Financial Data and Key Metrics Changes - For Q3 2025, consolidated revenue was $694 million, representing a 58% increase year-over-year, while year-to-date revenue reached $2.2 billion, a 64% increase [11] - Adjusted EBITDA for Q3 was $120 million, with a year-to-date total of $476 million, reflecting a margin of 17.3% for the quarter and 21.5% year-to-date, an increase of approximately 325 basis points compared to the previous year [11][12] - Adjusted diluted earnings per share for Q3 was $1.01, bringing the year-to-date adjusted EPS to $4.27 [12] Business Line Data and Key Metrics Changes - Financial services segment revenue for Q3 was $579 million, up 80% year-over-year, with adjusted EBITDA increasing 86% to $126 million, a margin of 21.7% [13][14] - Core accounting and tax service lines delivered low single-digit growth, while project-based advisory businesses showed improved growth compared to the first half of the year [13][10] - Benefits and insurance segment revenue was $103 million, with year-to-date growth of 2.7% and adjusted EBITDA growth of 6.7% [15] Market Data and Key Metrics Changes - The company experienced strong mid-single-digit rate increases in Q3, exceeding overall inflation and reflecting the value of its service capabilities [14] - The market conditions improved in Q3, leading to increased conversion of late-stage pipeline opportunities [10] Company Strategy and Development Direction - The company is focused on leveraging the Marcum acquisition to accelerate growth and enhance competitive positioning, with significant investments in technology, AI, and offshoring resources [4][5] - A national brand campaign has been launched to promote the new CBIZ and highlight expanded capabilities, showing early signs of improved brand awareness [8] - The company aims to achieve a target leverage range of 2 to 2.5 times over time, with a focus on funding organic growth and maintaining capital [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 revenue outlook, citing steady performance in recurring businesses and improved market conditions [10] - The company anticipates accelerated growth beginning in 2026, driven by a commitment to operational excellence and client experience [24] - Management noted that the integration of Marcum is progressing well, with expected synergies of $50 million or more, and plans to realize $35 million in synergies this year [20][22] Other Important Information - The company ended Q3 with net debt of approximately $1.6 billion and had about $300 million of available liquidity [15] - Share repurchases totaled approximately $128 million year-to-date, with a current outstanding share count of approximately 54.1 million shares [16] Q&A Session Summary Question: What is the outlook for pricing in 2026? - Management indicated that mid-single-digit pricing growth is expected to continue, reflecting strong client relationships and market conditions [26] Question: Have any significant clients been lost due to the Marcum acquisition? - Management acknowledged some expected client dilution but reported strong client retention rates overall [28] Question: What are the expected integration costs for 2026? - Integration costs for 2026 are expected to be similar in nature to 2025, with some shifts in the mix of costs [30] Question: How has the OVBPA impacted the tax practice? - Management confirmed that the OVBPA has led to increased discussions and revenue in the tax practice [34] Question: What is the outlook for the fourth quarter? - Management expects continued growth in core recurring businesses and improved performance in non-recurring project-based businesses [38][41]

Core Insights - CPA Australia warns companies about the risks of replacing entry-level finance and accounting positions with AI systems, emphasizing the need for a balance between technology and human talent [1][5][6] Group 1: Impact of AI on Employment - 19% of Asia-Pacific businesses have reduced hiring for entry-level accounting jobs due to AI integration, with mainland China seeing a 32% decrease [2] - Only 8% of Australian companies have scaled back hiring in this area, but this figure is expected to rise as AI investments grow [2] Group 2: Skills and Recruitment Challenges - A survey of 1,117 professionals in accounting and finance revealed that only 6% of businesses are increasing hires for AI-related skills [3] - Concerns were raised about overreliance on AI leading to decreased human monitoring [3][5] Group 3: Adoption Trends - Australian companies have been slower to adopt AI compared to Chinese firms but are now planning significant AI investments for 2026 [4] - Automation remains unpopular among Australian businesses despite the growing interest in AI [4] Group 4: Risks of AI Implementation - Increased reliance on AI has resulted in diminished human oversight, which is critical for accuracy and verification in finance functions [5] - CPA Australia highlights that many organizations have faced financial and reputational damage due to excessive reliance on poorly verified AI [6]

