Data and Tech Among Top Concerns for CPAs

In the AICPA’s 2014 publication, “Reimagining Auditing in a Wired World,” the AICPA staff uses a blue sky scenario to describe what future reporting and auditing systems might resemble after implementation of various technological advances. Fast-forward four years, and Accounting Today’s annual “Year Ahead Survey” results are out, and technology is definitely on the minds of CPAs and accountants in 2019. Accounting Today conducted the survey of more than 800 firms of various sizes in the fourth quarter of 2018 on a variety of topics and issues.

When asked, “What are the biggest issues facing your firm in 2019,” firms of all sizes responded with similar results. “Keeping up with new technology” came in as the top concern for 29%, 28%, and 24% of small, midsized, and large firms, respectively. Data and IT security was ranked as the biggest issue for 27% of small firms and 28% of midsized firms.

Preparation for the continued change in technology is evident, with approximately 13.3% of all firms’ budgets spent on technology. In addition, 50% of all firms anticipate to increase spending on technology during 2019 as compared to 2018.

The survey results are not unexpected, since the industry has been inundated by buzzwords such as big data, data analytics, machine automation, AI, and robotic process automation. In the 2014 AICPA publication noted above, the staff indicates that the audit process has remained relatively unaltered over the past several decades. The results of the survey indicate that the audit process might undergo change in the near future.

To learn more about data and technology concerns, contact us

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2024 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
Technology Enhancements Continue to Infuse the Manufacturing World
Selecting the Right Partner for your Corporate Performance Management (CPM) Solution Implementation
President Biden Signs Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence
What You Missed at Dynamics Community Summit
Digital Transformation in the Construction Industry – Why So Much Hesitation?
Cybersecurity in the Construction Industry
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us
Pittsburgh

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×