The regulators
July 17, 2024
We’ve always had an ambitious crop of Virginia CPAs making their mark on the national stage, but in a unique scenario, there are several VSCPA women serving in high-level regulatory positions, both for the Commonwealth and nationally.
Meet six go-getting women who influence the regulations and issues affecting CPAs now — and where they think the profession is headed. (Hint: Pumping up that pipeline with new, talented accountants is a top priority!)
Laurie Warwick, CPA
Managing director, audit
Ernst & Young LLP, Tysons
Virginia Board of Accountancy (VBOA) member, National Association of State Boards of Accountancy (NASBA) Middle-Atlantic regional director and Audit Committee chair
Laurie Warwick has been dedicated to the accounting profession for 30 years since graduating summa cum laude from the University of Richmond. She began her career as a staff auditor at Arthur Andersen and now serves as a managing director at EY, leading client engagements among privately held companies, private equity firms, nonprofits and employee benefit plans.
She lives in Ashburn with her husband of 26 years, P.J., and in her off time enjoys boating around the Chesapeake Bay, playing pickleball, and exploring new wineries and breweries in an Airstream. She has two sons: Brandon, 22, graduates from Virginia Tech in May, and Justin, 20, is a rising junior at JMU. Brandon will join EY in the fall.
Why a CPA?
“Professionally speaking, when I was a little girl, I really admired my maternal grandfather, PopPop. We would take long walks in his garden and while capturing caterpillars in a tin can, PopPop would share stories about being a CPA in a large company. He was the first person in our family to work in ‘the business world.’ As I grew up, I just always assumed I would go to college and try to be like PopPop. And that’s what I did.”
Cultivating accountants’ careers
Laurie is passionate about developing and mentoring professionals. At EY, her involvement with the Greater Washington People’s Advisory Board (PAB) helped facilitate a platform for employees to voice insight and drive cultural change within the local office. Laurie has also led the Greater Washington Professional Women’s Network, focusing on the growth and empowerment of women professionals. Recognizing the need for enhanced networking opportunities for managing directors, she also spearheaded the creation of the Greater Washington and National Managing Director Forums.
Among other initiatives to foster career development opportunities, particularly for young professionals, Laurie sees value in promoting alternative working arrangements. “Alongside my professional endeavors, I have embraced a flexible work arrangement since 2002, which has allowed me to balance family commitments while pursuing my career aspirations. I find fulfillment in assisting young professionals navigating similar paths.”
From the VBOA to NASBA
“When I joined the VBOA Board of Directors in 2016, Stephanie Saunders, who also served on the VBOA and NASBA, became a valuable mentor for me. She was so gracious in answering my many questions. One of her pieces of wisdom was to get involved with NASBA early on and decide how I would best like to utilize my time and talents.”
Laurie took Stephanie’s advice and was appointed to the NASBA Audit Committee in 2016, later serving on the Regulatory Response and Administration and Finance Committees. “Being involved in these committees over time has strengthened my commitment to collaborating with an organization dedicated to nurturing the pipeline of our profession, while also bolstering effectiveness and promoting the shared goals of state boards.”
The pipeline is paramount
The biggest challenge Laurie sees for both EY and the profession at large: Pipeline, pipeline, pipeline. “In a 2023 article, the AICPA reported that 75% of today’s public accounting CPAs will retire in the next 15 years. That is a frightening statistic. NASBA’s Professional Licensure Task Force and AICPA’s National Pipeline Advisory Group are collaborating in exploring ways to identify solutions to our profession’s pipeline issue. These two task forces are laser-focused on how to convert more accounting majors to CPAs. I would also like to see the profession focus on how to reach top students much earlier in their education — examples could include STEM, AP courses or externship opportunities offered during students’ high school education.”
NASBA’S focus on licensure
A key NASBA goal is to consider new concepts for CPA licensure that may be included in the Uniform Accountancy Act Model. The Professional Licensure Task Force has been created to potentially identify a model that would be cost-effective, rigorous and scalable to firms and employers of all sizes. “Having a more cost-effective program is vital to addressing the pipeline issue. I look forward to engaging and being part of the discussions as a potential solution is created and shared with state boards for consideration. Being part of something that could have such a positive impact on the profession and candidates’ career opportunities is both extremely energizing and rewarding.”