Enrollment Trends - Accounting programs in U.S. colleges saw a 12% increase in student enrollment in 2024, although the number of bachelor's degrees fell by 10.3% from 2021-2022 to 2022-2023, with a slower decline of 3.3% the following year [1][2] Employment Landscape - Public accounting firms reported hiring 11,985 new graduates in 2024, with 75% being accounting majors, and three-quarters of firms expect to hire the same or more in 2025 [3] - However, the AICPA survey had a low response rate of only 1% from the 19,097 firms surveyed, limiting the reliability of the hiring data [4] Impact of Automation - Automation is increasingly handling tasks traditionally filled by entry-level positions in audit and tax, leading to a disconnect between education and employment [2][5] - 63% of accounting programs have incorporated instruction in AI, data analytics, and tools like Power BI, Alteryx, and Python, but the relevance of these skills is questioned as automation reduces the roles they were intended to fill [5] Career Development Concerns - The traditional apprenticeship model in public accounting is being challenged as machines can perform routine tasks faster and cheaper, potentially shrinking the pipeline of future partners in the profession [6]

Core Insights - The American Institute of CPAs (AICPA) has released a biennial report indicating a strong hiring forecast for accounting firms, with 75% of firms that hired new employees in 2024 expected to maintain or increase recruitment levels in 2025 [1][2] Hiring Trends - In 2024, public accounting firms onboarded 11,985 new graduates, although this figure may not fully represent total hires across the US due to limited responses from firms [2] - Among the new hires, three-quarters held degrees in accounting, and 75% of firms expect to hire an equivalent or greater number of staff in 2025, with only 18% predicting a reduction in hiring [2] Challenges in Talent Production - There has been a decline in the number of accounting graduates, with 55,152 students obtaining degrees in the 2023-24 academic year, representing a 6.6% decrease from the previous year, although the rate of decline has slowed [3] CPA Exam Participation - The first half of the 2025 testing year saw an increase in CPA Exam candidates, with 16,448 new entrants [4] Initiatives and Tools - The AICPA is implementing various initiatives to strengthen the accounting workforce, including enhancing student engagement and reducing barriers to CPA Exam completion [4][5] - The introduction of Josi, an AI-powered tool, aims to streamline research and support learning while ensuring reliable information from the AICPA's curated online library [5][6]

Core Insights - Xeinadin, a UK-based accounting firm, has acquired Cooper Dawn Jerrom (CDJ), enhancing its presence in London and expanding its expertise in key trading sectors [1][5] Company Overview - CDJ is recognized for its association with the Western International Market and offers a range of financial services, including audit, accountancy, and tax advisory [1] - The firm specializes in payroll management and business consulting, particularly for family-run businesses and international trading entities [2] Community Engagement - CDJ has actively participated in community projects, notably collaborating with The Felix Project to redirect over 1,200 tonnes of edible surplus food to vulnerable populations in London [3] - The firm is involved in community-oriented programs, including partnerships with food-redistribution charities, which help manage costs in a challenging sector [2] Strategic Fit - CDJ partners expressed that Xeinadin's understanding of modern accounting demands, such as AI and compliance, was a key factor in the merger [4] - The acquisition is expected to provide CDJ with the necessary infrastructure to better support clients facing rising costs, staffing shortages, and regulatory changes [4] Client Benefits - Clients will have access to Xeinadin's cloud-based tools and specialist advisory services while continuing to work with the existing local team [5] - Xeinadin's CEO highlighted that CDJ embodies the type of practice the firm aims to integrate, emphasizing community trust and forward-thinking approaches [5]

Core Insights - Ernst & Young (EY) reported a UK fee income of £3.78 billion ($5.05 billion) for the financial year ending June 27, 2025, reflecting a revenue growth of 2% in a challenging market [1] - The firm achieved a 9% increase in distributable profit per partner, reaching £787,000 ($1.05 million) in FY25, up from £723,000 in FY24 [1] - Distributable profits before tax were £679 million, compared to £653 million in the previous fiscal year [1] Revenue Breakdown - The Strategy and Transactions service line experienced a 10% revenue increase, while Tax and Assurance services reported growth of 5% and 3%, respectively [2] - Conversely, the Consulting service line saw a revenue decline of 6%, attributed to more difficult trading conditions [2] Investment in Technology - EY has committed to investing in new technologies, including a $1 billion global investment in audit technology, AI, and advanced data analytics [2] - The firm has introduced technological tools such as the EY.ai Agentic Platform, developed in collaboration with NVIDIA, and integrated Microsoft 365 Copilot across its UK operations, now utilized by over 12,000 personnel [3] Workforce and Leadership - EY UK & Ireland regional managing partner Anna Anthony highlighted the firm's investment in skills and capabilities to support future growth, noting the hiring of nearly 2,400 people and the admission of 59 new Equity Partners over the last financial year [4] Strategic Outlook - Despite an unpredictable economic environment, EY maintains a clear strategy to drive business forward and support clients, emphasizing the positive impact on the sector that will contribute to the UK's future growth ambitions [5] - The firm has faced scrutiny for allegedly misleading the UK's accounting watchdog, the Financial Reporting Council (FRC), during its audit of NMC Health [5]

