ASCPA CONNECTIONS - July/August 2024

JULY • AUGUST

2024

PROFESSIO N AL ED U CATIO N

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TABLE OF CONTENTS

FEATURES 10

Navigating the AI Revolution

14

CPE Season in Full Swing

18

ASCPA 105th Annual Meeting

21

Firm of Dreams: If You Build It, They Will Stay

2024-25 ASCPA BOARD OF DIRECTORS Sarah Propper, Chair Paul Perry, Chair Elect Cathy Dover Jennifer Forrester Bruce Fryer Matthew Hilburn Kendra James Brian McLeod Jeremy Mosteller Amanda Paul Rob Pearson Joseph Wynn Dennis Sherrin, AICPA Council Rep Jamey Carroll, AICPA Council Rep James White, Jr., Past Chair

Emerging Technologies and Ethical Challenges for CPAs

Check out CPE programming for the remainder of the year, including live webcasts, webinars, in-person events and hybrid events.

Award winners, speakers, and networking captured by David Robertson Jr.

By Carolyn Tang Kmet

CHIEF EXECUTIVE OFFICER Jeannine Birmingham, CPA, CAE, CGMA

On the Cover

CONTRIBUTING WRITERS Marc Hamilton, CPA Carolyn Tang Kmet

As the 103Rd ASCPA Board Chair, Sarah Propper will lead strategic efforts of ASCPA’s 15-person board to support the profession. Flip to page 6 to meet Sarah.

EDITOR Megan G. Hughes, APR

Advertisers in this issue

Inside the ASCPA Message from ASCPA CEO, Jeannine Birmingham ......... 4

Miles Talent Hub .............................................. 2 CB&S Bank ............................................................. 9

Message from ASCPA Chair, Sarah Propper

................. 5

Vindex Financial Partners .................... 13 Accounting Biz Brokers .......................... 26

Member News .......................................................................................................... 24

Accounting Practice Sales ................ 28

Classifieds ..................................................................................................................... 26

@ALsocietyofCPAs July / August

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FROM THE CEO been significant developments regarding the Beneficial Ownership Information (BOI) or Beneficial Ownership Reporting (BOR) requirements. A small business association, NSBA, has filed a lawsuit and obtained an injunction for approximately 70,000 of its members, exempting them from complying with BOI requirements. Additionally, the AICPA sent a letter to FinCEN, signed by 54 state societies and the AICPA itself, requesting a one-year delay in reporting requirements following the resolution of legal cases.

Before I begin this issue’s message, I wanted to personally thank everyone for supporting ASCPA and our Annual Member’s Meeting. The ASCPA Board and staff have been growing this program since we returned to Birmingham, post pandemic, and the speakers and sponsors, networking and learning just get better year after year.

Please mark June 17, 2025, The Club Birmingham, for Annual Meeting 106.

The throes of summer: longer daylight, road trips and international get-aways, a few extra hours of sleep and CPE. ASCPA loves this time of the year. You may be vacationing and relaxing a bit more, but your professional organization is busy hosting hundreds of education opportunities in delivery formats that best suit your learning style. We have created Alabama events just for you!

Please look at our new offerings, including four new live AA webcasts

by Dr. Josh McGowan, four new live AA webcasts with Mike Brand, and four new technology programs by Marc Hamilton. We are also hosting in-person events with Jim Martin branded “ASCPA City Visits.” And, we have several longtime conferences planned including our 20-hour Summer Education Beach Conference, FAAC, and GAAF. We have also again partnered with Melissa Galasso for a series of governmental accounting programs. ASCPA has learning opportunities for everyone. If you have a suggested program and or speaker, please be sure to let us know.

ICYMI – BOI and IRS news: There have 4

ASCPA Connections

These developments stem from concerns about money laundering, which is not going away, however it is evident that small businesses are not prepared for the BOI requirements, which are expected to impact around 33 million entities, with approximately 5 million additions per year.

Draft legislation has been introduced to address the definition of the unlawful practice of law. Essentially, the legislation would provide a federal preemption, offering a liability safe harbor for CPAs and advisors assisting clients with BOI information. So far, there have been no challenges at the state level.

Some believe that BOI presents an opportunity for CPAs to establish dedicated BOI units, like firms that created teams focused solely on the Employee Retention Tax Credit (ERTC).

This could be a way for firms to support their small business clients through a business/compliance filing service.

As the year progresses, courts and FinCEN are expected to work through these matters, and legislation may be introduced to make BOR requirements more manageable.

The 2024 tax filing season felt more normal compared to the previous three years, with the April 15th deadline being closer to pre-pandemic levels.

According to the IRS, the number of returns received from tax professionals and self-prepared filers increased by 1.4% in 2023 compared to 2024.

Additionally, IRS service levels seem to have improved this year.

This improvement can be attributed to the significant appropriation the IRS received in 2022. While a substantial portion of the funds is earmarked for

enforcement efforts, a significant allocation is dedicated to enhancing operations, technology, and taxpayer services.

You may also be interested in learning about the IRS Direct File Program. The IRS has piloted this program in twelve states, targeting individuals with specific income levels and limited credits and deductions. The pilot program facilitated 140,000 filings.

This service is free for users, and it is unlikely to impact the CPA client base as the program is aimed at low-income taxpayers.

And one last thing, Barry Melancon, CPA, CGMA, announced that he plans to retire on December 31, 2024, from his role as President and CEO of the American Institute of CPAs (AICPA) and CEO of the Association of International Certified Professional Accountants (the Association). The Association is the world’s largest accounting membership body of public and management accountants. Melancon joined AICPA as CEO in 1995 at the age of 37, making him the youngest CEO of the organization history, and he has served the profession in this role for 30 years. The details of his successor are expected to be announced before the end of the year and Melancon will be assisting with the transition and handover to the new CEO. Melancon will be deeply missed. He has been an advocate and friend of state CPA societies and a personal friend to me.

The CPA profession is a learned profession. CPAs are required to educate extensively and continuously, both by professional education and professional issues. The CPA commitment to lifelong learning exemplifies why the profession is regarded as a learned profession dedicated to protecting the public interest. So, please take a look at all the professional courses offered by the ASCPA. We have exactly what you need at www.alabama.cpa/catalog/events.

FROM THE CHAIR Wow! What an amazing opportunity to be able to serve as your 2024-2025 chair. The experiences I have had serving on my first, and now my second, term on the board of directors have been so valuable to me. Learning from others in the profession and serving the profession has sparked a new passion, not only for my own career, but also for the profession as a whole. We are truly blessed in the state of Alabama, to have such a dedicated Society to support the CPA profession. The ASCPA staff and Board is of the highest caliber and I am truly thankful to be a part of it.

Did you know the mission statement for the ASCPA is “Enhancing Alabama’s accounting profession through advocacy, education and member engagement”? That is a short sentence with a big impact. The theme of this issue is Professional Education.

Education is a powerful word. Without education, we are stagnant with no future. In today’s world, we are bombarded with information, but information is not education. As members of this profession, we must constantly educate ourselves. We must stay on top of current events, including legislation topics, technology, and so much more. In an ever-changing environment staying educated can be a challenge.

