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Foresight: Reimagining the Profession makes urgent case for change

In 2018, Foresight started as a series of consultations with CPAs and stakeholders to discuss the profession’s most pressing issues. Foresight discussions are evolving and they’re creating a new strategic direction for the profession.

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There’s an urgent case for the accounting profession to embrace change or risk falling behind, losing relevance, and being replaced by competitors.

To prepare for these unprecedented changes, CPA Canada led an ambitious multi-stakeholder process to look at how the drivers of change – economic, environmental, technological, geopolitical, and societal shifts – will impact the future of the accounting profession.

Throughout the consultation process, Foresight participants weighed in to create scenarios to identify future directions of the profession in the areas of external reporting, audit and assurance, tax, financial management, and strategy, risk and governance, as well as employment opportunities and skill sets needed for CPAs to remain industry leaders. The scenarios were refined over a series of cross-Canada workshops and through our digital engagement platform. The insights from these discussions led to the development of The Way Forward.

FORESIGHT, TODAY

Foresight inspired a renewed energy and eagerness to advance the profession. In this new world, we are exploring how the profession will need to pivot to new ways of doing things including:

  • measuring value beyond financials to capture societal expectations
  • harnessing the power of vast quantities of data to make decisions and establishing new models of governance and decision-making
  • developing new skills and competencies
  • protecting integrity, trust and ethics

We’ve created three teams – Data Governance, Value Creation, and Skills and Competencies (coming soon) – consisting of CPAs and industry experts to help us move the Foresight initiative forward.

GET INVOLVED

The impetus behind Foresight is the opportunity to connect and share your ideas with a global community of CPAs and stakeholders on our digital engagement platform. We have an exciting new interactive digital engagement platform where you can participate in our Data Governance and Value Creations forums, connect and discuss issues with other CPAs, and answer quick polls. Register to get started.

WANT MORE?

We offer access to the wealth of reports, videos, and valuable free resources that emerged from our open and robust in-person and online conversations throughout the Foresight process.

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