Licensure trends shift, M&A strategies evolve, and AI agents reshape accounting workflows

Welcome to our weekly digest—a space to reflect on where the accounting profession is headed and how it’s evolving in real time. Each week, we bring you a curated roundup of recent headlines, ideas, and innovations shaping the future of the industry.

From emerging technologies and shifting talent pipelines, to strategic mergers and evolving client expectations, the profession is in motion. Our goal is to surface stories that matter—whether you’re leading a firm, advising clients, or just ruminating about what comes next.

In last week’s issue, we covered new fraud detection standards, sweeping tax reforms, and practical strategies for future-proofing firms through technology and talent investments. This week, we take a look at declining CPA licensure rates, emerging M&A strategies amid market volatility, and how firms are using AI agents and platform upgrades to adapt and grow. Plus, a standout story of one CPA’s unlikely path from the track to the partner table—and what it says about opportunity, visibility, and leadership in the profession.

Let's dive in.

🔍 Top headlines

Tariff volatility may offer a strategic edge for M&A

As trade policy shifts and geopolitical uncertainty persists, Deloitte’s 2025 M&A Trends Survey urges dealmakers to rethink their hesitation. While some firms are pausing activity amid new tariffs and unpredictable regulations, others are using this moment to gain ground. Cross-border deals are high on the agenda for 85% of corporate and private equity (PE) leaders, especially in stable markets such as Canada and Europe. Meanwhile, the rise of private credit is offering a path forward for buyers squeezed by high interest rates, with 52% of PE execs tapping nontraditional lenders.

Technology is also playing a growing role, with nearly all surveyed firms reporting that they’ve digitized their deal processes, and GenAI is emerging as a tool for execution and value capture. Amid volatility, Deloitte argues, lies opportunity: for those with capital and agility, M&A in 2025 could be a moment to buy smart, act fast, and secure value others might miss.

New data shows steady decline in CPA licensure rates

A new analysis from Inside Public Accounting reveals a clear trend: fewer professionals in accounting firms hold CPA licenses than just a few years ago. From 2020 to 2024, the average percentage of CPA-licensed staff dropped from 56% to 48%, with larger firms reporting even lower ratios at just over 41%. The decline spans firms of all sizes, pointing to systemic shifts in hiring and credentialing.

As firms grow their advisory and consulting offerings, they’re increasingly hiring for skills beyond traditional accounting. Rising education and exam costs, combined with waning interest among new grads, are further eroding the CPA pipeline. Several states have already been revamping the path to licensure, a sign the profession is reevaluating what credentialing should look like in the future. For firms, this indicates that talent models and licensure strategies need to evolve in step with a diversifying profession.

New transparency rankings spotlight gaps in state financial reporting

Truth in Accounting’s 2025 Financial Transparency Score reveals uneven progress in how US states report their finances—an issue with clear implications for public trust and fiscal accountability. The rankings, based on criteria such as clean audit opinions, timeliness, and pension liability disclosures, show Utah and West Virginia leading the pack, while Illinois, Connecticut, and North Carolina fall behind.

Notably, 36 states improved their scores this year, largely due to fewer distortions from deferred inflows and outflows. However, there are still a lot of gaps, with many states continuing to use outdated pension data or lacking independent audits for key retirement systems. The report also highlights how some states keep sizable pension debt off the books, masking financial realities.

For accountants and auditors working with public clients, the findings provide a benchmark and a call to action, emphasizing that transparency isn’t just about compliance, but also about building a more trustworthy and effective public finance system.

💻Technology & innovation

Intuit and Amex show how to build agents with intention

At VB Transform 2025, Intuit and American Express (Amex) emphasized that the future of AI isn’t about picking the perfect model; it’s about building systems that work in practice.

Intuit’s GenOS platform powers agents that help users file taxes faster in TurboTax, streamline bookkeeping in QuickBooks, and personalize outreach in Mailchimp, all while embedding trust and performance monitoring at every layer. At Amex, AI agents enhance internal workflows, such as reviewing code pull requests, with each decision routed through modular “brains” that enforce brand, legal, and privacy standards.

Both companies emphasize the importance of moving quickly with strong architectural oversight, ensuring innovation is secure, measurable, and aligned. For accounting teams, it’s a roadmap to building smarter, not just faster, with AI as a collaborative partner.

QuickBooks adds new AI agents, smarter payments, and real-time project insights

This month’s QuickBooks Online product updates bring a wave of new tools designed to simplify workflows, improve client collaboration, and boost financial visibility. At the center are three new Intuit AI agents—Accounting, Payments, and Finance—now integrated directly into QuickBooks Online to help clean books, accelerate bill pay, and summarize financial trends.

For firms managing projects, a new employee cost rate calculator enables real-time profitability tracking, while a feature that allows deposits on estimates helps service-based clients secure cash more quickly. Other highlights include paycheck corrections for closed quarters, a payment release approval workflow in Bill Pay, and an announcement about QuickBooks Live Priority, a $19/month add-on that gives clients access to expert support and product guidance when they need it.

🧠 Practice management

IESBA and IAASB form expert groups to support sustainability standards rollout

To support the global adoption of their new sustainability standards, the International Code of Ethics for Professional Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) created two expert groups focused on implementation. The IESSA Implementation Monitoring Advisory Group (IIMAG) will assist firms in applying the International Ethics Standards for Sustainability Assurance (IESSA), while the ISSA 5000 Technical Implementation Contact Group (TICG) will guide the implementation of the new ISSA 5000 assurance standard. Members bring hands-on experience and will offer feedback, flag emerging challenges, and shape practical resources firms can use in real-world engagements. As sustainability reporting becomes a bigger part of assurance work, these efforts aim to ensure consistency and build confidence in the process. For accounting teams, it’s a welcome step toward clearer guidance and smoother integration of sustainability into daily practice.

