Foresight: The CPA Podcast

Hosted by CPA Canada

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Apr 2024

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Foresight: The CPA Podcast asks CPAs to reimagine their position at the centre of the economy. Accountants face an urgent choice: embrace change or risk falling behind, losing relevance and being replaced by competitors. Foresight: The CPA Podcast takes a deep dive into how societal shifts are transforming the role of CPAs. From AI to ESG. From protecting the environment to protecting professional ethics. Each episode asks CPAs to reimagine their position at the centre of the economy. This podcast is part of the Foresight initiative from CPA Canada, aimed at setting a new strategic direction for the Canadian accounting profession. Visit us at www.cpacanada.ca/en/foresight-initiative Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada. =========================== La série Balados pour CPA : Voir demain invite les comptables à se repositionner en plein cœur de l’économie. Les CPA doivent faire un choix urgent : s’ouvrir au changement ou être laissés derrière, perdre de leur pertinence, et être remplacés par des concurrents. Dans chaque épisode, nous analysons en profondeur certaines transformations sociétales et leur incidence sur le rôle des CPA : éthique professionnelle, intelligence artificielle et facteurs environnementaux, sociaux et de gouvernance sont abordés. Ces balados s’inscrivent dans le projet Voir demain, que CPA Canada mène afin d’élaborer une nouvelle orientation stratégique pour la profession comptable canadienne. Pour en savoir plus, visitez-nous à: www.cpacanada.ca/fr/voir-demain-initiative 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.

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39 recent

April 8, 202422 min

The role of the CPA in certifying the digital world of AI

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)

March 25, 202423 min

Meet the tax advisor’s newest partner: AI

On this episode with Benjamin Alarie, CEO of Blue J and a tax law professor at the University of Toronto, we explore another case study of an AI-driven platform penetrating traditional CPA competencies. Blue J's “Ask Blue J” platform allows professionals to input complex tax queries and receive detailed, sourced responses in conversational language. This shift signifies a move from manual research to a streamlined, AI-enhanced approach.Tax professionals may feel anxiety towards the incursion of this powerful AI tool into their field, but Alarie argues that Ask Blue J complements rather than replaces human expertise. By automating early research stages, AI frees advisors to focus on strategic tasks like analysis and client advice, thus bolstering their role in the advisory process.The conversation explores serious issues in AI integration into tax practices, such as data privacy, security, and ensuring the accuracy of AI advice. Additionally, the episode digs into the thorny ethical and legal questions of who is ultimately accountable for the advice this AI offers. Is it the AI company or the CPA who relies on it?Listen now for insights on AI’s transformative potential and the need for CPAs and tax professionals to grasp AI's opportunities and challenges in tax advisory, emphasizing the necessity for adaptability and continuous learning.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)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)

March 11, 202423 min

Can AI make sustainability reporting sustainable?

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)

February 26, 202424 min

SMEs slow adoption of AI and Canada’s Productivity Crisis

On this episode, Jean-Sébastien Charest, chief information officer at the Business Development Bank of Canada discusses Canada’s productivity crisis. Canada’s labour productivity, which is measured by the real gross domestic product (GDP) by hours worked across the economy, has been compared with the United States and other advanced economies, and Canada is lagging behind.Charest believes one key factor to Canada’s falling productivity is the underinvestment in new technologies, particularly the hesitance of Canadian businesses to embrace artificial intelligence (AI), especially among small and medium enterprises where AI adoption is slowest.Canada is ranked 20th among 35 OECD (Organization for Economic Co-operation and Development) countries in AI adoption, so Charest outlines a practical “three horizon” strategy for AI integration to help these Canadian SMEs catch up.This episode is a useful resource for any entrepreneur, business leader or professional looking to boost revenue and cut costs. Listen now to learn how AI can help close Canada’s productivity gap and its role as a transformative tool in reshaping the country’s businesses and economy.

February 12, 202424 min

Identifying and controlling the risks of Generative AI for CPAs

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.

January 29, 202426 min

The CFO and Generative AI – A Transformative Partnership

We’re kicking off season six with Sree Balakrishnan, partner at Deloitte Canada, and Zohaib Akhtar, senior manager on Deloitte’s Omnia AI team, as we explore how the role of Chief Financial Officer (CFO) will be shaped by the evolution and adoption of Generative Artificial Intelligence (Gen AI). Our guests bring their extensive experience working with CFOs and finance professionals to the table to discuss how Gen AI is moving beyond mere automation to become a strategic partner in enhancing productivity, controlling costs, and driving revenue growth.Balakrishnan and Akhtar discuss Deloitte's latest findings, which highlight that an overwhelming 94% of companies are betting on AI for their success strategies. They discuss the way businesses can continue to embrace innovation and maintain control in the financial sector.Listen now as they peer into the future and imagine a world where the role of the CFO expands beyond finance and describe how CPAs can update their skills to help capitalize on the adoption of Gen AI.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.

November 13, 202319 min

Adapting to new sustainability reporting standards

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)

October 30, 202325 min

Will generative AI replace the CPA?

On this episode, Annie Veillet, the national Intelligent Automation practice leader at PwC Canada dives into the rise of generative AI and what it means for the accounting profession. Will these tools replace CPAs? Veillet doesn’t believe so. Hear her thoughts as she discusses how these tools are being used internally at PwC, as well as addressing the very real concern about the reliability of generative AI.Veillet envisions a future where the relationship between AI and humans is collaborative: generative AI can take a larger role in financial analysis and auditing, but it will always require human oversight to authenticate data outputs. With that legwork done, CPAs will have an opportunity to utilize that data to provide additional insights and have more informed conversations with stakeholders.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.

October 16, 202325 min

The impact of Gen Z on the accounting profession

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.

October 2, 202327 min

How CPAs can manage a more polarized workplace

Liane Davey, PhD., and author of ‘The Good Fight’, distinguishes healthy and unhealthy workplace conflict and how CPAs can cultivate an environment that encourages collaboration.On this episode, renowned team effectiveness advisor and author of The Good Fight , Liane Davey, PhD., discusses how to manage problems in a workplace arising from individuals with polarized views. Bringing people together around common goals and bridging the gaps between various parts of an organization is integral to the modern CPA’s role; the CPA Competency Map 2.0 identifies conflict management as a key competency in the foundational common core.With that in mind, this episode digs into the skills CPAs need to master to successfully navigate this developing and emerging issue. Listen now to deepen your understanding of how effective conflict navigation and communication can not only become a crucial part of your role, but also a driver of your success in an increasingly polarized world.Highlights of SHRM 2022 Politics at Work StudyEurasia Group’s Top Risks of 20233 Strategies to Address Political Polarization in the WorkplaceCPA Canada Competency Map 2.0To 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.