How women can achieve success
“I would advise women in accounting to network, develop lasting relationships and find mentors early.” Laurie believes it’s important in an environment of remote and hybrid work to seek in-person interaction as much as possible.
“Regarding mentors, don’t assume you need only one. Having different mentors who offer insight into different aspects of your career is so very paramount. One mentor may be excellent in helping to broaden your external network while another may offer work balance perspectives that you hadn’t previously considered. Also, it is key to understand the difference between mentors and advocates and how it is so very important to collect an army of advocates while climbing the ladder.”
Prospective CPAs should…
“While your college study habits are still fresh, enroll in a CPA review course and sit for the CPA Exam immediately upon graduation. Many firms not only offer reimbursement for review programs but also offer incentives and bonuses for becoming a CPA. It only gets harder as years pass from graduation and professional responsibilities increase.”
The lifetime advantages to being a CPA
Laurie found she could leverage her business and CPA expertise to give back to her local Loudoun community. She holds positions as a board member and treasurer in numerous organizations, including the Young Men’s Service League, Fairfax Arts Council and various swim and church-affiliated groups.
She recently spearheaded efforts to raise enthusiasm for pickleball in her community, helping to secure a $75,000 commitment to enhance existing facilities.
Angela Rudolph-Wiseman, CPA
Principal
Hottel & Willis, PC, Winchester
Virginia Board of Accountancy member (appointed June 2023)
After graduating from Shenandoah University in 1999, Angela began her career in public accounting and is currently a principal with Hottel & Willis, PC (formerly Rutherford & Johnson), in Winchester. In her position as a CPA, she is driven by the ability to help clients do things that they may not be able to do themselves. “I believe small business is the heartbeat of the local economy and I find it rewarding to assist business owners and individuals to make their dreams a reality.”
“I recently joined the team at Hottel & Willis and it has been a very positive move for me. We embrace the concept with clients that we care about the story behind their numbers. The work environment is very positive and uplifting, which makes a huge difference. Each day brings new challenges and learning opportunities.”
Angela said being a CPA has given her the knowledge and experience to earn a good living and also the flexibility to be there for her family. Her CPA expertise has allowed her to serve her church as finance chair for the past 16 years, lead the church through a $1.6 million building expansion, and assist the church with becoming independent.
The changing business environment
Angela believes it’s crucial for CPAs to leverage automation — and she doesn’t think AI will make CPAs obsolete. “We should embrace technology and use it as a tool to get our work done. It will still be important to have trained accountants and CPAs to understand the work product results and interpret them accurately.”
VBOA service = giving back
“I firmly believe it is important to give back to our community and to help support the infrastructure of our profession.” Angela served locally on the Frederick County Finance Committee as a citizen member and advisor to the Board of Supervisors. After expressing interest in serving on the VBOA, she was appointed in 2023 by Gov. Glenn Youngkin.
After a year of service, Angela is settling into her role on the VBOA. She helped develop SMART goals to guide priorities and tasks, and she wants to see the Board continue working with students to spark interest in the profession and build the pipeline. She is excited about NASBA’s development of the Professional Licensure Task Force, and looks forward to seeing how that evolves on the national level.
Giving small firms a voice
She is currently the only VBOA member who works for a small public accounting firm. “I find the work I am doing with the board has been a good way to give many of the small firms across the Commonwealth a voice. Some of the most interesting work to date has been the enforcement cases I’ve evaluated for the VBOA. Due to my experience in taxation, I have received a handful of tax-related cases. I feel it is important to have someone knowledgeable about the ins and outs of tax preparation and the compliance we face in the performance of those duties, to adequately assess those cases.”
Pondering the pipeline
“I know many of us get tired of hearing it, but [the biggest challenge] is the accounting pipeline. It seems like almost every industry I work with is having similar difficulties in staffing. However, as we all know, becoming a CPA has many requirements, so I feel our pipeline will take some time to recover and we will be competing against other professions and career paths.”
