AICPA Looks to the Future of Auditing

Salvatore J. Armao is a certified public accountant and the managing partner at Armao, LLP, in Garden City, New York, where he is in charge of the firm’s administration, client services, and operations. In an effort to better serve his New York-based clients, Salvatore J. Armao stays abreast of current trends through membership in professional groups such as the American Institute of CPAs (AICPA).

In October 2018, the AICPA announced that it has begun working with leading accounting firms nationwide to create new, disruptive technology that will completely re-imagine how auditing is performed. Altogether, the organizations have put forward $50 million to develop a Dynamic Auditing Solution, which will be developed by CaseWare International, the AICPA’s technology partner. CaseWare is also investing money of its own to expand its cloud infrastructure in order to support the new auditing platform. 

In his comments, AICPA president and CEO Barry C. Melancon, CPA, CGMA, said that his organization has chosen to embrace the impact that cloud technology can have on the auditing space, rather than approach the technology from a cautious perspective. Aligning with his vision, approximately 40 percent of the organization’s Major Firms Group have contributed financial backing to the Dynamic Audit Solution project.

AICPA Examines Global Digital Tax Policy

Salvatore J. Armao is the managing partner of New York-based Armao, LLP, where he works with labor unions, nonprofit groups, and other businesses, providing auditing, reporting, and consulting services. Apart from his work, Salvatore J. Armao is a longtime member of the American Institute of Certified Public Accountants.

The Association of International Certified Professional Accountants (AICPA), the combined voice of Chartered Institute of Management Accountants and the American Institute of Certified Public Accountants, recently took on the issue of taxation in the digital economy. The organization authored a policy paper it hopes will encourage greater discussion among the global community on how better coordination can be achieved in setting tax policy for digital transactions that take place across international borders.

While AICPA isn’t adopting a formal position on any tax policy, the paper does reference several solutions currently being considered. One is a proposed temporary 3 percent tax on gross digital sales throughout the European Union. It also looks at efforts the United Nations is considering in the digital tax arena.

The paper can be viewed for free in its entirety at aicpa.org.