New AICPA Chair focuses on the profession’s leap into the future

In May 2019, Bill Reeb, CPA/CITP, CGMA, assumed the role of Chair of the American Institute of CPAs (AICPA). He also serves as the Vice Chair of the Association of International Certified Professional Accountants (the Association). We asked him a few questions to help you get to know him and his vision for the future of the profession.

You can also watch the video of his AICPA inaugural address.

1. Congratulations on becoming the 106th chair of the AICPA! As you look ahead, what do you see as the biggest opportunity for the accounting profession?

The digital era has swept in a blistering pace of change that’s transforming the world around us. The change is not incremental — it’s exponential. And in these rapidly changing times, we find our greatest opportunity.

Our clients and employers need us more than ever to help them navigate increasing uncertainty and complexity. To seize the potential, we must take leaps, not steps. We must race to the horizon of possibility. Go where there has been no footpath before us to follow. Become comfortable with being uncomfortable.

Rising to the challenge of a digital era: Reflections from AICPA chair

When I stepped into the role of Chair of the American Institute of CPAs (AICPA) in February 2018, we were — and continue to be — facing an unprecedented pace of change that’s transforming our profession. And I put forward a challenge:

Be early to be on time. Take bold steps and initiate change today so that we will not just be prepared for tomorrow — we will be even stronger than we are today.

You have risen to that challenge. As I’ve spoken with members and leaders across the U.S. and around the world, I’ve been energized and inspired by the progress our profession is making. We’re not just imagining the possibilities. We’re seizing them to create an even stronger tomorrow for ourselves and the next generation.

Here are some of the ways we’re doing it.

Delivering more value

We’re pushing our own boundaries by adopting new technologies, competencies and service areas to become even more indispensable.

It’s a Great Day to Be a CPA!

As someone who grew up in the small farming town of Belmont, Wisconsin, the past year has been remarkable for me. I’ve visited more than half the states and met thousands of CPAs working in every professional accounting role you can imagine. And I’ve learned something from every one of them.

There’s nothing like talking with CPAs working with or in real businesses facing complex accounting and tax issues to understand what is important to the future of our profession. They understand we need to evolve to maintain our relevance. The confluence of complexity and rapidly evolving technology has accentuated the imperative for change.

We often discuss the four areas I spoke about at my inaugural address last October. CPAs want to modernize their services, which means adopting new technologies and being a step ahead of what the marketplace demands. They’re asking about everything from how auditors can leverage data analytics, to the latest standards from the Financial Accounting Standards Board and the impact Brexit will have on the work they do.

Something else they want to talk about, and the second area where we can shape our own future and ensure relevance, involves the speed in which we are developing new fields of expertise. These efforts are in response to the changing needs and requirements of our clients and employers. Today the world moves too fast to wait.

Say “Yes” to Advancing Our Profession

For nearly 129 years, the accounting profession has preserved an esteemed reputation through a commitment to protecting the public interest and upholding the profession’s core values of competence, integrity and objectivity. Each and every day, CPAs live those values through the work they do for their organizations, employers and clients. You now have a new opportunity to further strengthen our profession and play an integral part in its vitality for the future.  

On March 24, the AICPA governing Council voted to proceed with a member ballot on a proposal that would enhance our profession and position us for continued success far into the future. The proposal already has strong support: 52 state CPA societies; leaders from many CPA firms of all sizes; finance leaders from businesses and organizations worldwide; and the AICPA’s Business & Industry Executive Committee, Private Companies Practice Section Executive Committee, Government Performance and Accountability Committee, Women’s Initiatives Executive Committee, Pre-certification Education Executive Committee, and National Accreditation Commission. We urge you to vote “yes” as well.

Acting Today for a Strong Profession Tomorrow

Every member of the AICPA plays a role in shaping the accounting profession.

The CPA’s reputation and profession’s success rely upon the actions each and every one of us takes every day. Our collective contributions can be seen in many forms. We collaborate to address the evolving needs of our clients and organizations, and to maintain the relevance of the services we provide. Through peer review, standard setting and other activities, we all contribute to helping firms maintain quality in an increasingly complex environment. And in the corporate environment, we work to embed our core values of quality, competency and integrity to improve management accounting which, in turn, enables stronger audits and financial reporting.

Now, there’s a new opportunity for us to play our part in the profession’s vitality for the future. Last week, the AICPA governing Council voted to proceed with a member ballot on a proposal that would enhance our profession across public and management accounting. Specifically, the Institute will be asking members to support a proposal to create a new association with The Chartered Institute of Management Accountants representing the entire accounting profession, while preserving our respective membership bodies. It will enhance advocacy and expand member resources and education opportunities.