Angela also identifies as an issue the profession’s attrition as CPAs age and retire, which will further strain the workforce. “It is critical for firms to have a viable succession plan in place to protect the clients, current employees and the public interest. If the capacity to absorb this work is not available, it will leave clients seeking less qualified alternatives to fill this role.”
Connecting with students
As a founding member of the Shenandoah Valley VSCPA Chapter, Angela has hosted a student night event for the past two years. In addition to reaching college students already involved in accounting programs, they invite students from regional high schools to participate. “I would like to see similar events take place across the state and I would like us to continue to reach out to younger students. It is important for them to be educated about the roles of accountants in our society and know about all the opportunities that exist. It is crucial for them to know accountants are needed in all industries and across many different roles.”
Prospective CPA advice
“Don’t be discouraged and give up while you are in the process. My law professor in college told us that the CPA is instant credibility. The statement held true then and it still holds true today. Achieving CPA licensure is worthwhile, and you won’t regret it.”
While the makeup of women in accounting has improved over the last 30 years, “we aren’t done making progress,” she said. “Women still tend to earn less and have a gap in the assets accumulated for retirement compared to our male counterparts.” Angela’s advice to women is to clearly communicate expectations to your employer about workload, compensation and benefits. Considering the predictability of the accounting profession, it is entirely possible to hold a rewarding career and balance family life at the same time.
Rebecca Tres, CPA
Partner
WellsColeman, Richmond
AICPA Peer Review Board member, VSCPA Peer Review Committee member and technical reviewer
After passing the CPA Exam, Becky began her career at Clifton Gunderson, working on Medicaid contract compliance. She ended up moving to WellsColeman in 2006, where she has remained for the rest of her career.
She finds fulfillment in working closely with small businesses and their proprietors, gaining insight into their operations and fostering meaningful relationships along the way. “What drives me as a CPA is my interest in helping others, whether it’s coaching or mentoring younger CPAs or helping clients with complicated problems.” She’s also keenly interested in developing successors in the profession and enjoys sharing her experiences with others and encouraging students to enter the accounting field.
Becky and her husband have three grown sons and enjoy spending time in the Outer Banks. Depending on the time of year, she spends her free time with her husband working around their house, relaxing on the beach, or running along Kitty Hawk Bay. Becky cites the flexibility of the CPA profession for her success, too. When she began at WellsColeman, she was pregnant with her youngest son. “I’ve never missed an important event for him or any of my boys because I have the flexibility to work whenever and wherever I need to. “
Why a CPA?
“Part of my inclination towards the accounting field stemmed from a desire for job security and the cultivation of a marketable skill. Given my propensity for problem-solving, accounting appeared to be a natural fit.” As Becky began to be concerned about the workload associated with accounting, she received encouragement that kept her going. In his CPA Exam review course, Joe Hoyle convinced Becky of her capability to succeed.
Joining the AICPA Peer Review Board
Becky believes it’s important for smaller firms to be represented at the national level. She took her talents to the Peer Review Board because she wanted to offer her perspective as a practitioner, a member of the VSCPA Peer Review Committee (where she is also a technical reviewer), and as a peer reviewer. “I want to be able to offer other peer reviewers (current and prospective) the opportunity to learn and be heard. It has been an amazing experience so far.”
Becky serves on the Peer Review Board’s Education and Communication Task Force. One of its major initiatives is to expand the peer reviewer pool. “I’m excited to be involved with this initiative and hope to inspire other CPAs to become peer reviewers,” Becky said.
Beyond the back office
“I think it’s safe to say that all firms are struggling with pipeline issues and the ability to find and retain staff … A lot of students do not understand that accounting can be a dynamic and exciting profession. We must make these introductions early on (prior to students entering college) and explain that accounting is not a ‘back office’ job.”
Becky believes new accountants should seek out a mentor. “I've been fortunate on my own journey to have had supportive mentors who have motivated me to consistently strive for growth and development.”
New CPAs should remain open to learning and enhancing skills continuously, she says. “Recognize that the road ahead may not always be straightforward, and the journey is seldom smooth sailing — it often presents challenges and obstacles to overcome.”
