In February 2023, CPAs from all over Alberta logged into the 2023 virtual Innovation, Technology, and Accounting Conference (ITAC) to gain valuable insights on how technology is changing the landscape and to learn how to equip themselves with the necessary skills to meet the changing demands of the accounting and finance industry. Kicking off with a full day conference and followed by workshops for deep-diving with subject matter experts, these jam-packed days of learning covered a range of topics, including DEI, cybersecurity and fraud prevention, automation in auditing, leadership, and managing data efficiently. With content designed and delivered with CPAs in mind, one attendee commented, “the content of the conference was well presented, timely, and relevant for practitioners.”
For CPAs who missed attending ITAC this year, here are a few important takeaways from the conference:
- Although only 1 in 5 Canadians who were employed worked from home in the pandemic, there is a noticeable trend of an “entrenched mindset” in those who continue to do so. When polled on the topic of how work from home employees would respond to their employer forcing them to return to the office, the majority (about 40% ) would return, a third would return but also look for new employment, and the rest would quit in favour of finding a new job that meets their needs for flexibility. (From Where are we Headed? And Where are we Now? An Informed Look at Today’s Most Important Issues with Shachi Kurl.)
- Setting data-driven targets for the recognition of diverse talent is one way that organizations can uphold DEI values to both the public and boost their organization’s morale. “The only way these targets work is when you actually have a culture that supports inclusion and belonging. Otherwise, you run the risk of being disingenuous to hit a target…which might lead to successful hiring processes but high turnover.” (From Building Better Teams through Inclusion and Innovation with Alfredo Mendez.)
- While investing time and money in thorough cybersecurity policies is important, five quick wins to get the most bang for your buck include: data mapping, developing a cyber incident response plan (arguably the most important), insurance, cyber simulation, and contract review. (From Effectively Identifying and Managing IT and Security Risks in a Digital World with Imran Ahmed.)
- Organizations can no longer exist in silos; according to the 2023 Global Human Capital Trends Report, there has been an obvious shift in expectations of an organization’s level of global accountability. “Organizations must create impact not only to their business, their workers, and their shareholders, but to the broader society as well. Over half of the organizations surveyed this year aspire to create greater connections with the society they work in.” (From The CPA Beyond Business Performance – Focus on Human Performance with Neil Hunter.)