Core Viewpoint - UK accountancy firms are lobbying against anticipated tax reforms that could affect partnership structures, with concerns rising across various professional sectors as the Chancellor is expected to announce changes in the upcoming Budget [1][4]. Group 1: Tax Reforms and Implications - The Centre for the Analysis of Taxation estimates that around 200,000 individuals could be affected by the proposed tax changes, potentially generating £1.9 billion ($2.5 billion) annually for the government [2]. - The proposed changes may eliminate the exemption for national insurance contributions for limited liability partnerships (LLPs), raising the marginal tax rate for partners from approximately 47% to 54% [3]. Group 2: Industry Response - Senior representatives from the Big Four accountancy firms and related trade bodies have begun discussions with government ministers in response to the anticipated tax changes [3]. - The industry is questioning whether the government's proposal is a definitive plan or merely a test of reactions, with speculation that firms might pass on additional tax costs to clients, including the UK government [4]. Group 3: Alternative Structures and Contingency Planning - Some firms are considering alternative business structures to mitigate the tax impact, including incorporating as a classic "limited" corporate structure, adopting a general partnership model, or relocating services outside the UK [5]. - Contingency planning is reportedly already underway within some firms to address the potential tax changes [5]. Group 4: Competitive Concerns - A partner from one of the Big Four firms expressed concerns about the UK's competitiveness, acknowledging the Chancellor's challenges in tax collection while cautioning against putting the UK at a competitive disadvantage [6].

Core Insights - PwC Australia has launched a global pilot program for a $1 billion AI-native audit platform aimed at enhancing the audit process by focusing on high-risk and high-value areas [1][2] - The platform, developed in collaboration with Microsoft, will be updated continuously and is expected to improve audit efficiency through real-time analysis [2][3] Implementation Strategy - The pilot program involves five Australian audit clients, with plans to expand to all PwC audit clients by 2028 [2] - The rollout will be staged, ensuring thorough testing of capabilities while adhering to regional and local compliance standards [3] Role of Auditors - AI will handle workflow, analysis, and data tasks, allowing human auditors to focus on critical thinking and informed decision-making [3][4] - This integration is designed to enhance client interactions and provide deeper insights [3] Training and Development - PwC Australia has initiated an extensive training program for all Assurance business members to prepare them for the new AI-driven system [4] - The training aims to equip auditors with the necessary skills to effectively utilize the technology [5] Technology Integration - PwC has expanded its use of Oracle Fusion Cloud ERP to improve financial controls, planning, and reporting processes through AI integration [5][6]

Gen Z is stepping in to save the day. 340,000 accountants have quit the profession in the last 5 years, and three out of the four of those left are expected to retire in the next decade, according to Bloomberg. And guess what.America's tax system is just getting more complicated. But just as the industry faces a massive shortage, students are volunteering to join the IRS's income tax assistance program, filing taxes for free for low-income Americans. California State University says that in 2024, its studen ...

除了作为会计师事务所主体直接被罚的河南守正创新、北京兴荣华之外，此次因注册会计师被罚而被点 名的会计师事务所还有多家，包括立信中联会计师事务所、天健会计师事务所、中兴财光华会计师事务 所、致同会计师事务所等。除会计师事务所主体受罚外，另有14名注册会计师被暂停执业资格，其中12 人被暂停执业3个月，2人被暂停1个月。此外，还有4人受到警告处分。 业内专家指出，审计的核心在于履行必要程序、获取充分证据。若连现场都不去，审计就形同虚设。此 次处罚释放明确信号：监管部门对审计质量保持高压态势，谁敢在程序上偷工减料，谁就将面临严惩。 审计不是走过场，报告更不能随便签。唯有守住职业底线，才能真正发挥资本市场"看门人"的作用。 近期，财政部集中公布33份行政处罚，重拳整治审计行业违规行为。其中，7家会计师事务所及18名注 册会计师被罚，暴露出审计程序缺失、职业操守失守等严重问题。 最典型的案例，是河南守正创新会计师事务所。他们未到现场执行审计程序，直接沿用其他会计师事务 所审计资料，就为武汉碧水集团有限公司等69户企业2023年度财务报表出具无保留意见审计报告。这充 分暴露其审计程序严重缺失，导致其被暂停业务三个月，并没 ...