Changing Investor Demands.
PEFs providing much of a CPA firm’s capital could demand relatively quick returns on their investment; CPA firms not meeting PEF goals could lose some control over their operations. Because professional standards prohibit a PEF from investing in a CPA firm’s attest practice, any impact on operations would focus on consulting and tax. Even in those areas, the need to meet professional standards plus the risk of lawsuits for poor work could limit a PEF’s influence on firm operations. Moreover, pressures to greatly expand consulting services could lead to a backlash that might prompt the PCAOB or SEC to further reduce or prohibit CPA firms from performing certain consulting services. The need for more capital could also lead to further mergers, such as the 2025 Baker Tilly-Moss Adams merger (now a $7 billion enterprise), in order to distribute AI research and development costs across a broader client base.

How Will Firms Implement AI?
CPA firms will generally seek to use publicly available general AI tools to do routine work, progressing from simple, standard tasks to ones with more complexity. Firms using general AI tools will still incur training, development and other related costs. While a PEF can provide the capital for much of these costs, CPA firms without PEF funding may still need to adopt AI to compete—as well as keep up with client demands.

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