The evolving landscape of professional accounting: changes in business service demands and a...

As organizations transform themselves in response to powerful market forces, the role and competitive position of the CMA are changing radically. There are increasing opportunities for CMAs to provide services that add value to business, whether those services are provided internally or externally.

Public accounting

"The marketplace is telling us that public accounting is considered to be the equal space of all professional accountants whether they are CMAs, CAs, CGAs, or CPAs" notes Richard Benn, Vice-President of Program Development for CMA Canada. "While not traditionally part of the unique value proposition for CMAs, the practice of public accounting does in fact fit well with our brand. The essence of the CMA brand--building success--will continue to differentiate and distinguish our members, whether they choose to enter public accounting or another field of strategic financial management practice."

He said CMAs who practice public accounting, like CMAs who provide other strategic financial management services, will build successful businesses and careers, and deliver successful ideas, solutions and results for their employers and clients.

To lay the foundation for equipping CMAs with high quality public accounting competencies, CMA Canada established a National Standard for Public Accounting for Certified Management Accountants. The purpose of this standard is to provide assurance that CMA Canada's public accounting practice regulations integrate the features and characteristics that are necessary to meet the high quality standards demanded for public accounting. Referencing the National Standard for the Accreditation of Certified Management Accountants, the National Standard for Public Accounting for CMAs defines the incremental requirements for designated CMA members to become eligible to practise public accounting.

In 2005, CMA Canada's National Board of Directors approved a syllabus for CMAs in public accounting. The National Certification Board (NCB) is reviewing the syllabus changes now that the CMA competency map has been approved by the CMA Canada National Board of Directors to ensure that the changes fit within the competency map guidelines.

"CMA Canada is continuing to develop the programs necessary to equip CMAs with the knowledge, tools, techniques and training needed for public accounting," Benn noted. "The program will meet the highest standards for practice, legislated requirements and customer expectations. The CMA designation will represent the mark of a professional capable of providing a continuum of professional accounting services to employers and the public."

To ensure that the proper standards are established and maintained, CMA Canada is managing its due diligence carefully.

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"A task force has been conducting research with respect to different evaluation methods that CMA Canada should consider to evaluate members who have progressed through the public accounting syllabus," said Benn. "The task force consists of academics who have an expert understanding of public accounting, CMAs in public accounting, and staff."

Currently, a plan for a two-part public accounting examination has been tabled, covering financial accounting and taxation, and assurance.

Value-added assurance services

Another emerging field of practice for CMAs is value-added assurance services.

"The global regulatory environment, most dramatically illustrated by the Sarbanes-Oxley Act in the U.S., is certainly increasing demand for professional accountants to provide value-added assurance services," said Steve Vieweg, President and CEO of CMA Canada.

Value-added assurance services are not related to the audit or attest services provided by the professional accountant in the practice of public accounting. This type of expertise assures senior management that an organization is able to detect and prevent fraud, focusing on such things as strategic performance measurement, risk management, internal control, systems management, governance, and safeguard of assets.

Vieweg said the new CMA competency map provides the framework for developing value-added assurance service expertise for CMAs. Competencies in value-added assurance will be defined in the management anchor of the competency map.

"Management is about effectively implementing strategy," said Vieweg. "It includes monitoring progress towards strategic objectives, determining organizational goals, measuring and managing compliance and control risk, and allocating resources to maximize results. This is where we will integrate competencies in value-added assurance in our competency map."

Benn added that CMA Canada has constantly evolved the CMA designation over the years to meet the expectations of the marketplace.

"We are well positioned to exploit new opportunities, owing to our ability to anticipate and identify new trends, and to leverage the synergies we have created in the CMA Canada partnership," he said.