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ACCT525 Week 7 Assignment Read CPA Horizons 2025 found in the DeVry online library. In the document, 10 themes emerged that give insight into how the profession is conducting and will conduct business, serve clients and employers, attract and retain employees and new business and remain competitive in the marketplace throughout the next 15 years. In 3-4 pages (12-pt type, double-spaced) summarize the four themes that you believe are the most important to the accounting profession and the impacts on the profession. Do you agree with the impacts? Can you think of more impacts? Do you agree with the ten themes? Are there any you would add? REPORT \u0000 MESSAGE FROM PAUL In 2010, the AICPA initiated a grassroots effort focused on harnessing the insights of CPAs, business leaders, regulators, thought leaders and futurists into the continuing evolution of the CPA profession. Called CPA Horizons 2025, this visioning initiative built on the ground-breaking work of the CPA Vision Project, which took place in the late 1990s, engaged thousands of CPAs and dozens of other important stakeholders in creating a blueprint for the profession that led us through 2011. CPA Horizons 2025 extends that original vision into the future. The project examined the local and global trends affecting CPAs in their daily work, enlisted opinions on how these trends will impact CPAs in the years ahead, and how the profession could meet the challenges and leverage opportunities now and in the coming years. As part of this process, we examined the current and future relevance of our Core Purpose, Values, Competencies and Services identified as part of the CPA Vision Project. To explore what the CPA profession will face over the next 15 years, the profession also considered how the technological tsunami of the past decade has propelled us into new frontiers and changed how the profession operates. Clearly, demographic shifts in the CPA profession will bring new opportunities to wider audiences, evolving our profession to represent the diversity of the world. Globalization offers opportunities and challenges for the profession as well as our clients, firms and employers. These are a sample of the macro-trends that were assessed, discussed and debated virtually and in face-to-face meetings across the country. I'm honored to have led this extraordinary collaborative effort of the CPA profession during my year as Chairman of the AICPA Board of Directors. No other profession calls upon its members to engage in such an exercise to prepare for the future. It's for this and for so many other reasons, I am extremely proud to be a CPA. I look forward to collaborating with members of the profession as we continue to exemplify our CPA Purpose: CPAs ... Making sense of a changing and complex world. I truly believe that the results detailed in the pages of this report will not only guide the profession as it considers the opportunities and challenges that lie ahead in our 15-year horizon, but also for generations to come. Paul V. Stahlin, CPA \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 EXECUTIVE SUMMARY Over a six-month period, CPA Horizons 2025 sought the insights of CPAs on current and forecasted trends that will surely impact not only the profession, but also the world. Through an interactive survey, 16 in-person forums, online discussions and focus groups, more than 5,600 CPAs weighed in, spending a cumulative 6,000 hours, and generating in excess of 75,000 individual comments relating to the current state and future of the CPA profession. This major effort, undertaken in partnership with the state CPA societies, builds upon the previous CPA Vision effort. In order to synthesize this significant amount of grassroots feedback, an esteemed 22-member group, selected to form an Advisory Panel representing all member segments of the profession (by practice area, age, gender and diversity) and the state CPA societies, carefully reviewed and refined the input, defining the profession's Core Purpose, Values and Competencies. The research shows that the entire profession from sole practitioners to medium and large firm members to members in business and industry to those in government and academia has a bright future and will need to respond quickly and competitively to the shifting ground on political, economic, social, technological and regulatory fronts. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 KEY FINDINGS \u0000 \u0000 Insights and \u0000 directions related \u0000 to opportunities \u0000 \u0000 and challenges for \u0000 the profession over \u0000 the next 15 years \u0000 emerged. Using \u0000 these insights and \u0000 directions as a \u0000 road map, CPAs \u0000 and the accounting \u0000 profession will \u0000 \u0000 mold their future. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 CPAs The profession's The Core The services provided overwhelmingly Core Values Competencies by CPAs have agreed that the remained evolved to reflect become so varied and profession's Core substantially the 21st century. diverse that the Purpose, \"Making unchanged. concept of core sense of a services is no longer changing and representative of the complex world,\" profession. remains relevant today and for the future. \" Visioning requires hindsight, foresight and insight. We are the only profession who has been in this process for more than 15 years. \" \u0000 INSIGHTS AND DIRECTIONS \u0000 \u0000 \u0000 \u0000 \u0000 Pre-certification and Lifelong Learning: Evolve the educational framework to keep pace with the changing Technology: Understand and leverage relevant dynamics of business, government and our profession. technology in conjunction with core CPA Competencies to deliver superior services. Worldwide Profession: Position the CPA as a premier designation of the accounting and finance profession throughout the world. Pride in the Profession: Encourage pride among Trusted Attester: Preserve the role CPAs in the CPA profession of the CPA as the trusted attester of and in the value CPAs financial and other information. create throughout society. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Trusted Advisor: Promote the CPA as the trusted Market Permissions: Leverage advisor who, in addition to providing core CPA the strengths of the profession to services, develops solutions to complex problems by expand market permissions. integrating knowledge, expertise and resources from multiple disciplines. Marketplace: Address continual changes in the marketplace, economy, businesses and regulations. Value Proposition: Increase the visibility of Demographic Shifts: Continue to offer the profession's value opportunities that enhance the appeal of the proposition by profession and be proactive in addressing both demonstrating the U.S. and global demographic shifts. profession's Core Values in multiple areas of business and society. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 BUILDING ON THE THEMES OF THE CPA VISION PROJECT In 1998, the AICPA and the state CPA societies collaborated on \u0000 an unprecedented, profession-wide initiative, known as the CPA \u0000 Vision Project, to set a course for the future growth of the CPA \u0000 profession. CPAs from all disciplines, students and external thought leaders, participated in the CPA Vision Project to ensure \u0000 the profession prepared for and responded to the changing \u0000 demands of the future. More than 3,400 CPAs took part in more a \u0000 than 170 in-person forums. As asresult of this ground-breaking exercise, consensus emerged to what made the profession \u0000 unique and what CPAs must do to remain exceptional in the \u0000 years ahead. The grassroots efforts defined the profession's Core urpose, the \u0000 Pxtensive its essential and lasting reason for existence. From the e research and dialogue, the profession established \u0000 Core Purpose, Core Values, Core Services and Core \u0000 Competencies the essential beliefs, service focus, skills and knowledge required for CPAs to remain competitive into the 21st \u0000 century. The CPA Vision Project crystallized the goals, \u0000 opportunities and challenges for the CPA profession through the \u0000 year 2011. \u0000 Looking back on its extensive conclusions and observations, the \u0000 CPA Vision Project accurately predicted many evolutionary trends occurred in the last 15 years. \u0000 thatgroundbreaking profession over theand findings of Based on the recommendations this effort \u0000 came numerous initiatives including XBRL, enhanced business \u0000 reporting, sustainability, the Clarity Project, audit quality centers Chartered designati \u0000 and theas women, Global Management Accountantand youngon as well minority and work/life initiatives \u0000 CPA leadership programs that altered the business world for \u0000 the better, enhanced the value of the CPA and positioned the \u0000 profession as leaders in business. \u0000 A ROAD MAP FOR THE NEXT 15 YEARS In 2010, the profession embarked on the next stage of this initiative to help foresee and shape the future of the profession: CPA Horizons 2025. In preparation for the coming years, the AICPA, state CPA societies and CPA profession considered whether, and if so, how, the core values, competencies and services so accurately identified almost a decade and a half ago apply today given the extensive technological, economic and political changes that have taken place. CPA Horizons 2025 called upon members of the profession to share their insights on the future through an interactive survey, in-person forums, virtual focus groups and online discussion forums. During a six-month period 5,600 participants in this effort contributed more than 6,320 cumulative CPA feedback hours. Once completed, the compiled data was shared with the CPA Horizons 2025 Advisory Panel who convened to assess and analyze the input from thousands of participants. Additional work by panel members assured thorough evaluation and consideration of data for the final report. (For Advisory Panel biographies see Appendix). \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 ADVISORY PANEL MEMBERS Paul V. Stahlin Kimberly Ellison-Taylor Joel C. Olbricht Ernest A. Almonte Jeanette Meixner Franzel Marc Parkinson Jordan D. Amin Erin Hardwick R. Kinney Poynter L. Gary Boomer Richard E. Jones Donny C. Shimamoto James C. Bourke Don McCleod Ira Solomon Robert L. Bunting Faye Miller Jaleigh White James G. Castellano Richard E. Mills III Patricia Cochran-Bergman David J. Moynihan \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 The Advisory Panel debated and assessed the original findings of the CPA Vision Project, capturing the recommendations of \u0000 CPA Horizons 2025's participants and framing these core \u0000 elements with the goal of strengthened relevancy and viability f\u0000 or the CPA profession. \u0000 CORE PURPOSE \u0000 The profession's Core Purpose defines the CPA profession's reason for being. CPAs are certain it will continue to guide the profession. It remains unchanged from its original version. \u0000 \u0000 \u0000 CPAS ... MAKING SENSE OF A CHANGING AND \u0000 COMPLEX WORLD \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Core Values \u0000 The essential and enduring beliefs that we uphold over time. Core Values enable us to retain our unique character and value as we embrace the changing dynamics of the global economy. Integrity Competence Lifelong Learning Objectivity Commitment to Excellence Relevance in the Global Marketplace \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Core Competencies \u0000 A unique combination of human skills, knowledge and technology that provides value and results to the user. Enhancing our Core Competencies is key to sustaining a competitive and differential advantage in the marketplace. Communications Skills Leadership Skills Critical-Thinking and Problem-Solving Skills Anticipating and Serving Evolving Needs Synthesizing Intelligence to Insight Integration and Collaboration \u0000 From the CPA Vision Project evolved the profession's Core Services, the foundation of work and value the profession provides to clients, business and employers. CPA Horizons 2025 asked participants to reflect on these traditional services and consider the addition of new services in light of shifts in business, society and technology occurring now and through 2025. Results showed that participants believe the profession's Core Services will continue to expand over the next 15 years. Based on those results from the profession's thought leaders, and its review of the evolution of the profession during the past 15 years, the Advisory Panel believes that identifying and listing only a finite number of specific Core Services in the 21st century would limit opportunities for the profession. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 NEW HORIZONS FOR THE PROFESSION \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Through the information-gathering phase of CPA Horizons 2025, thousands of CPAs provided feedback that was aggregated into the major themes that significantly influence the current state and future of the profession. The Advisory Panel further examined these themes, assessing their impact on the Core Purpose, Values and Competencies. Ten key themes emerged that give insight into how the profession is conducting and will conduct business, serve clients and employers, attract and retain employees and new business and remain competitive in the marketplace throughout the next 15 years. \u0000 \u0000 \u0000 TECHNOLOGY \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Understand and leverage relevant technology in conjunction \u0000 with Core CPA Competencies to deliver superior services. \u0000 \u0000 \u0000 Newer, more powerful and cheaper software allows individuals In a world driven by technology, CPAs leverage both \u0000 and businesses to automate activities that once required a knowledge of the risks and advantages offered by CPA's expertise. While this may eliminate some CPA services, \u0000 technology and CPA knowledge and skills to enhance it also creates opportunities for the profession to shift to more \u0000 their work. value-added work as the needs of clients and employers \u0000 change. CPAs will be able to build on their core skills in Throughout the CPA Horizons 2025 project, CPAs identified analyzing, assuring and protecting information to provide \u0000 echnology as having a major impact on CPAs. With the increasing t advice and counsel to allow clients and businesses to make prevalence of mobile technology and faster networks, people expect \u0000 better use of technology. to have up-to-date information available wherever and whenever. \u0000 This will drive financial reporting to be faster and, eventually, to be Technology also is changing the way people interact with each \u0000 delivered in real-time. Not only does this quicken the pace at which other. Face-to-face meetings are being replaced by CPAs must do their work, it also opens the door to both potential \u0000 conference calls, which are evolving to video conferences. errors and fraud in the creation of the information. The history \u0000 rovided by paper documents is lost when electronic documents can Emails have replaced letters and are being replaced by text p messages. Social media is blurring the boundary of business \u0000 be modified in a split second. The security and privacy of information and personal and a social media presence is becoming as i\u0000 s at risk to those with malicious intent and technical skill. The much a marketing imperative today as a website was just five profession is uniquely positioned to devise new ways of assuring that \u0000 inancial information remains as reliable, confidential and accurate years ago. The office is becoming anywhere with an Internet f connection, rather than a specific place. Today a CPA can \u0000 as in the past. offer services to a client or employer half a world away almost \u0000 as easily as to one just down the street. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 IMPACT ON THE PROFESSION \u0000 1. CPAs must stay current with, embrace and exploit \u0000 technology for their benefit for increased efficiency and \u0000 expansion of services. \u0000 2. The profession must find solutions to offer investors and \u0000 stakeholders up-to-date, real-time financial information \u0000 and to increase transparency. \u0000 3. CPAs must embrace mobile technologies and social \u0000 media to modernize and enhance interaction and collaboration with clients and colleagues. \u0000 \u0000 4. Fraud may be easier to commit and more difficult to \u0000 prevent and detect. CPAs must continue to be vigilant in ensuring data is captured and managed properly and \u0000 protected from malfeasance. \u0000 \u0000 \u0000 \u0000 \u0000 \" The profession will need to adopt new technologies and demonstrate effective leadership in doing so. \" \u0000 \u0000 \u0000 \u0000 PRE-CERTIFICATION AND \u0000 LIFELONG LEARNING \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Evolve the educational framework to keep pace with the \u0000 \u0000 c\u0000 hanging dynamics of business, government and our profession. \u0000 For CPAs to obtain and maintain the knowledge needed, the Extend traditional technical education to include \u0000 educational framework will also need to change. The Internet interpersonal skills and mentoring that allow CPAs and the growth of mobile technologies allow CPAs to engage \u0000 and aspiring CPAs to meet their educational needs on in education whenever and wherever it is needed. Whereas in \u0000 a real-time, ongoing basis. the past, CPAs often had to schedule classes in advance or \u0000 order self-study manuals, today a CPA can identify a need and Education will remain a cornerstone both as preparation for potentially immediately find a webcast, podcast or seminar \u0000 ertification and as an ongoing activity throughout a CPA's career. c available and participate without ever leaving his or her desk. However, while the importance of education will not diminish, what \u0000 This evolution also allows education to be consumed in CPAs learn and how they learn will evolve. Strong technical \u0000 smaller, more digestible increments - instead of spending accounting knowledge will continue to be a foundational requirement hours or days in a class, CPAs can find education in smaller \u0000 but it alone will not be sufficient. CPAs must also develop targeted segments. problem-solving, communications, leadership and other \u0000 interpersonal skills. \u0000 Aspiring CPAs will continue to need rigorous preparation. There is widespread agreement that education for new CPAs \u0000 ccounting knowledge must also be supplemented by broader A needs to be demanding. However, the specifics of this business knowledge encompassing finance, economics and \u0000 education will constantly need to be reviewed as the needs of technology. Increasing globalization will require CPAs to obtain more \u0000 the profession and business evolve. knowledge about the international marketplace. CPAs will also need \u0000 to stay up-to-date on changing regulations and standards. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 IMPACT ON THE PROFESSION \u0000 1. CPAs must devote more time to staying current with \u0000 regulations and standards and social, economic, \u0000 technological and political trends domestically and abroad. \u0000 2. CPAs must further develop interpersonal skills to enhance \u0000 relationships with colleagues, clients, businesses and \u0000 employers. \u0000 3. Real-time learning in the workplace will change the way \u0000 CPAs learn and will help them adopt and adapt quickly \u0000 and knowledgeably to ever-changing circumstances. \u0000 4. Requirements for new CPAs must remain rigorous and demanding and be practical and relevant. 5. New CPAs must have a broad knowledge of business and soft skills and not simply focus on technical accounting. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \" CPAs have to be both the teacher and the learner in the profession for a lifetime. \" \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 WORLDWIDE PROFESSION \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Position the CPA as a premier designation of the \u0000 a\u0000 ccounting and finance profession throughout the world. \u0000 \u0000 maintaining the highest ethics and standards that define the In a world of increasing interdependence and \u0000 connectivity, the CPA is a premier accounting and CPA profession. As global business becomes more complex, there will be an opportunity for CPAs to become the leading \u0000 finance designation. experts for all financial needs. \u0000 A growing number of CPAs believe it is increasingly important for \u0000 the profession to be aware of global business issues and trends. CPAs believe that maintaining the rigor and quality of the CPA credential will help uphold its positive perception and help the \u0000 Globalization offers unprecedented opportunities for the profession profession thrive overseas. Maintaining high standards for to expand into new markets. Yet globalization also brings challenges \u0000 acquiring the credential and placing increased emphasis on \u0000 iincluding greater competition for CPAs, both in the U.S. and continuing education as well as developing soft skills will help nternationally. position the CPA as one of the world's premier designations. \u0000 \u0000 Technology will enable U.S.-based businesses of any size to IMPACT ON THE PROFESSION conduct business abroad, while also enabling new overseas 1. CPAs must be increasingly aware of international business \u0000 competitors, including non-CPA accounting professionals, to gain issues and trends. \u0000 access to the U.S. market. Research shows that many CPAs \u0000 anticipate continued outsourcing of accounting services and 2. CPAs must assess the trend toward outsourcing overseas business processes. Additionally, organizations will be able to hire and create opportunities to expand services to serve these \u0000 employees from a global workforce, as the CPA designation grows. markets. \u0000 CPAs also will face increasing complexity with varying standards \u0000 3. CPAs must continue to market the quality and value of their and customs across the globe. CPAs must navigate through services in order to expand and thrive globally. \u0000 different communication challenges and business practices while \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \" [Globalization] brings the opportunity to display to the rest of the world how valuable a U.S. CPA is. It is not just the certificate, but the entire training that we go through. \" \u0000 All other respondents 68 Business and industry 67 Public accounting 22 26 52 All respondents 31 61 0% 10% 20% 30% 7 4 12 29 40% 50% 60% 70% 3 5 8 80% It will be increasingly important for the accounting profession to have awareness of international business issues and trends in the future. 