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The AICPA’s newly released 2025 MAP Survey shows strong revenue growth and rising staff compensation across U.S. accounting firms, with median firm revenue up 6.7% and partner earnings up nearly 12% since the last survey. Salaries for new grads also jumped significantly—up 11% for bachelor’s and 17% for master’s degree holders—highlighting continued demand for talent.
On June 23rd, OMB issued Memo M-25-30: Ensuring Accountability: How We Oversee, Audit, and Improve. It reinforces the importance of federal audits in providing transparency and accountability while preventing waste, fraud, and abuse. The memo also ties to the July 14th update of OMB Circular A-136, which revises federal financial reporting requirements, including moving to a single-year presentation.
On August 7th, the President issued an EO creating a review process for discretionary grants. It also calls for updates to the Uniform Guidance and a review of the terms and conditions of federal awards.
After much delay, the draft of the 2025 Compliance Supplement has been released. Key proposed changes include updates to program compliance requirements, the removal of COVID-19 funding programs from higher risk designations, and two Part 3 sections for compliance testing, one under the prior Uniform Guidance and one under the 2024 Uniform Guidance.
To help firms prepare for the December 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid expands on SQMS No. 1 objectives, clarifies ultimate responsibility for the QM system, and addresses sole practitioner considerations. It provides deeper coverage of the eight QM components, highlighting new requirements, small-firm implementation differences, and practical tools like risk libraries and documentation templates. The aid also clarifies evaluation requirements and expands guidance on documentation. In addition, the AICPA released The Monitoring and Remediation Process for a Firm’s System of Quality Management, which offers requirements, application guidance, and tips for continuous improvement.
FOR NONPROFITS
Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.
Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.
Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.
Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.
She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.
Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.