Inspiring the next generation
Becky has served on the College of Business & Economics Alumni Advisory Board at Longwood University and the Accounting Advisory Council at VCU. “In these capacities, I've often found myself simply lending an ear and offering guidance, occasionally facilitating connections with professionals in the business realm. Witnessing the growth of these students during their college years and beyond is extremely fulfilling.”
Stephanie Saunders, CPA
Partner
Saunders & Saunders, PC, Virginia Beach
National Association of State Boards of Accountancy Board of Directors chair (and various previous positions), former chair and member of the Virginia Board of Accountancy, 2002–2003 VSCPA chair
Early into her career, Stephanie was a tax manager at PricewaterhouseCoopers (now PwC), where few women were becoming partners. As she prepared for the arrival of her second daughter, her mentor Bob Glisson, CPA (a now-deceased VSCPA Life member), encouraged her to strike out on her own and begin her own practice.
That proved to be a fruitful decision. PwC had just merged with a local firm and couldn’t handle many of the smaller business and individual clients, so Stephanie received many of PwC’s work. With more to do (and ultimately three daughters), she needed help. Her husband Tim, also a CPA and VSCPA member, joined her to create Saunders & Saunders. The firm provides essential accounting and tax services and helps clients make informed decisions regarding their financial and tax problems.
CPAs can make a real difference in clients’ lives, Stephanie believes. “I frequently assist clients who are navigating probate proceedings while coping with the loss of a loved one. By offering compassion and guiding them through the filing process, including the preparation of essential final and estate tax returns, we alleviate some of the burdens they face during this challenging period.”
Finding her voice
After growing up in New Jersey, Stephanie attended Old Dominion University to study math. She quickly realized she did not want to be a teacher and switched to accounting — where she was one of only three women in the major.
Challenges Stephanie faced in her childhood prepared her for the high-level leadership roles she excels in today. “As a child, I was on the smaller side and had a terrible speech impediment, which led to ridicule from my classmates. I received speech lessons and learned that being small didn’t mean I could not be heard. This experience helped me throughout my entire life. Although I have not grown much in height over the years, when I speak, I believe the passion in my voice is heard.”
Why volunteer
“I have always had the mindset to give back to the profession that has given so much to me,” Stephanie said. Her positions on the VSCPA Board of Directors, and ultimately as chair, lead her to nomination to the VBOA and ultimately NASBA’s mid-Atlantic regional director and at-large director. She began her service as NASBA chair in 2023.
Challenges ahead
Stephanie witnesses the entire profession, including firms, businesses and the government, struggling with hiring and retaining staff. At her small firm, she faces keeping up with technology and AI. “The world is changing rapidly with various technologies and CPAs must meet the needs of the marketplace. The generations of today and the future are unlike those in the past and the CPA licensure model must evolve to stay relevant and provide these future CPAs with the tools needed to protect the public, while servicing their employers and clients.”
What’s ahead for NASBA
The CEO Selection Advisory Committee and the NASBA Board of Directors will be hiring a new CEO to continue NASBA’s culture and ensure the organization remains relevant nationally and internationally. Pipeline issues area also top-of-mind, with the Professional Licensure Task Force and the National Pipeline Advisory Group considering new concepts for CPA licensure to possibly include in the UAA as an update to the current licensure model.
Pushing for pipeline progress
“I implore you to tell your story to middle school and/or high school students. Let them know how and why you are a CPA, the opportunities it provides, and why you continue to be involved in this great profession as a trusted advisor on financial matters. We follow a professional code of conduct that protects the public we serve. We must promote the profession as we know all are competing for the best and brightest.”
Stephanie also recognizes the other nuance of the pipeline issue: retaining newer CPAs amidst the retirement of our senior CPAs. “Public accounting firms can no longer use business models that many in my generation grew up with; rather, they must adapt to the work-life balances demanded by our younger generations.” She advises leaders to communicate with newer hires, continue to increase salaries and benefits, and also discuss growth and expectations. “Many firms have been successful in retaining staff by changing their business model.”