90% 3 Strongly agree Somewhat agree Neither agree nor disagree 2 100% Disagree \u0000 \u0000 \u0000 PRIDE IN THE PROFESSION \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Encourage pride among CPAs in the CPA profession \u0000 a\u0000 nd in the value CPAs create throughout society \u0000 \u0000 CPAs derive an enormous sense of personal accomplishment CPAs take collective pride in the knowledge and effort \u0000 in completing the requirements to become a CPA. They also required to attain the CPA credential, and the many believe that the stature of the profession worldwide is largely \u0000 positive contributions CPAs make in serving the dependent on the rigorous requirements and professional \u0000 public interest, worldwide markets, businesses standards associated with obtaining and maintaining the and communities. \u0000 credential. \u0000 PAs are proud of the long-standing resilience of their positive C Further, CPAs should work to improve the profession's image r\u0000 eputation. Research conducted by the AICPA over the past and to enhance the public's perception of the profession by 20 years found that CPAs are among the most respected and trusted \u0000 upholding ethical business practices and practicing financial professionals and are known for their objectivity, integrity self-regulation. CPAs believe to further strengthen their image, \u0000 nd financial and business expertise, earning the title of trusted a advocacy on behalf of the profession and public education advisor to individuals and businesses. \u0000 must be ongoing. \u0000 Defending a strong positive reputation remains a high priority for the Outside of the workplace, technology, particularly social \u0000 profession and CPAs remain vigilant in preventing the weakening of media, blurs the boundaries between work and life and allows ethics and loosening of standards, as well as instances of fraud both \u0000 business and clients unprecedented access into CPAs' within and outside the profession. Greater focus on integrity, \u0000 etection and reporting of fraud, and ethical behavior are professional lives underscoring the need for CPAs to d maintain their high standards outside of work to uphold the r\u0000 equirements to continue to uphold this reputation. When CPAs work positive public image of CPAs. i\u0000 countries with differing ethics, upholding the integrity of the n profession and maintaining high standards will be challenges the \u0000 profession will need to meet. \u0000 \u0000 \u0000 I am most proud of the idea that our professionals have been able \u0000 to occupy diverse jobs at high levels, from accounting to sales, \u0000 \u0000 from operations to HR, from consulting to management. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 CPAs desire the CPA credential to retain its positive reputation \u0000 within the U.S. while also building awareness and prestige \u0000 abroad. Competition from other professional accounting \u0000 credentials, both domestically and internationally, increases the importance of safeguarding the CPA credential. The \u0000 profession must proactively market and reinforce its value to \u0000 clients and the public to maintain its standing among other \u0000 accounting and financial professionals. \u0000 IMPACT ON THE PROFESSION \u0000 1. The profession must continue to advocate on behalf of itself \u0000 to ensure continued recognition as a trusted advisor. \u0000 2. CPAs must uphold the integrity of the profession and maintain \u0000 igh standards in an ever-changing environment and in \u0000 hultures where business practices differ from U.S. practices. c \u0000 \u0000 \u0000 \u0000 \u0000 \" \" \u0000 \u0000 \u0000 TRUSTED ATTESTER \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Preserve the role of the CPA as the trusted \u0000 attester of financial and other information. \u0000 Attest is a fundamental CPA function from which the \u0000 profession derives public trust and which allows CPAs \u0000 to branch into new attestation and advisory services. \u0000 \u0000 Although most CPAs are not involved in providing audit and attest services, attest remains a fundamental service for the profession. \u0000 While CPAs' skills and knowledge allow them to offer many other \u0000 ervices to employers and clients, there is no other profession that is s as qualified, or even allowed by law, to fulfill the role of auditor. It is a \u0000 unique niche filled by CPAs and will continue to be an important role. \u0000 \u0000 Many other CPA services are based in the attest function. Some, such as business controls and internal audit, are direct extensions of \u0000 the attest function. Other areas, such as fraud and forensics, rely on \u0000 kills acquired via auditing. Employers and clients also look to CPAs s \u0000 s potential providers of other compliance-related areas such as a sustainability, risk management and regulatory compliance. All these \u0000 extended services have their roots in the attest function. Services \u0000 ased on the CPA reputation as a trusted attester provide a natural b \u0000 path for CPAs to expand and enhance their offerings. \u0000 The attest function also underpins the profession's reputation for \u0000 bjectivity and independence. From the beginnings of the modern o \u0000 accounting profession at the end of the 19th century, the ability of CPAs to provide independent, objective audits of financial \u0000 statements helped build credibility for the profession. The public \u0000 recognizes that CPAs are independent and objective assurers of information. Trust built in the provision of assurance services also gives the public confidence to trust CPAs as advisors as well as auditors. As in the past, the audit and attest function will continue to evolve to incorporate changes in accounting standards, technology, business practices and investor requirements. As financial information moves closer to real-time, auditors will need to understand the changes and devise ways to assure that information. CPAs will still have the opportunity to identify areas where \"trusted attesters\" can use their audit expertise to provide services. The audit and attest function will continue to be a much-needed service and one that CPAs are uniquely qualified to provide. IMPACT ON THE PROFESSION 1. The profession must stay vigilant in defending its unique role as providers of audit and attest services. All CPAs benefit from the public trust that is rooted in the provision of audit and assurances services. 