The efficiency and effectiveness of the editorial review process is critically dependent upon the actions of both the authors submitting papers and the reviewers. Authors accept the responsibility of preparing research papers at a level suitable for evaluation by independent reviewers. Such preparation, therefore, should include subjecting the manuscript to critique by colleagues and others and revising it accordingly prior to submission. The review process is not to be used as a means of obtaining feedback at early stages of developing the research. The transition from military to civilian life is notoriously difficult, and he didn’t have much experience in the business world.

Report: Undergraduate enrollment in accounting on the rise

To meet standards and assure data quality, human intervention is needed to evaluate the appropriateness of previous audit data and ensure the accuracy of data the algorithm will learn from. When testing transactions, the system can select statistically valid samples, retrieve supporting documentation, and perform initial validation checks. For example, when examining accounts receivable, the IPA solution can match invoices to shipping documents and payments, flag aging discrepancies, and even generate confirmation requests. Auditors now focus primarily on evaluating exceptions, applying professional judgment to complex matters, and communicating with clients. This implementation can reduce documentation time significantly and increase the coverage of tested transactions, improving both audit quality and efficiency.

• A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it.
• The 150-hour rule for obtaining a CPA license is getting blamed in many quarters lately for the shortage of accountants, but another culprit may be the proliferation of complicated accounting standards, according to a recent academic study.
• CPA firms that offer tax services can deploy an IPA solution that refines their tax preparation process.
• More than 300,000 accountants and auditors left the accounting profession between 2020 and 2022,  a 17% decline, according to The Wall Street Journal.
• To help with that preparation, we have created downloadable IPA pre-implementation planning guidelines to provide a structured yet flexible framework for organizations to strategically plan their IPA initiatives.

Being nice is one of tax controversy attorney Melissa Wiley’s ways of getting answers from the IRS, which also includes knowing the Internal Revenue Manual and using self-service tools. The appeals court held that some of a taxpayer’s FBAR penalties were disproportional to the offense and thus an excessive fine under the Eighth Amendment. CPA executives in business and industry have lowered expectations for the U.S. economy and, to a lesser extent, their own organizations, according to a quarterly AICPA & CIMA survey.

Managing the Going Concern Risk in an Uncertain Environment

More than 300,000 accountants and auditors left the accounting profession between 2020 and 2022,  a 17% decline, according to The Wall Street Journal. A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it. The mission of The Accounting Review is to publish high-quality academic research using rigorous, state-of-the-art, research methods conducted across a wide range of topics and methods. The mission is to expand knowledge in all areas of accounting, such as to inform the practice and regulation of accounting and highlight the importance of accounting as a tool for decision-making.

AGENTS OF CHANGE: REASONS FOR ADOPTING IPA

The advanced AI analyzes historical patterns to identify unusual fluctuations or high-risk areas requiring deeper investigation. IPA represents not just a technological shift but also a strategic opportunity for CPAs to redefine their professional value proposition. This transition is not merely beneficial but increasingly essential for practice sustainability in an evolving marketplace.

AICPA presses IRS for guidance on domestic research costs in OBBBA

Li Wang, CPA/ABV, CMA, Ph.D., is a professor in the George W. Daverio School of Accountancy at the University of Akron College of Business. Jim Bourke, CPA/CFF/CITP, CGMA, is managing director of Advisory Services at Withum Smith+Brown. Bo Ren, CPA, CMA, Ph.D., is a teaching assistant professor in the Department of Accountancy in the Gies College of Business at the University of Illinois Urbana-Champaign.

• Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance.
• As a result, the company lowered its outlook for annual pre-tax profits to around £110m.
• Li Wang, CPA/ABV, CMA, Ph.D., is a professor in the George W. Daverio School of Accountancy at the University of Akron College of Business.
• For routine filings, the system can prepare draft returns, reconcile data sources, and identify potential audit triggers before submission.
• The system can analyze the client’s industry, financial performance, and control environment against a vast database of historical audit outcomes.

Survey shows that students’ positivity toward accounting as a career choice is on the rise. In the pursuit of talent, that presents an opportunity for the profession tied to successfully connecting with future professionals in multiple ways. For planning, IPA solutions can generate multiple tax scenarios based on proposed client or corporate actions (e.g., business acquisitions, retirement distributions, and accounting articles estate planning), calculating projected outcomes and highlighting optimization opportunities. This implementation can reduce preparation time while increasing the identification of tax-saving opportunities. What distinguishes this from simple automation is the integration of predictive analytics that generate client-specific insights on profitability trends, working capital optimization, and growth opportunities. This implementation can allow the firm to serve more clients with improved transaction processing efficiency while increasing revenue through advisory services.

In fact, Wolters Kluwer has been incorporating AI technologies, such as predictive intelligence and machine learning, for sever al years. Generative AI opens new possibilities for how technology solutions will support tax and accounting professionals by creating new outputs. We are currently working on ways to expand our solutions capabilities in relation to targeted tax code and accounting standards research and enhancements for client communications. From a risk management perspective, IPA offers significant advantages in compliance and quality control.

As we move into 2024, these issues likely stay front and center, which suggests that firms must remain cognizant of ways to ensure competitiveness in the face of a constantly changing market and stay efficient at meeting client expectations. Relatively low starting pay for long hours is worse, which, unfortunately, is the common perception of the profession. Increasingly, they are trying to tame the busy season in an effort to counter the idea that accountants must work excessive overtime to meet tax and other deadlines.

FASB updates guidance on measurement of credit losses

Because as technology improves, the range of tasks that can be automated will only grow wider, increasing the risk for disruption. This, over time, will greatly alter the shape of the profession and the behavior of firms, which itself will alter career paths and force many out of their comfort zone with little choice but to adapt to these changing circumstances. The AICPA’s Certified Information Technology Professional (CITP) credential represents the intersection of technology and financial reporting.

In an increasingly digital profession, data security has become one of the most critical challenges facing finance and accounting professionals today. Stay up to date with practical guidance to help you mitigate these risks and strengthen your security posture. A AI has been transforming the accounting profession for some time now to populate data, enhance software integrations, and automate processes.