Mistakes continued to pile up this earnings season in the wake of Lyft Inc.'s market-roiling typo: Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and, in extreme cases, can result in heavy fines from the U.S. Securities and Exchange Commission (SEC).
While it's unclear what exactly led to the mistakes in each of these cases, one major risk factor has reached crisis levels: a shortage of certified public accountants.
Seasoned practitioners are retiring, while the profession isn't drawing the next generation of workers entering the labor market. The lack of help means current accountants' hours and workloads can be grueling, upping the odds of mistakes and burnout.
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