What The Accounting And Auditing Profession Will Look Like In 2024

The accounting and finance scenario is witnessing a major change due to demographic shifts, competency requirements and the declining rate of accountants. Over 1200 accounting forums and professionals from around the world proposed the introduction of a CPA Evolution 2024 to address this persistent issue. This would lead to adaptability and transformation in the CPA course, CPA exam structure, CPA license framework, CPA salary package, and CPA demand.

The Transition Of BEC

The BEC portion of the US CPA course will be more significantly impacted by the 2024 CPA amendments. Information Systems and Controls (ISC), Business Analysis and Reporting (BAR), and Tax Compliance and Planning (TCP) are the three core disciplines of the BEC section. When taking the examinations in 2024, a CPA candidate can select one of the three aforementioned fields instead of BEC. The main goal is to develop CPAs into experts in a certain field.

The BEC CPA syllabus includes concepts from internal controls and economics to cost and managerial accounting, capital structure, and variance analysis. As the pass rate for BEC is only 60%, students and professionals must enroll in cutting-edge CPA training to fully understand the new core disciplines and succeed in the new discipline. Five portions total—four test sections (three core and one discipline)—will make up the exam. Additional reasons for the shift in BEC content include the following:

The skill gap was agreed upon as being critical by 1200 academic chairs across the globe.
Fuel CPA aspirants will stay competitive in Industry 4.0 F&A landscape.
Learn and employ competitive technologies such as AI, ML, Data Analytics + Accounting to the procedures of tax, auditing and financial planning.
BIG 4 has announced 52000 new job roles in which there are 50,000 technical positions.
In public accounting firms, the proportion of accounting graduates has decreased by 30%, while the proportion of non-accounting graduates in the accounting profession has increased by 31%.

There are three core subjects, which include AUD, REG, and FAR and these subjects cannot be changed. Students who aspire to become CPAs are required to pass these three core subjects.

Three new disciplines will take its place, and they are as follows:

Business Analytics and Reporting (BAR)
Information Systems and Controls (ISC)
Tax compliance and Planning (TCP)

An aspirant can only select one option out of the three mentioned above. Consequently, a student is given the following options to choose from:

AUD+FAR+REG+BAR: This option is applicable for students with a strong interest in core accounting and aims to specialize in it.
AUD + FAR+REG+ISC: This option is intended for students who wish to specialize in auditing. In the current automation scenario, ISC consists of many technical subjects that can assist with the audit process.
AUD + FAR+REG+TCP: This combination is recommended for students interested in taxation and regulation because TCP will increase their understanding of regulations.

You can know more about these options when you take up US CPA coaching in India.

What Can Be Expected From CPA Evolution 2024?

THE CPA Evolution 2024 is expected to introduce a standard CPA examination across the world. Secondly, it is intended to alter the CPA syllabus to accommodate the cutting-edge requirements of the accounting and financial sectors. To bridge the talent gap and fill competitive roles at the Big 4 and top MNCs, it has placed advanced and crucial competencies, including risk assessment, IT and systems governance, and accounting analytics.

Way Forward

Earning a CPA with the help of the best CPA coaching in India will gear you to notch top-end roles at the leading MNCs in India, the US, and Canada. So get in touch with AKPIS professionals for the best US CPA coaching in India and get placement guidance as well.