Foresight: The CPA Podcast

On this episode, Simon Dermarkar, associate professor of accounting at HEC Montreal, discusses the evolving role of Certified Public Accountants (CPAs) in the age of artificial intelligence (AI) and data governance. Simon emphasizes the critical importance of data as the fuel of AI. He argues that it is natural for CPAs to apply their expertise in assurance and internal controls to the vast domains of digital data and AI-driven processes. By ensuring the quality of data that feeds into AI models, CPAs can play a pivotal role in enhancing the reliability and integrity of technological systems across various sectors.Simon has poured these insights into his popular course, Audit and Big Data. He encourages students to go beyond the AI tools that simply speed up traditional accounting tasks by understanding how to audit and govern digital data. Through this course, accounting students learn to see themselves as key players in shaping the future of business and information management.This episode is a must-listen for accounting professionals, students and anyone interested in the intersection of AI, data governance and the future of the accounting profession. Simon Dermarkar shares a compelling vision of how CPAs can become strategic partners in the digital revolution, contributing to a more sustainable and trustworthy information economy.Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)

On this episode, Ryan Meyers, chief product officer at Manifest Climate, discusses how Manifest Climate, helps companies measure their sustainability efforts against regulations and see how they stack up against others. The platform uses AI to quickly check a company's reports against 50 regulatory standards, offering detailed comparisons and identifying where improvements are needed. Manifest Climate offers a case study in how artificial intelligence can be applied to the challenge of sustainability reporting and strategy. This is especially helpful for small and medium-sized businesses that might struggle to meet international sustainability standards due to limited resources.While Manifest Climate doesn't rely on large language models (LLMs) for its core function, this technology is layered onto what the program is able to deliver to clients. Ryan Meyers talks about the potential benefits and drawbacks of using LLMs when summarizing and analyzing large amounts of data for compliance purposes. He stresses that while AI can be an amazing assistant, human judgment is crucial –especially for complex decisions.Ryan Meyers shares a vision of how AI could make sustainability efforts more effective, and more achievable for small and medium sized companies. This episode is a valuable listen for entrepreneurs, business leaders, and professionals eager to leverage AI for a more sustainable future.Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)

We are continuing our conversation on Generative AI, often referred to as Gen AI, with Cathy Cobey, FCPA, global responsible AI co-lead at EY, to explore the potential risks that come with introducing this new technology to the accounting profession. Cobey brings extensive experience working on the ethics and control implications of AI and other autonomous systems. She emphasizes the importance of understanding the capabilities and limitations of Gen AI and how it falls to the CPA to ensure the origin, accuracy and reliability of the data and information, while also advocating for robust governance and transparency surrounding the use of this technology.Episode 2 also touches on the evolving regulatory standards regarding AI in auditing and financial statement preparation. Cobey concludes with a realistic yet optimistic outlook on AI's role in accounting, stressing the importance of trust and control mechanisms in adopting and leveraging this technology effectively. Listen now to learn some valuable insights on navigating the new dynamics of AI as a CPA.To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.

On this episode, Shreya Verma Mair, CPA, senior associate at ESG Global Advisors discusses the launch of the new International Sustainability Standards Board (ISSB) sustainability disclosure standards and their impact on sustainability reporting. While for many, this is seen as a major and unsettling shift in the way we manage reporting standards that may cause panic, Verma Mair says this is an opportunity for CPAs – if they’re prepared.Verma Mair believes that it is imperative for CPAs to get up to speed with ESG insights and scenario modelling to understand how climate risks can impact company value. As companies are required to merge sustainability reporting with their financial disclosures, it will be up to CPAs to lead that charge and work with other professions like actuaries and engineers to better quantify climate-related risks.Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)

