Building a New Legacy: Reviving Professionalism In a CPA Shortage

Reviving Professionalism In a CPA Shortage

Harry Catrakilis remarks on the current hot topic of the CPA shortage in the United States, and how CKH Group has adjusted to the challenge of acquiring dedicated CPAs who embody the professionalism and accountability our clients have come to expect.

“As I delve deeper into my thoughts on the state of the accountancy profession, I came across a website called Going Concern, with the tagline, “when accounting goes unaccounted for.” This discovery reassured me that I am not alone in recognizing some of the concerning trends in our field. If you, too, are worried about the state of the profession, this site offers valuable insights into various ongoing issues.

Two topics regarding number of professionals and the CPA shortage in today’s business particularly caught my attention:

“1) Today the EY organization has announced new technology capabilities and a global Artificial Intelligence (AI) Assurance framework for EY professionals…, technology driven audit transformation program which is supported by plans to align approximately 9,000 Technology Risk professionals to the Assurance service line.

…global AI Assurance framework to all EY Assurance professionals that considers the impact of AI used in companies. … The framework has been rolled out to more than 130,000 EY Assurance professionals.

2) Illinois CPA Society has issued a new pipeline report: Re-Decoding the Decline. … The findings provide invaluable insights the CPA profession and its stakeholders cannot ignore while trying to counter the persistent decline in the number of individuals pursuing the CPA credential.”

Reading about EY’s 130,000 professionals made me question the current state of accountability within our profession. Leaving me to wonder why the profession seems to be losing its esteemed status.

A few years ago, while working on a significant project given to us by an exceptional CFO, we faced the challenge of scaling up. Despite being a smaller firm, we saw this as an opportunity to attract top talent. We approached leading universities, targeting the top 100 students with the promise of a better experience and personalized attention. Surprisingly, none of them joined us. Determined to make the CFO proud, we expanded our search to regions where traditional values and a strong work ethic remain highly regarded and targeted those top 100 students. There, we received an overwhelmingly positive response, proving that dedication and respect for the profession are still alive in certain areas.

This experience highlighted the changing attitudes in today’s society. Historically, Americans were pioneers and risk-takers, but the current generation seems to have shifted towards a more cautious and collective mindset. While there are still individuals who embody the pioneering spirit, they are increasingly rare. At firms like EY, it appears from the outside looking in that  a small number of smart individuals drive processes while the rest follow without critical thinking.

However, there is hope. In one of the most economically challenged counties in our state, we decided to establish an office that can be an “academy” to train hardworking individuals into great professionals. I was heartened to find that traditional American values still thrive in these communities. This year, we opened our first US-based office outside of our Atlanta headquarters in a wonderful part of the state, Hawkinsville, Georgia. This office or “academy” embodies our commitment to accountability and professional excellence, and aims to build a new legacy of CPAs who embody our high standards in accountability.

Unlike larger firms, we are fully accountable in the true spirit of professionalism. As Glickauf stated in 1963, one of the tenets of a professional is that they hold and cannot escape the ultimate responsibility for their work. This principle guides us in exceeding client expectations and maintaining the integrity of our profession.” -Harry Catrakilis

The above article only intends to provide general information and reflection. It is not designed to provide specific advice or recommendations for any individual. It does not give personalized tax, financial, or other business and professional advice. Before taking any form of action, you should consult a financial professional who understands your particular situation. CKH Group will not be held liable for any harm/errors/claims arising from the blog. Whilst every effort has been taken to ensure the accuracy of the contents, we will not be held accountable for any changes that are beyond our control.