In this Update: 10 Great TED Talks on Leadership; Think Like Steve Jobs and Galileo; Succession Planning
The final update of the year. It is amazing to think how quickly 2019 has passed by. There were many standard changes over the past year and there will be many more in 2020. For the next few days however I am not focussed on standards but rather, on family and friends. I hope that you are able to spend quality time with friends, family and other loved ones over the holidays, I know I will be. With that in mind, this month’s update items are very light reads on interesting topics that apply to not only business but everyday life. Read on…
10 Great TED Talks on Leadership
It is not always about the standards. In our business, the soft skills are as, or often more, important than the technical skills. As influential leaders and the extent to which we have to interact with staff, clients and even family and friends, means it is important to understand how we can motivate others. Top leaders often talk about “growing others” and how their actions can inspire and develop their teams. Leaders share these thoughts and provide insights you can use to improve your leadership skills.
Five Ways to Think Like Galileo and Steve Jobs
We must incorporate professional skepticism into our engagements, not only because the standards say we have to but also to ensure we are asking the right questions, challenging our assumptions and arriving at the right conclusions. A thought-provoking article from Psychology today discusses the difference between cynics and skeptics and provides tips on how to develop habits of thinking that challenge what appear to be reliable facts. Be like Galileo and Steve Jobs and test assumptions over human activity leading to greater understanding, innovation and creativity.
I am facilitating a Practitioner Forum Session on the topic of Succession Planning on January 15, 2020. Practitioners are engaged in running practices and servicing clients typically with the focus on immediate upcoming events. However, circumstances may require succession planning to move up the priority list. This may be the result of scheduled events such as retirement or due to unexpected events such as an illness. Planning and preparation will help you move through both these types of events. This session will assist you succession planning transition, emergency preparedness, working with colleagues and requirements under the Code of Conduct. Think today about tomorrow. Please join me for this informative and interactive session.
I am very excited about the upcoming year with all the changes yet to come. 2020 will be a busy year, in the meantime, I want to take this moment to which you all safe and happy holidays. I look forward to working with you in to help save you time and provide you peace of mind. Happy New Year.
Kirsten S. Albo, FCPA, FCA
In this Update: Ethics; Rising Revenues for SMP; Succession Planning; Compliance Reporting
It is ironic the standard setters are so busy yet there is nothing new to report. Over the past few months, I provided you details about exposure drafts for auditing standards (CAS 315), compilation engagements (CSRS 4200) and quality management (CSQM 1 and CSQM 2) among other technical topics. But the standard setters are still deliberating on comments received so there is no new news on any of these fronts. I will continue to track status and let you know as soon as there are developments. So, in the meantime, I have highlighted other random topics of interest I have come across. Read on…
With the new professional development requirement to have at least four hours of verifiable PD specifically related to ethics, this subject matter is a hot topic these days. In fact I am developing an Ethics Workshop to be delivered to firms to help meet this requirement in an interesting and unique way. Feel free to contact me about delivering “Putting Ethics into Practice” to the members of your firm. While preparing this workshop I came across an article that I think may be of interest to you. “Paying Professional Ethics More than Lip Service” provides guidance on building trust in business and how to be anchored by fundamental ethical principles.
Rising Revenues for Sole Practitioners and Small Firms
As a sole practitioner or a partner of a small to mid-sized firm, it can be challenging to gather competitive information on how you are doing compared to your peers. “Rising Revenues for Sole Practitioners and Small Firms” summarizes the results of the 2019 Accounting and Bookkeeping Operations and Technology. According to the survey, 36.2% of respondents earned more than $150,000 in revenue for 2018 compared to only 31.8% in 2017. How do you compare?
This past month I led a practitioner forum on the topic of human resources. It was a very interesting session with a variety of topics discussed including recruiting, retaining, compensating and motivating staff. One topic we did not cover in detail but is very important is building your team is succession planning. To secure the future succession, and success, of your firm, it is important to start with what kind of team you must create. An article from Accounting Today provides an interesting perspective on building teams and how planning for such breaks down to two categories: composition and development.
I have included Compliance Reporting as a topic in previous months but as I have received numerous questions on this topic over the past month I thought it worthwhile raising again. Often government (such as Manitoba Housing), and other oversight, agencies will include the type of report they want issued in the agreement. However these agencies are not the standard setters and do not understand our requirements as practitioners. It is important to educate these agencies on the types of reports that can be issued. The new standards 3530 Attestation Engagement to Report on Compliance or CSAE 3531 Direct Engagement to Report on Compliance are the reports to be issued related to compliance with lease, funding or other debt agreements. These standards are effective for compliance reports dated on or after April 1, 2019. If you want a pair of fresh eyes to read your report before you release it, just reach out.
As mentioned in the introduction, I will keep you updated on technical developments as they happen. In the meantime, if you have any questions on any topic or would like further information on the Ethics Workshop, please feel free to contact me. We are headed into the time where practice inspections are taking place and it is a good time to ensure you have the right processes in place to address quality and other matters. I am here to help as needed. Have a great weekend.
Kirsten S. Albo, FCPA, FCA