Share Your Insight on Private Equity

To inform discussions on private equity and its growing impact on the accounting profession, NASBA’s Private Equity Task Force (PE Task Force) invites interested parties to review and submit insight on the group’s white paper, “Alternative Practice Structures & Private Equity: Considerations and Questions for Boards of Accountancy.”

Released in October 2025, the paper explores the rapidly growing trend of private equity (PE) investment in the accounting profession and the resulting implications for the regulatory responsibilities of Boards of Accountancy. As alternative ownership models continue to evolve, the paper examines how these developments may affect public protection, auditor independence, and adherence to professional standards. It provides background, analysis, and discussion questions to assist boards and policymakers in evaluating these considerations. Stakeholders are encouraged to review the full document by clicking the link below.

NASBA’s PE Task Force was established to assess the potential impacts of PE investment in CPA firms and to support member boards in understanding and addressing related regulatory challenges. The paper includes background on Board of Accountancy regulation of CPAs and CPA firms, an overview of alternative practice structures involving PE investment, and discussion of three key areas of focus: independence and professional standards; disclosure and public understanding; and regulatory oversight and enforcement. Within each area, the document outlines core questions intended to guide thoughtful discussion among boards, regulators, and other stakeholders.

NASBA invites State Boards of Accountancy and other interested stakeholders to submit feedback on the topics and questions presented. Comments are requested by February 28, 2026, and may be submitted to [email protected]. Feedback received will inform the PE Task Force’s ongoing work and may contribute to future recommendations.

Link to White Paper: Microsoft Word – 2025-1031 — PE Task Force white paper_final