Risk management came to the forefront for many organizations during the Great Recession. Now, in the midst of the Great Resignation and other highly disruptive events, risk management continues to be vital. An annual report on the state of risk oversight takes a closer look into where organizations stand and what they can learn about their own gaps. Mark Beasley, CPA, Ph.D., a professor at North Carolina State University and director of the school’s ERM Initiative, explains more in the latest episode of the Journal of Accountancy podcast. Click here for the report’s most recent edition, and for more resources, visit this page.

The state of risk oversight: Why structure but also agility matter

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 Ken Witt, CPA, CGMA, AICPA & CIMA associate director–Management Accounting Research and Development, explains in this JofA podcast episode why finance decision-makers in the second-quarter Business and Industry Economic Outlook Survey are  less optimistic now  compared with  the first quarter.  Witt summarizes the survey results, including CPA decision-makers' expectations for revenue and profit increases and the top challenges facing them and their businesses. What you’ll learn from this episode:  ·         Why Witt says the outlook this quarter is “mixed.”  ·         An overview of respondents’ sentiment about the domestic and global economies.  ·         The “signs of strength” in KPIs, including revenue and profit projections for the next 12 months.  ·         One metric that Witt will monitor in the third-quarter survey results.

Small ‘signs of strength’ despite continued concern about inflation

 Anoop Mehta, CPA, CGMA, is the chair of the selection committee that will choose the next AICPA & CIMA CEO. Mehta, a former AICPA chair and Association of International Certified Professional Accountants chair, discussed the qualities the organization seeks in its next leader, a planned timeline for the selection committee, and the importance of knowledge transfer.  The CEO chosen will replace Barry Melancon, CPA, CGMA, who on May 22 announced his retirement, effective at the end of the year.  Mehta, who recorded the episode at AICPA & CIMA ENGAGE, also shared why he thinks prospective CPAs should attend the annual event in Las Vegas and why he expects to continue meeting with accounting students. Resource:  AICPA & CIMA CEO job description What you’ll learn from this episode:  ·         A planned timeline for hiring the next CEO.  ·         The qualities being sought in the next leader.  ·         Mehta’s explanation of how a strong leader can balance openness to hearing others’ perspectives with making an unpopular decision.  ·         The importance of the Association chair and co-chair in the selection process.  ·         The state of talent development and why Mehta says he gets “energized.”

AICPA & CIMA CEO search: Details from the selection committee chair

 Anoop Mehta, CPA, CGMA, is the chair of the selection committee that will choose the next AICPA & CIMA CEO. Mehta, a former AICPA chair and Association of International Certified Professional Accountants chair, discussed the qualities the organization seeks in its next leader, a planned timeline for the selection committee, and the importance of knowledge transfer.  The CEO chosen will replace Barry Melancon, CPA, CGMA, who on May 22 announced his retirement, effective at the end of the year.  Mehta, who recorded the episode at AICPA & CIMA ENGAGE, also shared why he thinks prospective CPAs should attend the annual event in Las Vegas and why he expects to continue meeting with accounting students. What you’ll learn from this episode:  ·         Why Mehta admits to having some nervousness.  ·         A planned timeline for hiring the next CEO.  ·         The qualities being sought in the next leader.  ·         Mehta’s explanation of how a strong leader can balance openness to hearing others’ perspectives with making an unpopular decision.  ·         The importance of the Association chair and co-chair in the selection process.  ·         The state of talent development and why Mehta says he gets “energized.”

 Trisha Nomura, CPA, CGMA, and Abel Soares III, CPA/PFS, don’t live far from each other, but they didn’t know the other’s story until Soares was featured in an AICPA & CIMA  Member Spotlight Series video. They joined the JofA podcast recently to discuss how connecting has led to mutual admiration — and opened up new ideas for mentoring. The episode is in recognition of Asian American Native Hawaiian/Pacific Islander (AANHPI) Heritage Month and intended to celebrate the diverse voices of the profession. Resources  n  AICPA & CIMA home page for diversity, equity, and inclusion n  Full index of the Member Spotlight Series focused on diverse voices: What you’ll learn from this episode: ·         How Nomura and Soares learned that they were essentially neighbors.  ·         The background of each CPA and why it matters — particularly this month.  ·         Their advice for fellow accountants on being more entrepreneurial.  ·         The inspirational emails Nomura has received after speaking to students about accounting.  ·         Why Soares wanted to go “beyond the numbers” with his firm’s focus.  ·         Their ideas for helping to grow the profession.

More than coffee and LinkedIn: ‘You never know who you might inspire’

Marty Finn, CPA/PFS, J.D., LL.M., is an ENGAGE co-chair, focusing on tax, personal financial planning, and estate planning topics for the event, which begins June 3. Finn got his start on conference committees after meeting Sid Kess, a legendary  tax practitioner and mentor who died in September at age 97. The advice of Kess has stuck with Finn, and Finn believes that an emphasis on top-notch speakers and topics is what has made ENGAGE and its predecessor events valuable to CPAs for years. Resources:  ENGAGE registration information and agenda  A remembrance of Sid Kess, by Andrea Millar, CPA/PFS “Summing Up Sid”  podcast episode from September Longtime AICPA CEO  Barry Melancon announces his retirement  What you’ll learn from this episode:  First, a word on the news of the week: AICPA CEO Barry Melancon announces plan to retire. Melancon is scheduled to be at ENGAGE, a signature AICPA event that Finn looks forward to each year. Finn’s explanation of the Sid Kess Rule. The topics that are expected to be addressed in a panel discussion that Finn will moderate. The importance of, and timeline for, the sunset of  several key provisions of the legislation known as the Tax Cuts and Jobs Act. Why Finn says that the opportunities for tax-focused CPAs in the area of advisory services will continue to grow. One last bit of Kess advice for getting the most out of conference attendance. 

The state of risk oversight: Why structure but also agility matter

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