Professional Matters
CPA KNOW-HOW We asked three CPAs about the future BY JACLYN LAW
The world is changing. What are the biggest challenges facing Canada’s accounting profession in the next 10 years?
Deborah Lucas, CPA, CGA, MBA ASSOCIATE DIRECTOR, ADMINISTRATION & FINANCE, SCHULICH SCHOOL
OF MEDICINE & DENTISTRY, WESTERN UNIVERSITY LONDON, ONT.
“The role of finance professionals is expanding. Organizations need people with a strong finance background in operational roles because we consider the big picture: HR, infrastructure, capital budgeting, resourcing. The challenge for our profession is to prepare CPAs for these roles. This could include CPD courses
on creative and strategic thinking, networking forums and more coverage in the CPA curriculum. While CPAs advise on budgeting and forecasting, they should call attention to other issues that affect companies, such as the economy, the regulatory environment or changing markets. We need to be proactive to help organizations achieve their vision and mission.”
Neelam Pamnani, CPA, CA BUSINESS ADVISER, MNP GRANDE PRAIRIE, ALTA.
“A big challenge that I see is getting more CPAs into public accounting. Auditing is something that only public accountants can do and, as more CPAs choose a career in industry, it’s possible we’ll see a shortage of people in this vital role. We’ll also miss out on the fresh ideas that new CPAs would bring in. Public accounting presents great opportunities to work with a diverse client base.
It’s a great way to learn how various industries work and how they contribute to our economy. Currently, there is a high demand for public accountants. I think the field will become more specialized and present a huge competitive advantage in the future.”
Tom Veal, CPA, CMA FINANCIAL OFFICER, SOUTHERN MEDICAL PROGRAM,
UNIVERSITY OF BRITISH COLUMBIA KELOWNA, BC
“The automation of finance and related functions is a challenge. Today, software is essentially doing or automating the grunt work accountants have traditionally done, so we need to operate above that level and rethink where we fit within organizations. I think accountants’ roles in the future will be more strategic, with more
financial modelling and forecasting. Whether we work in industry or public practice, we need to prepare ourselves by learning how to interpret data and structure it in a way that facilitates decision-making. This shift presents a challenge for CPA Canada too. It will need to tailor the program to ensure technical proficiency but also give people skills that are sought-after in the industry. Branding will be important to help people understand how higher-level financial people contribute to organizations beyond the numbers.”
12 | CPA MAGAZINE | MARCH 2017 Thinking ahead
CPA Canada has many resources about challenges facing the accounting profession:
Technological Disruption of Capital Markets and Reporting?
An Introduction to Blockchain: This paper explores the potential impact of blockchain technology, which underlies the digital currency Bitcoin. The technology could significantly affect how business is conducted and how information is exchanged and reported. Download it at
cpacanada.ca/ blockchaintechnology.
Audit Data Analytics Alert: Auditors must respond to ever-
increasing and diverse uses of information technology by audited entities. This alert highlights the drivers, opportunities and hurdles of the greater use of data analytics in auditing. Download it at
cpacanada.ca/paceofchange.
Adapting to Climate Change: Finance at the Forefront: This
strategic initiative, sponsored by CPA Canada and Natural Resources Canada and managed by the Network for Business Sustainability, says accountants are ideally positioned to help organizations adapt to climate change. Learn more at cpacanada. ca/climatechange.
Jen Grant/Kent Kallberg Studios
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Jen Grant/Kent Kallberg Studios
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