Top Five Challenges for CPA Firms

Source: AICPA CPA Insider

What are the most important issues for CPAs?

1. Baby boomers are about to retire, while the number of new accountants has declined. The profession needs to find ways to keep people working as long as possible.
2. Business will boom through 2005, and there is limited staff to handle the work. The increasing number of accounting majors in college today will not solve the problem.
3. New compliance rules, i.e., Sarbanes-Oxley, have created an overflow of work that is spilling over from the Big 4 to regional and local firms.
4. The profession may have to weather another attack on its credibility if disclosures of past frauds, and corrections of past financial reports, are erroneously interpreted as indications of new failures.
5. Clients, having become accustomed to on-line services from banks, brokers, etc., will expect the same from accountants. Technology needs to be simplified for accountants and their clients.

From AICPA CPA Insider, June 13, 2005. For the complete article, click on the following link:
https://www.cpa2biz.com/News/Telberg/The+Top+5+Things+to+Worry+About.htm.