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March-April 2024

Flipbook

In this issue:

March 05, 2024

Embracing the Future of Audits

By Tim Pike, CPA-Dallas, CFE
TXCPA Chair

Technology is transforming the way we do business almost daily. Recent developments in the audit space are reinforcing how critical it is to leverage new technology to not only ensure accuracy, but also to be responsive to client needs, add value for clients and attract future talent to the audit profession.

The American Institute of CPAs (AICPA) and CPA.com just released the Dynamic Audit Solution (DAS) on a commercial basis. DAS is a single, end-to-end, cloud-based platform solution that integrates processes and methodologies and eliminates the need for multiple audit tools. Opportunities like incorporating DAS in our audit practices shift the role of the CPA in audits and transforms who we hire and the necessary skill sets. 

The Department of Labor (DOL) released their Audit Quality Study at the end of 2023. The study focused specifically on the quality of audit work performed on financial statement audits of employee benefit plans for the 2020 filing year. The number of plan audits increased since the last DOL report, but the number of CPA firms performing these audits decreased by more than 3,000. Although there has been some improvement in the percentage of plans with deficiencies noted (39% in 2015 and 30% in 2020), there is still work to be done in this area. 

Leveraging technology will help us continue to ensure quality, evolve our work and grow our profession. Leveraging the knowledge available in our membership takes us even further. Stay connected to your member communications, plug in to the learning opportunities available, and engage in member conversations at events and in our online TXCPA Exchange forum.

About the Author: Tim Pike, CPA-Dallas, CFE, is the Chair of TXCPA.

How can we help?
I’d love to hear your feedback and answer your questions. Drop me a note at chair@tx.cpa.


May-June 2025

Flipbook

In This Issue

  • TXCPA’s 2024-2025 Year in Review

    TXCPA addressed key challenges in the accounting profession through strategic initiatives focused on the CPA talent shortage, advocating for licensure flexibility, expanding student outreach, and enhancing member services. Key achievements included support for legislation introducing additional CPA pathways, strong participation in advocacy efforts and impressive engagement in CPE programs.
    View Article

  • CPE: The Significance of Codes of Conduct in Professional Organizations - Standards for Ethical Practice

    This article examines the ethical codes of four major professional organizations - AICPA, ACFE, CFA Institute, and IIA - highlighting their shared values of integrity, objectivity, confidentiality, and competence. While all emphasize ethical behavior and professional standards, each code is tailored to the unique responsibilities of its field.
    View Article
    CPE Creditable

  • Spotlight on the Accounting Profession: Jessica Rodriguez Reyes

    Jessica Rodriguez Reyes, an outstanding undergraduate in the BS/MS accounting program at the University of North Texas, shares her journey as a first-generation college student. With internship experiences in small and large firms, Jessica emphasizes the value of hands-on learning and her dedication to mentoring other students is making a noticeable impact.
    View Article

  • Special Report: The Digital Transformation of Accounting

    Digital transformation is reshaping accounting, making technology adoption essential for firms to stay competitive. Automation streamlines reporting, while document management systems improve organization and compliance. Embracing innovation allows firms to boost efficiency, deliver deeper client value and lead in a rapidly evolving profession.
    View Article

  • What’s Happening Around Texas - May-June 2025

    Members in Austin, Dallas and San Antonio participated in community service activities and professional networking events. Fort Worth hosted a successful masquerade ball to fund scholarships, while TXCPA South Plains introduced its new board. Southeast Texas engaged students at a career expo, Victoria hosted a student-CPA coffee meet-up, and Wichita Falls organized an educational event at Midwestern State University.
    View Article

  • 89th Legislative Session Review: A Productive Session for TXCPA

    The 89th session of the Texas Legislature began on January 14, 2025. TXCPA has been hard at work advocating its legislative agenda and has had a very productive session. Texas is one of the state leaders in addressing CPA pipeline issues.
    View Article

  • How Accountants Can Embrace an Entrepreneurial Spirit

    The use of AI-driven technologies has resulted in numerous tools that threaten the existence of many professionals. Accountants are not immune to the threat since many of their tasks can be automated. To stay relevant, accountants can upskill or start their own business. Despite low risk tolerance, their financial expertise makes them strong entrepreneurial candidates.
    View Article