Aspiring CPAs should…
“Dedicate yourself to diligent studying to swiftly pass the CPA Exam ASAP. Familiarize yourself with the regulations of your state board of accountancy to maintain a valid license throughout your professional journey. Seek guidance from a mentor to navigate your career effectively. Continuously engage in reading and research, as lifelong learning is indispensable. Contribute to your community and profession through volunteering, reaping numerous rewards in return!”
Stephanie believes women in accounting do not have to sacrifice their personal lives; she’s living proof. “Don't feel pressured to juggle household chores and childcare on top of a thriving career. With the support of colleagues, family and hired assistance, you can strike a balance. Remember to prioritize self-care too — maintaining a healthy lifestyle, exercising, and carving out ‘me’ time are essential for your well-being.”
Nadia Rogers, CPA
Associate professor
Virginia Tech, Blacksburg
Virginia Board of Accountancy vice chair, American Institute of CPAs (AICPA) State Board Committee chair, AICPA Board of Examiners member, National Association of State Boards of Accountancy (NASBA) Uniform Accountancy Act Committee member
After working in Richmond as a senior audit manager for KPMG and a partner at Creedle, Jones & Alga, PC, Nadia left public practice behind for a new challenge: academia. She joined Virginia Tech, her alma mater, in 2015, where she teaches, oversees the Master of Accounting and Information Systems (MACIS) Program, and advises on the accounting analytics, audit and financial services options within the MACIS Program.
Nadia says teaching at Virginia Tech is a dream come true. “As I was applying for admission into graduate programs, our department head at the time asked that I teach both of our principles courses while earning the degree. I am so grateful that he asked and challenged me in this way, because it changed my life! I really grew through the experience and realized that teaching was ultimately the career pathway I wanted to pursue.”
She feels it was important to begin her career in public accounting. KPMG and Creedle, Jones, and Alga provided her an educational and experiential background that allows her to bring significant insight to students and advise them on their future careers.
Serving the profession
“Giving back to the accounting profession through volunteerism is in direct alignment with my core values,” Nadia says. “It enables me to provide meaningful contributions to the profession that I hold in high regard, while also exemplifying the principles of generosity and service.”
First appointed as educator member to the VBOA in 2019, and again in 2023, Nadia served on its Peer Review Oversight Committee. She believes serving as the educator member is the perfect intersection of her professional and academic experience. Her passion for volunteering led to other posts with the AICPA and NASBA.
“There is no shortage of areas within which accounting professionals can volunteer their time. I encourage all accounting professionals to identify their passions and pursue related volunteer opportunities.”
Addressing the hurdles ahead
Nadia points out that the accounting profession is currently facing a pipeline decline that is, in part, due to fewer individuals pursuing careers in accounting. The impact of the decline will be exacerbated by the fact that, per the AICPA, 75% of CPAs will retire in the next 15 years coupled with fewer individuals forecasted to pursue college degrees over the next 5–10 years.
“One of the biggest hurdles we need to overcome when attracting talent is the perception that accounting professionals are boring, confined to cubicles and need to be math geniuses, which couldn’t be further from the truth! We are not at all the stereotypical accountant of the past. We are fun, dynamic and innovative! We have embraced technology, which has transformed the way we perform engagement procedures and analyze financial data. Our skill sets and knowledge have evolved as a result.”
Nadia points out the efforts the profession is already undertaking to address its image problem, such as marketing through social media, talking with middle and high schoolers to give them exposure to the accounting profession much earlier in their education, providing more information regarding career pathways to college students, and considering changing the way courses like Principles of Accounting are taught. “Principles of Accounting is many business students’ first exposure to accounting, and it is imperative that the experience is positive and engaging.”
Nadia said she would like to see the profession continue to collaborate and brainstorm ways to attract more students into the pipeline and increase the level of diversity within accounting. “There is not one item or one party that will solve the pipeline issue, but rather a collaborative effort involving all levels of the profession. It is important for the future success of the accounting profession that we keep an open mind, understand the data available, and continue to take action.”
Another challenge within the profession is modernizing the requirements for CPA licensure while protecting substantial equivalency and practice mobility, two concepts that CPAs truly value, she notes. “Additional pathways [to the CPA] are currently being discussed, which could have a significant impact on educational institutions. Protecting the license and flexibility that CPAs have grown accustomed to is paramount and at the forefront of every discussion.”
