College accounting programs not covering emerging topics: AICPA/NASBA report

College accounting education is lagging on emerging topics, with less than half of all collegiate programs covering growing topics in data and technology, according to a new report from the American Institute of CPAs and the National Association of State Boards of Accountancy.

The "Accounting Program Curriculum Gap Analysis Report" found that while more than 60 percent of collegiate accounting programs cover topics such as data analytics and IT audit, less than half are focusing on emerging areas such as cybersecurity, predictive analytics and System and Organization Controls — subjects expected to appear on the 2024 CPA Exam, pending results from the current Exam Practice Analysis.

The AICPA Governing Council and the NASBA Board of Directors previously voted to advance CPA Evolution — which looks to require more technology skills from CPAs to pass the Uniform CPA Examination and qualify for state CPA licenses — last summer.

“The accounting profession is becoming increasingly reliant on the use of emerging technologies, information systems and data analytics," said Sue Coffey, CEO of public accounting at the AICPA, in a statement. "Businesses are increasingly seeking technology-related services and advice and it’s important for newly licensed CPAs to be adept in their knowledge, usage and skills. Accounting programs have a responsibility to assure their curricula and course offerings are setting students up for success in the profession.”

Utilizing responses from more than 300 collegiate accounting programs, ranging in class size from one to over 100 accounting undergrads, the Gap Analysis Report found that colleges and universities have incorporated modern tech and data skills into their programs, but few are offering more in-depth education on each topic. For example, only 15 percent of accounting programs with 50 or fewer accounting undergrad enrollments were found to be incorporating digital acumen into their curricula, with just over 30 percent teaching cybersecurity and predictive analytics topics.

“The gap analysis also has implications for state boards of accountancy,” said Dan Dustin, vice president of state board relations at NASBA, in a statement. “It’s an opportunity for boards to review their current education rules and update them to align with the future of the CPA profession and the types of skills and tools that new licensees will be using as they begin their careers. The really great thing that I’m hearing is that the boards, state societies and the business community are working together to address these changes to the profession,” he added.

The AICPA and NASBA, with the support of the American Accounting Association, will release a model curriculum in June to further guide accounting faculty in creating a curriculum reflective of the CPA Evolution model.

For the full report, head to CPA Evolution's site here.