As my term begins, I want to take this time to thank our outgoing chair, James White. Serving on the board with him as well as the others rolling off this term has been a real treat. One of the things I have enjoyed more than anything is learning from the diverse group we have at the ASCPA. There are those of us in public accounting, there are leaders in the business and industry sector, and wonderful educators from Alabama’s top universities. Hearing others’ ideas, goals, and challenges is what makes this opportunity so fulfilling. I also want to encourage our members to get involved in the society, I promise you will not be disappointed.

As I conclude, I want to take this opportunity to challenge you to find the passion in your profession, and when you do share that with others. It really is great to be a CPA!

I encourage all of you to visit the ASCPA’s website and peruse the many continuing professional education opportunities provided and pick something you are passionate about and learn. Take that knowledge back to your firm, your government, your business, or your educational institution and share it. And when you serve others with your knowledge, you will feel a great sense of accomplishment.

The Board met in April to discuss the coming year’s strategic objectives.

I’m thrilled for the coming year and the opportunity of working with this Board. We have some exciting initiatives that revolve around inclusion of our young CPA cabinet, the everevolving pipeline issue, leadership, and education. But what I’m most excited about is the enthusiasm of our young CPAs. The young leaders in our profession are ready to serve and to show how passionate they are about the profession and its future. And I can tell you from talking with these young people, our future is bright!

P.S. It is not too late to Sail Away with CPE at Sea, a unique learning opportunity August 17-24, upon the Carnival Jubilee. See page 12 for more information!

July / August

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Meet Sarah ASCPA: Where did you grow up?

SP: I was born in Nashville, TN, but moved to Huntsville when I was 3 months old. Huntsville was such a great place to grow up, you never knew if the person you were talking to at the grocery store was a farmer or a rocket scientist! I decided after graduation to move to the “big city” of Birmingham and attend Birmingham Southern College and I never left!

ASCPA: When did you decide accounting was the career for you?

SP: I actually took two years of accounting in high school. My mother got an accounting degree and she nudged me in that direction. I found those classes to be “easy” so I thought, “well why not accounting for a profession?” Even though I had some challenging classes in college, I always “got it.” Plus I was the only one I knew on campus outside of the other accounting grads that had a job 6 months before I graduated. That was pretty cool!

ASCPA: What advice would you give to a smart, driven college student about to enter the “real world”?

SP: I would say learn how to get stuff done. Don’t be afraid to speak up and say, I’ll handle that issue. No matter how small or how big the task is, get it done to the very best of your ability.

If you do that I promise you will get noticed.

h Propper 2024-2025 ASCPA Board Chair

ASCPA: What prompted you to enter public accounting, instead of another sector?

SP: I’m not sure I even understood the difference between public accounting and the other sectors when I graduated. I do remember going to job fairs that BSC would host and I always saw these young interesting people who were at the public accounting tables and they always made it sound so interesting and I guess I was just drawn to that mentality. I have always been a people person, and the thought of interacting with different clients and industries really intrigued me.

“I’ve been in public accounting for 25 years,” she said.

“My husband and I just celebrated our 21st wedding anniversary, and we have two amazing boys ages 13 and 17. Right now I spend the majority of my time on the soccer field. My oldest is on the varsity soccer team at Spain Park High School and my youngest is on a regional travel soccer team that keeps us traveling the southeast most weekends. When I’m not on the soccer field I enjoy reading, yoga, and Pilates. My favorite thing to do is to travel and see live music. I just saw U2 at the sphere in Las Vegas!”

ASCPA: When you feel overwhelmed or have lost your focus, how do you rest?

SP: When I feel overwhelmed or stressed, I try to spend time with friends and family. That feeling of unconditional love you get from your people, it always fills up my cup and helps me to face the challenges of a new day.

ASCPA: What prompted you to become a member of ASCPA? SP: I was so proud when I passed the CPA exam that I immediately joined the ASCPA and AICPA, I wanted to be a part of every aspect of this profession. One of my partners said you need to join the young CPAs, so I did, and I thoroughly enjoyed it, not only for the community service aspect of it but also for the incredible network of peers that has sustained me throughout my career.

“Sarah is going to be instrumental in pushing ASCPA to the next level! She leaves no stone unturned and is not afraid to press the issue to get results” - James White Jr., Immediate Past Chair

A little more about Sarah...

Sarah graduated with an undergraduate degree in Accounting from Birmingham Southern College.

She graduate just two classes shy of the 150 hour requirement to sit for the CPA exam. So instead of getting her masters, she took those last two classes and passed the exam, which she considers an untraditional route to certification.

“Sarah is a tax-geek with a big heart and she loves being a most-trusted professional.”

- Jeannine Birmingham, ASCPA President & CEO

July / August

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NEW CPAS

Congratulations to Alabama’s newest CPA Licensees The following individuals have successfully passed all four parts of the CPA exam - Congratulations!

James Michael Aiken, Denver, CO

Anna Elizabeth Hutto Luneau, Huntsville

Wendy Marie Amos, Sylvester, GA

Ryan Davis McCarty, Birmingham

Kathryn Lawrence Baker, Birmingham

Richard Tyler McKeown, Mobile

Andrew Timothy Broderick, Columbus, OH

Leah Elizabeth Mumpower, Calera

Joshua Michael Chaffin, Birmingham

Christopher Gerard Odom, Houston, TX

Landon Dial Crowder, Vestavia Hills

Kishankumar Sureshchandra Patel, Tuscaloosa

Olivia Mary Dunn, Mobile

Virginia Kathryn Sudduth, Birmingham

Kasie Mullis Hicks, Vincent These individuals completed all four parts of the CPA exam between Apr. 1 - May. 31, 2024.

meet

Helen Helen Oglesby

Member Communications Coordinator Mississippi State University Helen is responsible for internal member communications, including ASCPA’s weekly digital newsletter, as well as brand management, to include website content and social media channels.

She is a recent graduate of Mississippi State University and enjoys spending time on her family farm in Lowndesboro. Helen is an accomplished livestock evaluator and has competed all over the United States.

Joined ASCPA staff July 1, 2024 hoglesby@alabama.cpa

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ASCPA Connections

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Navigating the

AI Revolution: Emerging Technologies and Ethical Challenges for CPAs

By Marc Hamilton, CPA The accounting profession is on the brink of a seismic technological shift, driven by the rapid advancement of artificial intelligence (AI). This powerful technology is poised to revolutionize the way certified public accountants (CPAs) approach their work, offering unprecedented opportunities for automation, efficiency, and data-driven insights. However, as with any transformative innovation, the integration of AI into the accounting realm also presents a multitude of ethical considerations that must be carefully navigated.

To fully grasp the implications of AI for the profession, it is essential to understand what constitutes AI and what does not. At its core, AI refers to the simulation of human intelligence processes by machines, particularly computer systems. This encompasses a wide range of capabilities, including learning, reasoning, problem-solving, perception, and natural language processing (NLP).

It is important to note that not all automation or technology-assisted processes fall under the umbrella of AI. Robotic process automation (RPA), for instance, involves the use of software robots to automate repetitive, rule-based tasks without the need for human intervention.

