AICPA News Roundup is a briefing on recent announcements from the American Institute of CPAs and the Chartered Institute of Management Accountants (CIMA).
New AICPA Survey Finds 74% of Americans Who Have Personal Student Loans are Worried About Their Ability to Pay Those Loans Back
An August survey conducted The Harris Poll on behalf of the American Institute of CPAs (AICPA) found that three-quarters (74%) of Americans who have personal student loans are somewhat or very worried about their ability to pay those loans.
The survey also found:
- Twenty-two percent of Americans either have personal student loans or have parent loans for their children.
- More than half of those who have personal/parent loans (53%) say those loans affect their ability to save (e.g., for retirement, other financial goals).
- Of those who have children with student loans, 70% were very or somewhat worried about their child(ren)’s ability to pay for their student loans.
- For those who have personal/parent student loans, 55% say their loans were previously deferred and are now expected to be paid back.
- For those with children with student loans, 49% say those loans were previously deferred and are now expected to be paid back.
Those surveyed with personal student loans weren’t just students right out of college. Personal student loan holders by age group:
Age 18 – 34: 37%
Age 35 – 44: 27%
Age 45 – 54: 25%
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Advice for Paying Student Loans:
Update your contact information.
Confirm that your student loan provider has the correct contact information for you since missed communication can lead to confusion and missed payments.
Be informed and make a plan. Obtain the details about your loan including repayment options, payment dates, and what to do is you need help making payments. You should also review the terms and conditions of your loan and make a plan for fitting your payments into your overall financial plan.
Pay early and extra, if possible. If you are still in school and can put any money toward your loans, contact your loan provider to find out how. Once you’ve started on your payment plan, consider adding additional funds to your payment to reduce the interest you pay and the total cost of your loan over time.
If you can’t pay, take action quickly. Contact your loan provider immediately and ask about your options. Some federal student loan programs could help you. The U.S. Department of Education offers suggestions for students dealing with federal loans here.
AICPA Adds Chapter on Auditing Crypto Lending and Borrowing to Digital Assets Practice Aid
The American Institute of CPAs (AICPA) recently added a new chapter to its Digital Assets Practice Aid that gives practitioners practical guidance for auditing lending and borrowing transactions of digital assets.
The update reflects the rapid growth of crypto markets and the need for auditors to address the risks that come with them. The new guidance offers real-world examples of audit procedures that can help identify and respond to potential misstatements in financial reporting involving these types of digital asset transactions.
The new chapter provides sample audit procedures for crypto lending and borrowing, some similar to those for traditional lending. They are not exhaustive, and auditors may need to adapt or combine procedures to gather sufficient, reliable evidence in line with AU-C section 500, Audit Evidence, and other applicable standards.
The new chapter is part of the AICPA’s ongoing effort to keep accounting professionals ahead of emerging technologies and market trends.
The updated Digital Assets Practice Aid is now available for members to download from the AICPA website.
CPA Firms Report Steady Growth in Revenue and Profit, AICPA Research Finds
The American Institute of CPAs (AICPA) recently released the results of its 2025 National Management of an Accounting Practice (MAP) Survey with results revealing that firms across the country are reporting strong revenue growth and continued increases in staff compensation at all levels.
The MAP survey, the largest benchmarking survey of public accounting practices in the U.S., includes responses from firms of all sizes, with 81% of the responses from those with revenue of $5 million and below.
The survey respondents reported a median 6.7% increase in total net client fees (firm revenue) over the prior year, compared to the 2023 survey, which reported a median growth rate over the prior year of 9.1%. Firms reported growth in revenue from audit & assurance and tax services, and the trend of growth in client accounting advisory revenue also continued from prior surveys. Following a surge in demand for accounting services during the pandemic, 2024 growth results reflect continued interest in and value of the range of services accounting firms provide.
Net remaining per partner/owner climbed 11.9% from $225,725 in fiscal year 2022 to $252,663 in fiscal year 2024. This metric, which is net client fees minus expenses and before partner compensation is taken out, is what firms consider profit on a per-partner basis.
The survey also found that firms are raising compensation, including for new graduates. Over a two-year period, median average salary for a new graduate with a bachelor’s degree rose almost 11% from the previous survey to $60,834, while median average salary for a new graduate with a master’s degree rose nearly 17% to $67,750. Reflecting overall firm growth, compensation per equity partner increased 10.2% overall. Average compensation per position has increased across the board with the highest increases showing in associate through manager level.