2. Audit and attest functions must evolve to meet changing regulatory demands and client and business needs. \" [The profession will] continue to expand on the integrity and reliability of the auditor's report, only provided by a CPA. \" \u0000 \u0000 (CPAs must) capitalize on \u0000 being the trusted profession. TRUSTED ADVISOR \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Promote the CPA as the trusted advisor who, in addition to providing \u0000 core CPA services, develops solutions to complex problems by \u0000 integrating knowledge, expertise and resources from multiple disciplines. \u0000 \u0000 everage the core skills and competencies of CPAs L \u0000 solve complex and challenging business problems. This will \u0000 require leveraging core competencies of critical thinking and and position them as strategic partners who can problem-solving skills and collaborating with professionals bring together experts from different specialties to \u0000 across different disciplines. By applying the same experience, solve problems. \u0000 objectivity and expertise the profession brings to traditional services, CPAs will enhance the value proposition for clients \u0000 egulatory, technical, global and competitive forces (including R and business. \u0000 non-CPAs who compete with the profession to offer nonaudit services) provide increased challenges and opportunities for the \u0000 According to CPA Horizons 2025 findings, CPAs profession. In today's fast-paced globalized and highly networked overwhelmingly believe that they will need to provide a greater \u0000 economy, CPA professionals must maintain and improve their variety of services. CPAs who look beyond traditional services technical skills, business skills and knowledge. To be successful, \u0000 while continuing in their trusted advisor role will enhance their the profession must earn and uphold the trust and confidence of \u0000 value to clients, business and employers. those they serve. \u0000 IMPACT ON THE PROFESSION To earn the trusted advisor status, CPAs must not only demonstrate \u0000 1. CPAs must continue to evolve as strategic partners of competence and commitment to excellence in their particular area of \u0000 ractice, but also demonstrate knowledge of business and the clients, business and employers, applying multidisciplinary p and integrated problem solving to expand traditional \u0000 evolving marketplace. CPAs need to be in tune with clients, business services and enhance nontraditional offerings and the and employers and sharpen the adaptability skills required for \u0000 perception of trusted advisor. evolving services to address changing priorities. Once established, \u0000 rusted advisor status opens many opportunities to be able to help t \u0000 across a broad range of business issues, not just in a specific area. As trusted advisors, CPAs increasingly will be called upon to help \u0000 \u0000 \" \" \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \" I am proud to be held to a high standard of ethics and to be a trusted advisor to those in need of financial and tax help. Knowing that others will be using my work to make financial, business and strategic decisions is a source of pride. \" \u0000 \u0000 55 All others 31 9 3 Strongly agree Education 58 26 11 5 Somewhat agree 54 Business and industry 35 8 2 Public accounting 57 32 8 3 Neither agree nor disagree All members 56 33 8 3 Disagree 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% CPAs will need to provide a variety of services that improve and assure the quality of information. \u0000 100% \u0000 \u0000 \u0000 MARKET PERMISSIONS \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Leverage the strengths of the \u0000 profession to expand market permissions. \u0000 \u0000 Build upon Core Competencies and demonstrate \u0000 roader expertise to extend CPA offerings beyond b \u0000 traditional services. \u0000 While the public often thinks of CPAs in terms of financial reports, \u0000 udits and taxes, CPAs' competencies allow them to offer a much a \u0000 ider range of services. CPAs collaborate on corporate responsibility w reports; lead risk management and sustainability efforts; consult on \u0000 technology solutions; develop business strategies; evaluate the use \u0000 f tax dollars for local, state and federal government programs and o \u0000 much more. CPAs are trusted to fill these roles because the profession's reputation is associated with the unparalleled core \u0000 competencies delivered at the highest level of excellence. \u0000 hroughout the research, CPAs identified a number of areas where T \u0000 the profession can look to expand into new service offerings that are natural extensions of CPA Core Competencies, including data \u0000 security, assurers of information and specializations. \u0000 As technological advances increase the speed of financial \u0000 transactions and the amount of information stored online where it is \u0000 ulnerable to hackers and fraud, CPAs can work to ensure data and v \u0000 businesses are protected. CPAs' knowledge of finance and \u0000 accounting make them integral players in protecting data integrity and confidentiality. The increasingly international nature of business and finance will allow CPAs to expand in new directions. CPAs knowledgeable about international business and financial regulations and norms will be able to guide businesses as they expand internationally. The profession's role as an assurer of financial information can be expanded to include such areas as corporate responsibility, environmental compliance and other growing areas in business reporting. Whether serving as preparers or auditors, CPAs are already associated with ensuring that information produced in reports is accurate and in compliance with standards. This skill can be leveraged to strengthen the reputation of CPAs as assurers of information. The expanding nature of CPA services also will provide opportunities for CPAs to choose to specialize. Specialized offerings provide services that do more than aid clients and businesses in complying with rapidly expanding sets of regulatory requirements. It also offers CPAs the opportunity to \u0000 \u0000 (The) changing business environment will offer new areas of services \u0000 that CPAs can jump into since the CPA is well-educated, well-trained \u0000 \u0000 and well-respected to take advantage of those opportunities. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 increase their value to clients and employers through broader \u0000 guidance and insight. Just as many CPAs today choose to work \u0000 in specific areas preparers, auditors, tax specialists, wealth \u0000 managers and fraud examiners are just a few examples specialized areas will grow. \u0000 \u0000 \u0000 IMPACT ON THE PROFESSION \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 opportunities \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 w \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 to 1. \u0000 Emerging\u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 for \u0000 specialization\u0000 \u0000 \u0000 \u0000 ill \u0000 a\u0000 llow\u0000 \u0000 CPAs\u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 strengthen their expertise and provide additional value to clients, employers and business. \u0000 2. The profession must continue to evaluate which services it \u0000 \u0000 offers locally and globally and how it will deliver these services to adapt to the needs of clients, employers and \u0000 business. \u0000 \u0000 \u0000 \u0000 \u0000 \" \" \u0000 \u0000 \u0000 MARKETPLACE \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Address continual changes in the marketplace, \u0000 \u0000 e\u0000 conomy, businesses and regulations. \u0000 As regulatory, business and economic shifts are change. By keeping up-to-date and adapting their offerings to \u0000 match changing regulations and standards, CPAs can make inevitable and occurring more quickly, the profession themselves invaluable advisors to businesses and clients. \u0000 must adjust and adapt while remaining rooted in its foundational values and competencies. \u0000 Technology will play a key role in this kaleidoscope of change. \u0000 Just as it would have been difficult to imagine all the changes The inevitability of change was a recurring theme throughout the technology would bring between 1998 and 2011, it is equally \u0000 PA Horizons 2025 project. Whether the topic was regulation, C difficult to pinpoint the changes CPAs can expect between business, the economy, society or technology, CPAs expressed the \u0000 now and 2025. What is known is that technology will continue belief that the