While RPA can significantly enhance efficiency, it lacks the ability to learn, adapt, and make autonomous decisions that characterize true AI systems.

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ASCPA Connections

The Generative AI Revolution One of the most remarkable developments in the AI landscape is the emergence of generative AI (GenAI). This cutting-edge technology has the ability to generate human-like text, images,

interact with data and information. With NLP, professionals can pose questions in natural language and receive comprehensive, contextual responses generated by AI systems trained on vast amounts of data.

code, and even audio and video content from simple prompts

Furthermore, NLP can be integrated into various accounting

or inputs. The potential applications of GenAI in the accounting

tasks, such as document analysis, contract review, and even

profession are vast, ranging from drafting reports and financial

customer service. By automating these language-based

statements to creating data visualizations and conducting

processes, CPAs can free up valuable time and resources to

market research.

focus on higher-level strategic initiatives.

The CPA.com Generative AI Toolkit serves as a valuable

However, it is crucial to understand the limitations of current

resource for professionals seeking to harness the power of

NLP technologies. While AI models have made significant

GenAI, providing guidance on how to leverage this technology

strides in language understanding and generation, they are not

to streamline workflows and enhance productivity. By

infallible and can produce biased, inconsistent, or even harmful

automating tasks that were previously time-consuming and

outputs if not properly trained and monitored.

labor-intensive, CPAs can redirect their efforts towards more strategic and value-added activities, ultimately providing better service to their clients.

Beyond generative capabilities, AI is transforming various aspects of accounting practice, including audit procedures, financial planning, and data analytics.

Enhancing Audit Processes and Financial Planning with AI

Ethical Implications and the CPA’s Role As AI continues to permeate the accounting profession, it is imperative to address the ethical implications and ensure the responsible adoption of these technologies. Concerns surrounding data privacy, algorithmic bias, transparency, and accountability must be carefully considered and mitigated.

CPAs, as trusted advisors, and stewards of financial information,

In the realm of audit procedures, AI-powered tools are

have a critical role to play in upholding ethical standards and

revolutionizing the way CPAs approach their work. The

promoting the responsible use of AI within their organizations

Journal of Accountancy article “How AI is Transforming Audit”

and the broader industry.

explores how these advanced technologies can analyze vast amounts of data, identify patterns, and detect anomalies with unprecedented speed and accuracy, thereby improving the overall quality of audits.

The Journal of Accountancy has been at the forefront of discussions surrounding AI ethics, with articles such as “AI Ethics: Ensuring Responsible Use in the Accounting Profession” exploring the potential for bias in flawed training data and the

The 2023 AICPA and CPA.com AI Symposium featured sessions

need to ensure fairness and impartiality in decision-making

that delved into the use of machine learning models for robust

processes.

audit sampling and risk identification, showcasing the practical applications of AI in this critical area of practice.

The AICPA has also taken a proactive stance by providing guidance and frameworks to promote transparency,

Similarly, AI has emerged as an invaluable asset in financial

accountability, and data privacy in the use of AI. The

planning. The AICPA’s “AI and the Future of the Accounting

“Ethical Considerations in the Use of AI” guidance offers a

Profession” report highlights how AI can analyze historical

comprehensive framework for CPAs to navigate the ethical

data, market trends, and a wide range of variables to provide

challenges associated with AI adoption.

accurate forecasts and recommendations. By leveraging these capabilities, CPAs can offer more informed and strategic advice to their clients, empowering them to make betterinformed decisions.

At the 2023 AI Symposium, experts delved into governance processes to validate AI models, ensuring they operate as intended without unfair biases. Robust change management practices were also highlighted as critical when automating

The Rise of Natural Language Processing (NLP)

processes with AI’s “black box” decision-making.

One of the most transformative developments in AI is the rapid

CPAs must play a leading role in advocating for ethical AI

explosion of natural language processing (NLP) capabilities. NLP

practices within their organizations. This includes demanding

refers to the ability of AI systems to understand, interpret, and

transparency from AI vendors, implementing robust data

generate human language in both written and spoken forms.

governance policies, and conducting regular audits and

This technology has the potential to revolutionize the way CPAs

assessments to ensure AI systems are operating in alignment

July / August

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with ethical principles and regulatory requirements.

Furthermore, CPAs should actively participate in industry-wide discussions and standard-setting efforts related to AI ethics.

By leveraging their expertise and influence, they can help shape the guidelines and best practices that will govern the responsible use of AI in the accounting profession.

The Future of the Accounting Profession: Convergence and Transformation

Moreover, CPAs must actively engage in the development and implementation of ethical frameworks and governance models to ensure the responsible use of AI within their organizations and the broader industry. By leveraging their expertise and influence, they can shape the guidelines and best practices that will govern the adoption of AI in the accounting profession.

Those who develop AI capabilities, embrace this transformative wave, and champion ethical AI practices will be well-positioned to serve as trusted strategic advisors in our

As we look towards the future, it is clear that AI will continue

data-driven future. They will play a pivotal role in unlocking the

to shape and transform the accounting profession in profound

full potential of AI while upholding the highest standards of

ways. The AICPA’s “Future of the Accounting Profession” report

professional conduct, thereby ensuring the continued trust and

highlights the convergence of roles, with CPAs expected to

integrity of the accounting profession.

blend accounting expertise with data science capabilities to provide higher-level advisory services powered by AI-enabled predictive analytics.

The report emphasizes the need for CPAs to develop skills in areas such as data analytics, machine learning, and strategic decision-making. This will enable them to effectively leverage AI technologies and deliver actionable insights to clients, rather than merely presenting raw data or traditional financial reports.

Additionally, as outlined in CPA.com’s “The Future of Accounting: Automation and AI” article, AI is expected to automate repetitive compliance work, such as tax return preparation and financial statement audits. This shift will allow CPAs to focus their efforts on strategic advisory services, leveraging AI’s intelligence augmentation capabilities to deliver greater value to their clients.

However, it is important to note that while AI will undoubtedly automate and transform many aspects of the accounting profession, it is unlikely to completely replace the human element. CPAs will continue to play a crucial role in providing expert judgment, critical thinking, and ethical oversight – qualities that are essential for maintaining integrity and trust in

Conclusion The AI revolution presents both unprecedented opportunities and ethical imperatives for CPAs. By staying informed, proactively addressing ethical concerns, and actively participating in the development of responsible AI practices, the accounting profession can harness the power of this transformative technology while maintaining its reputation as a bastion of trust and integrity.

For those seeking to deepen their understanding of AI’s impact on the accounting profession and gain practical insights into leveraging these emerging technologies, a series of Continuing Professional Education (CPE) courses are being offered by the Alabama Society of CPA’s through September 2024.

One highlight of these educational opportunities is the “Learn Voyage” – a 7-day Carnival cruise departing from Galveston, Texas, on August 17, 2024. This unique CPE experience will offer 20 hours of immersive learning, covering topics such as “The Evolving CPA Toolkit: Big Data, Analytics, and the Explosion of AI,” “Natural Language Processing (NLP) and Prompt Engineering: Overview and Application,” and “Navigating the Future:

the financial system.

