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The Auditor of the Future #FutureReady

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Presentation to the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB) on June 5, 2018. Presented by Rebekah Brown, CPA and Tom Hood, CPA, CITP, CGMA.

At the Business Learning Institute (A subsidiary of the Maryland Association of CPAs) we are on am mission to help the CPA Profession be #futureready and ride the big waves of transformation coming at us. In 2014 we engaged the help of a leading global futurist and WSJ Best-selling author, Daniel Burrus to help us. Our work with him identified a new approach to working in this period of exponential change.

The concept is to create an 'Anticipatory Organization®' capable of identifying the key trends impacting an organization or even a profession. Using his 'Science of Certainty' we can identify the hard trends that will happen and begin to identify opportunities around those trends and predictable problems if we ignore them.

We have adapted this framework around the concepts of being #futureready - Being AWARE, PREDICTIVE, and ADAPTIVE of emerging trends in technology, social, demographics and regulations.

We believe that instead of just reacting to the ever increasing rate these trends are coming at us, we should learn how to anticipate those trends that can be expected with a degree of certainty. This Will allow us to design a better, preferred future with purpose and intention rather than getting swamped by these bigger and bigger waves of change.

This presentation to the PCAOB SAG for their Data & Technology update is framed around these concepts of #futureready and our work with Daniel Burrus on how to better anticipate trends using his ANTICIPATORY ORGANIZATION® Model.

In this presentation are the latest research on the Top 10 Hard Trends facing the CPA Profession:

1. Big Data analytics
2. Artificial intelligence cognitive computing in audit and tax
3. Blockchains
4. Virtualization and automation of processes and services (RPA)
5. Advanced cloud computing
6. Adaptive and predictive cybersecurity
7. The internet of things IoT
8. Drones
9. Mobile apps for business processes
10. Wearables and applications

And our latest research on the Top skills for CPAs, Accounting, Auditors and Finance Professionals in an Age of Machines:

1. Anticipating and serving evolving needs
2. Critical thinking and problem solving
3. Synthesizing intelligence to insight
4. Integration and collaboration
5. Tech-savviness and data analytics
6. Communications
7. Leadership
8. Functional and domain expertise

For more information contact us at learn@blionline.org or by calling at +1-888-481-3500

Veröffentlicht in: Business

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The Auditor of the Future #FutureReady

