10/15/2019 CPA Canada Foresight: Reimagining the Accounting - - PDF document

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Board of directors March 6, 2018 Private and confidential

CPA Canada Foresight: Reimagining the Accounting Profession

CPA Forum North October 28, 2019

Introduction

Larry Brownoff CPA, CA

• Director, Member Engagement and Technical

Advisory, CPA Alberta

• Over a decade of recruiting expertise placing

CPAs

• Seventeen years of senior level industry

experience

• Active volunteer with not-for-profit organizations

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“It is really hard to make predictions, especially about the future.”

Yogi Berra

Economic Geopolitical Technological Environmental Societal

C

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High levels of debt Impact of global trade wars

Economic Geopolitical Environmental

Increase in political tension Protectionist sentiments Impact of extreme weather events Climate change mitigation and adaptation Impact of advanced technologies Financial costs of cyber attacks Exponential growth of data

Technological Societal

New skills and competencies Increased income disparity Effect of social media

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The future is already here – it’s just unevenly distributed.

William Gibson, Sci-Fi Writer Even though a new world of AI powered applications is being forged, the fundamental ethical issues around integrity, professionalism, duty of care, confidentiality and competence remain the same…

Excerpt from: Machines can learn but what will we teach them… Ethical considerations around artificial intelligence and machine learning. CAANZ July 2018

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Challenges

A swiftly evolving digital environment Users are choosing real-time data for decisions The speed and scope of digitalization Data governance is untamed Stewardship and trust Value is increasing intangible

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Scenarios – “Preparing the Mind”

Willingness to embrace Social/technological change Willingness to embrace Social/technological change

High Low

Cooperation, cohesion, social capital Cooperation, cohesion, social capital

High

(priority is common good)

Low

(priority is individual advantage)

• 3. Tech Titans

A world where “wild west” innovation thrives with few regulatory impediments: dynamic, competitive, un-equal

• 2. Phoenix Rising

A world where calamity inspires global cooperation and technology is harnessed for the common good: equitable, integrated, regulated, redistributive

• 4. My Way

A world where communities turn inward to protect local interests: protectionist, fragmented, community-focused

• 1. Slow and Steady

A world where strong institutions guide decisions based on careful analysis: conservative, prudent, consensus-driven, standards-based

CPA Foresight Matrix

Where do we go from here?

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The changes required are NOT incremental, they are going to be complex and difficult Requires:

• multi-stakeholder solutions
• coordination across the

profession (domestically and globally)

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SURVEY RESULTS: ANTICIPATED FUTURE COMPETENCIES FOR CPAS

92% 90% 80% 77% 68% 67% 63% 58% 26% 24% 15% 12% 7% 8% 17% 21% 28% 28% 33% 36% 60% 52% 48% 41% 5% 11% 18% 25% 29% 4% 9% 5% 8% 8%

Problem solving, analy. thinking & dec. making Communication Data analytics & business info systems Leadership & teamwork Innovation & innov. management Change management Strategy & governance Technical accounting competencies Law/legal training Math & sciences Social sciences Climate change expertise Very important Somewhat important Not very important Not at all important Not sure

When asked how important different competencies will be in 5 to 10 years, CPA Alberta members identify the same suite of important future competencies as employers. Analytical thinking and decision making, knowledge of business information systems and data analytics are identified as being very important, as are ‘soft skills’ like communication and leadership/teamwork.

Question - Thinking about the coming 5 to 10 years, please indicate how important you think each of the following competencies will be for CPAs.

Top tier 2nd tier

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“Time forks perpetually towards innumerable futures.”

Jorge Luis Borges

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“Even though the future seems far away, it is actually beginning right now.” Mattie Stepanek

• Professional Development
• CPA Alberta On-line Resource Centre
• Advisory & Consultation Services
• Member Engagement / Volunteering / Awards / Events
• Peer to Peer Forums
• CPA Assist / Wellness Resources for Dealing with Disruption
• CPA Canada Resources for Dealing with Disruption

Overview of Member Products & Services

DISCOVER THE FULL VALUE OF YOUR CPA MEMBERSHIP

Professional Development – What’s New?

Seminars Passport Program

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• Available for anyone to purchase
• Provides group savings on PD offerings.
• Share Pass tickets are fully transferable to colleagues, friends,
• r anyone in your network!

New Share Pass

CPA Alberta Seminars

• Automation Survival Guide for Accountants
• Create Stunning Dashboards with Power BI Desktop
• Introduction to Power Query
• Open Innovation for Accountants
• Emerging Technologies, Including

Blockchain and Cryptocurrency

• The Robots are Here

CPA Canada Certificate Programs

• Data Management
• Cybersecurity Framework

Emerging Technology & Data Analytics Seminars and Certificates

https://www.cpaalberta.ca/Services

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https://www.cpaalberta.ca/Services/Online-Resource-Centre

CPA Alberta Online Resource Centre

CPA CANADA RESOURCES

https://www.cpacanada.ca/en/business-and-accounting-resources/other-general-business- topics/information-management-and-technology

Information Management and Technology

Confidential second opinions, referrals and support on a broad range of topics such as:

• CPA Canada Handbook accounting or assurance

standards

• CPA Alberta Rules of Professional Conduct and the

resulting professional requirements

• Practice management /Succession planning
• Independence
• Conflicts of interest
• Ethical dilemmas

Advisory and Consultation Services

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Member Engagement

Member engagement is about investing time and resources in exchange for

• value. Getting involved in the profession and community.

Peer-to-Peer Forums

An opportunity for CPAs to share their experience and knowledge around an important topic. Allows CPAs and candidates to help each other tackle issues and challenges they may be facing.

• Innovation and Technology
• Young Professionals
• Energy

https://www.cpaalberta.ca/Services/Professional-Services/Peer-to-Peer-Forums

CPA Alberta’s Annual Achievement Awards recognize members whose achievements in their career, the community and the CPA profession bring honour and visibility to the profession:

• Early Achievement Award
• Distinguished Service Award
• Fellowship (CPA)

Awards and Recognition

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• Elevate 2020 - May 28 to 31, 2020, Banff
• Elevate Awards Gala
• Elevate Your Mind PD Day
• Family Activities
• CPA Golf Tournament
• CPA Assist Fitness Series
• Convocations
• Chapter/Practitioner Group Events
• CPA Forum North – October 27 to 29, Jasper

https://www.cpaalberta.ca/Events

Events

CPA Assist provides free, confidential, 24/7 professional counselling services to Alberta CPA, CPA candidates and their immediate family.

CPA Assist

Addiction Anxiety Burnout Career Dissatisfaction Family Issues Financial Crisis Grief Counselling Nutritional Counseling Stress Management Time Management

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Access to exclusive savings and offers, including insurance and

• ther benefit programs:
• CPA Insurance Plans West
• CPA Canada Savings & Offer Program
• Automotive
• Business Resources
• Financial Services
• Health & Wellness
• Travel & Entertainment
• Private Sector Retiree Benefit Plan

Savings & Offers

Questions?

Larry Brownoff CPA, CA (780) 670-2428 lbrownoff@cpaalberta.ca