Elizabeth Shwiff of Shwiff, Levy & Polo on Why Accountants Are Becoming Strategic Risk Advisors - Whether They Like It or Not

SAN FRANCISCO, CA / ACCESS Newswire / January 29, 2026 / The role of the accountant is changing in fundamental ways. No longer confined to compliance, reporting, and historical analysis, accountants are increasingly being pulled into strategic risk conversations. According to Elizabeth Shwiff, co-founder and managing partner of Shwiff, Levy & Polo, LLP, this shift reflects the realities facing today's businesses rather than a deliberate reinvention of the profession.

"Financial decisions no longer exist in isolation," Elizabeth Shwiff said. "Tax planning, cash flow management, entity structure, and reporting all intersect with legal, operational, and reputational risk. Accountants are often the first professionals to see where those risks begin."

Businesses today operate in an environment shaped by heightened regulatory scrutiny, evolving tax laws, increased enforcement activity, and more complex financial structures. At the same time, automation and digital tools have accelerated reporting timelines and expanded access to financial data. While these tools improve efficiency, they also magnify risk when assumptions, documentation gaps, or structural weaknesses go unnoticed.

As a result, accountants are being asked to evaluate more than numbers. They are expected to assess internal controls, documentation practices, governance processes, and decision-making frameworks. In many cases, they are asked to identify vulnerabilities early, before they develop into audits, disputes, or financial losses.

Elizabeth Shwiff of SLP Consults notes that this evolution is largely client-driven. Business owners want clarity amid uncertainty. They want to understand how today's decisions could create exposure years later. Increasingly, they expect their accountants to provide that perspective. "Clients are asking broader questions," Shwiff explained. "They want to know how to protect the business, how to reduce exposure, and how to avoid decisions that look fine on paper but create problems later."

This shift has been especially evident among closely held businesses, professional services firms, and companies preparing for growth, restructuring, or ownership transitions. In these situations, financial missteps can quickly escalate into partner disputes, failed transactions, or regulatory scrutiny. Accountants often become central to identifying risks that were previously overlooked.

Forensic accounting has also taken on a more proactive role. While traditionally associated with litigation and investigations, forensic techniques are increasingly used to evaluate internal systems, detect weaknesses, and strengthen financial governance. According to Shwiff, this reflects a broader understanding that prevention is far more effective than remediation. "The cost of identifying risk early is always lower than the cost of fixing it later," she said.

The expanded role does present challenges. Many accountants were trained with a focus on accuracy, compliance, and historical reporting. Risk assessment, by contrast, requires judgment, context, and an understanding of how financial decisions ripple across an organization. "There is a learning curve," Shwiff said. "But ignoring risk is no longer realistic. When financial data influences every major decision, accountants naturally become part of the risk conversation."

External pressures are reinforcing this shift. Lenders are placing greater emphasis on internal controls and reporting quality. Regulators expect stronger documentation and clearer audit trails. In this environment, accountants often serve as the bridge between compliance expectations and operational reality.

Elizabeth Shwiff believes the profession is adapting, even if the change is uncomfortable for some. Firms that embrace a broader advisory mindset are better positioned to support clients through volatility. Those who resist may struggle to meet evolving expectations. "Accountants do not need to become legal advisors or risk officers," she said. "But they do need to recognize that their work informs decisions with real consequences. That awareness changes how you approach the role."

As businesses continue to face economic uncertainty, shifting tax policy, and increased oversight, the demand for informed, strategic financial guidance is likely to grow. According to Shwiff, the accountant's role will continue to expand not by preference, but by necessity. "The numbers always tell a story," she said. "Understanding what that story means for risk is now part of the accountant's responsibility."

Contact Shwiff, Levy & Polo: [email protected]

SOURCE: Shwiff, Levy & Polo, LLP, Certified Public Accountants



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