profession must remain dynamic. CPAs are united in \u0000 to transform the business and social environment and CPAs their opinion that in order for the profession to thrive, it will need to will continue to incorporate those changes into their work \u0000 quickly adjust and adapt while remaining rooted in its foundational and offerings. values and competencies. \u0000 \u0000 Amid this change, one thing is certain: \"What makes the CPA CPAs also agreed that the pace of change is accelerating and that profession so exciting [and] interesting ... is that when and \u0000 they must remain nimble and agile not only in adapting to change where there is change, CPA skills and knowledge are needed. themselves, but also in helping others to adapt. CPAs do this by \u0000 We have always changed with the times. We must our leveraging their core strength of anticipating and meeting needs \u0000 clients demand the best,\" said one CPA Horizons 2025 combined with their knowledge and problem-solving skills. survey respondent. \u0000 CPAs expect that regulations and standards will continue to evolve \u0000 and increase in complexity. In addition, the increasingly globalized \u0000 world will also introduce an international component to the rate of \u0000 \u0000 \u0000 CPAs must continually evaluate what they do and how they do it in order to \u0000 provide timely, accurate financial information to the users of the information \u0000 \u0000 whether they are owners, investors, lenders or operations managers. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 THE PROFESSION \u0000 IMPACT ON nature of the work that CPAs perform must evolve 1. The exact \u0000 to respond to shifts in business, society and technology. \u0000 These changes will offer opportunities to enhance the value f CPA services, positioning \u0000 olients and employers adapt CPAs to be leaders in helping c to change while also responding \u0000 to change themselves. \u0000 2. Lifelong learning will take on greater importance as a way for \u0000 CPAs to stay up-to-date as the pace of change accelerates. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \" \" \u0000 \u0000 \u0000 VALUE PROPOSITION \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Increase the visibility of the profession's value proposition by demonstrating \u0000 the profession's Core Values in multiple areas of business and society. \u0000 \u0000 While there was much economic uncertainty when CPA The profession's value proposition extends directly from Horizons 2025 began, one thing is certain - there will always \u0000 ts i\u0000 Core Values. By expanding the profession's presence be economic uncertainty. The economy is cyclical; prosperous into areas that align with the Core Values but extend \u0000 financial times will be followed by downturns. Due in large part beyond areas that are constrained by regulators, CPAs \u0000 to CPAs' integrity and objectivity, society looks to them for can increase their worth to business and society. information and guidance to deal with changing circumstances. \u0000 \u0000 Much of the profession's value proposition stems directly from the CPAs can also extend and enhance their value proposition by Core Values shared by all CPAs. The integrity, objectivity and \u0000 the role they play in their communities. For example, CPAs who commitment to excellence demonstrated by CPAs lead the public to choose to play a role in the larger discussion concerning \u0000 trust CPAs. The dedication of CPAs to lifelong learning, competence government budgets can lead in both helping the public and relevance in the global marketplace gives clients, employers and \u0000 understand the issues and in shaping solutions. Similarly, the public the confidence that CPAs will continue to evolve and \u0000 CPAs can continue leading efforts to help individuals innovate to meet the changing needs of business and society. In a understand personal finances and to encourage financial \u0000 lobalizing society in which competitive credentials are proliferating, g literacy for all. Whatever CPAs choose to do in their the Core Values allow CPAs to distinguish themselves. \u0000 communities, whenever a CPA demonstrates any of the Core Values, the value of the CPA is promoted. \u0000 ften the value that CPAs offer is associated with regulatory O \u0000 compliance - ensuring that financial statements are compiled While CPA values are unchanging, how those values are according to regulations and accounting standards, auditing financial \u0000 applied will evolve with the changing marketplace. CPAs statements for compliance, and preparing tax statements in should not be afraid to be creative when it comes to developing \u0000 ccordance with regulations. In addition, CPAs offer objective and a services that align with their Core Values. By listening to their \u0000 onest counsel to their clients, employers and the public on how to h clients and employers and staying abreast of market trends, manage their finances appropriately. \u0000 CPAs will be able to customize their services in ways that keep \u0000 \u0000 \u0000 Integrity, independence and our focus on the blend of duty to our client \u0000 and to the public is unique to our profession. It cannot be compromised. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 pace with the changing needs of businesses and individuals. \u0000 CPAs help businesses foresee and understand the effects of \u0000 changes in the financial and regulatory markets and play a larger role in helping individuals create plans to build secure \u0000 retirements and estates. \u0000 \u0000 By promoting their CPA credential, no matter where their career takes them, CPAs represent the profession's value \u0000 proposition to the public. Whenever an individual observes a \u0000 CPA behaving with integrity, objectivity and a commitment to \u0000 excellence, the public perception of the profession is enhanced. \u0000 IMPACT ON THE PROFESSION \u0000 1. By listening to and understanding the needs and challenges f employers and \u0000 oervices that alignclients, opportunities for CPAs to develop s with Core Values will emerge. \u0000 \u0000 2. The profession must spend more time demonstrating their about the \u0000 value to clients, businesses and the publicincreased role and value of the CPA in order thrive amid \u0000 competition and economic pressures. \u0000 \u0000 \u0000 \" \" \u0000 (All generations) need to interact \u0000 \u0000 positively showing both sides can DEMOGRAPHIC SHIFTS \u0000 learn from and support the other. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Continue to offer opportunities that enhance the profession's appeal and \u0000 be proactive in addressing both U.S. and global demographic shifts. \u0000 \u0000 Enormous changes are taking place within the profession as Continue to embrace changing demographics as they \u0000 younger workers bring their own priorities to the relate to diversity (age, gender and ethnicity), changing workplace. Younger CPAs (late wave Generation Xers and \u0000 family structures, increasingly international communities Millennials) desire greater work/life balance, increased and other demographic changes in society. \u0000 technological integration and innovation, and meaningful \u0000 learning and advancement opportunities. Older CPAs (Baby The convergence of Baby Boomers, Generation X, Generation Y Boomers and the early wave Generation Xers) are concerned \u0000 nd Millennials is transforming the workplace. CPA Horizons 2025 a that traditional relationship-building and commitment to respondents widely perceive that differences in the needs, wants \u0000 business and client needs are losing importance. Older CPAs and work styles of these generations create numerous challenges. \u0000 can build bridges by mentoring younger CPAs and by meeting personal and family needs with flexible programs and \u0000 The oldest Baby Boomers reach retirement age in 2011, yet many benefits. Younger CPAs can leverage their technological skills expect to postpone retirement. For some this choice stems from a \u0000 in a rapidly evolving marketplace. desire to continue working, while for others economic turmoil has \u0000 educed savings, which necessitates working additional years to r According to the AICPA's 2011 Trends in the Supply of \u0000 recoup these losses before retirement. With the older generation Accounting Graduates and the Demand for Public Accounting continuing to work, fewer senior management and leadership \u0000 Recruits, women represent half of new accounting positions are open to the next generation. Before retiring, Baby professionals hired by CPA firms. However, they are not yet \u0000 Boomers can serve the profession by mentoring future leaders and reflected in the same proportion in senior management and \u0000 sharing professional expertise and organizational knowledge. leadership roles for the majority of firms or in the general Some retired professionals may also continue to offer services \u0000 U.S. job market. This study also reports that ethnic diversity in as consultants. accounting graduates has increased to 21% from 17% since \u0000 2009 but minority populations are not reflected in leadership \u0000 \" \" \u0000 \u0000 I believe that providing the younger generation with a clear statement of the firm's or \u0000 organization's objectives is critical. Then allow the younger generation to use processes and \u0000 \u0000 tools they feel are most effective (that is, allow them to innovate to meet the objectives.) \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 roles in business. The number of women and minorities entering IMPACT ON THE PROFESSION \u0000 the CPA profession will continue to grow in the coming years and, 1. The profession must strive to reflect the demographic to ensure their success, employers will need to create programs shifts of incoming accounting students, clients, business \u0000 to encourage their professional growth and development. and society. \u0000 Implementing such programs could result in women and \u0000 minorities taking on leadership roles within businesses and the 2. Programs offered to support minorities, women and young profession and creating opportunities for success and future CPAs in the workplace must be more widely implemented \u0000 viability for the employer. throughout the profession. \u0000 \u0000 Student recruitment programs for high school and college 3. Experienced and older CPAs must continue to mentor students will continue to play a significant role in building young CPAs and identify leadership and advancement \u0000 awareness of the CPA profession and the many opportunities opportunities that will foster stronger relationships \u0000 available for those obtaining the CPA credential. and loyalty. \u0000 4. In order to attract and retain younger generations, \u0000 employers must increase flexible work arrangements \u0000 and work-at-home options. \u0000 5. The profession must continue to support and enhance \u0000 programs that build awareness of the CPA profession to \u0000 young audiences. \" \" \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 DIALOGUE WITH COUNCIL At its Fall 2011 meeting, the AICPA governing Council had the opportunity to provide its perspective on the implications of the key findings from CPA Horizons 2025 grassroots feedback. After receiving a preliminary 50-page report, listening to a presentation on key findings and hearing from Advisory Panel members, Council participated in breakout discussion groups to reflect on the implications of the findings for the profession. The following points summarize Council's discussion. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 The profession must CPAs must use The profession must The CPA credential must create opportunities to technology to increase place greater value on focus on the attributes allow younger CPAs to speed of analysis and foreign languages skills that make it attractive to learn from more enhance and cultural awareness. future CPAs. experienced members of decision-making. the profession while teaching older CPAs to be more tech-savvy. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 DIALOGUE WITH COUNCIL \u0000 he attest function will change and will be global \" Thange. There will be an increasingitdemandafor real-process for this and the c time information traditional 'looking back' attest function will change to a continual evaluation of information. These changes will take place through global design and CPAs will need to be a part of this design. \" \u0000 As the demand for The profession must For CPAs to remain competitive CPAs must continue to expanded attest continue to promote the in a rapidly changing advocate internationally, services rises, CPAs CPA as a trusted advisor environment, the profession nationally and locally on must leverage their who can be relied upon must evolve training, combining behalf of the profession. Core Values to for objective guidance, real-time, technology-based continue to be an financial expertise and education with traditional exclusive provider of strategic insight on broad in-person and on-the-job training these critical services. business issues. to maximize learning experiences. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Firms and employers The profession must To help enhance the visibility CPAs must create must be flexible in focus on recruiting and and positive image of the new ways to leverage providing work-life retaining diverse CPAs, profession, CPAs must technology to enhance balance. clients and customers. engage in volunteer service business that advances the relationships. communities in which they work and live. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 QUOTES \" \" marketplace. only emphasize the importance of obtaining the CPA designation and using that designation in their business but also stress that being a CPA also \" means dedicated service to the profession, mentoring younger CPAs and involvement in professional \" \" \u0000 CPAs should seek out non-profit board opportunities to assist those organizations and enhance the visibility of our valued credential. their training, talents and increasingly crowded employers of young CPAs should not \u0000 need for CPAs to distinguish expertise from others in an More experienced CPAs and society activities. There will be an increasing \" \u0000 \" \u0000 CPAs need to advocate globally because there are worldwide business implications of other countries, laws, regulations, and cultures. \" \" \u0000 The CPA profession should continue to mentor and invest in the intellectual resource that is our youth. This will make them more proud to be part of our profession. \" \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Summary \u0000 In more than 300 comments \" demonstrate their ability to swiftly adapt and anticipate changes thus positioning themselves as leaders in advising clients and employers on how to adapt and respond. \" \" generated during this As the pace of change continues to accelerate, CPAs do \" \u0000 exercise, it was clear that the findings of the year-long effort resonated with Council, including the importance of pride in the profession. Council's feedback emphasized the continuing Need committees, task