Nadia’s advice for professional success
“Know your worth and know that you have a voice. Your voice matters. Never stop learning. Continuous learning will prove very beneficial to you as you advance within our ever-changing profession. Seek out a mentor and fully utilize that relationship. Also, serve as a mentor to others. Understand where your passion lies and pursue related volunteer opportunities within the accounting profession.
You are embarking upon an incredible journey within an outstanding profession! The accounting profession is a stable profession that offers many career pathways and flexibility.”
A key advantage to becoming a CPA is stability, she notes. In an economic downturn, CPAs are still needed to continue to lend credibility to the financial information being reported, to provide tax preparation and consulting services to entities and individuals, and to provide valuable advice to entities when faced with making difficult decisions.
The opportunities as a CPA within the accounting profession are limitless. “Per the AICPA, CPAs earn 10–15% more in salary than unlicensed accountants and ‘have the potential to boost their earnings by $1 million [over] their lifetime compared to a non-CPA in the same position.’”
The possibilities with CPA Evolution
Nadia was very involved in the CPA Evolution initiative over its development. The new CPA Exam launched in January, and she agrees with the AICPA’s sentiment: “It’s never been a more exciting time to pursue the CPA license.”
“Due to recent technological advancements, accounting professionals are becoming more efficient and the advancement pathway within firms is changing such that new hires are performing more challenging work than new hires of the past. The changed skills and knowledge needed to be successful within the accounting profession are reflected in the new CPA Exam.”
Nadia recommends aspiring CPAs take the Exam as close as possible to earning their degrees. “Historically speaking, those who have done so performed better on the CPA Exam than those who waited to take the CPA Exam. Additionally, I recommend utilizing CPA Exam study materials from a reputable study material provider.”
Toni T. Lee-Andrews, CPA, PFS, CGMA
Director
AICPA Professional Ethics Division, Disputanta (remote)
You could say Toni has committed her professional life to peer review. Formerly president and managing director at Andrews CPA Associates, PC, in Colonial Heights, Toni is a former peer reviewer and served as chair of the Education and Communications Task Force at the AICPA Peer Review Board, as past chair of the VSCPA Peer Review Committee, and as a technical manager with the AICPA Peer Review Program. Honing her expertise in ensuring adherence to industry standards led her to her current position, director of the Professional Ethics Division at the AICPA, where she oversees critical aspects of ethical standards within the accounting profession.
Toni says she is driven by the dynamic nature of her work — each day presents new challenges and opportunities for learning and problem solving. “As a CPA, the work is like a puzzle that needs to be figured out and it’s exciting when it’s solved!”
At the end of the day, Toni sees her success as based on the client’s success, the AICPA member’s success, or her team’s success. The Professional Ethics Division talks often with CPAs who need guidance on ethical issues. In private practice, Toni says she was often told by clients: “I trust you with everything” related to their financial situation. She believes that trust is the nicest compliment for a CPA.
Within her community, she served as the first female president of the Country Club of Petersburg and is currently a director on the board of Touchstone Bank. Personally, she spends time with her two grandsons and identical twin granddaughters.
Toni graduated summa cum laude graduation from Mount Olive College in North Carolina, where she received the Martin Award for academic excellence.
A career in ethics and peer review
“My role at the AICPA is driven by my passion for contributing to the ethical standard-setting within the accounting profession, alongside overseeing enforcement and member enrichment initiatives,” Toni says.
“The work of the AICPA, and the Professional Ethics Division in particular, has historically benefited the public and our profession by maintaining professional standards and ensuring that our members comply with those standards. In a time when public trust in institutions is eroding due to various scandals and the prevalence of disinformation, it’s more important than ever that our profession stands as a bulwark to protect the public.”
Via its hotline, the Professional Ethics Division receives calls and emails from practitioners and other stakeholders seeking guidance about ethical issues and how the code applies in a given situation. “Overall, the code, along with the division’s educational work and enforcement activities, help ensure the integrity, objectivity and independence of the profession, upholding the reputation of CPAs.”