Why accountants—not just tech—are key to fraud prevention

Fraud detection still relies more on people than machines. AI and automation are powerful tools for spotting anomalies and flagging potential fraud, but they can’t build ethical cultures or replace human judgment. According to data from the Association of Certified Fraud Examiners (ACFE), 29% of fraud cases happen due to a lack of internal controls, and 42% of fraud cases are uncovered through tips, not systems. Accountants make those tips possible by designing internal controls, establishing safe reporting channels, and creating a culture of transparency. Especially for SMBs, where fraud can be fatal, accountants remain essential to building trust and resilience that tech alone can’t deliver.

🏢 Firms news and mergers

CohnReznick acquires Virginia-based Piascik & Associates

Global professional services firm CohnReznick has acquired Glen Allen, Virginia–based Piascik & Associates, expanding its mid-Atlantic footprint and deepening its tax expertise. Founder Steve Piascik now serves as Richmond office managing partner, while Executive Vice President Ryan Losi joins the firm’s international tax team. Known for its work with high-net-worth individuals and international clients, Piascik brings valuable specialization to CohnReznick’s growing platform. The deal reflects a broader trend: firms joining forces to scale expertise and meet the growing complexity of client needs.

PrimeGlobal expands US footprint with addition of KEB

PrimeGlobal welcomed Kerber, Eck & Braeckel (KEB) to its North American member network, deepening the association’s reach across the Midwest. Founded in 1931, KEB has grown to include more than 190 professionals and 31 partners across multiple offices. Its offerings span from audit and tax to wealth management, litigation support, and business valuation. By joining PrimeGlobal, KEB aims to strengthen peer collaboration and bring fresh insights back to its teams. The move also signals PrimeGlobal’s continued focus on strategic US expansion, following its addition of Grassi Advisory Group earlier this year.

Grant Thornton US and UK compete for German member firm

A high-stakes acquisition race is unfolding within Grant Thornton’s international network, as the US and UK branches bid to acquire Grant Thornton Germany. The German firm is evaluating proposals from each side, signaling a broader trend toward consolidation fueled by private equity. Backed by New Mountain Capital, Grant Thornton US has already acquired firms in Ireland, Luxembourg, and the UAE. Meanwhile, the UK arm, now backed by Cinven, is positioning itself as an alternative to US dominance. With additional firms in Spain and India also exploring deal options, the shake-up could reshape the structure and power dynamics of one of the world’s largest accounting networks.

🏅 Featured accountants and firms

From track star to firm partner: Durran Dunn’s unlikely path to the profession

In a Journal of Accountancy podcast, Bennett Thrasher partner Durran Dunn shares how he went from competitive sprinter—and Atlanta Braves fan-favorite “The Freeze”—to leading risk advisory services at a major firm. Dunn opens up about cultural whiplash after immigrating from Jamaica, the teacher who first steered him toward accounting, and how he now mentors students who have never heard of the CPA path. He also reflects on his time with the AICPA Board of Examiners, and why discipline, focus, and continuous learning drive his leadership. It’s a powerful story of visibility, grit, and giving back to a profession that changed his life.

Crowe Global appoints Cynthia Butera as in-house legal counsel

Leading global accounting network Crowe Global has named Cynthia Butera as its new in-house legal counsel. A longtime external advisor to the firm, Butera brings 25 years of legal experience, including commercial litigation, governance, and contract negotiation, as well as a background as a licensed CPA and former auditor. Her appointment signals a strategic move to strengthen legal and risk infrastructure across the global network. Butera’s focus will include aligning legal guidance with Crowe’s continued international growth and supporting member firms in navigating complex regulatory environments.

📅 Events, podcasts & webinars

WATCH

In the Know: Square Connector by QuickBooks

In this episode, Jaclyn Anku and Product Manager Pranith Vemula walk through the fully rebuilt Square Connector app, one of the most comprehensive Intuit integrations to date. Learn how the new experience simplifies transaction imports, improves reconciliation, and gives accountants more visibility and control. You’ll see enhancements such as configurable settings, detailed payout views, product-matching tools, and near real-time syncing. Built in collaboration with ProAdvisors, this app addresses long-standing issues with earlier versions and reflects Intuit’s deeper investment in seamless, accountant-first workflows.

LISTEN

On the Books: What is an AI accounting agent?

In this episode, Intuit Vice President of Product Michael Hitchcock joins to unpack how the new QuickBooks AI Accounting Agent is designed to save time without sacrificing control. Learn how features such as “ready to post” transactions and smarter bank feeds improve accuracy and streamline categorization. The conversation also highlights how Intuit built the agent with review and approval in mind, ensuring that AI supports the accountant’s workflow rather than attempting to replace it.

REGISTER

AI advantage: Strategies for the modern tax & accounting firm

August 20 (9 AM–12:20 PM PT) | CPE-eligible

Join Intuit and industry experts for a focused, one-day virtual event exploring how AI is transforming tax and accounting practices. The day kicks off with a keynote on Intuit’s AI vision, followed by practical sessions that cut through the hype and focus on real-world implementation. Learn how to identify low-risk AI tools, improve efficiency, and expand advisory services. Whether you’re just getting started or looking to scale, this event will help you build a smart, strategic AI roadmap for your firm.

🗣️ Quote of the week

The future of accounting is unfolding every day, and it’s being shaped by professionals like you who are exploring new ideas, testing what works, and finding better ways to support clients. Whether you’re growing your skill set, expanding your services, or simply staying curious about what’s next, we hope this issue gives you a few useful sparks.

We’ll be back next week with more insights, trends, and tools to help you keep moving forward—one step, one win, and one update at a time.