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uring the past two years, we’ve witnessed their clients’ companies and their processes and
Russia’s attacks on Ukraine, a clogged global controls.”
Dsupply chain, rising prices at the gas pump
and in grocery stores, soaring housing costs, and MANAGEMENT ACCOUNTING
increased spending as the COVID-19 pandemic Accountants in executive positions, including CEOs,
eased. These societal upheavals, coupled with infla- CFOs, and controllers, are turning a pessimistic
tion, are causing the stock market to fluctuate, along eye toward the U.S. and global economy in 2023,
with interest rates, as the federal government labors according to the third-quarter AICPA Economic
to steady the economy. Outlook Survey. They predict the organizations they
The fallout from these events will continue to work for will have zero profit growth in the next 12
affect the accounting profession, businesses, and months, and only 18% of them have a positive view
taxpayers in 2023, said Barry Melancon, CPA, of the U.S. economy. About the
CGMA, CEO of the Association of International Against this backdrop, management accountants author
Certified Professional Accountants, representing will play crucial roles, said Tom Hood, CPA/CITP,
Teri Saylor is a
AICPA & CIMA. “Rising to those challenges means CGMA, executive vice president–Business Engage-
freelance writer
committing to rapid responses to the marketplace; ment & Growth at the Association of International
based in North
continuing to embrace innovation, agility, and our Certified Professional Accountants, representing
Carolina. To
commitment to continuous reinvention; and remain- AICPA & CIMA. Citing findings from the Future
comment on
ing invested in the digital world and technological of Finance Leadership Advisory Group, he observed
this article or to
advances,” he said. “For 2023 the focus will be on that management accountants will continue to evolve
suggest an idea
finding and retaining talent, the impact of inflation, into “value partners” or “chief future officers” who
for another article,
accelerated digital transformation, maintaining help CEOs set the direction for their organizations.
contact Courtney
culture, broadened corporate reporting, and service Finding and retaining talent will be one of
Vien at Courtney.
development.” organizations’ major concerns in 2023, Hood said,
Vien@aicpa-cima.
Here’s how experts in a variety of practice areas along with investing in digital transformation,
com.
foresee the next year unfolding in accounting. which was accelerated due to the pandemic. Finance
professionals, he said, will need to “upskill and reskill
AUDIT to keep up with digital transformation.” In particular,
Technology, talent, and sustainability are three he said, the Future of Finance group identified agility
areas affecting audit firms today and into 2023, said as a top skill finance professionals need to cultivate to
AICPA chief auditor Jennifer Burns, CPA. keep up with the accelerating pace of business.
“Technology continues to impact how audits Sustainability and ESG “will become part of the
are performed as auditors adapt to client use of organizational fabric” of businesses in the near future,
emerging technologies and integrate new solutions Hood said, and management accountants are eager
into their audit approach,” she said. “Talent also to “move beyond reporting” in this space to add value
continues to be top of mind for auditors — from to their organizations. Diversity, equity, and inclusion
hiring new staff to retaining current talent and is also a priority for senior finance leaders, he said,
upskilling existing auditors to meet client needs.” mentioning the AICPA’s new Registered Appren-
The demand for enhanced sustainability report- ticeship for Finance Business Partners as an initiative
ing and assurance continues to grow, Burns added. that can help improve diversity in the profession.
“CPAs are the best positioned to provide
assurance on ESG [environmental, social, and PRACTICE MANAGEMENT
governance] information due to their expertise, Staffing innovations will be the biggest headline in
professional standards, systems of quality manage- 2023, said Jennifer Wilson of Bellevue, Neb., partner
ment, objectivity, and independence requirements,” and co-founder of ConvergenceCoaching LLC.
she said. “Further, practitioners who audit financial “More firms will try nontraditional staffing strate-
statements are the best positioned to also provide gies, including offshoring, outsourcing, fractional
assurance on ESG information in a connected way, staffing, hiring retirees and stay-at-home moms,
because auditors are already well acquainted with and adding strong client-facing operational and

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