Small CPA firms play a critical role in the accounting profession, and new tools are helping them compete, innovate, and grow. In this episode of the JofA podcast, Stephanie Otero, CPA, the AICPA's vice president–Small Firm Advocate, discusses why small firms matter, how AI and automation are leveling the playing field, and where innovation thrives in smaller practices.

She references real-world examples and previews the PCPS Small Firm Success Series, a free, CPE-eligible webcast series for AICPA members.

The conversation also looks ahead to ENGAGE in Las Vegas and the ways AICPA resources and communities help small firm practitioners realize they do not have to go it alone.

Related resources:

• Private Companies Practice Section firm membership.
• Resources for small firms.
• Transforming Your Business Model resources.
• April 20 PCPS Overview Session.
• Article on small firms' use of AI and automation.

What you'll learn from this episode:

• The importance of small CPA firms to the profession and why Otero is passionate about advocating for such firms.
• How AI and automation can help small firms compete with larger organizations.
• Practical examples of practitioners using technology to build capacity.
• AICPA resources can help small firm leaders connect and grow.

Sarah Ference, CPA, a risk control director at CNA, joins the Journal of Accountancy podcast to discuss recent topics of the JofA's Professional Liability Spotlight column.

The conversation covers lessons learned from claims involving bankrupt clients, the importance of strong and consistent documentation, and the particular risks associated with serving high-net-worth or high-profile clients.

The episode also highlights the April column on writing effective engagement letters for client advisory services.

The articles discussed in the episode:

• January: "Don't Let a Bankrupt Client Bankrupt You."
• February: "Tell a Story With Your Documentation."
• March: "Luxury Liabilities: Serving High-Net-Worth Clients."
• April: "Tips for Writing CAS Engagement Letters."

What you'll learn from this episode:

• The reasons CPA firms can be drawn into litigation when clients face bankruptcy.
• How strong client acceptance and continuance practices can help firms identify and manage higher‑risk engagements before problems arise.
• Why documentation acts as a firm's voice in a professional liability claim — and how gaps or inconsistencies can weaken defense of a claim.
• Why Ference has been told that "celebrities and CPA firms don't mix."
• What makes high‑net‑worth and celebrity clients higher risk and why firms should avoid relaxing standard risk management protocols for them.
• Why for engagement letters related to CAS, Ference said: "The devil is really in the details of that engagement letter."

Wassia Kamon, CPA, returned as a guest on the Journal of Accountancy podcast to preview her sessions at the CFO Conference and ENGAGE.

Kamon also discussed the growing expectations placed on today's CFOs and how those expectations helped shape one of her conference sessions. Kamon also reflected on how launching her podcast, The Diary of a CFO, has expanded her network and grown her knowledge.

What you'll learn from this episode:

• Kamon's summary of her session with Paul Young at the CFO Conference in April.
• Why she says her podcast "is almost like a business card."
• The importance of a true reset and how a reset is different from rest.
• What she's most looking forward to at ENGAGE in June.
• Why sessions related to artificial intelligence will be particularly relevant this year.