April 2021 Update

There are many upcoming and assurance and accounting standards I have highlighted over the past few months. While these are important, it is just as important to establish priorities and set strategic goals before diving directly into your next task. This month’s update is unique as there are no technical updates, but rather a focus on the future of your firm and rethinking priorities. Read on…

What Frogs in Hot Water Can Teach Us About Thinking Again

One of my favorite speakers is organizational psychologist Adam Grant. He always has insightful ideas about change in an organization; his TED talk released this month was especially inspiring. Drawing on his research, he shares counterintuitive insights on how to broaden your focus and remain open to opportunities to rethinking. He highlights we live in a culture that appreciates grit but that can lead us to keep going when we should stop to think again. As you think about the strategic direction of your firm, this 15-minute TED talk may have you looking at ideas in a different way as even good habits can get in the way of rethinking. Ensure you don’t get stuck  in “cognitive enrichment” as you think about the upcoming year.  Very worth the listen.  


Practice Transformation Action Plan

Continuing on the theme of rethinking, don’t become resistant to change. Seize the opportunity when it arises. Earlier this year, IFAC launched an a Practice Transformation Plan – a Roadmap to the Future that outlines the importance of embracing change, leveraging technology, talent management and building advisory services. This publication raises awareness of what the future may hold so you can make informed decisions about your strategic plans. 


The Value of Branding

You have worked hard to build and grow your practice. But when did you last pause to review your firm’s brand? Does it accurately reflect your professionalism and the services you provide? While word of mouth and referral are important in gaining new clients, they are no longer the only things. The IFAC SMP Committee recently focused on SMP’s branding and marketing challenges. Members from around the world shared their brand and marketing top tops and best practices along with an approach to rethink your branding and marketing strategy.  


ASK KSA Professional Development Courses Launching Soon

Look for a special update in May on the official launch of ASK KSA PD. We will be offering online on demand verifiable CPD courses. Courses include topics on performing effective and efficient audits, practice management, quality management, implementing the new compilation standard and assurance and accounting updates. New courses will be added throughout the year. Stay tuned for details!

It has been an intense few months for so many reasons – we made it to April 30. While there is more work to come and new standards to implement, take a moment to take a deep breathe and do what you need to do to reinvigorate yourself. You have time and I am always here to help you save time and achieve peace of mind.  

Best regards,
Kirsten S. Albo, FCPA, FCA