CPA Canada Foresight: Reimagining the Accounting Profession CPA - - PowerPoint PPT Presentation
CPA Canada Foresight: Reimagining the Accounting Profession CPA Forum North October 28, 2019 Board of directors March 6, 2018 Private and confidential Introduction Larry Brownoff CPA, CA Director, Member Engagement and Technical
Board of directors March 6, 2018 Private and confidential
Larry Brownoff CPA, CA
Advisory, CPA Alberta
CPAs
experience
Yogi Berra
Economic Geopolitical Technological Environmental Societal
C
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
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
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
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)
A world where “wild west” innovation thrives with few regulatory impediments: dynamic, competitive, un-equal
A world where calamity inspires global cooperation and technology is harnessed for the common good: equitable, integrated, regulated, redistributive
A world where communities turn inward to protect local interests: protectionist, fragmented, community-focused
A world where strong institutions guide decisions based on careful analysis: conservative, prudent, consensus-driven, standards-based
CPA Foresight Matrix
The changes required are NOT incremental, they are going to be complex and difficult Requires:
profession (domestically and globally)
21
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
Jorge Luis Borges
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Larry Brownoff CPA, CA (780) 670-2428 lbrownoff@cpaalberta.ca