At a recent Accountants Club of America event, AICPA & CIMA CEO Mark Koziel discussed major regulatory shifts impacting the accounting profession under the Trump administration.

One of the most significant developments is the potential dissolution of the Public Company Accounting Oversight Board, with its responsibilities being absorbed into the Securities and Exchange Commission. According to Koziel, Trump's SEC nominee, Paul Atkins, has previously expressed support for eliminating the PCAOB, and Koziel acknowledged that the AICPA is preparing for any regulatory changes. 

He pointed out that such a transition could bring challenges, particularly regarding transparency. “If the PCAOB rolls up into the SEC, any of the findings could become public under the SEC,” he noted, implying that this could alter how audit deficiencies and enforcement actions are handled.  

Koziel also addressed the challenges posed by the IRS hiring freeze, noting that service disruptions are a concern. He suggested that CPAs could assist in handling taxpayer inquiries to mitigate delays.

Despite these workforce constraints, Koziel reassured CPAs that the IRS is attempting to maintain operations. “All the hiring that needed to take place to ramp up for the busy season of 2025 happened before the hiring freeze took place,” he explained.

Meanwhile, tax policy remains uncertain, with Congress debating whether to pass tax legislation as a single bill or split it into multiple pieces. Koziel warned that, given the narrow Republican majority, any major tax reform is unlikely before December. 

Additionally, Koziel highlighted concerns over recent executive orders restricting diversity, equity and inclusion initiatives in federal agencies. While the AICPA remains committed to increase in diversity within the profession, he acknowledged that adjustments to language and strategy may be necessary to comply with federal mandates. 

Finally, Koziel emphasized the importance of expanding the CPA pipeline. With new alternative licensing pathways emerging, such as Ohio's recently approved bachelor's plus two years of experience mode, the AICPA is working to ensure state-level changes do not undermine national mobility standards.

Despite a reported 12% increase in undergraduate accounting enrollment, he cautioned that sustained efforts are needed to attract and retain new talent.