the resulting
imposition of economic sanctions.
Inflation was the top concern for survey
respondents for the second straight quarter,
with 42% saying labor costs represented the
most significant risk in this area and 31%
citing raw material costs. Anticipated salary
and benefit costs for the next 12 months
ticked up slightly to 4.4%. For reference, the
projected rate a year ago was 1.9%.
Availability of skilled personnel remains
the second biggest challenge for U.S.
companies beyond inflationary pressures.
On hiring, 45% of business executives
said their organizations were looking to
fill roles immediately, while another 12%
said they had too few employees but are
hesitant to hire.
Other key findings of the survey:
■ Despite a deteriorating view of the
economy, 58 percent of business executives
hold a positive outlook for their own
organization's prospects, the same as
last quarter.
■ Profit expectations fell to an anticipated
growth rate of 1.6% over the next 12
months, down from 2.1% last quarter,
their lowest level since the end of 2020.
They had been as high as 4% in the
second quarter last year.
■ Revenue projections also fell. Business
executives now expect a 12-month
growth rate of 4.5%, down from an
anticipated 4.7% last quarter.
Sixty-two percent of survey takers said
they expect their organizations to expand
over the next 12 months, down two percentage
points from last quarter.■
AICPA & CIMA STAND WITH
THE PEOPLE OF UKRAINE
The Association of International
Certified Professional Accountants,
the combined voice of the AICPA
and The Chartered Institute of
Management Accountants (CIMA),
wholeheartedly stands with the
people of Ukraine and supports
governments
in implementing
economic and trade sanctions and
other measures taken in response
to the Russian military invasion.
Representing our 696,000 members,
students and engaged accounting
and finance professionals from 192
territories and countries around
the world, we strongly condemn
the actions taken by the Russian
government. We are saddened
by the appalling impact this is
having on people's lives and have
put in place measures to support
our members, students and staff
directly impacted. ■
http://www.aicpa.org/pcpsscholarship http://www.CPAPracticeAdvisor.com
april2022

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