Embracing the AI Wave: A Call to Action The integration of AI into the accounting profession is not a distant possibility but a present-day reality that is rapidly gaining momentum. While navigating the ethical risks and challenges associated with AI adoption, progressive firms and professionals are capitalizing on this technology as a competitive differentiator, driving efficiencies and unlocking new service offerings.

To thrive in this rapidly evolving landscape, CPAs must prioritize continuous learning and upskilling, staying abreast of emerging technologies through educational platforms such as the AI Symposium, industry events, and specialized training programs.

12

ASCPA Connections

Set sail with ASCPA Aug. 17 and earn CPE while you cruise! Learn more at alabama.cpa.

Leveraging AI and Machine Learning in

and develop the necessary skills to

Accounting and Auditing.” Participants

effectively leverage these technologies

will have the chance to engage and

in their practices. Furthermore,

discuss these topics, participate in

participation in these CPE courses will

interactive workshops, and network with

equip professionals with the knowledge

fellow professionals, all while enjoying

and tools to navigate the ethical

the amenities of a luxury cruise. For more

complexities surrounding AI adoption,

information and to register, visit www.

enabling them to champion responsible

learnvoyage.com.

practices within their organizations.

In addition to the Learn Voyage, a

Those who embrace this transformative

series of in-person and live-streamed

wave, champion ethical AI practices,

CPE sessions will be held throughout the

and continually invest in their professional

Marc Hamilton, CPA

summer, hosted by the Alabama Society

development will be well-positioned

CDG Engineers and Associates, Inc.

of CPA’s. These sessions will take place

to serve as trusted strategic advisors in

at various locations, including Orange

our data-driven future. They will play a

Beach, Montgomery, and Gulf Shores,

pivotal role in unlocking the full potential

offering a convenient and flexible

of AI while upholding the highest

learning experience for accounting

standards of professional conduct,

professionals.

thereby ensuring the continued trust and

By actively pursuing these educational

integrity of the accounting profession.

opportunities, CPAs can gain a deep understanding of AI’s potential

Announcing an exciting new relationship to provide retirement plan services to ASCPA members!

Alabama Society of CPAs (ASCPA) is excited to launch a Multiple Employer Plan (MEP) in conjunction with Ameritas and Vindex Financial Partners.

Why consider the ASCPA Multiple Employer Plan?

ASCPA MEP

Easy to administer

Cost competitive

Plan compliance

Actionable technology

Support for your fiduciary responsibility

Established data integrations with dozens of payroll providers

Want to find out more about the ASCPA MEP? Michael LaHurd at (205) 313-6705 or michael.lahurd@vindexfinancialpartners.com Michael LaHurd is the referral contact for this product only. This retirement product is established by Ameritas and offered through the ASPCA. Michael LaHurd, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 5040 Roswell Road, Atlanta, GA 30342. Securities products and advisory services offered through PAS, 800-366-0839. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is a direct, wholly owned subsidiary of Guardian. Vindex Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. PAS is a member FINRA, SIPC. California Insurance License #OL24271 2023-159095 (Exp. 8/25).

Unless otherwise specified, any entity referenced in this material is not an affiliate of Ameritas or any of its affiliates. Fulfilling life is a registered service mark of affiliate Ameritas Holding Company. © 2023 Ameritas Mutual Holding Company. ®

AD 715 8-23

CPE WITH ASCPA Welcome back to CPE with the Alabama Society of CPAs! On the next few pages, you will find a preview of our CPE programming throughout the remainder of the year, including live webcasts, webinars, in-person events and hybrid events featuring inperson and virtual attendance options.

Again this year, we have partnered with the Georgia Society of CPAs to bring some of their conferences and live webcasts to our members.

We have also renewed our partnership with CPA Crossings to bring you ALOnDemand, a platform designed to bring many more On-Demand courses to your fingertips! Read more about ALOnDemand on page 15.

We have a list of CPE FAQs on our website which address accessing your ASCPA account, logging into a CPE course, and finding your transcript. There is also a section on surveys, which must be completed within 7 days after a course in order to process CPE certificates.

Please read over this short FAQ page, which can be found at alabama.cpa/cpe-faq, to ensure you are ready to conquer the 2024 CPE Season.

2024 Not-for-Profit Accounting Update Virtual 7/9/2024 (8:30 AM-12 PM) Melisa Galasso | 4 Accounting (Governmental) 2024 Governmental Audit Update: Yellow & Uniform Virtual 7/9/2024 (1 PM- 4:30 PM) Melisa Galasso | 4 Auditing What’s Going on at the AICPA Virtual 7/10/2024 (8:30 AM-12 PM) Melisa Galasso | 4 Auditing Common Deficiencies in SSARS Engagements Virtual 7/10/2024 (1 PM-4:30 PM) Melisa Galasso | 4 Auditing AICPA Code of Ethics Virtual 7/16/2024 (10 AM- 11:40 AM) Josh McGowan | 2 Ethics The Evolving CPA Toolkit Virtual and In-Person 7/17/2024 (8:30 AM- 12 PM) Marc Hamilton | 4 Other NLP Virtual and In-Person 7/17/2024 (1 PM-4:30 PM) Marc Hamilton | 4 Other K2’s Small Business Internal Controls, Security, and Fraud Prevention and Detection Virtual 7/17/2024 (9 AM-4:30 PM) K2 Speaker | 8 Auditing K2’s Excel Charting and Visualizations Virtual 7/19/2024 (9 AM- 12:30 PM) K2 Speaker | 4 Computer and Software Applications Summer Education Conference Virtual 7/21-7/26/2024 Various | 20 Various

K2’s Advanced QuickBooks Tips and Techniques Virtual 7/31/2024 (1 PM- 4:30 PM) K2 Speaker | 4 Auditing

Deep Dive into Quality Management Virtual 8/15/2024 (8:30 AM- 10:10 AM) Melisa Galasso | 2 Auditing

K2’s Case Studies in Fraud and Technology Controls Virtual 7/31/2024 (1 PM- 4:30 PM) K2 Speaker | 4 Auditing

What’s Changing in Risk Assessment Virtual 8/15/2024 (10:30 AM- 12:10 PM) Melisa Galasso | 2 Auditing

Highlights of the Standards that Cover Accounting and Auditing Engagements Virtual 7/31/2024 (8:30- 12 PM) Mike Brand | 4 A&A

Deep Dive into Common Audit Deficiencies Virtual 8/15/2024 (1 PM- 4:30 PM) Melisa Galasso | 4 Auditing

City Visits: A&A in the Magic City In-person 8/6/2024 (8:30 AM- 4 PM) Jim Martin | 8 A&A City Visits: A&A in the Queen City In-Person 8/7/2024 (8:30 AM- 4 PM) Jim Martin | 8 A&A

ASCPA Connections

2024 AICPA Regulatory Ethics Update Virtual 8/16/2024 (8:30 AM- 10:10 AM) Melisa Galasso | 2 Ethics

International Tax: Schedule K3 Cheat Sheet Virtual 8/8/2024 (10:30-11:20 AM) Alex McGowin | 1 Tax

Common Yellow Book & Single Audit Deficiencies Virtual 8/16/2024 (1 PM- 4:30 PM) Melisa Galasso | 4 Auditing (Governmental)

A&A Update for the Real World Virtual 8/9/2024 (8:30 AM- 12 PM) Jim Martin | 4 A&A

CPE at Sea In-Person 8/17-8/24/2024 Marc Hamilton | 20 Various

The Leasing Standard: What’s Next? Guide to Operating Lease Renewals, Cancellations, Modifications, Etc. Under ASC 842 Virtual 8/9/2024 (1 PM-4:30 PM) Jim Martin | 4 A&A

K2’s QuickBooks for Accountants Virtual 8/22/2024 (9 AM- 4:30 PM) K2 Speaker | 4 Accounting, 4 Software and Applications

Ethics and Tax Preparers: The New SSTS’s!