  • A Year of Progress and Impact

    As the 2024–2025 membership year ends, we reflect on a year of progress driven by the dedication of leadership, volunteers and, most importantly, our members. Together, we advanced initiatives, strengthened our community and expanded our reach. Looking forward, even greater opportunities lie ahead to build on this success.
    View Article

  • Maximizing Audits: Key Elements for Efficient and Successful Financial Assessments

    Audits provide stakeholders with reliable financial insights, but the process can be daunting for companies. To prepare effectively, businesses should focus on strong internal controls, accurate transaction records and clear, compliant financial statements. Internal controls help prevent fraud and ensure accurate reporting, while well-organized documentation streamlines auditor reviews.
    View Article

  • Key Considerations for Financial Statement Auditors Before Leveraging Artificial Intelligence in Their Audits

    There is a growing role for generative AI tools to be used in financial statement audits. The tools offer numerous advantages, including enhanced data analysis, continuous learning, predictive insights, audit automation, and cost savings. However, challenges remain, such as data privacy risks, bias in training data and the inability to verify source data. Learn more in this article.
    View Article

  • Accounting Firms Continue to Innovate in Response to Rapidly Changing Market Conditions

    There is a growing trend of private equity investments in CPA firms amid declining CPA Exam participation, talent shortages and rising reliance on AI. While offering growth opportunities, the deals raise concerns about maintaining professional independence in a profit-driven model.
    View Article

  • Take Note

    In this edition of Take Note: Renew Your TXCPA Membership Today; TXCPA Passport is On-Demand CPE at Your Fingertips; Tips to Reduce Digital Overload; Get Published in Today’s CPA Magazine
    View Article

  • Classifieds

    The classified ad section features listings for practice owners looking to sell, professionals seeking firms to purchase and a variety of specialized services. Whether you're looking to expand, sell or explore niche opportunities, these classified ads can connect you to valuable business prospects and resources.
    View Article

CHAIR
Mohan Kuruvilla, Ph.D., CPA

PRESIDENT/CEO
Jodi Ann Ray, CAE, CCE, IOM

CHIEF OPERATING OFFICER
Melinda Bentley, CAE

EDITORIAL BOARD CHAIR
Jennifer Johnson, CPA

MANAGER, MARKETING AND COMMUNICATIONS
Peggy Foley
pfoley@tx.cpa

MANAGING EDITOR
DeLynn Deakins
ddeakins@tx.cpa

COLUMN EDITOR
Don Carpenter, MSAcc/CPA

DIGITAL MARKETING SPECIALIST
Wayne Hardin, CDMP, PCM®

CLASSIFIEDS
DeLynn Deakins

Texas Society of CPAs
14131 Midway Rd., Suite 850
Addison, TX 75001
972-687-8550
ddeakins@tx.cpa

 

Editorial Board
Derrick Bonyuet-Lee, CPA-Austin;
Aaron Borden, CPA-Dallas;
Don Carpenter, CPA-Central Texas;
Rhonda Fronk, CPA-Houston;
Aaron Harris, CPA-Dallas;
Baria Jaroudi, CPA-Houston;
Elle Kathryn Johnson, CPA-Houston;
Jennifer Johnson, CPA-Dallas;
Lucas LaChance, CPA-Dallas, CIA;
Nicholas Larson, CPA-Fort Worth;
Anne-Marie Lelkes, CPA-Corpus Christi;
Bryan Morgan, Jr, CPA-Austin;
Stephanie Morgan, CPA-East Texas;
Kamala Raghavan, CPA-Houston;
Amber Louise Rourke, CPA-Brazos Valley;
Shilpa Boggram Sathyamurthy, CPA-Houston, CA
Nikki Lee Shoemaker, CPA-East Texas, CGMA;
Natasha Winn, CPA-Houston.

CONTRIBUTORS
Melinda Bentley; Kenneth Besserman; Kristie Estrada; Holly McCauley; Craig Nauta; Kari Owen; John Ross; Lani Shepherd; April Twaddle; Patty Wyatt