CPA Vision Project: National Top Five Core Values, Core Services, Core Competencies and Issues

National Top Five Core Values, Core Services, Core Competencies and Issues

During the National Future Forum held in January 1998, delegates from each of the 50 states and three jurisdictions, along with representatives of several AICPA constituent committees, reviewed the summary results from all Future Forums held in the fall of 1997, and ranked the top five values, services, competencies and issues.

The gathering culminated the initial phase of the CPA Vision Process in which data from the Future Forums was analyzed and discussed to understand where the CPA profession must be positioned 10 to 15 years from now.

Through an implications study addressing likelihood and desirability, participants in the National Forum reviewed the summary results of all Forums held throughout the nation, focusing on the top five values, services, competencies and issues identified for the future of the profession. These are the key elements of the Core Purpose and Vision Statement.

National Top Five Core Values
Continuing Education and Life-Long Learning	CPAs highly value continuing education beyond certification and believe it is important to continuously acquire new skills and knowledge.
Competence	CPAs are able to perform high quality work in a capable, efficient and appropriate manner.
Integrity	CPAs conduct themselves with honesty and professional ethics.
Attunement with Broad Business Issues	CPAs are in tune with the overall realities of the business environment.
Objectivity	CPAs are able to deal with information free of distortions, personal bias or conflicts of interest.

National Top Five Core Services¹
Assurance	Provide a variety of services that improve the quality of information, or its context, for decision makers.
Technology	Provide services in technology application, system analysis, information management and system security.
Management Consulting	Provide advice to organizations on management and performance improvements.
Financial Planning	Provide a variety of services that interpret and add value to a wide range of financial information. These include everything from tax planning and financial statement analysis to structuring investment portfolios and complex financial transactions.
International	Provide services in the international arena such as cross-border tax planning, multi-national company mergers, joint ventures, etc.

National Top Five Core Competencies²
Communications Skills	Able to give and exchange information within meaningful relationships.
Strategic and Critical Thinking Skills	Able to link data, knowledge and wisdom together to provide quality advice.
Focus on the Client and Market	Able to anticipate and meet the changing needs of clients and markets better than competitors.
Interpretation of Converging Information	Able to interpret and provide a broader context using financial and non-financial information.
Technologically Adept	Able to utilize and leverage technology in a way that adds value to clients and employers.

National Top Five Issues The future success of the profession relies on public perceptions of the CPAs abilities and roles. CPAs must become market driven and not dependent upon regulations to keep them in business. The market demands less auditing and accounting and more value-adding consulting services. Specialization is critical for the future survival of the CPA profession. The marketplace demands that CPAs be conversant in global business practices and strategies.

Notes

1 Services — As discussed at the Vision Future Forums, services were defined broadly as encompassing activities undertaken by CPAs in all employment categories including business & industry, government, education and public practice.

2 Competencies — The term “competencies,” as discussed at the Vision Future Forums competencies is a broader term than the one used in the professional literature (i.e. competent to perform a particular engagement).