Virtual 8/12/2024 (9 AM- 10:40 AM) Jim Martin | 2 Ethics Accounting for Pensions Virtual 8/14/2024 (10 AM- 11:40 AM) Josh McGowan | 2 A&A

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Accounting & Attestation for ESG Virtual 8/16/2024 (8:30 AM- 10:10 PM) Melisa Galasso | 2 A&A

City Visits: A&A in the Port City In-Person 8/28/2024 (8:30 AM-4 PM) Jim Martin | 8 A&A City Visits: A&A in the Capital City In-Person 8/29/2024 (8:30 AM- 4 PM) Jim Martin | 8 A&A

CPE WITH ASCPA Getting Your Practice Ready for Peer Review Virtual 8/29/2024 (8:30 AM- 12 PM) Mike Brand | 4 A&A

City Visits: A&A in the River City In-Person 9/17/2024 (8:30 AM- 4 PM) Jim Martin | 8 A&A

K2’s Next Generation Excel Reporting Virtual 9/24/2024 (9 AM- 4:30 PM) K2 Speaker | 8 Accounting

K2’s November Technology Conference Virtual 11/11-11/12/2024 (8 AM-4:15 PM) Various | 15 Various

Digital Asset Accounting and Taxation Virtual and In-Person 9/10/2024 (8:30 AM- 12 PM) Marc Hamilton | 4 Taxes

City Visits: A&A in The Shoals In-Person 9/18/2024 (8:30 AM- 4 PM) Jim Martin | 8 A&A

K2’s Implementing Internal Controls in QuickBooks Environments Virtual 9/25/2024 (9 AM- 4:30 PM) K2 Speaker | 8 Auditing

Governmental Accounting and Auditing Forum (GAAF) Virtual and In-Person 12/9-12/11/2024 Various | 16 Various

Navigating the Future: Leveraging AI Machine Learning in Accounting and Auditing Virtual and In-Person 9/10/2024 (1 PM- 4:30 PM) Marc Hamilton | 4 A&A Sales and Use Tax Workshop Virtual 9/13/2024 (8:30 AM- 12 PM Bruce Ely and Will Thistle | 4 Tax Update on CTA and BOI: Where Do We Stand?

Virtual 9/13/2024 (2 PM- 3:40 PM) Jim Martin | 4 TBD City Visits: A&A in the Rocket City In-Person 9/16/2024 (8:30 AM-4 PM) Jim Martin | 8 A&A

Hot IRS Audit Issues: More Money (For Them), More Problems (For Your Clients)?

Virtual 9/19/2024 (10-11:40 AM) Gannon and Luechtefeld | 2 Tax Preparation, Compilation, & Review Engagements Overview Virtual 9/19/2024 (2 PM- 3:40 PM) Josh McGowan | 2 A&A A&A Update for the Real World Virtual 9/23/2024 (8:30 AM- 12 PM) Jim Martin | 4 A&A The Quality Management Standards are Moving Closer Virtual 9/23/2024 (1 PM- 4:30 PM) Jim Martin | 4 A&A

K2’s Improving Productivity with Microsoft 365/Office Cloud Applications Virtual 9/26/2024 (1 PM- 4:30 PM) K2 Speaker | 4 Computer & Software Applications Financial Accounting and Auditing Conference (FAAC) Virtual and In-Person 9/27/2024 (8 AM- 4:30 PM) Various | 8 TBD

Federal and State of Alabama Tax Update Virtual 12/12/2024 (8:30 AM-4:30 PM) Jim Martin | 8 Tax Federal and State of Alabama Tax Update Virtual 1/16/2025 (8:30 AM-4:30 PM) Jim Martin | 8 Tax See the entire catalog and up-to-date course offerings by visiting alabama.cpa/CPE.

Alabama Federal and State Tax Institute (AFSTI) Virtual and In-Person 11/6-11/8/2024 Various | 20 Tax

ALOnDemand ASCPA is continuing its partnership with CPA Crossings - one of the foremost providers of quality professional education for CPAs - to offer an on-demand learning solution called ALOnDemand. More than 140 curated courses are available covering a wide range of topics in accounting and auditing, tax, technology and more.

A subscription is available to ASCPA members that provides unlimited access to all ALOnDemand courses during the calendar year and unlimited CPE credits. The ALOnDemand subscription gives you the freedom to take CPE when and where you want! To learn more visit alabama.cpa/ALOnDemand.

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CPE WITH ASCPA

Jim Martin City Visits: A&A in the Magic City In-Person 8/6/2024 (8:30 AM- 4 PM) Jim Martin | 8 AA

Jim Martin City Visits: A&A in the Queen City In-Person 8/7/2024 (8:30 AM-4 PM) Jim Martin | 8 AA

INSTRUCTOR

Jim Martin

Choose from eight programs across the state and hear from Jim Martin as he gives his

Jim Martin City Visits: A&A in the Port City In-Person 8/28/2024 (8:30 AM-4:00 PM) Jim Martin | 8 AA

Jim Martin City Visits: A&A in the Capitol City In-Person 8/29/2024 (8:30 AM-4:00 PM) Jim Martin | 8 AA

A&A Update.

Register for any of these

Jim Martin City Visits: A&A in the Rocket City In-Person 9/16/2024 (8:30 AM-4 PM) Jim Martin | 8 AA

programs by visiting alabama.cpa/city-visits.

Jim Martin City Visits: A&A in the River City In-Person 9/17/2024 (8:30 AM-4 PM) Jim Martin | 8 AA

This programming powered by

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ASCPA Connections

Jim Martin City Visits: A&A in the Shoals In-Person 9/18/2024 (8:30 AM-4:00 PM) Jim Martin | 8 AA

ASCPA EDUCATOR CONFERENCE SAVE THE DATE 10.25.24 I 9AM-3PM Register at: alabama.cpa/edu24

Annual Meeting

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ASCPA Connections

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Forty out of more than 86,000 exam candidates honored for their high scores. Including one student from Alabama.

The American Institute of CPAs (AICPA) announced the 40 winners of the 2023 Elijah Watt Sells Award in June. This award is granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2023. More than 86,000 individuals sat for the CPA Exam in 2023.