In May 2021, the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC) produced a study called Ground-breakers: Gen Z and the future of accountancy . The study suggests the future of accounting is no longer in the hands of baby boomers and gen-Xers. Millennials have stepped into leadership roles and a new generation with a distinct perspective on the profession is entering the workforce. Generation Z, born after 1996, are digital natives who have never experienced a world without the internet and are starting their careers when remote work is the norm. Gen Z signals a societal shift that will influence the evolution of the accounting profession over the next decade.This episode features a panel with three unique perspectives to help understand this shift: Charlotte Hamilton, CPA, senior consultant at EY Canada; Murjanat "MJ" Dambatta, CPA, an assistant controller at Oliver and Bonacini Hospitality; and Safia Rahemtulla, CPA, CA, CIA, C3PRMP, an associate partner at EY Canada. They delve into the aspirations and expectations of Gen Z professionals, shedding light on their motivations.Ground-breakers: Gen Z and the future of accountancy To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.

Jan Taylor, CPA, PhD, addresses a growing movement in the United States to have accounting considered as a STEM field and its potential impact on attracting new talent into the profession.On this episode, Jan Taylor, CPA, PhD, academic in residence and senior director of academic and student engagement at the Association of International Certified Professional Accountants (AICPA), passionately advocates for the inclusion of accounting within STEM (Science, Technology, Engineering and Mathematics) fields. She underscores how the profession has evolved from its traditional number-crunching origins into a field where technology and innovation hold centre stage.Jan outlines the multifaceted benefits that would accompany the recognition of accounting as a STEM discipline. This transition, she explains, could render accounting more attractive to a wider array of prospective students. "We are not counting beans anymore," Jan asserts, underlining how this acknowledgment would help dispel enduring stereotypes about the profession.She also reveals that contemporary accounting programs are already deeply immersed in areas such as data analytics, IT auditing, blockchain and cybersecurity. Jan convincingly argues that the move to formally recognize accounting as a STEM field is not so much about instigating change, but rather aligning with the already transformed reality of the profession.7 Reasons why accounting should join other tech professions as a STEM fieldAICPATo learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.

Jerome Dwight, CPA, the co-founder and CEO of BoomerangFX, a tech company aimed at private health-care providers shares his perspective on the possibilities that can arise with an unsettled economy.

What keeps Priyanka Lloyd, Executive Director of Green Economy Canada, up at night is the challenge of encouraging 1.2 million businesses in Canada to take meaningful steps to reduce emissions. She believes that this will make them stronger and better equipped to navigate an unpredictable future.

Our guest in this episode, Anish Chopra, FCPA, shares his approach when it comes to managing investments during times of macroeconomic uncertainty, and how being a CPA has helped him manage his emotions during high-stress periods. Anish Chopra is the managing director and portfolio manager at Portfolio Management Corporation. Prior to this, he oversaw over $100 billion dollars in investment management mandates as managing director of the Innovative Solutions Group at TD Asset Management.Season 4 looks at what keeps CPAs up at night. When asked this question, Chopra points out that once you start losing sleep, it probably means you've structured your investments in such a way that you're unable to handle the economic uncertainty that you're facing, and it's best to make adjustments now. He explains how his training to become a CPA has helped him manage emotions when making difficult business decisions. As it turns out, what helps him get a good night’s sleep is asking himself, “How much of a decline can I handle?”Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect those of CPA CanadaTo learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA's Foresight InitiativeDevenir CPACPA EnglishCPA French

What does it look like when the CPA skillset is applied to the global challenge of sustainability? Janice Tran offers one concrete example. She is the CEO and co-founder of Kanin Energy, a Canadian company that turns excess heat from industrial sites into electrical power. And the potential is huge. Kanin’s technology captures and converts the wasted energy from exhaust stacks to a carbon-free flow of electrons, which across North America could delivery as much as 20 gigawatts of untapped, clean energy.Janice Tran is a CPA. She also has a Master of Science in Sustainability Management from Columbia University and a Master of Accounting degree from the University of Saskatchewan.In this episode, Tran talks about how CPAs can lead businesses focused on solving the climate crisis. She also argues that business is better situated than government to tackle the sustainability challenge. With a net-zero carbon target by 2050, how is Canada going to reach this goal and what role can the CPA play in achieving this feat?Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect those of CPA CanadaTo learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)

