Should the path to CPA change? Give your input

Last week, we asked if you think AI will take your job in the next five years, and most of you (54.2%) said no. One reader explained, "Many business clients want a personable accounting experience, so they want to see in-person accountants." On the flip side, a reader who voted yes said, "(AI) is already being utilized internally for all support on every call." We love hearing from you, so keep it coming. Let's get into this weeks' news. -Bianca Prieto, editor

In Today's Newsletter:

⚫ AICPA and NASBA propose a new path for CPA candidates
⚫ PwC cuts 1,800 jobs
⚫ Big 4 brace for new quality control standards
⚫ SEC charges Medly in $170 million fraud case
-written by Paul McCormack

AICPA & NASBA seek feedback on new CPA path

The American Institute of Certified Public Accountants and National Association of State Boards of Accountancy want your input on a new option for CPA candidates to meet licensure requirements. The proposed Competency-Based Experience Pathway would give candidates another way to prove their skills after earning a bachelor’s degree and meeting state-specific coursework. This is part of a broader effort to modernize the CPA licensure process and make it more flexible for today’s professionals. They're taking feedback on the framework and other details until December 6. (CPA Practice Advisor)

From M&A expert to CFO: Bonnie Tomei's strategic ascent

Bonnie Tomei, CFO of Salience Labs, shares her career journey on FP&A Tomorrow. With dual degrees and CPA certification, she progressed from auditing to consulting, then to Controller. Bonnie emphasizes FP&A's proactive role in M&A and values curiosity, strategic thinking, and teamwork for finance leadership, highlighting the importance of comprehensive expertise and strategic involvement for aspiring CFOs. (FP&A Tomorrow)

98%

of those surveyed believe AI will improve monthly close accounting efficiency in the next five years. (Yahoo Finance)

• PwC to slash 1,800 jobs as market demands shift.
• Post-tax season checklist: 5 key tasks for accountants.
• Forvis Mazars expands: Launches new tech consulting arm.
• Big 4 gear up for overhaul of quality control rules.
• Deal surge ahead: M&A experts predict rising transaction activity.

Digital pharmacy execs face SEC fraud charges in $170M collapse

The Security Exchange Commission alleges Medly, a digital pharmacy startup, engaged in widespread fraud by creating fake prescriptions and falsifying financial records to inflate revenue. Despite internal concerns and investigations, the company's leadership continued fundraising, securing over $170 million from investors. Medly expanded operations but ultimately filed for bankruptcy in April 2023, resulting in complete losses for investors. (CFO Dive)

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The Net Gains is curated and written by Paul McCormack and edited by Bianca Prieto.