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Survey: CPAs Positive on Economy, Concerned on Security and Health Care

January 13, 2020

For Immediate Release
Tim Barry 
(804) 612-9440 
[email protected]  

Virginia CPAs are optimistic on economic prospects for the Commonwealth and the nation in 2020 according to the VSCPA’s 2020 Virginia Economic Expectations Survey. Despite some fears of an economic downtown, the majority of Virginia CPAs, 66 percent, believe the U.S. economy is headed in the right direction. That number, however, is down around 10 percent from the same survey last year. 

The annual survey of 8,500 members of the VSCPA — conducted in partnership with Virginia Business magazine for the fifth straight year — was published along with the November issue of the magazine. Not surprisingly, 78 percent of respondents rate cybersecurity a significant concern, with 19 percent revealing their organization has been a victim of a cyberattack in the last year. As one respondent remarked, “We have good protection, but every day there are emails that have links to put our firm at risk.” CPAs help their clients protect against and recover from cyberattacks, but are also vigilant about their own organizations’ readiness for cyber threats. 

“CPAs are tuned into cybersecurity because of their clients,” says Stephanie Peters, president and CEO of the VSCPA. “A lot of the work they do is related to financial security. They have a heightened awareness of the risks that are out there for anyone.” 

Sixty-six percent of respondents say health care is the biggest area for the Virginia General Assembly to address this year, with 33 percent citing health care as the most pressing issue statewide, and 37 percent believing it is the No. 1 issue facing businesses in the Commonwealth.  

Further analysis of the results can be found in the November issue of Virginia Business magazine, including region-specific interviews with five VSCPA members: Hope F. Cupit, CPA, president and CEO of Southeast Rural Community Assistance Project Inc. in Roanoke; Cathryn Michie, CPA, CFO of Shenandoah Valley Workforce Board Inc. in Harrisonburg; Aaron L. Peters, CPA, president and CEO of Peters & Associates PC in Falls Church; Amanda Phelps, CPA, recruiting manager at Robert Half International in Norfolk; and Gary R. Thomson, CPA, managing partner at Thomson Consulting LLC in Richmond. 

The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association in the Commonwealth dedicated to empowering CPAs to thrive. Founded in 1909, the VSCPA has more than 13,000 members who work in public accounting, corporate finance, government and education. For more information about the VSCPA, visit vscpa.com, email [email protected] or call (804) 612-9440.