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HOW DO SK MEMBERS SEE CPAs MEETING THE NEEDS OF THE FUTURE?

The world around us is changing, and as accountants we know we need to change with it. That is why CPAs are transforming to meet the needs of the future and why CPA Canada is developing the CPA “Way Forward” Competency Map (CM2.0).

We asked several Saskatchewan CPAs in different sectors for their reaction regarding this important topic, below is what they said:

“The future of assurance engagements will require CPAs to expand their knowledge in Information Technology (IT). This increased knowledge will allow CPAs to work closely with dedicated IT professionals to translate assurance standards, concepts, and procedures into scripts and coding. Many public accounting firms have already begun implementing data analytics to increase efficiency and improve assurance engagement quality. The next step up from data analytics to real-time integrated automated analyses, automated procedures, and risk assessments created by artificial intelligence has already started.” “In the corporate real estate field, office workplace is evolving to flexible and activity-based layouts with enhanced audiovisual and technology. The future in this field may change with advanced technology and a different business operations model. CPAs’ analytical and financial skills with strong business acumen will be what the future needs in this field in formulating premises strategy, project execution, and optimizing results. Continuous learning is vital to keep abreast of office and industrial real estate market trends, enhance the communication and management skill, and increase knowledge in investment analysis (lease vs own and asset management), vendor and project management, workplace design and new technology product in this sector.”

Rick Lam, CPA, CMA Director of Real Estate Asia Pacific Global Workplace Solutions, Human Resources Pfizer

Willie Birss, CPA, CA Principal Baker Tilly SK LLP

“CPAs are adding great value in the typical roles of reporting, business decision making, analysis and policy formation. Toward a net zero CO2 world, with transition to energy management and sustainability, the implications become very prominent. How to measure carbon, what to measure, who is credited or charged – will become very real. The rules are roughed out in some cases but not fully functional. These issues will have huge economic implications. Contract interpretation, measurement, reporting and compliance will be challenges. Strategies will need to be reworked with the new realities. I see CPAs all over the low carbon landscape.”

Grant Ring, FCPA, FCMA Vice President, Supply Chain SaskPower Innovations such as artificial intelligence, blockchain technology and automation are disrupting traditional ways of doing business. Yesterday’s future is here and CPAs have an important role to play in shaping tomorrow’s future. But even in this brave new world, the CPA skills and values are more important than ever. Thank you to the members who contributed comments for this article.