Christy Wong, CPA

Private equity’s growing presence in the accounting world is sparking debate — and state regulators may be struggling to keep up. ⚖️ Bloomberg Tax reports that as more accounting firms strike PE-backed deals, state accounting boards often find themselves on the sidelines, with limited authority over how these transactions reshape firm ownership and governance. It’s a tension point: outside capital is fueling growth and innovation, but regulatory gaps could leave questions about independence, oversight, and client trust. The next few years may determine how — or if — rules evolve to meet this shift. 🔗 https://lnkd.in/gvadEVQ5 #PrivateEquity #Accounting #Regulation #Governance #Audit #Finance 🔍📈

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The latest KPMG US “First 100 Days” regulatory alert outlines key shifts that could directly influence capital formation, deal strategy, and investor engagement. A few takeaways for PE leaders: - Capital formation policies are under review, including updates to definitions of accredited investors and retail investment frameworks. These changes could expand access to private markets and reshape fundraising strategies. - Antitrust scrutiny remains elevated, with regulators targeting market dominance and labor practices. Deals will need stronger pre-clearance strategies. - National security remains at the forefront in cross-border transactions. Foreign ownership and influence are receiving sharper regulatory focus. - Investor protection is rising on the enforcement agenda. PE firms must demonstrate a commitment to transparency and compliance, particularly in areas tied to fund structure and portfolio oversight. The pressure to deliver value is rising. So is the bar for doing it compliantly. https://lnkd.in/e-Bw7_dT #KPMGPrivateEquity #RegulatoryInsights #MergersAndAcquisitions #CapitalFormation #PrivateMarkets #ValueCreation #ComplianceStrategy

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Over the last few years, CPA firms have shifted from just doing compliance to really stepping into the advisor role clients need. The AICPA recognized the need for a new road map to help public accounting firms transform their business model, and I am honored to have been part of the tool development process. Recently, the AICPA also developed a series titled 𝘉𝘶𝘪𝘭𝘥𝘪𝘯𝘨 𝘢 𝘉𝘦𝘵𝘵𝘦𝘳 𝘍𝘪𝘳𝘮, built around five transformation pillars: strategy, governance, service offerings, technology, and culture & talent. As someone deeply involved in guiding firms through change, I find this initiative from the AICPA’s Private Companies Practice Section especially relevant and practical. It’s not just theory—it’s a true roadmap. I highly recommend giving this article a read and following the series as it unfolds. 🔗 https://cstu.io/7cd84c #FirmLeadership #BusinessModel #CPA #FirmTransformation #ModernPracticeManagement

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🔍 Facing an audit? ⚠ Avoid common pitfalls that can cause delays and increase costs. From technical accounting issues to poor communication, we've got you covered with solutions to stay ahead. Learn how to: 🔵 Manage data effectively 🔵 Address time constraints 🔵 Strengthen internal controls 🔵 Align accounting policies with standards Read more in Forvis Mazars in the UK's latest article ➡ https://lnkd.in/ecDSRzn4 #Audit #ReportingRequirements #ForvisMazars

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I wanted to share an important update for CPA candidates and accountants in New York. Last week, Governor Kathy Hochul signed bill A7613B, creating a new pathway to CPA licensure in New York. What’s changing: Beginning November 21, 2026, candidates will have the option to become licensed with: · 120 semester hours of college coursework (typically a 4-year bachelor’s degree) · Two years of relevant work experience · Passing the CPA Exam The existing 150-hour pathway (roughly five years of education, one year of experience, plus the exam) remains fully intact. Nothing is being removed—this is an additional option. What’s still unclear: The state has not yet finalized which specific courses will qualify under the 120-hour requirement. That uncertainty leaves many students and early-career professionals unsure whether they should plan for 120 or 150 hours, pursue graduate school, or delay CPA exam planning until more guidance is released. Why this matters: · This is a meaningful step toward making the CPA license more accessible by reducing cost and time barriers. · It could help strengthen the accounting pipeline in New York at a time when firms are struggling to attract and retain talent. · For current license holders, it’s another reminder that the CPA profession is evolving, and that New York is aligning with broader national trends in licensure reform. As a CPA licensed in New York, I see this as a positive move toward modernizing the profession while still preserving its rigor. I’ll be watching closely for official guidance from the New York State Education Department on how the 120-hour pathway will be implemented. If you’re considering the CPA—or advising someone who is—this is worth keeping an eye on. #CPA #CPAExam #AccountingCareers #FutureCPA #NewYorkCPA #AccountingStudents #CPALicensure #PublicAccounting https://lnkd.in/etKGacHA

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🔍 Facing an audit? ⚠ Avoid common pitfalls that can cause delays and increase costs. From technical accounting issues to poor communication, we've got you covered with solutions to stay ahead. Learn how to: 🔵 Manage data effectively 🔵 Address time constraints 🔵 Strengthen internal controls 🔵 Align accounting policies with standards Read more in Forvis Mazars in the UK's latest article ➡ https://lnkd.in/e37JGUxK #Audit #ReportingRequirements

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Two of the largest firms just joined forces in another mega deal in the accounting industry. Baker Tilly (#12) and Moss Adams (#11) just announced a merger — combining into a $2.8B firm with 8,000+ people across 50+ markets. This isn’t just about adding offices — it’s about commanding a national presence. From the West Coast to the Midwest and down through Texas, this merger plants them in nearly every major business market. But what really stands out isn’t the size. It’s the signal. Mid-sized firms aren’t playing it safe anymore. They’re making aggressive, strategic moves to break into the top tier — and fast. This deal is expected to place the combined firm to #6 in the U.S., surpassing both BDO and Grant Thornton. The gap between “mid-tier” and “major player” is getting smaller and these deals keep piling up. The top 10 accounting firms just got reshuffled again. #AccountingIndustry #CPAFirms #FirmGrowth #MergersAndAcquisitions #BakerTilly #MossAdams #PublicAccounting #AccountingNews

