ChangingPosted: June 26, 2019
TXCPA members and the Board of Directors recently met in steamy New Orleans to set the path for the profession in Texas. An overall theme that emerged at the meeting was change. As noted by our keynote speaker, Barry Melancon, CEO of AICPA, change will never be slower than it is today. You read that right. Change will never be SLOWER.
What does that mean for the profession? One of the things it means is that we won’t be able to make a big push and change the CPA Exam, change the CPA licensure requirements, change how the profession is presented to potential new colleagues, change the audit model and change the reporting model, and then take a deep breath and sit back for the next decade.
Those who sit still will be passed by or disrupted. Ask Sears, Kodak and many other businesses that were once leaders and even had the keys to the future – Kodak invented digital photography and Sears was into home delivery before it was cool – if taking time to get to the future is fast enough. Those businesses, for some reason, paused and now they are irrelevant.
We can’t simply think about what it means to audit a business that employs blockchain and artificial intelligence. We need to rethink how those technologies impact the whole audit process at its core. Does blockchain make confirmations irrelevant? Does artificial intelligence allow constant population testing where never possible before?
When it comes to tax work, are tax returns the feature product of our work as many view them today or will tax returns become a byproduct of work around life planning for individuals? These are some of the challenges the Board started to discuss at the meeting in New Orleans. We certainly won’t come up with all the answers, but TXCPA is working to provide its members with ideas and connections to discuss the future, so members of the profession stay relevant to your current and future clients.