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Assurance Services Update

November 06, 2024

By Bonnie Stewart

The AICPA Assurance Services Executive Committee recently provided an update and held a meeting to discuss the evolution of assurance services and the exciting advancements on the horizon.

The critical need for CPAs to adapt to emerging non-financial assurance opportunities, including cybersecurity, blockchain, digital assets, and sustainability, was emphasized. The CPA profession is uniquely positioned to provide assurance in these new areas, thanks to established frameworks, ethical guidelines, and a legacy of trust.

The committee is currently concentrated on four main areas: 

  1. SOC and Related Services - Continued growth and evolution of SOC reports, with a focus on improving the quality of assurance services.
  2. Blockchain and Digital Assets - The committee is actively developing resources to guide practitioners in auditing and assuring digital assets, addressing regulatory changes, and enhancing understanding in the marketplace.
  3. Artificial Intelligence (AI) - With AI rapidly influencing various sectors, the committee is working on frameworks to ensure AI systems ensure practitioners can support clients effectively in this evolving landscape.
  4. Sustainability - The recent surge in sustainability reporting necessitates a robust approach to assurance. The committee is preparing to meet the demands of upcoming regulations, particularly in light of new laws in California and the EU’s Corporate Sustainability Reporting Directive (CSRD).

 It's clear the accounting profession is at a pivotal moment, ready to embrace new challenges and opportunities in assurance services. The commitment to innovation and proactive engagement will ensure that CPAs remain at the forefront of providing valuable assurance in an increasingly complex world.

As a reminder, CTCPA members can join valuable special interest groups at no cost. Within the assurance area, we have two groups: the Accounting, Auditing & Financial Reporting Group and the Governmental Accounting and Auditing Group.

The Accounting, Auditing, and Financial Reporting Group meets regularly to discuss key issues and developments in the field and to plan the annual CTCPA Accounting, Auditing, and Financial Reporting Conference. 

In contrast, the Governmental Accounting and Auditing Group focuses on new regulations, compliance issues, and developments in governmental accounting. This group brings together public sector finance professionals and public accountants and also organizes the annual CTCPA Governmental Accounting and Auditing Conference, which takes place each spring.

We encourage all members to sign up for these groups to share insights, connect with colleagues, and enhance their professional knowledge. There are groups for every niche; see the complete list and join today.