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💡 Big 4 professionals exploring options beyond audit often look to industry, though the close cycle can limit opportunities to diversify experience. Some continue in public accounting — familiar structure, but the same long hours and hierarchy. At CFGI, there’s another path. Here, consultants apply the skills they built in audit to advisory work that keeps expanding their careers: 🔹 Transactions like IPOs and M&A, where technical accounting meets real business impact 🔹 Systems and process transformations that improve how companies operate 🔹 Complex technical accounting challenges that require collaboration across teams and industries CFGI consultants work alongside other Big 4 alumni, gaining exposure that compounds over time. Instead of progression tied only to tenure or titles, advancement here is based on performance and impact. It’s an environment designed to challenge you, support you, and grow your career in ways that traditional audit or industry roles may not. 👉 If you’re rethinking your next step beyond the Big 4, CFGI offers another option worth exploring. #TayHiresCPAs #Big4ToConsulting #CFGI #CPA #CareerGrowth #ConsultingCareers

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🚀 Major move in the advisory space! Grant Thornton Advisors has announced its acquisition of Stax, the Boston-based strategy consulting powerhouse specializing in commercial due diligence and value creation for private equity firms. This strategic acquisition brings together: ✅ Grant Thornton’s global reach and established market presence ✅ Stax’s ~300 team members and deep PE expertise✅ Enhanced capabilities across M&A diligence, value creation, and exit planning The combined entity will serve nearly 70% of companies in the U.S. Private Equity International 300 list - a testament to their market dominance. With New Mountain Capital’s backing and Grant Thornton’s aggressive expansion (adding 7 international member firms in 2025 alone), this deal positions them as a formidable force in the PE advisory landscape. Exciting times ahead for both organizations and their clients! #MergersAndAcquisitions #PrivateEquity #GrantThornton #Stax #Advisory #Strategy

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Mid-sized CPA firms no longer have to choose between speed and sophistication. Today we're announcing IRIS Firm Management (IFM) Core—enterprise-grade practice management built specifically for mid-market firms, with implementation in just 2-3 weeks instead of months. For too long, mid-sized practices have been stuck between outdated legacy systems and oversimplified tools that can't scale. IFM Core changes that equation by delivering the operational depth of enterprise software without the complexity or lengthy deployment timelines. With tax season just 90 days away, firms can now modernize fast enough to make a difference this year. Built on 45+ years of accountancy expertise and trusted by over 20,000 firms globally, IFM Core includes integrated time tracking, billing, financial management, and compliance tools—plus best-in-class integrations with Microsoft Business Central and Apxium. Learn more about how IFM Core can transform your firm 👉 https://bit.ly/3KEjASo #FirmManagement #CPAFirms #PracticeManagement

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BDO USA borrowed $1.3 billion from Apollo. Not to fix cash flow problems, but to buy out their own partners. Here's what actually happened: In 2023, BDO abandoned their partnership model, became a corporation, and took on massive debt to create an employee stock ownership plan. This gave a nice payday to all the exiting partners, but saddled the company with huge debt commitments. PE sees accounting's massive value - recurring revenue, sticky clients, essential services. But they extract it, they don't create it. The real opportunity? Build the tech-enabled firm yourself. Learn automation, master APIs, develop advisory skills. Capture the value without selling your soul. Because when PE says "transformation," they mean their returns, not your future. If your firm is considering PE money, what's the best move - building value or becoming the value that gets extracted? #AccountingFirms #PrivateEquity #BDO #AccountingCulture #FirmOwner #FinancialServices #CPA #AuditQuality #DebtTrap #AccountingCareers #ProfessionalServices #BusinessStrategy #AccountingTransformation #WorkplaceCulture

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Partner Alexander K. Buchholz, CPA, MBA, CGMA breaks down the latest updates to the OMB Uniform Guidance and New Jersey’s Circular 25-12-OMB, which raise the Single Audit threshold to $1,000,000 and update reporting requirements for not-for-profits. If your organization receives federal or New Jersey State funds with fiscal years ending on or after September 30, 2025, these changes may affect your audits, filing requirements and compliance process. #PKFOD #KnowGreaterValue #Compliance #NJTreasury

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The 2025 AI in Accounting Report from CPA.com and the AICPA offers a comprehensive roadmap for firms and finance teams ready to move from exploration to execution. Key themes include: - Real-time insights over legacy processes - Automation + augmentation: how accountants will work with AI - Talent, training and strategy as critical enablers of AI success, not just technology alone - A four-phase roadmap for firms to scale AI responsibly and intentionally Read the full report here: https://bit.ly/3WJWVXG #Accounting #Finance #AI #TechInFinance

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"Almost-CFO Controllers" are in high demand at <$50m companies. They want somebody that can oversee and streamline accounting, do FP&A, and interface with bankers, auditors, tax folks, and even investors. The companies are small enough that this position makes sense. Sometimes, the fit is fractional. Sometimes, FT. For those ready to make the next step to CFO, I recommend taking on a FT role first before going fractional as it will round out your skills more. You'll likely step into a mess. The profile of these companies is such that they are frustrated with the lack of performance, and they are ready to pay for somebody to own it. Good news for you, because with your accounting background you can easily make an amazing transformation. Get them cleaned up, set up with streamlined softwares, and on rails of success. And you can improve your FP&A skills. No better way to practice and learn than on a real-life scenario. For many of you, this will be an adjustment. Up until now, there's been leadership above you. The new feelings of ownership takes a minute to get used to. But it's empowering. I invite you to take the leap.

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