Are sustainability reports fundamentally different from financial statements? Armand Capisciolto says, not really. Both deliver information that providers of capital seek before making investment decisions.So, what is the CPA’s role with these information documents?Through the application of accounting standards, CPAs add credibility to the information in financial statements. Then as auditors, CPAs provide an additional layer of credibility to that information. By applying these core competencies, Armand believes accountants, not MBAs or environmental scientists, are best positioned to set the standard for sustainability reporting.Armand Capisciolto is the National Accounting Standards partner at BDO Canada and the interim chair of the Canadian Accounting Standards Board.Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)

The rise of sustainability in business reporting requires CPAs to develop new skills and a new knowledge set. This may seem daunting, but Blake Phillips sees it as a way of future-proofing your career.Blake Phillips is the director of the School of Accounting and Finance at the University of Waterloo. He is the co-developer of a new program at the university, one that is aimed at training tomorrow’s green financial experts. The Bachelor of Sustainability and Financial Management officially starts in Fall 2022. The program’s fusion of sustainability and financial management is unique in Canada and highlights the integrated set of skills that will be in high demand in coming years.Phillips makes the point that accountants, who are well versed in financial systems, need to ensure that they gain the appropriate knowledge to understand financial, social and natural systems equally.University of Waterloo Sustainability and Financial Management programTo learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada EnglishCPA Canada (Français)Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.Avertissement : Les opinions et les points de vue exprimés dans cette série de balados sont ceux de l’invité et ne représentent pas nécessairement ceux de CPA Canada.

The rise in globalization and the ever-increasing sophistication of corruption schemes have exponentially expanded the scope of the professional accountant’s role. The challenges CPAs currently face are significantly different from those encountered 20-25 years ago. It is important that CPAs rise to this challenge and equip themselves with the knowledge and skills to effectively combat misconduct at both a local and global level. Our first guest, José Hernandez is the Founder and Chief Executive Officer of Ortus Strategies, a consulting firm that helps companies rebuild ethics and compliance programs. Prior to this, he founded FGI Europe and has been closely involved in unraveling many high-profile corruption cases over the past two and a half decades. He frequently offers expert testimony to legislatures, parliament, and governments on combatting corruption. “The first lesson is that accepting, tolerating corrupt regimes for an extended period of time, does inflict a tremendous human toll” says José, “in many ways, we’ve become too complacent… We really have to fight, and as accountants, custodians of this financial system. We need to fight even harder.”Michele Wood-Tweel speaks to the need for legislation to keep up with the ever-evolving practices of financial criminals, particularly in this country. Michelle is CPA Canada's Vice President of Regulatory Affairs and supports the council of chief executive's public trust committee.“Corruption is ramping up across the globe and Canada is not immune. In the CPA profession, we have to be aware that the risk is ever-present.” Michele comments, “we have to be super aware of what is taking place. We have to rise to the occasion to make sure that we're asking the right questions.”Episode 8 explores the responsibility of the CPA role in a global effort to combat corruption.Key Takeaways:1:32 - What the current situation in Russia/Ukraine can teach us about corruption2:50 – The impact of international fraud on accountants4:34 - The SNC Lavalin case 6:00 – How corruption has changed in the last few decades8:29 – New challenges CPAs are facing15:45 – How the Canadian government is trying to keep up with money laundering, particularly with the rise in virtual currency19:26 – Examples of money laundering within Canada and what it means for Canadian accountants21:27 – What to look out for as a CPA and how to stay on top of these rapid changesFor more information on Canada’s anti-money laundering and anti-terrorist financing legislation (AML/ATF), please visit the following:AML/ATF Guide: Guide to comply with Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) legislationAML Resources: Anti-money laundering resourcesLearn more about CPA Canada's Foresight initiative, go to foresight.cpacanada.caTo learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:Foresight: The CPA PodcastCPA Canada's Foresight InitiativeCPA Canada...