|By Business Wire||
|July 22, 2014 11:02 AM EDT||
In an environment where the exponential growth of information available is changing the way many businesses operate, CPAs working in the forensic and valuation areas have identified big data as the most pressing issue they’ll face in the near future. In addition, 85 percent of respondents to the 2014 AICPA Survey on International Trends in Forensic and Valuation Services anticipate an increase in the amount of time they spend on electronic data analysis in the near future.
One in four (25 percent) respondents selected electronic data analysis – better known as big data – when asked, open-endedly, to name their top five issues over the next two to five years. The frequency with which big data was cited, reflects a business culture with an increasingly sophisticated understanding of the potential of this information. However, the sheer volume of data has created an environment where fraud can become more difficult to detect.
“Big data presents a real opportunity for businesses to glean actionable insights from information. However, the downside is that it also presents a risk because the more data available, the harder it is to spot fraudulent activity, such as the creation of a fictitious employee or an improper payment to a vendor. To combat this risk, businesses rely on forensic accountants for their expertise digging deep into the data, unraveling the work of criminals and detecting that fraud,” said Jolene Fraser, CPA/CFF and chair of the survey committee.
After electronic data analysis, the additional top issues forensic and valuation professionals cited they anticipated facing over the next two to five years are:
- increased complexity and scrutiny in engagements (20 percent)
- competition and fee pressure (14 percent)
- regulatory changes (11 percent)
- attracting and retaining qualified staff (7 percent).
The survey found that a majority (76 percent) of forensic respondents expected to experience increased demand over the next two to five years. Specifically, 30 percent expected demand for their services to increase up to 25 percent, and an additional 33 percent expected growth of up to 10 percent. On the higher end of the spectrum, nearly 13 percent of forensic accountants expect demand to spike by 50 percent or higher. Twenty percent forecast no change in demand, and 4 percent expected a decrease in demand.
Steady growth was expected in the valuation area as well, more than half (54 percent) of respondents expecting more demand for their services in the next two to five years. Specifically, 28 percent anticipated demand to increase by up to 10 percent, with an additional 18 percent anticipating a bump in demand of up to 25 percent. More than six percent expected demand to increase by 50 percent or higher. Forty-one percent forecast no change in demand, and six percent foresaw a decrease in demand for their services.
“The increasing demand we’re seeing for forensic and valuation services performed by CPAs shows the growth in these areas is poised to continue in the near future,” said Jeannette Koger, CPA, CGMA, vice president of member specialization and credentialing at the AICPA. “Businesses and consumers realize that the CPA combined with the AICPA’s Certified in Financial Forensics (CFF) and Accredited in Business Valuation (ABV) credentials signifies a highly qualified professional with the skill-set to get the job done.”
Indeed, when respondents were asked what credentials they require of those providing forensic accounting services to possess, a CPA was the most frequently required credential. The CPA, coupled with the CFF credential, provides the most desirable combination of credentials in the areas of: fraud prevention, detection and response; financial statement misrepresentation; damages calculations; bankruptcy; and electronic data analysis. In addition, the CPA coupled with the ABV credential was the most widely desired combination of credentials for valuation engagements.
The 2014 AICPA Survey on International Trends in Forensic and Valuation Services was open to members of CPA Canada, in addition to AICPA members, for the first time. The survey, which was conducted from September 12 to October 25, 2013, contained a total of 182 qualified responses.
The full survey is available online.
About the AICPA Forensic and Valuation Services Section
The Forensic and Valuation Services (FVS) Section is a membership section within the AICPA that represents CPAs that provide financial forensic accounting and business valuation services. FVS Section members represent many areas of practice, including: bankruptcy, insolvency and reorganization; dispute advisory services; economic damages calculations and due diligence; electronic data analysis, employee stock ownership plans; estate and gift; fair value; family law; financial statement misrepresentation; fraud prevention, detection and response; and valuation.
The FVS Section develops and grades the Certified in Financial Forensics (CFF) and Accredited in Business Valuation (ABV) Examinations and offers the CFF and ABV specialty credentials for CPAs who concentrate on financial forensic accounting and business valuation. In 2007, the AICPA issued valuation standards, Statement on Standards for Valuation Services No. 1: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.
About the AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 28, 2017 09:30 PM EDT Reads: 3,696
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 28, 2017 09:30 PM EDT Reads: 2,196
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 28, 2017 09:30 PM EDT Reads: 3,790
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 28, 2017 08:15 PM EDT Reads: 2,312
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 28, 2017 07:00 PM EDT Reads: 4,455
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 28, 2017 06:15 PM EDT Reads: 396
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
Mar. 28, 2017 06:15 PM EDT Reads: 362
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 28, 2017 06:00 PM EDT Reads: 831
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 28, 2017 04:45 PM EDT Reads: 424
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 28, 2017 03:45 PM EDT Reads: 4,119
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 28, 2017 03:45 PM EDT Reads: 3,091
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Mar. 28, 2017 03:45 PM EDT Reads: 374
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 28, 2017 03:45 PM EDT Reads: 3,773
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 28, 2017 03:00 PM EDT Reads: 9,637
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 28, 2017 03:00 PM EDT Reads: 2,099