august2021 - 29

AICPA NEWS
Accounting Profession is
Well-Positioned for Change,
Says AICPA CEO
The past year has been a defining
time for CPAs and management
accountants in their roles as trusted
advisors to businesses large and
small, with the profession proving
its ability to adapt and thrive amid
disruption and adversity, senior
leaders of the AICPA and CIMA said
during a keynote presentation at the
AICPA & CIMA ENGAGE conference.
That resiliency will be needed
going forward, with more changes
to come from technological disruption,
expanded categories of nonfinancial
reporting, and the rapid
evolution of new service lines and
business opportunities, Association
CEO Barry Melancon, CPA, CGMA,
said during the panel session at
the AICPA's ENGAGE conference
in July. Clients and employers are
also facing increased complexity on
several fronts, many heightened by
the pandemic, and they're looking for
the profession to solve it for them.
" It's hard to argue with the notion
that we are in a world reimagined, "
Melancon said, adding that the
profession is nevertheless well positioned
to capitalize on opportunities
tied to change. Key topics discussed
during the session included:
Digital
Transformation.
The shift to remote work due to the
COVID-19 pandemic accelerated
uptake rates for cloud solutions
and
related
technology. Client
advisory services (CAS) practices
that embraced the cloud before the
pandemic fared well during workplace
shutdowns, and many firms
showed great creativity in areas such
as remote auditing that can have
application in the post-pandemic
world. The leap forward that many
firms and employers had to take
on technology upgrades due to the
pandemic sets the profession up well
for the next level of changes involving
artificial intelligence, particularly
machine learning, panelists said. This
will be manifested in such initiatives
as the Dynamic Audit Solution, an
AICPA and CPA.com effort that is
transforming the way audits are
performed.
Business Model Evolution.
One of the great successes of the
profession over the past 18 months
was its work in small business relief,
and it can have an enduring impact
for clients as firms deepen new relationships
with lenders, particularly
the fintech sector, said Erik Asgeirsson,
president and CEO of CPA.com.
The Association's leaders also noted
growth in CAS and other advisory
services, as well as emerging areas
of non-financial reporting bearing
on sustainability, data integrity and
supply chains, among others.
■ Focus on Talent. Ensuring a
robust pipeline of new CPAs and
Chartered Global Management
Accountants (CGMAs) and promoting
diversity and inclusion are
critical, panelists said. To ensure
newly licensed CPAs have the skills
and competencies required today
and into the future, the AICPA is
collaborating with the National
Association of State Boards of
Accountancy to update the CPA
licensure model. A new exam for
the model, called CPA Evolution, is
expected in early 2024 ■
CPA EXAM PRACTICE
ANALYSIS SOLICITS
FEEDBACK
The AICPA is soliciting feedback on the draft content proposed in the
new Core and Disciplines CPA Examination structure. This request for
input is the next step in the CPA Examination Practice Analysis, which
is designed to determine the knowledge and skills that newly licensed
CPAs need to protect the public interest under the CPA Evolution licensure
model. Stakeholders are asked to provide feedback on preliminary content
through September 7, 2021. This valuable input from the profession will
help guide the development of new CPA Exam blueprints and Exam design,
which will then be shared via an Exposure Draft, which is planned in July
2022.
Under the CPA Evolution licensure model, all candidates will be
required to take three Core sections that will assess the knowledge and
skills that all newly licensed CPAs need in their role to protect the public
interest covering: Accounting, Auditing & Attestation, and Taxation.
The three Disciplines are Business Analysis and Reporting, Information
Systems and Control, and Tax Compliance and Planning. Due to its central
role in the profession, technology concepts will be incorporated into all
Core and Disciplines sections.
More information on the current practice analysis to develop a CPA
Evolution-aligned CPA Exam, include general information, timelines and
FAQs is available online and will be updated regularly. ■
https://www.surveymonkey.com/r/CPAEvolutionDraftContentOutline
AUGUST 2021 ■ www.CPAPracticeAdvisor.com
29
http://www.CPA.com http://www.CPA.com https://www.surveymonkey.com/r/CPAEvolutionDraftContentOutline http://www.CPAPracticeAdvisor.com
august2021

Table of Contents for the Digital Edition of august2021
