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 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

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

Economic Geopolitical Environmental C Technological Societal

High levels of debt Impact of global trade wars Economic Protectionist sentiments Increase in political tension Geopolitical Impact of extreme weather events Climate change mitigation and adaptation Environmental

Impact of advanced technologies Exponential growth of data Financial costs of cyber attacks Technological New skills and competencies Effect of social media Increased income disparity Societal

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

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

Scenarios – “Preparing the Mind”

CPA Foresight Matrix High (priority is common good) 1. Slow and Steady 2. Phoenix Rising A world where strong institutions A world where calamity inspires global Cooperation, cohesion, social capital Cooperation, cohesion, social capital guide decisions based on careful cooperation and technology is analysis: conservative, prudent, harnessed for the common good: consensus-driven, standards-based equitable, integrated, regulated, redistributive Low High Willingness to embrace Willingness to embrace Social/technological change Social/technological change 3. Tech Titans 4. My Way A world where “wild west” A world where communities turn innovation thrives with few inward to protect local interests: regulatory impediments: dynamic, protectionist, fragmented, competitive, un-equal community-focused Low (priority is individual advantage)

Where do we go from here?

The changes required are NOT Requires: • incremental, they are going to be multi-stakeholder solutions • complex and difficult coordination across the profession (domestically and globally)

SURVEY RESULTS: ANTICIPATED FUTURE COMPETENCIES FOR CPAS 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. Problem solving, analy. thinking & dec. making 92% 7% 90% 8% Communication Top tier 80% Data analytics & business info systems 17% 77% 21% Leadership & teamwork Innovation & innov. management 68% 28% 67% 28% Change management 2 nd tier 63% 33% Strategy & governance Technical accounting competencies 58% 36% 5% 26% 60% 11% Law/legal training Math & sciences 24% 52% 18% 5% 15% 48% 25% 4% 8% Social sciences 12% 41% 29% 9% 8% Climate change expertise Very important Somewhat important Not very important Not at all important Not sure Question - Thinking about the coming 5 to 10 years, please indicate how important you think each of the following competencies will be for CPAs. 21

“Time forks perpetually towards innumerable futures.” Jorge Luis Borges

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

Overview of Member Products & Services DISCOVER THE FULL VALUE OF YOUR CPA MEMBERSHIP • 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

Professional Development – What’s New? Passport Seminars Program

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

Emerging Technology & Data Analytics Seminars and Certificates 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

https://www.cpaalberta.ca/Services

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

CPA CANADA RESOURCES Information Management and Technology https://www.cpacanada.ca/en/business-and-accounting-resources/other-general-business- topics/information-management-and-technology

Advisory and Consultation Services 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

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

Awards and Recognition 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)

Events • 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

CPA Assist CPA Assist provides free, confidential, 24/7 professional counselling services to Alberta CPA, CPA candidates and their immediate family. Financial Grief Nutritional Anxiety Addiction Crisis Counselling Counseling Stress Time Career Family Issues Burnout Management Management Dissatisfaction

Savings & Offers Access to exclusive savings and offers, including insurance and other 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

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