“The CPA Exam is a rigorous test, and these individuals performed extraordinarily well,” said Mike Decker, AICPA vice president – CPA Examination and pipeline.

“They deserve the heartiest of congratulations for their achievement, and we at the AICPA look forward to supporting these accountants as they continue on to a bright future in the profession.”

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Owen Berry (Florida), University of Central Florida - Ennis, Pellum & Associates, CPAs

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Matthew Blomquist (Georgia), Kennesaw State University - Southern Company

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Dylan Boone (Ohio), Miami University Plante Moran

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Alan Brandon (North Carolina), University College Cork - Deloitte

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Esther Eleanna Lee (Weissman) (Maryland), University of Maryland, College Park, - Ernst & Young

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Bryant Lin (New York), SUNY Binghamton PricewaterhouseCoopers

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Michelle Lin (Illinois), The University of Texas at Austin - PricewaterhouseCoopers

Elise Chase (Massachusetts and Utah), Brigham Young University - Deloitte

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Sachin Mall (Guam), Dibrugarh University

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Julian Chase (Massachusetts), Vanderbilt University - PricewaterhouseCoopers

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Kelly McCarty (Colorado), Chapman University - KPMG

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Nathaniel Day (Tennessee), Vanderbilt University - Deloitte

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Khushbu Mittal (California), Jesus and Mary College, University of Delhi - Deloitte

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Eleanor DeNunzio (Illinois), University of Kansas - EY

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Reece Diloreto (Florida), Florida State University - EY

Nechama Nakdimen (Maiman) (New York), Excelsior University - SmallBiz Outsource LLC

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Jared Plattman (New York), Villanova University - KPMG

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Paul Poliakov (Washington), Saint Petersburg State University PricewaterhouseCoopers

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Brandon Rooney (Tennessee), iUniversity of Tennessee, Knoxville, - EY

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Tina Sarkissian (California), University of California, Los Angeles, - KPMG

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Tyler Thimjon (Illinois), Indiana University - EY

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Thanh Tran (Texas), University of Houston Alvarez and Marsal Tax LLC

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Hannah Van Meeteren (South Dakota), Northwestern College - CliftonLarsonAllen

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Sara Woodward (New York), Roberts Wesleyan University - Flaherty Salmin CPAs

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Jack Wyatt (Alabama), Auburn University - Deloitte

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Jared Dunnett (Illinois), Indiana UniversityBloomington - Shore Capital Partners

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Ryan Durbin (Texas), The University of Texas at Austin - KPMG

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Sarah Falkin (Florida), University of Florida - KPMG

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Yesenia Garcia (Texas), Texas A&M International University - Calvetti Ferguson

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Cal Granite (Illinois), The University of Illinois Urbana-Champaign - RSM

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Chris Hudson (Texas), Rice University KPMG

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Parker Jackson (Utah), Brigham Young University - KPMG

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Anthony Kearl (Montana), University of Calgary - TELUS

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Bradley Koch (Kansas), Washburn University - Koch CPA

The 2023 Sells Award winners are listed here, followed by their board of accountancy affiliation, education, and present employer (where applicable):

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Will Koehler (Wisconsin), University of Wisconsin–Madison - KPMG

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Vineet Kotak (Washington), Maharaja Sayajirao University of Baroda, India, PricewaterhouseCoopers

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Roger Babin (Massachusetts), Boston College - KPMG

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Jack Krause (Georgia), University of Iowa the Financial Accounting Standards Board in Norwalk, CT.

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Harrison Baker (Utah), University of Utah - Ledgenomics

ASCPA Connections

Joshua Kritzer (Illinois), University of Wisconsin–Madison PricewaterhouseCoopers

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The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam, as well as to honor Sells, one of the country’s first CPAs. A founding member of the firm now known as Deloitte, Sells was active in the establishment of the AICPA and played a significant role in advancing education within the profession.

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The AICPA, which develops and scores the CPA Exam, works with hundreds of volunteers and other stakeholders to maintain its relevance to the profession and alignment with the knowledge and skills required of a newly licensed CPA. To support candidates along their journey, the AICPA provides a wealth of information and tools, including the CPA Exam Blueprints, sample tests and tutorial topics and the Uniform CPA Exam booklet.

Firm of Dreams: If You Build It, They Will Stay

Could your people be your firm’s greatest retention asset? Five experts share why putting people first is the key to building the firm of your dreams.

By Carolyn Tang Kmet Employee retention has been a bleak topic for some time in the accounting profession. Since 2019, the number of employed accountants in the United States has sharply fallen 17.3% (as of 2023), according to the U.S. Bureau of Labor Statistics. Notably, this decrease is a result of attrition at both ends of the profession: At entry, there are fewer college students choosing to enter the field, and simultaneously, many accountants are choosing to voluntarily exit the field.

Though, despite this long-term and devastating trend, there does appear to be some gleaming hope that certain strategies may be able to reverse this tide. According to Gallup’s State of the Global Workplace 2023 Report, 52% of voluntarily exiting employees say their manager or organization could’ve done something to prevent them from quitting.

Of course, many stakeholders, including the Illinois CPA Society (ICPAS), have gone to great lengths to know exactly what that “something” could be. In its 2023 Insight Special Feature, “Righting Retention,” ICPAS

shared research findings to shed light on what’s driving the accounting profession’s perpetually higherthan-average turnover rates. In the report, the top three reasons cited for accounting and finance professionals voluntarily quitting their employers were salary, too many hours/burnout, and lack of work-life balance. Interestingly, workplace culture was cited as the fourth reason for employees exiting—and some experts believe this factor, specifically as it relates to valuing and prioritizing people, could be the key to building a firm where no one wants to leave.

Prioritize People Over Profit Tammy Daugherty, M.Ed, is the owner of People Matter Consulting Ltd., a Cincinnati-based change management and leadership consulting firm. She emphasizes that accounting firms need to focus on prioritizing people over outcomes.

“In the accounting and finance field, numbers matter—they’re the first focus,” Daugherty observes.

She adds that numbers are what accountants naturally gravitate toward, noting that quantitative measures are more tangible than qualitative measures (i.e., revenue is easier to quantify than happiness).

However, Daugherty stresses that a firm’s success is dependent on the well-being of its employees. In her experience, the firms that prioritize their people are the ones that see results.

“When leaders or managers put results first, their people suffer. You can see this by their results, turnover, and loss of traction when trying to implement changes to make their company better and stay competitive,” Daugherty says.

One characteristic deterring people from careers in accounting is the concept that it’s all about the hours and not about the people.

“That’s how the profession has been thinking for so long, and it’s just not sustainable,” explains Randy Crabtree, CPA, co-founder of Tri-Merit Specialty Tax Professionals.

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Crabtree wonders if maybe the challenge stems from the industry being so client-focused for so long, and that it forgot to focus on itself.

“As a profession, we don’t have enough people right now. We all have so much work and so many clients, and the personality of an accountant is to want to help everyone and find answers to all the problems,” Crabtree says. “So, we find solutions for our clients, but we forget that the people we work with also need care and support.”

