A Journal of Accountancy article provides some great advice on becoming a niche CPA firm, enhancing the quality of your services, and reducing costs and regulatory/litigation risk. Specialization also reduces the burden on you and your people to keep up with myriad technical standards and remain competent.
If you’re keeping up with the profession, you know there’s a movement underfoot to improve audit quality. Both the DOL and the PCAOB have cited concerns about audits of benefit plans and broker/dealers, respectively, and the AICPA has released a 6-point plan for improving audit quality.
Technical standards overload and the accompanying risks are here to stay most likely. Here’s a way to address those issues.