Accounting transformation with Donny Shimamoto
Tax Section Odyssey
Introduction
The hosts introduce Donnie Schlerhouted, who shares his top takeaways from a recent webcast on cybersecurity and discusses the upcoming update to the FTT safeguards rule that affects accounting firms.
The future of accounting continues to require more automated processes and less transactional work, and accountants will be expected to lead the charge. More and more, accountants rely on cloud software and artificial intelligence and boost their soft skills and leadership prowess to excel in the profession.
Additionally, with cybersecurity threats on the rise, being proactive before a cyber incident happens is key — understanding potential threats, identifying vulnerabilities and planning around security optimization. Adherence to cybersecurity frameworks will continue to be important, and financial institutions must comply with the Safeguards Rule as set forth by the Federal Trade Commission (FTC). Although updates to the Safeguards Rule are set to take effect on June 9, 2023, the requirement for each financial institution to implement an information security program has been in effect since May 23, 2003.
Listen in as Donny C. Shimamoto, CPA/CITP, CGMA, Owner — IntrapriseTechKnowlogies LLC, chats with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, on these topics and highlights the latest with regards to written information security plans as well as learning, networking and research opportunities available to practitioners.
What you’ll learn in this episode
- Takeaways from the recent webcast: Tax Practice Quarterly: Cutting-Edge Cybersecurity in 2023 (1:20)
- Q&A available with the webcast archive (3:53)
- Preview of Donny’s session at the upcoming ENGAGE 2023 conference (4:41)
- Center for Accounting Transformation research surveys (8:03)
- A page from Donny’s travel journal (13:00)
Related resources
- ENGAGE 2023 conference — ENGAGE 23 will help you evolve by turning the pace of change from a challenge to an opportunity. With nine tracks of expert content, you’ll gain exclusive insights, develop practical skills and walk away with tangible guidance to evolve at your own pace. Join us in June at the ARIA in Las Vegas or live online.
- Gramm-Leach-Bliley Act Information Security Plan Template — The Gramm-Leach-Bliley Act requires financial institutions to have a written information security plan. Use this template to document your firm’s policies.
- Webcast archive: Tax Practice Quarterly: Cutting-Edge Cybersecurity in 2023 — Jeffrey Birnbach, Senior Partner & Managing Director — Sylint, and Donny C. Shimamoto, CPA/CITP, CGMA, Founder & Managing Director — IntrapriseTechKnowlogies LLC, provided practical advice on mitigating cybersecurity incidents and protecting data privacy in this recent webcast from May 2023. Center for Accounting Transformation is conducting research on two important topics. Voice your opinions in the Advisory Services Research Survey and Staffing Strategies Research Survey.
Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.
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