AICPA Celebrates 25 Years of Top Technologies for CPAs

By: Susan Pierce

What was technology like 25 years ago? In 1989, when the AICPA conducted its very first Top Technology Initiatives survey (TTI), the most popular technologies discussed were the spreadsheet and, of course, something called the Internet.

It’s 2015; dial-up is a relic and cloud-based alternatives to physical backups are much more common. Today’s technologies thrive on a 24-hour, cloud environment that enables cross-platform collaboration.

The 25th anniversary North American TTI Survey conducted in 2014 expounded on this trend in the profession and broke down the top IT priorities in the United States and Canada, with more than 3,000 CPAs and chartered accountants weighing in on the most pressing issues affecting their delivery of service in firms, and in business and industry.

Here is a list of the top 10 U.S. initiatives ranked by priority. I will elaborate on the top IT concern below.

  1. Securing the IT environment
  2. Managing and retaining data
  3. Ensuring privacy
  4. Managing IT risks and compliance
  5. Preventing and responding to computer fraud
  6. Enabling decision support and analytics
  7. Managing system implementation
  8. Governing and managing IT investment/spending
  9. Managing vendors and service providers
  10. Leveraging emerging technologies

Securing the IT Environment

Accounting professionals are confident they are able to secure their traditional IT systems, yet the majority feel they don’t have a strong grasp on security protection due to the impending threat of cyber-attacks. As a result, securing the IT environment came in as the top IT concern for 2014.

Less than 50% of the respondents say they’ve addressed all relevant threats, including cloud, mobility and social media, indicating a real need for accounting professionals to educate themselves by discussing the issues at hand and connecting with the cloud operations, datacenters and governing agencies that work to monitor and manage these security concerns. Organizations should perform a comprehensive risk assessment of their physical and logical infrastructure, networks, data and personnel to realize which policies and technologies they can put in place to mitigate the risk of cybercrime, data breaches, theft, fraud and more. As a result, CPAs must establish internal IT security, while also working with clients or upper management to make sure data and communications are secure.

– See more at: http://blog.aicpa.org/2015/04/aicpa-celebrates-25-years-of-top-technologies-for-cpas.html#sthash.0NaUk6p9.c9E4zBtg.dpuf