forces and work need for the profession to groups at AICPA and state societies evolve as it responds to \" \u0000 focused on the future of these implications. More emphasis will be needed on foreign languages in \" colleges/universities and cultural awareness training to be able to gain the respect to \" \u0000 do business in other countries. We are as much a thinking discipline and culture as a technical unprecedented regulatory changes, demographic shifts and technological advances. Furthermore, many indicated that these future trends already are beginning to impact their workplace. \" For additional Council \u0000 feedback and valuable expert. A lot of the value resources related to CPA we bring to the table Horizons 2025, visit, comes from what we CPAHorizons2025.org. learn at work. \u0000 \" \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 CPA Horizons 2025 asked participants to evaluate the profession's Core Values and Competencies established in the late 1990s in light of current and future trends. The Advisory Panel carefully reviewed and further refined each value and competency based on this feedback. The results, which follow, reflect the foundation of the unique strengths and qualities, which will continue to drive and distinguish the profession in the coming decades. \u0000 \u0000 \u0000 CORE VALUES \u0000 \u0000 \u0000 \u0000 \u0000 Core Values of the CPA profession are the essential and enduring beliefs that we \u0000 uphold over time. Core Values enable us to retain our unique character and value as \u0000 we embrace the changing dynamics of the global economy. \u0000 \u0000 \u0000 \u0000 I\u0000 ntegrity Competence Lifelong Objectivity Commitment Learning to Excellence \u0000 \u0000 CPAs maintain CPAs conduct CPAs CPAs highly CPAs \u0000 hemselves with t demonstrate impartiality and value education continually \u0000 intellectual integrity and superior technical beyond deliver \u0000 honesty by honesty, holding proficiency by certification and exemplary, \u0000 themselves to performing with a remaining free high-quality \u0000 \u0000 continually of personal bias rigorous high level of pursue new and services. \u0000 and conflicts of standards of expertise and broad skills and \u0000 professional knowledge. interest. knowledge. \u0000 \u0000 thics. e \u0000 \u0000 \u0000 \u0000 Relevance in the Global Marketplace CPAs enhance their value by meeting the ever-changing needs of the world around them. \u0000 \u0000 \u0000 CORE COMPETENCIES \u0000 \u0000 \u0000 \u0000 \u0000 Core Competencies are a unique combination of human skills, knowledge and \u0000 technology that provides value and results to the user. Enhancing our Core Competencies \u0000 is key to sustaining a competitive and differential advantage in the marketplace. \u0000 \u0000 \u0000 \u0000 Communications Leadership Critical-Thinking Anticipating Synthesizing \u0000 Skills Skills and Problemand Serving Intelligence to \u0000 Solving Skills Evolving Needs Insight \u0000 PAs are able to CPAs are adept C CPAs are adept CPAs are skillful CPAs are expert \u0000 effectively at influencing, in identifying in evaluating in connecting \u0000 strategic exchange reliable inspiring and facts, challenging data, performing \u0000 directions and and meaningful motivating others assumptions and analysis and using \u0000 information, using to facilitate opportunities to applying business acumen \u0000 meet the appropriate change and judgment to to provide astute \u0000 evolving needs context and achieve develop relevant guidance for \u0000 i\u0000 nterpersonal excellence. of those we solutions. better business \u0000 kills. serve. s decision making. \u0000 \u0000 \u0000 \u0000 Integration and Collaboration CPAs are effective at building strategic alliances and working collaboratively to provide multidisciplinary solutions to complex problems. \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 EMBRACING THE FUTURE WHAT HAVE WE LEARNED? It is a small world after all every business is becoming a global business The future is here embracing the future now will ensure viability in the long run Change is inevitable technology already is changing the way we work ... and the change will continue Generations are working side by side Baby Boomers are not retiring and Millennials are bringing a new set of skills and ideals to the workplace WHAT MUST WE DO? Be open to change embrace, don't fear, the future Be nimble adapt traditional services and establish new ones to take advantage of change Be collaborative work with each other and with the global community to shape and execute the standards and services that will emerge over the next decade Be forward-thinking assess and evaluate the current and future environments and plan accordingly HOW DO WE DO IT? Technology: Address security and privacy concerns; adapt traditional services; utilize state-of-the-art tools to reach out to new markets Education: Balance judgment with technical skills; teach soft skills; stay ahead of the curve on regulations and standards Globalization: Understand international issues, trends, standards and regulations; identify new markets; explore new job opportunities Promotion: Market the profession's virtues of integrity, objectivity and trust to local, national and international audiences Collaboration: Understand the different perceptions and realities of the generations and find ways to bridge the gap and take advantage of the best each can offer Integration: Review our competencies and align them with new realities; enhance our role as a business advisor Adaptation: Address changes in the marketplace, economy, business and regulations; immerse ourselves in domestic and international trends Competition: Understand the numerous choices available to clients and employers; market the CPA value \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 ADVISORY PANEL \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 \u0000 Paul V. Stahlin | Chairman - AICPA | 2010-11 Paul Stahlin is regional president of Skylands Community Bank in Somerville, NJ. He has an extensive career in banking, having served as executive vice president and chief financial officer of Fleet Credit Card Services and corporate controller of Summit Bancorp. Paul began his career in public accounting, including six years with Price Waterhouse & Co., a predecessor firm of PricewaterhouseCoopers. Paul has served the AICPA as a member of the Board of Directors and the governing Council for eight years. From 2001-2004 he served on the special task force on Services to Members in Industry, which made recommendations for improving the AICPA's service to members in business and industry. Paul also chaired the Audit Committee from 2007-2008 and has served on the Strategic Planning, Compensation and Finance Committees. He was President of the New Jersey Society of CPAs from 1999-2000, and is current chair of the audit committee of the Somerset Medical Center Board of Trustees. Paul graduated from Montclair State University with a B.S. in accounting and is immediate past chair of the Montclair State Foundation's Board of Trustees. Ernest A. Almonte | CEO and Chief Visionary Officer | Almonte Group LLC Ernie Almonte is the CEO and Chief Visionary Officer of Almonte Group LLC. He was the former Rhode Island Auditor General, where he was responsible for auditing the $7 billion State Annual Financial Report, $3 billion Federal Single Audit, Municipal Oversight and Performance and Fraud Audits. Ernie was appointed by the Secretary of Defense as Chairman of the Department of Defense Audit Committee and the Comptroller General of the U.S. to the Government Auditin