The Professional Ethics Division is working on several domestic and international projects, such as private equity investment in firms, artificial intelligence, and digital assets. “We’ll be determining if we need revisions and/or additions to the code in these areas as well as the development of member enrichment materials such as Q&As, tools and practice aids.”
The Division also added nonauthoritative guidance in the Plain English Guide to Independence in the fees area as part of its international harmonization efforts. Internationally, the Division monitors activities like tax services, engagement team/group audits, using the work of an external expert, and sustainability.
Trials ahead
The biggest and most pervasive challenges Toni sees affecting the profession are technology disruption, data security and privacy, globalization, and economic uncertainty.
CPAs must adapt to new ways of doing things in response to tech advancements like automation, AI and blockchain, Toni believes. “We need to develop digital skills and leverage automation tools to enhance efficiency and accuracy in our work. This is especially important given the pipeline issues in the profession. We’ve simply got to be able to do more with less.”
Protecting client information and ensuring data security and privacy are paramount concerns for CPAs in today's business environment, she also notes. Because CPAs deal with vast amounts of sensitive financial data, they are vulnerable to cybersecurity threats and data breaches.
Finally, economic uncertainty will challenge CPAs and their organizations. “As businesses operate in an increasingly global economy, CPAs face challenges related to cross-border transactions, international tax compliance, and navigating diverse regulatory frameworks. Understanding international accounting standards and cross-border taxation issues is essential for CPAs working with multinational clients.”
Thoughts on the pipeline…
Toni would like the profession to implement marketing campaigns and educational initiatives that provide insight into the field and demonstrate who CPAs are. “By highlighting the diverse career paths available, such as the distinctive roles of forensic accountants versus tax accountants, we can attract students to the profession,” she says.
She cites mentorship programs, networking opportunities, and modernizing the accounting curriculum as vital steps. “It's essential to engage with students where they are, emphasizing the value of professional certification and demonstrating the pdotential for career advancement. Moreover, promoting diversity and inclusion and fostering partnerships with educational institutions and employers are integral aspects of attracting talent to our profession.”
Prospective CPAs should…
“Never stop learning, build a strong network, advocate for yourself, seek and be a mentor, develop leadership skills, embrace technology, foster work-life balance, etc. Someone asked me once, ‘Does the accounting field make you happy?’ There’s great satisfaction in being good at what you do and helping others.”
Toni says it’s crucial for an accounting grad to get their CPA license early in their career, which opens doors to advanced opportunities like becoming a partner in an accounting firm or holding executive positions in corporations.
She recommends aspiring CPAs prioritize integrity and ethics in all aspects of life and work. “You will be faced with ethical dilemmas regularly. It’s not ‘if,’ it’s ‘when.’ It could be a conflict of interest because you have a personal relationship with an auditing client. Or you could face pressure to manipulate financial data to meet targets or make stakeholders happy. Holding tight to your personal integrity every day and in every way will help you navigate dilemmas when they arise.”
New CPAs should develop soft skills like communication and leadership, hone presentation abilities through public speaking courses, and take on leadership roles in volunteer organizations to enhance their skills and effectiveness. Toni stresses the importance of maintaining a healthy work-life balance to prevent burnout and ensure overall well-being and set boundaries to make time for hobbies and family activities. “Burnout is real, and your life outside work will help you stay focused and less stressed.”
“Above all, stay resilient and persistent in pursuing your goals. Embrace new adventures and opportunities that come your way, as the accounting profession offers numerous branches and possibilities for growth and advancement.”
Wendy Lewis, CPA
Managing partner
KPMG Richmond
Virginia Board of Accountancy (VBOA) chair (appointed in 2020)
In 1997, Wendy accepted her offer with KPMG upon graduation from Virginia Union University. “I immediately felt a sense of community when I walked into the Richmond office, and I knew that this was the place for me and where I could start my career,” Wendy says. She initially planned to spend only two or three years in public accounting. Twenty-six years later, it’s safe to say she has been challenged and fulfilled at the Big 4 firm. “The people of KPMG have truly become my family and that is why I am still here 26 years later.”