Crabtree suggests that the accounting industry as a whole needs to shift its thinking away from counting hours to instead valuing employees. By doing so, Crabtree believes employees will want to put in those extra hours when needed. “There’s a difference between expecting employees to work on the weekends and creating an environment where employees want to work on the weekends,” he says. “Start by building a personal relationship and showing them that they’re important rather than the work being most important. “When your employee comes into the office in the morning, instead of saying to them, ‘Hey, you know that project you were working on yesterday? I need it today,’ say, ‘Hey, how was your evening?’”

Connect, Engage Employees With the Firm’s Goals Perhaps because of the emphasis on the quantitative aspects of accounting, accountants find themselves feeling more like cogs and less like people, suggests Loretta Kilday a Chicago-based attorney, who specializes in personal finance, debt, business collections, bankruptcy, and family law. She says this feeling is reinforced when accountants feel a lack of connection to firm objectives.

“Today’s employees are motivated by more than just salaries. They need to grow, learn, and make significant contributions to their organizations,” Kilday explains. “There’s often a lack of effective communication [among accounting and finance firms] that makes workers feel unappreciated or disconnected from the goals and accomplishments of the organization.”

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ASCPA Connections

Dennis Shirshikov, head of growth at Awning.com and a professor at the City University of New York, agrees that communication is key to keeping employees engaged with overall firm objectives.

“One common oversight is underestimating the value of transparent communication and feedback loops,” Shirshikov says.

“In the labyrinthine structure of accounting and finance firms, it’s easy for employees to feel disconnected from the broader mission and undervalued in their daily contributions.”

The benefits of connecting employees to firm objectives go beyond retention strategies. Shirshikov says that authentically engaged employees exhibit higher productivity, lower turnover rates, and foster a sense of innovation.

“An engaged employee, feeling valued and understood, transforms from a mere cog in the machine to a pivotal force for growth and innovation,” Shirshikov emphasizes.

“Engaged employees are the bedrock upon which firms can anticipate market shifts and adapt services to meet evolving client needs.”

The difference, Kilday observes, is that engaged employees don’t feel obligated to do their jobs, they feel ownership and pride in their work, and this translates into overall firm health.

“Truly engaged employees want to do more than just feel good about their jobs, they want to contribute to their companies’ success, which has measurable benefits, such as reduced staff turnover, increased productivity, better customer service and, ultimately, improved financial performance,” Kilday says.

“Additionally, firms that have mastered employee engagement often see stronger client relationships and a more resilient brand.”

Invest In Your People Susan Stutzel, CPA, is a sole practitioner who serves nonprofit clients. Per her own words, she lives, breathes, and loves the accounting profession—and has for more than

20 years. For the first time in her experience, she says there are multiple generations in the workforce at the same time, and each generation has very different needs and expectations.

Stutzel says one of the biggest challenges the accounting industry faces is shifting the perception that being a certified public accountant (CPA) is merely a job, not a career.

“We can no longer do things the way they’ve always been done,” Stutzel stresses. “This new generation, more than ever before, is asking for mentoring, technical training, professional skills development, and more. The firms that are listening and investing in their people are seeing lower attrition rates.”

Stutzel says that one of the motivational drivers specific to the CPA profession is mastery—the idea of getting better and better at something that matters: “If an employee feels like they’re caught in a hamster wheel doing the same thing over and over again, they’re not going to gain mastery.”

Notably, managers can play an important role in this process by guiding and mentoring younger CPAs. “If an employee has been auditing an inventory section for the last few engagements, a manager can step in and show how one might be different from the other—they can explain how it’s more complex with multiple locations, or how inventory is moving at year-end. This helps employees see how they’re gaining mastery, and therefore, are more motivated to do the work,” Stutzel explains.

Interestingly, in its 17-year history, TriMerit is a firm that’s only had about 10 people leave voluntarily. Crabtree attributes the firm’s strong retention rate to the firm’s strategy of investing in its people. He estimates that it costs the firm anywhere from one-half to two-times someone’s salary to replace them, so they intentionally invest that cost savings into their retention strategies, including mentoring, training, and team building. This people-focused mindset also extends beyond the firm’s walls. Tri-Merit offers free continuing professional education to support CPAs and partner firms, as they believe talented employees are more likely to stay with a firm where

they’re given opportunities to develop, succeed, and grow professionally.

foster a deeper connection to the company’s mission and goals.”

Daugherty agrees and says you’ll never regret investing in people. She stresses that supporting people so that they support the business is a mental shift that needs to happen.

Interestingly, based on ICPAS’ survey findings from “Righting Retention,” career advancement paths and opportunities, and mentors and mentorship programs, were cited as some of the top benefits most attractive to employees.

“People can tell if you care about them or not,” Daugherty says.

“To create life-long employees, business owners need to realize their responsibilities in helping fulfill employees’ visions and dreams and give them the tools and resources to allow them to grow.”

Stutzel believes that every individual has their own unique set of talents, passions, and skills, and firms that provide space for employees to showcase these and make significant contributions are the firms that are attracting and retaining talent. “As CPAs, we’re problem-solvers. We want to have an impact and make a difference. If I can find a firm that allows me to do that, I no longer have a job, I have a fulfilling career,” she stresses.

Stutzel also agrees that accountants can sometimes get a bad rap for being “more robotic than human,” but says the profession is actually driven by a sense of purpose: “We want to know that the work we’re doing matters. Not just that we’re meeting budgets and getting high realization, but that we’re making a difference to our clients.”

Create a Sense of Belonging

Shirshikov also says that facilitating cross-departmental collaborations can help employees understand the impact of their work across the organization, which in turn enhances their sense of purpose and connection.

By connecting with employees directly, firms can also get a better understanding of what truly motivates them. Beyond meeting with employees one-on-one, firms can also distribute surveys, host forums, or provide an anonymous feedback channel. Shirshikov also stresses that it goes beyond the mechanism of operationally asking for feedback.

Firms have to truly listen and then act on what they learn.

“During these calls, we talk about anything but work to get to know each other. We talk about what we enjoy doing outside of work, our families, or anything they want to talk about—and I’ll share anything they want to know about me,” Crabtree relates. “These conversations set the atmosphere of the company.”

Crabtree admits that Tri-Merit’s corporate culture is one of its greatest assets. It’s why the firm has such low attrition, and why at a recent corporate gathering, the hired photographer couldn’t distinguish the firm’s partners from the staff.

As Crabtree simply puts it: “The most important asset you have is your people. If you don’t create a culture that’s going to attract and retain people, then you’re not going to have the firm of your dreams.”

Further stressing this point are ICPAS’ survey findings, which highlight that 28% of employers never ask their employees what benefits they value most.

“Implementing regular ‘temperature checks’ and creating an environment where feedback is encouraged and valued can unearth valuable insights into employee needs and desires,” Shirshikov says.

Carolyn Tang Kmet Clinical Associate Professor Northwestern University

Part of employee engagement is investing in culture and building social connection within a firm. Stutzel says it’s important to give all employees a sense of belonging, regardless of whether the firm’s workforce is in person, hybrid, or virtual: “Even those who would call themselves introverts need community—they need to know they belong.”

