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The Accounting Podcast
Ohio Killed The 150-Hour Rule - Who's Next?
Jan 18, 2025
Blake and David tackle Ohio's groundbreaking move to end the 150-hour CPA rule, which could spark similar changes in other states. They dissect the implications of Blackstone's acquisition of Citrin Cooperman and how private equity is reshaping accounting firms. A lively debate unfolds around return-to-office policies, as data shows a trend towards mandatory in-office days. Finally, the hosts question the effectiveness of Net Promoter Scores in gauging client satisfaction, urging firms to rethink their feedback strategies.
01:16:45
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Quick takeaways
- Ohio's recent abolition of the 150-hour CPA rule could inspire other states to reform their licensing requirements to attract new talent.
- The acquisition of Citrin Cooperman by Blackstone highlights the impact of private equity on accounting firms, emphasizing profitability over traditional values.
Deep dives
Accounting and Private Equity Trends
Private equity influence on the accounting industry is evident, as showcased by Blackstone's acquisition of the accounting firm Citroen Cooperman, valued at over $2 billion. This represents a significant increase from its previous valuation of around $500 million after New Mountain Capital's investment. Blackstone's strategy appears to focus on Citroen's connections with the music industry rather than the accounting sector alone, indicating a diversified interest in leveraging accounting expertise for high-value assets like music rights. This shift emphasizes the challenges and opportunities faced by accounting firms, as PE firms pursue profitability often at the expense of traditional accounting values and oversight.
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