Responding firms are showing interest in adopting artificial intelligence (AI) and automation, as well as other technologies. A large majority of firms responding to the survey feel confident about adapting to AI and automation over the next three years. Usage is already emerging in client communications, real-time dashboards and forecasting models, but most firms have yet to allocate formal budgets or develop structured training. Continued adoption could help expand services, which in turn can fuel continued growth.
AICPA Seeks Comment on Administrative Peer Review Proposal for Firms with Private Equity Backing and Other Alternative Practice Structures
The American Institute of CPAs’ Peer Review Board is seeking public comment on a change to its peer review program that would centralize the administration of peer reviews of firms operating under alternative practice structures (APS), including those with private equity investments.
The change, outlined in the proposed Peer Review Standards Update (PRSU) No. 3 , would require firms operating under non-traditional business models to have their peer reviews administered by the AICPA’s National Peer Review Committee, rather than one of the 23 state administering entities. The update is designed to promote the consistency of how a peer review is conducted and evaluated as the profession adjusts to new operating structures, a critical factor in promoting quality and protecting the public.
The comment period for the proposed update will be open until Oct. 25 this year. If approved by the Peer Review Board, it would be effective for peer reviews with years ending on or after Dec. 31, 2025.
Under the AICPA Peer Review Program, firms are reviewed every three years, a process designed to provide reasonable assurance they are adhering to AICPA and other professional standards in their work and have robust quality systems in place. Firms are rated “pass,” “pass with deficiencies” or “fail.” A primary emphasis of the program is on detecting deficiencies and remediation of problem areas.
Besides the APS-related provision, the proposed standards update also includes a change to qualifications for peer reviewers of firms that perform or assist in engagements under Public Company Accounting Oversight Board (PCAOB) standards. The change is designed to ensure that practitioners who have a deeper familiarity with those standards are assigned to those review teams.
NASBA, AICPA Release Exposure Draft of Proposed Revisions to CPE Standards
The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) recently released for public comment an exposure draft of proposed changes to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards).
Published jointly by NASBA and the AICPA, the CPE Standards provide the framework for the development, presentation, measurement, and reporting of CPE programs. The proposed revisions are designed to address emerging learning methods, further clarify credit-awarding mechanisms, and ensure continuing professional education remains relevant and responsive to evolving professional practice needs.
Interested parties are encouraged to review the exposure draft and submit their feedback. The comment period will remain open for 90 days, closing on December 16, 2025.
Comment Process
The exposure draft is available for download at nasbaregistry.org. An explanatory memorandum accompanies the draft and highlights the proposed changes.
Comments must be received by December 16, 2025, via the Comment Submission Form.
AICPA Expresses Concern, Urges Immediate IRS Announcement of Contingency Plan in Preparation for Government Shutdown
In an urgent letter to Acting Commissioner Scott Bessent, the American Institute of CPAs (AICPA) is urging the Internal Revenue Service (IRS) to announce its contingency plan in preparation for a government shutdown on October 1, 2025. In the letter, the AICPA suggested that the IRS reinstate a plan similar to the Fiscal Year 2025 Lapsed Appropriations Contingency Plan released on March 14, 2025, which excepted all IRS employees, and noted that if a similar contingency plan will not be reinstated, the government should retain more essential IRS employees during the extended and upcoming filing season than occurred in prior government shutdowns.
A shutdown at this time would have a significant impact on taxpayers’ and tax practitioners’ ability to file returns timely, pay taxes, obtain refunds, and contact the IRS with questions or issues. The government shutdown during the 2019 filing season caused significant stress on the entire tax system, including:
- Taxpayers continued to receive automated IRS collection notices, notices of intent to levy, and warnings of asset seizures with no means for resolution.
- Guidance implementing the Tax Cuts and Jobs Act likely decelerated without full staffing.
- With audit, examination, and appeals activities suspended, taxpayers were unable to resolve disputes and to stop penalties and interest from accruing.
- Taxpayers and their practitioners experienced unreliable online account access, varying ability to make electronic payments, and an inability to process critical tax documents.
- Taxpayers and their practitioners could not assist identity theft victims or address hardship issues when the IRS phone lines were not operating, and the IRS phone lines experienced significantly heavier call volume and, therefore, longer wait times upon resumption of operations.
The IRS must keep all essential positions working during the shutdown to help make the 2025 extended filing season operate as efficiently as possible and allow for a smooth start to the 2026 filing season,” the AICPA said in the letter.
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