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CERTIFIED MANAGEMENT ACCOUNTANT 13

The Accountancy

Profession in the

New Normal

Brian Blood, Chief Executive and Elaine Hong, Executive Director –
Confederation of Asian and Pacific Accountants (CAPA) Stakeholders and Strategy

Every generation has a defining by continued engagement with CAPA respondees expressed any level of
moment. There is little doubt that 2020 members and stakeholders, as well pessimism, whilst 50% viewed the
was a year when the world experienced as the monitoring of trends and outlook ‘a little more optimistically’.
a crisis like no other. The COVID-19 researches, indicated the focus in the The remainder was generally split
pandemic swept across the world, short term was on people, in particular between being ‘much more optimistic’
shifting most economic, political and the safety of professional accountancy and feeling ‘about the same’. The
social landscapes. organization (PAO) employees and how sense was that this was more than
to assist the members of the PAO. just ‘cautious optimism’ – it appeared
How any organization responded This was quickly followed by making to reflect the accelerated changes
and performed, was dependent on any necessary operational changes taking place and the opportunities
many factors. One key factor was the and carefully managing finances. being seized. The positive outlook
strength of the organization’s general The focus for the longer term was was supported when looking at some
resilience. Another factor was the ensuring organizational sustainability short-term key performance indicators
industry it operated within. and remaining relevant to the market, and also taking a longer-term view of a
which required consideration of what PAO’s financial sustainability.
At the end of April 2020, as the ‘future accountant’ would look like.
governmental responses to the Some six months later, to ascertain 2. In the short term,
pandemic were introduced in most further insights, including the views of expected key performance
jurisdictions, CAPA undertook a survey CAPA members for 2021 and beyond, indicators varied across
of its members in or with an interest in CAPA undertook a live polling session jurisdictions – though
the Asia Pacific region to: at a Member Forum organized in
December 2020. The session captured generally remain strong
 Firstly, understand the magnitude the responses of 47 of the attendees
of the challenges faced, both in the expressing views relating to 25 member Student registrations – half of those
immediate period and near future; organizations. This represented close polled were expecting an increase,
to 80% of CAPA members. generally between 1-5%, in annual
 Secondly, examine these student registrations for qualification
challenges, its impacts and The responses pointed towards the programs, with a further 20% expecting
organizational responses; and following: the position to remain unchanged.
This bodes well for the medium-term
outlook.
 Finally, identify trends, learnings and
opportunities - thus facilitating the 1. A positive outlook for the New member growth rates – 34%
sharing of insights and experiences profession and PAOs forecast an increase, 40% to remain
among its members and the wider There was a solid sense of optimism the same, and 26% to reduce. On
profession. across the CAPA membership balance, this suggests a positive
compared to a year ago, i.e., pre- outlook for PAOs that have had to be
In brief, the responses to the survey – COVID-19, and this applied almost innovative in retaining students and
summarized in the report “COVID-19 equally to the profession in a broad staging examinations. However, some
impacts – Challenges facing the sense, and to the PAOs as membership PAOs clearly feel they are facing some
profession and PAOs”, - supported organizations. Only about 10% of challenges.

www.cma-srilanka.org | Volume 06 -No. 2 - September 2021