Earlier this week we gathered about twenty of the managing partners of Maryland's largest CPA firms to hear an update on the major issues facing the Profession. Wayne Berson, long-time MACPA member and CEO of BDO, the nation's sixth largest CPA Firm, provided an update from the AICPA's Major Firms meeting of the Top 100 firms.
It is no surprise that the major theme was the increasing rate of change happening in the Profession. From standards and regulatory changes to the advent of cognitive computing and artificial intelligence coming to auditing (see AI is coming faster than you may think).
While some say, we have seen change before, most agreed that the size, scale, and speed of change are different this time and the word 'transformation' of the profession versus incremental change was a major topic of discussion.
The presentations from Wayne and I covered these four major categories:
Technology - the major developments in technology and accounting are challenging us to rethink the future of the audit and adopt new technologies and explore fast growing practice areas like Client Accounting Services. Big Data and
Talent - if you automate, you must elevate the skills of your people. These exponential times require us to challenge what we learn and how we learn. You can see the top skills they identified in the report below.