  1. The #FutureReady Auditor Data & Technology Trends in the Profession Presentation to the PCAOB SAG June 5, 2018 Tom Hood, CPA.CITP.CGMA Rebekah Brown, CPA The views expressed are our own personal views and do not reflect those of the PCAOB, members of the Board, or the PCAOB staff
  2. Tom Hood, CPA, CITP, CGMA Rebekah Brown, CPA The Business Learning Institute
  3. “The greatest shortcoming of the human race is our inability to understand the exponential function.” - Albert A. Bartlett
  4. “We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.” Klaus Schwab World Economic Forum
  5. “In the next five years, game-changing technologies will transform every business process, including how we sell, market, communicate, collaborate, educate, train and innovate.” - Daniel Burrus
  6. Change: doing things differently Transformation
  7. ”If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” – Jack Welch
  8. 1. Being proactive vs reactive 2. Finding the right people 3. Talent retention 4. Keeping up with technology 5. Succession and retirements 6. Competition and client retention 7. Partner alignment and buy-in CPA.COM Survey from 2015 found 92% of CPAs are not #FutureReady – Anticipatory = Aware, Predictive & Adaptive Top Challenges Facing Major Firms
  9. Our #1 challenge?
  10. #FutureReady The capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.
  11. Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime. - Lao Tzu
  12. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat-Zinn
  13. Aware
  14. The 4th Industrial Revolution
  15. Source: Deloitte | Accenture Artificial intelligence Blockchain Data analytics Cybersecurity ROBOTICS is predicted to automate or eliminate up to... of basic accounting work by 2020.
  16. Bots in Accounting (RPA)
  17. } Vaporized “Whatever can be vaporized will be vaporized.” Robert Tereck author of Vaporized: Solid Strategies for Success in a Dematerialized World
  18. Warner Bros/courtesy Everett Collection / Everett Collection What happens to this industry when all financial and economic data is being updated, automatically and indisputably in real time? What happens to the people who lose their jobs? What happens to the work culture? If the future foreseen by this book comes to pass, we’ll witness the biggest employment shakeup the world has ever seen… And this time, the most vulnerable jobs are not the usual suspects: the factory workers, the low-level clerks, or the retail store assistants. Now it’s the accountants, the bankers, the portfolio managers, the insurers, the title officers, the escrow agents, and the trustees—and, yes, even the lawyers. - Michael Casey & Paul Vigna
  19. “Blockchain is bringing new challenges and opportunities to the audit and assurance profession. As the paper makes clear, CPAs will need to evolve their skillsets and knowledge to meet the anticipated demands of the business world as blockchain and other new technologies are more widely adopted.” – Sue Coffey – AICPA EVP “Change comes quickly,” says Gord Beal, vice president of research, guidance and support at CPA Canada. “Anticipation, early understanding and integration of innovative technologies is critical to the success of our members and the organizations they serve.
  20. 6 Days 2 Secs
  21. Predict
  22. Anticipate: Certainties - Hard Trends 1. Government Regulations and Standards 2. Demographics 3. Technology These trends have direction and speed, they are moving forward with or without us. In the case of technology, it is exponential.
  23. Regulations & Standards ● RevRec ● TCJA ● GDPR
  24. Demographics AICPA PCPS Top Firm Issues Report
  25. Demographics - Accounting in the US 1 in 3 graduates become CPAs
  26. 1. Artificial intelligence, machine learning, and cognitive computing in audit and tax 2. Big Data and high-speed data analytics 3. Adaptive and predictive cybersecurity 4. Virtualization and automation of processes and services 5. Mobile apps for business process innovation 6. Blockchains and cryptocurrency 7. Advanced cloud computing 8. Smarter smartphones and tablets drive mobile process automation 9. Virtualization of desktops, storage, applications, and networking 10. Social business applications + 1 RPA – Robotic Process Automation Source: 2018 Top technology Trends – Burrus Research BLI-MACPA Research with over one thousand finance and accounting professionals Top 10 Technology Hard Trends Shaping the Profession in 2018
  27. Top Hard Trend Technologies Identified by SAG 1. Big Data analytics 2. Artificial intelligence cognitive computing in audit and tax 3. Blockchains 4. Virtualization and automation of processes and services 5. Advanced cloud computing 6. Adaptive and predictive cybersecurity 7. The internet of things IoT 8. Drones 9. Mobile apps for business processes 10. Wearables and applications 90% 87% 74% 48% 45% 45% 16% 13% 10% 10% 10% 6% 6% 3% 3% 3% 3% 0% 0% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% BigDataanalytics Artificialintelligencecognitivecom putinginauditand tax Blockchains Virtualizationand autom ation ofprocessesand services Advanced cloud com puting Adaptive andpredictive cybersecurity TheinternetofthingsIoT Drones M obileappsforbusinessprocesses W earablesandapplications Socialbusinessapplications Virtualizationofdesktop andstorage Sm artersm artphonesand Tablets Augm ented and virtualrealityapplications Sm artvirtuale-assistants M obilebankingand paym ents Visualcom m unicationsforbusiness 3D Printingand additivem anufacturing Enhanced location awarenessforretail Energystorage and m icrogrids What technologies will have greatest impact on our profession? Pick Top 5
