Jason Smith (Accounting) and his co-author John Keyser from Arizona State University recently published their paper, “Private Equity and Public Accounting: New Development or Variation on a Theme?” in Accounting Horizons. Investigating the recent surge of private equity investors acquiring stakes in U.S. CPA firms, the study examines the roots of these investments through the lens of alternative practice structures (APS) devised in the 1990s. The findings demonstrate that modern private equity investment represents a return to an operating model the CPA profession previously abandoned. By reviewing historical accounting M&A activity and parallel private equity investments in the healthcare profession, the paper offers critical insights into the risks, implications, and regulatory challenges presented by these current events. You can explore the full article on the Accounting Horizons website.