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 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)

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)

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.

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.

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.

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)

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.

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.

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.

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.

We’re kicking off season five with Kevin Kolliniatis, CPA, the national technology leader for KPMG in Canada’s audit and assurance practice. Kevin has been instrumental in KPMG’s transition towards continuous auditing. This emerging aspect of accounting can be described as a transformative shift from traditional practices. It’s characterized by a continuous flow of client information that is analyzed, monitored and flagged for exceptions in real time.Kevin highlights numerous benefits of continuous auditing, including:· Real-time transaction monitoring: instant data analysis, detecting potential issues as they emerge rather than adhering to a set audit timeline· Proactive response to anomalies: swift responses to irregularities, such as transactions exceeding set tolerance limits, and can potentially prevent fraudulent activities· Impact on business operations and customer relations: enhance customer trust and satisfaction by streamlining overall operations helping to prevent issues like double billing· Comprehensive transaction coverage: covering 100 per cent of transactions, leading to more detailed audits and facilitating improved client communicationListen in as we unpack the developing concept of continuous auditing.Advanced Data Management Certificate Program: Advanced Data Management Certificate 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.

On this episode, we speak with Jerome Dwight, CPA, the co-founder and CEO of BoomerangFX, a tech company aimed at private health-care providers. Instead of discussing what keeps him up at night during times of uncertainty, Jerome shared his perspective on the possibilities that can arise with an unsettled economy. He believes CPAs are well-positioned to identify hidden opportunities and manage the risks in a volatile economy.As Canada was navigating the global economic crisis in 2008, Jerome consulted with the federal finance minister regarding a plan to help Canada successfully navigate the turmoil. This experience led him to believe that periods of recession and economic uncertainty offer unique opportunities to grow or even launch a new business.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, Chris Dulny, CPA, chief digital data and innovation Officer at PWC Canada, discusses his deep concern that in tough economic times, Canadian businesses will prioritize short-term goals over long-term innovation strategies and potentially stifle their ability to adapt and thrive in the long run.Chris argues that innovation should not be viewed as a peripheral activity that can be put on hold until the economy stabilizes, but rather as a fundamental aspect of an organization's long-term viability. He says that in this disruptive world, innovation is really about creating the next evolution of your organization.As an expert in helping companies transform their business practices through innovation, Chris brings decades of experience as a CPA to the table. Whether it's leveraging data analytics, adopting cutting-edge technologies or redesigning workforce culture, Chris is passionate about driving innovation and helping companies stay ahead of the curve.

On this episode, Priyanka Lloyd, Executive Director of Green Economy Canada, discusses how taking meaningful steps to reduce emissions can make businesses stronger and better equipped to navigate an unpredictable future. When times are uncertain, it's natural to become risk-averse and cling to familiar processes and approaches. However, she argues that this is the ideal time to rethink spending on energy.Despite global uncertainty, many organizations continue the shift to sustainability, but not all. What keeps Priyanka up at night is the challenge of encouraging the 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.Through her work, Priyanka helps companies implement sustainable practices, and in this episode, she cites a specific example of a small manufacturer that dramatically reduced costs by making slight adjustments to their infrastructure.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, we speak with Cirque du Soleil Entertainment Group’s president and CEO Stéphane Lefebvre about his experience facing what seemed to be the worst-case scenario for the entertainment giant. In March 2020, Cirque du Soleil had six shows in Las Vegas with another 10 shows touring around the world. Then suddenly, within just six days, their revenue plummeted from over a billion dollars per year to zero.In his previous role as CFO, Stéphane helped identify new sources of funding for the company, and now, as CEO, he is leading the company's renewal efforts. Lefebvre recounts how he and his team were able to navigate this period of extreme uncertainty. Not only did his team need to manage to keep the company afloat, they also had to contend with the challenge of getting hundreds of performers and employees, located all around the world, back to their respective homes safely.The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of 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)

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

We’re kicking off season four with Obed Maurice. Obed is a partner at Avail, a mid-sized business advisory and accounting firm in southern Alberta. He's a CPA and he leads the firm's cloud accounting service. It's a specialty he developed on his own as the founder of Maxim Management, one of Canada's earliest cloud accounting firms. Avail acquired Maxim in 2019.What keeps him up at night is not the future of cloud accounting or digital services or the uncertain future of any of the industries Avail serves. Instead, Obed focused on something much closer to home for CPAs. What keeps him up at night is the uncertainty of how he can continue to attract top talent in the accounting industry. Listen to how he uses technology to attract top talent from across the country to help keep his business competitive.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)

In 2013, Peter Bakker wrote an article in the Harvard Business review titled Accountants Will Save the World. Almost 10 years later, Roopa Davé continues to share Bakker’s enthusiasm for the impact CPAs can have on the biggest issues facing our planet.Davé is a partner in KPMG’s Sustainability Services practice. “The skillsets and abilities of the CPA coupled with those of others will be very important in coming up with solutions in the fight against climate change,” she says.On this episode, she describes how the opportunity for CPAs to help solve important global issues adds purpose to the day-to-day work of accountants.Roopa Davé says, now’s the time for CPAs to jump on board with sustainability initiatives. CPAs are increasingly expected to work with equal proficiency in both financial and ESG statements. And according to Davé, that expectation is only going to grow in the near future.Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect those of CPA Canada