  28. Tomorrow, there will be even more fires to put out if you don’t keep them from starting in the first place. Put the opportunity hour into your calendar now. If you don’t, the future you end up with might not be one you would have wanted. – Daniel Burrus
  29. Get ready for the fast future RONI? Rebekah Brown, CPA The Business Learning Institute
  30. Get ready for the fast future Adapt Rebekah Brown, CPA The Business Learning Institute
  31. Tom Peters and CPAs
  32. #FutureReady “The bottom line is that CPA firms need to increase their future readiness in order to successfully navigate the fast future of change. In fact, every enterprise in every industry needs to get better at predicting what’s coming. By understanding the metrics that influence our future, we can design (with purpose) a better, preferred future. That is the big idea behind future-readiness – to have the capacity to take action with intent and design in order to adapt quickly and thrive.” Source: CPA.com Insight into the CPA of the Future Study 2015
  33. To meet the demands of the future, auditors must: • Stay ahead of the curve (anticipate) on evolving technology and the changing regulatory environment. #hardtrends • Sharpen technology, critical thinking and communication skills. • Look ahead and provide insights on future challenges and opportunities. Source: Forbes / KPMG Audit 2025 - The Future is Now
  34. #FutureReady Competencies in the Age of the Machines ● Anticipating and serving evolving needs ● Critical thinking and problem solving ● Synthesizing intelligence to insight ● Integration and collaboration ● Tech-savviness and data analytics ● Communications ● Leadership ● Functional and domain expertise Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  35. Confidential – Internal Use Only Culture = Mindset, Skillset, and Toolset In order to remain competitive, to stay relevant, even to survive in this age of exponential change, HBK must adopt an anticipatory mindset, a ‘future view’ based on the hard trends we see shaping our future, and use those insights to help our clients capitalize on the opportunities that accompany digital disruption. Learning to anticipate and adjust to this new age in financial services is significantly changing the way our team members think, allowing us to be future-ready, ensuring we will be even more relevant as trusted advisors to our clients." Christopher Allegretti, CPA, Managing Principal and CEO of HBK.
  36. Adapt Predict Aware }Future Ready
  37. If we fail, it’s not because our machines are too intelligent, or not intelligent enough. If we fail, it’s because we grew complacent and limited our ambitions. Our humanity is not defined by any skill, like swinging a hammer or even playing chess. There’s only one thing a human can do. That’s dream. So let us dream BIG! Garry Kasparov – TED Talk
  38. #FutureReady Reading List • The Anticipatory Organization – Daniel Burrus • The Second Machine Age – Erik Brynolfsson & Andrew McAfee • The Future of the Professions – Richard Susskind and Daniel Susskind • The Truth Machine – Michael Casey & Paul Vigna • Thank You for Being Late – Thomas Friedman • The Excellence Dividend – Tom Peters • CPA of the Future Study – CPA.COM http://bit.ly/CPAFuture • Top 8 skills for finance and accounting professionals in the age of machines http://bit.ly/CPASkills • Top 10 technology hard trends facing accounting and finance professionals http://bit.ly/Top10HardTrends
  39. Thank You! Contact us at: tom@macpa.org rebekah@macpa.org Visit us at: http://www.macpa.org http://www.blionline.org
  40. If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Tom Hood, CPA, CITP, CGMA • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential in Accounting by Accounting Today Magazine 2011-present • Top 100 Influencer by LinkedIn (700,000+ followers) • Member of the Forbes Finance Council • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accounting Thought Leaders by CPA Practice Adviser CEO Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) blionline.org http://www.linkedin.com/in/tomhood 47
  41. Rebekah Brown, CPA Rebekah Brown is a CPA who is passionate about the bright future of the accounting profession. As part of her role at the Maryland Association of CPAs and the Business Learning Institute, Rebekah frequently presents to groups both locally and nationally on the future of the profession. Rebekah is a certified Insight to Action facilitator, having guided firms, non- profits and accounting professionals in the United States and Canada in the strategic planning process. In 2017 Rebekah was named one of the “20 Under 40 Superstars Who are Helping to Advance the Accounting Profession” by CPA Practice Advisor. Director of Development Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) blionline.org