News Summary
David W. Stonesifer has been appointed as the new president of the Pennsylvania Institute of Certified Public Accountants (PICPA), starting his term on May 6, 2025. Stonesifer, bringing decades of experience, aims to address workforce challenges in the accounting profession and promote legislative reforms for CPA licensing. His plans include enhancing technology adoption and advocating for CPAs at state and national levels. Stonesifer succeeds Matthew Melinson and is positioned to foster innovation and leadership within Pennsylvania’s accounting community.
Pennsylvania has welcomed David W. Stonesifer, CPA, as the new president of the Pennsylvania Institute of Certified Public Accountants (PICPA). Stonesifer’s term commenced on May 6, 2025, during the organization’s 128th annual meeting held in Philadelphia. As CEO of Herbein + Company, Inc., a CPA advisory firm based in Reading, PA, Stonesifer brings decades of experience in both accounting and business leadership to his new role.
Stonesifer has previously held distinguished positions, including leadership roles in the Pennsylvania State Board of Accountancy and the Greater Reading Young Professionals (GRYP). He has also served as President of the PICPA’s Reading Chapter. In his inaugural address, Stonesifer underscored the ongoing transformation within the accounting profession, while emphasizing the significant opportunities and challenges that lie ahead.
Under Stonesifer’s leadership, PICPA plans to prioritize several strategic areas, including talent pipeline development, technology adoption, and advocacy for Certified Public Accountants (CPAs) at both state and national levels. Jennifer Cryder, the CEO of PICPA, recognized Stonesifer as a respected figure in the profession and noted his dedication to advocating for CPAs across Pennsylvania. He succeeds outgoing president Matthew Melinson, CPA.
Focus on Legislative Reform
One of the key initiatives announced by PICPA during Stonesifer’s presidency is a proposal to modernize Pennsylvania’s CPA licensing laws. This initiative aims to address growing workforce challenges faced by the accounting profession. Proposed changes would create a new pathway for aspiring CPAs to attain licensure while ensuring that the profession’s standards remain high.
This initiative has garnered bipartisan support, with state Senators Scott Hutchinson (R-Venango) and Nick Pisciottano (D-Allegheny) backing the proposed updates. Additionally, companion legislation was introduced in the Pennsylvania House of Representatives by Representatives Ben Sanchez (D-Montgomery) and Keith Greiner (R-Lancaster). The new pathway would allow individuals holding a bachelor’s degree and two years of relevant work experience verified by a Pennsylvania CPA to qualify for licensure after passing the standard CPA exam.
Current Challenges in the Accounting Profession
The accounting profession is currently grappling with significant labor market challenges, particularly a shortage of CPAs. Since 2019, the number of active licenses in Pennsylvania has remained stagnant around 25,000. There is also increasing competition for talent from other professional services, which has led to an exodus of younger accountants pursuing better pay and improved work-life balance opportunities.
This hiring crisis disproportionately impacts smaller firms, which are struggling to manage financial analysis and auditing delays for their clients. PICPA’s legislative updates aim to enhance the accessibility and appeal of the CPA designation, making it more attractive for new professionals entering the field.
Member Engagement and Future Plans
In addition to advocating for legislative reform, PICPA encourages member engagement in various activities, with an upcoming event called “Day on the Hill” scheduled for June 4. This event will provide an opportunity for members to engage with lawmakers and discuss critical issues affecting the accounting profession in Pennsylvania.
Stonesifer’s vision for the future focuses on fostering innovation and leadership within Pennsylvania’s accounting community. By addressing workforce needs and embracing technological advancements, he aims to position PICPA as a leading voice in the evolution of the accounting landscape in the state.
In conclusion, with a strong commitment to navigate the complexities of the current accounting environment, David W. Stonesifer’s presidency is poised to create a meaningful impact on the professionalism and future of CPAs across Pennsylvania.
Deeper Dive: News & Info About This Topic
- PennBizReport
- Business Wire: PICPA Leads Efforts
- Inquirer: Accountants in Pennsylvania
- Business Wire: New PICPA Insights Report
- Wikipedia: Certified Public Accountant