Wendy has ascended at KPMG to become a partner in the audit practice and managing partner of the Richmond office, providing financial statement and audit of internal control services to both public and private companies. An expert on new and emerging accounting issues and developments, Wendy is the current chair of the Virginia Board of Accountancy.
For more than 10 years, Wendy has served as a lead campus recruiter partner for KPMG and also a national instructor.
She received the Style Weekly Executive Women in Business Award in 2019, the 2019 Virginia Union University Outstanding Alumni Award, and was named one of the 2024 100 people to meet in Virginia by Virginia Business magazine. She is married with a 10-year-old son.
Why a CPA?
Dr. Ruth Coles Harris, the first Black woman in Virginia to become a licensed CPA, had something to do with it! Dr. Harris was Wendy’s mentor and accounting professor at VUU, and her stories motivated Wendy to become licensed. (The VSCPA has a scholarship honoring Dr. Harris to promote diversity in the profession and inspire other students to become CPAs.)
Bound for public service
In 2020, KPMG asked Wendy to consider applying for one of the open VBOA seats. “I knew at the time the important role that the Board played in protecting the public trust and regulating the CPAs and CPA firms in Virginia and it just seemed like an amazing opportunity. I realized at the time that I did not have a true appreciation for the entire role of the VBOA and the impact that the Board has on the profession as a whole,” she says.
Wendy said the VBOA has several goals for the current year. First, the VBOA wants to ensure it’s ready for CPA Evolution, the new CPA Exam format released in January 2024. “We have been working on this rollout for the past several years and am so proud of our hard work in this area and that we were ready as a Board on day one.”
The VBOA is acutely aware of accounting pipeline challenges and has undertaken a few initiatives to respond, such as expanding its on-campus Board meetings to include two meetings per year, allowing it to expose students to the field. Board members also engage in various outreach activities at colleges throughout the year.
Additionally, the VBOA is continuing to focus on boosting diversity, equity and inclusion in the profession. “It is especially important to me that we see students of color and from all backgrounds entering the accounting field and understanding that this can be a successful career for all,” Wendy says.
Facing down tough challenges
Wendy recognizes the role of the accountant is different than it was 25 years ago, with CPAs evolving and innovating in response to technological advances. “These fast-moving changes have impacted CPAs, the VBOA, and firms like KPMG to ensure we all keep pace with the dynamic new landscape,” she says.
CPAs’ role in the pipeline
“We need to continue to tell our story about all the wonderful career options possible with an accounting degree. Accountants are more than just bookkeepers. There is such a diverse range of opportunities for accounting students. We are auditors, advisors, data specialists, IT analysts and so much more. We also touch so many industries so the opportunities for accounting students are endless. We are at the forefront of the business world. I believe that if students fully grasp the breadth of opportunities within the profession, it will attract more interest in the career.”
Aspiring CPAs should…
Wendy advises prospective CPAs to work hard and take advantage of all the many opportunities available. “Challenges may arise but learn from them — as being uncomfortable is the fastest way to learn and grow! Always remember, you are enough and you can do this!”
Wendy says women in accounting should never let others put limitations on what they can be or achieve. “As a woman in the field of accounting, we often wear many hats and balancing them all can be a challenge at times. I urge you to keep going after your goals one step at a time. I try to be a living example that you can be a wife, mother, daughter and successful professional! Also, it can be intimidating to be the ‘only’ in a crowded room but instead of seeing that as a negative, use that to your advantage. Your differences are your strength because what you say and do will be remembered!”
Giving back as a CPA
Wendy says being able to apply her CPA and financial skills to serve on various nonprofit boards and organizations is fulfilling. She is a local office partner champion for the African Ancestry Business Resource Group and past Richmond chapter president of the National Association of Black Accountants (NABA). She’s also a board member for the Howard University Middle School for Mathematics and Science, the Richmond Public School Education Foundation, the Ruth Coles Harris Leadership Institute of Virginia Union University, and the ChamberRVA.
Her financial know-how has come in handy while she’s hosting a series of financial literacy workshops at churches across Virginia. “It's gratifying to share financial tips for success and offer advice that I wish I had known earlier in life with members of the community. I love to give back and use my CPA to help others. Truly lifting as a climb!”