Shirshikov suggests that one way to create a sense of belonging and connection is to recognize and celebrate the individual contributions of employees: “Customized career development plans, opportunities for mentorship, and involving employees in decision-making processes can

Daugherty emphasizes that simply soliciting feedback isn’t enough. “Make the investment on a consistent basis to get to know your people. Take notes about them and review reports or outcomes of town halls—but make sure you act on them. Otherwise, trust erodes and you lose the ground you may have gained,” Daugherty warns.

Crabtree says that employee engagement and retention starts right at hiring. You have to hire the right people, build the right culture, and value each employee. In fact, whenever a new employee is onboarded, Crabtree schedules a oneon-one video conference with them just to chat.

This article from Insight Magazine was reprinted with permission from the Illinois CPA Society.

Carolyn Tang Kmet is a clinical associate professor at Northwestern University and frequent Insight Magazine contributor.

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MEMBER & FIRM NEWS

Caroll

Allen Carroll, Partner with Wilkins Miller, was recently appointed Chairman for the Alabama Securities Commission. He was initially appointed by Governor Ivy to the commission in 2019. Allen’s experience is vast ranging from litigation and consulting services to traditional tax and accounting services in a variety of industries.

Mary Elliott, CPA, Warren Averett’s Chief Executive Officer, was named by Forbes as one of America’s Top 200 CPAs for 2024.

Curated by Forbes’ editorial staff, the inaugural list is a compilation of the finest CPAs active in public practice. Over a thousand CPAs throughout the nation were considered during the process.

Hardin first joined Warren Averett in 2003 in the firm’s Audit Division, providing audit and attest services to mid-size and publicly traded companies. She then spent seven years at a national firm where she managed audits for two Fortune 500 companies. Hardin returned to Warren Averett in 2012 as the firm’s Controller and then Finance Director.

“I’m excited and grateful for the opportunity to serve as the CFO of such a dynamic and growing firm,” said Hardin. “I’m lucky to be surrounded by so many talented and supportive colleagues, and I look forward to the firm’s continued growth and success.”

Elliott

Nominees were chosen based on a range of weighted criteria, including expertise, innovation, thought leadership, experience and contributions to their communities and the accounting profession.

Mary Elliott has spent her entire career at Warren Averett.

She began as the firm’s 32nd employee in the Healthcare Consulting Division in 1984, progressed to becoming a Member of the firm, and then served as the Chief Operations Officer before becoming the first female CEO. Over the past 40 years, Mary has been instrumental in Warren Averett’s corporate and cultural growth.

“It’s a privilege to be included on this list with some of the nation’s most admired, most knowledgeable and most credentialed advisors,” said Elliott. “I truly believe that being a CPA is one of the most rewarding professions in today’s marketplace. Throughout the years, I have relied both on my family and my firm, who have been very supportive, understanding and flexible. I hope that my career has been evidence that accounting offers great power to influence the lives of others for the better.”

Hunter Smith, Tax Manager at Warren Averett, was recently recognized by CentrAL Inc. as a 2024 40 under 40. Smith specializes in tax and consulting for clients in construction and real estate. Hunter actively serves the community, assisting with the children’s Smith ministry at Thorington Road Baptist Church and leading in professional organizations like the Warren Averett Young Professionals Group and ASCPA Young CPA Cabinet.

Warren Averett Announces 2024 Alabama Promotions Warren Averett CPAs and Advisors is pleased to announce our annual firm-wide promotions. The list below highlights all promoted Senior Managers and above throughout the firm’s Alabama office locations: •

Cory Stanaland was promoted to Senior Manager in the firm’s Estate & Trust Division. Cory specializes in the preparation and review of high-net-worth estate tax returns. He also oversees preparation of several types of income tax returns, including individual, estate and family partnerships.

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Birmingham’s Ben Studstill, CPA, is a Senior Manager in the firm’s Healthcare Division. Ben’s primary responsibilities include reviewing tax returns, tax planning and strategic analysis for businesses and individuals, financial statement review and analysis and profitability analysis for healthcare clients.

In her role as CFO, Hardin will manage and oversee the firm’s financial operations, Hardin including financial accounting, analysis and reporting, budgeting and forecasting, insurance and risk management, treasury management and accounts payable. Hardin is succeeding April Harry as CFO. Harry will continue as Chief Operating Officer (COO).

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Huntsville’s Sarah McMan, CPA, was promoted to Senior Manager in the firm’s Audit Division. Sarah primarily focuses on conducting audit procedures, reviewing and preparing financial statements, overseeing the engagement team, working with the engagement leadership to communicate job status and ensure quality client satisfaction.

“Jennifer has been an integral part of the Warren Averett team for over a decade,” said April Harry, the firm’s COO. “We are excited to welcome her into her new role as CFO. She has extensive experience and a deep understanding of the firm’s financial landscape, and I cannot wait to see how she continues to grow.”

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Montgomery’s Hunter Smith, CPA, was promoted to Senior Manager in the firm’s Tax Division. Hunter’s primary responsibilities include reviewing tax returns at the corporate, partnership and individual level.

Warren Averett CPAs and Advisors is proud to announce Jennifer Hardin, CPA, as the firm’s new Chief Financial Officer (CFO).

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ASCPA Connections

FIRM NEWS BMSS Advisors & CPAs Accounting Today’s Top 25 Fastest Growing Firms BMSS is thrilled to announce that we have been named one of Accounting Today’s Top 25 Fastest Growing Firms. This recognition reflects our commitment to excellence and the dedication of our amazing team.

Birmingham Best Place to Work 2024 We are honored to be one of Birmingham’s best places to work in the large division by the Birmingham Business Journal!

Success Season Cookout In celebration of a successful tax season, our team gathered for and April 15th cookout.

Jackson Thornton Asset Management Named a 2024 Wealth Magnet by Accounting Today Jackson Thornton Asset Management (JTAM) is pleased to announce that it has again been named to the Accounting Today Wealth Magnets list.

The recently released 2024 list ranked CPA financial planning practices by assets under management (AUM) and featured 150 firms throughout the US. JTAM ranked 37th and has been featured in the rankings since 2021.

“We’re honored to be included in this listing of top firms from around the country,” commented Shaw Pritchett, a financial advisor and president of JTAM. “We certainly give much of the credit to our clients who have placed their trust in us for 25 years.”

Send firm news to ASCPA CONNECTIONS Editor Megan Hughes at mhughes@alabama.cpa.

Spring Serve Day Throughout the month of May, employees from the BMSS Family of Companies participated in our firm-wide Serve Day, continuing a long-standing tradition of partnering with local charitable organizations to make a meaningful impact in their communities.

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CLASSIFIEDS

SELLING YOUR FIRM IS COMPLEX. LET US MAKE IT SIMPLE. Accounting Biz Brokers knows your market. Contact us TODAY to receive a free market analysis.

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For Sale: Oldest CPA firm on Panama City Beach, established 1984; owner retiring; tax, bookkeeping and some audit; great location; booming local economy; assumable lease; turnkey operation; great place to live. $220,000. Replies to PO Box 9256, Panama City Beach, FL 32417.

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