Why Are CPAs Necessary in Today’s World?

SHARE:

Author: Jenna Elkins, Communications and Digital Media Specialist
Posted: March 25, 2021

Certified Public Accountants (CPA) are highly valued throughout the world, and this was the notion before 2020. Add in the COVID-19 pandemic, which has wreaked havoc in many ways, including disrupting businesses and the economy – and we have chaos in many aspects of our lives. Tracey Golden, CPA, CGMA, said it best in a recent article, “In an uncertain world, CPAs are needed now more than ever as trusted advisors who can lead a path forward.”

Did you know that CPAs from the beginning of the pandemic were listed as essential workers? They have been working with business leaders and battling the uncertainty of what’s to come while trying to keep their clients afloat.

Making sense of chaos is something CPAs have been doing for many, many years though. Colleen K. Conrad, CPA, Executive Vice President and Chief Operating Officer, NASBA, stated, “Bottomline is that CPAs bring order from chaos. Without CPAs, you have a bunch of data that doesn’t make sense. CPAs bring order to that data, with honesty and integrity, in a way that people trust it. People can look at data and make educated decisions, which then stimulates the economy.”

Pre-pandemic, it was already decided that to better serve the public, the CPA licensure model (including the Uniform CPA Examination (CPA Exam)) will be overhauled in the next couple of years, with a projected date of 2024. The initiative, CPA Evolution, aims to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future. A joint effort between NASBA and the American Institute of Certified Public Accountants (AICPA), the new licensure model starts with a deep and strong core in accounting, auditing, tax and technology that all candidates would be required to complete. Then, each candidate would choose a discipline in which to demonstrate deeper skills and knowledge.

With knowledge and competency, comes trust. Conrad said, “This is a profession that provides more and more ‘trust services’, and ultimately, people do trust CPAs. Surveys prove this notion. There is comfort in that because CPAs uphold rigorous standards in everything they do.”

CPAs are necessary in today’s world – now more than ever. It’s been proven over and over. Are you ready to lead the path forward and become an essential asset to businesses? Are you ready to become a CPA?

***quotes from Colleen K. Conrad, CPA, were taken from a previous NASBA interview.