FROM THE CEO
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SEPTEMBER/OCTOBER 2020 Volume 33, No. 5 Managing Editor Jill Edmonds disclosures@vscpa.com Editorial Task Force Olaf Barthelmai, CPA Abby Brooks, CPA Cheri David, CPA Melisa Galasso, CPA Genevieve Hancock, CPA Karen Helderman, CPA Harold Martin Jr., CPA David Peters, CPA Mark Plostock, CPA Zach Shoaf, CPA Barbara Sukramani, CPA Disclosures is published six times a year by the Virginia Society of Certified Public Accountants (VSCPA). The magazine’s mission is to communicate information of value to VSCPA members, including professional issues and VSCPA initiatives. The materials and information in Disclosures are offered as material only and not as practice, financial, accounting, legal or other professional advice. Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of VSCPA officers, members or editorial staff. Publication of an advertisement in Disclosures does not constitute a VSCPA endorsement of the product or service. Copyright © 2020 Virginia Society of CPAs.
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Evolving to survive As technology in the accounting
world accelerated over the past decade, a question became apparent to CPAs and their professional organizations: How could we ensure the CPA designation — and everything it stands for — is still relevant in this century, and remains so for years to come? That kicked off the CPA Evolution initiative, spearheaded by the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA). A feature article on page 26 examines the initiative in depth, but I wanted to provide you with some context. The AICPA and NASBA did not make this decision in a vacuum. State societies and their leaders, including the VSCPA, were vital contributors to the conversation throughout the process. The VSCPA Board of Directors had a long and spirited discussion about Evolution and what it means for the future of CPA firms and the talent they seek to hire. Ultimately, the Board did decide to support the initiative and issued a resolution on April 29, 2020. As reflected in the resolution, the Board thought the following reasons were necessary for support: • Global trends in technology are dramatically affecting the profession. Just look at the proliferation of data analytics and the acceleration of technologies like artificial intelligence. • The skills and competencies necessary for CPAs to succeed in their profession are rapidly changing, and this evolution shows no signs of slowing! • To address this current business climate and marketplace, the CPA Exam model must change and evolve.
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SEPTEMBER/OCTOBER 2020
CPAs are always going to be the trusted business advisors to their clients and companies, and they simply must be tested on the Exam on how to address businesses’ changing needs. This new model does not get rid of the core of the CPA. CPA candidates will still be tested on taxation — despite all the changes happening because of technology, everyone will still need to file taxes! Accounting and auditing are also still part of the core of the new CPA Exam. The article dives more into what will change, but this new Exam is coming soon. If it remains on track, it will roll out in January 2024. Part of our VSCPA2025 strategic framework is to influence students to become CPAs, and we have no plans of slowing in this area. We will work to educate our student members, talk to educators and carry this message to potential CPAs across the Commonwealth. Your profession deserves the best and brightest, and with this new testing model, they will be even more prepared. n
Stephanie Peters, CAE, has served as VSCPA’s president and CEO since 2007. speters@vscpa.com @StephPeters
