Accounting for the Future

BDO Canada
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Accounting for the Future

Simplicity is the ultimate sophistication. Anne-Marie Henson transforms intricate concepts into digestible insights, helping financial leaders navigate with clarity and confidence.

  1. 31 OCT

    Cybersecurity on the rise

    In this episode, host Anne-Marie Henson explores the growing realm of cybersecurity threats with guest Sacha Blasiak-Priestley, BDO's National Leader of Cloud Security. They discuss some of the biggest cybersecurity breaches this year, including Christies, London Drugs, and AT&T. The conversation uncovers the lasting operational and reputational impacts of cyber attacks, AI's intricate role in cybersecurity, and the importance of having a robust, frequently tested incident response plan.   What you’ll hear in this episode: [1:27] The trends of emerging cybersecurity threats. [3:07] The types of threats and common vulnerabilities businesses overlook. [9:07] The long-term consequences of cyber attacks. [11:10] How accurately do portrayals in media reflect real-life cyber attacks? [13:09] New technologies that help mitigate cybersecurity risks. [14:38] What companies can do to proactively prepare for sophisticated cyber threats. [18:37] Recommendations on testing and revisiting your company’s plans. [20:20] The future of cybersecurity.    Mentioned: Anne-Marie Henson Sacha Blasiak-Priestley BDO   Quotes: "Sometimes it can take companies up to years to actually recover all of those systems. So they might have those core systems that are up, but it could take years to get the supporting systems adjusted and fixed to be operational again."   "A lot of organizations think, I don't have data that's worth stealing, no one would come after me, I'm not even a large organization. But the truth is that a lot of these attacks are really opportunistic."   "We're seeing a lot of frauds that are perpetrated by asking, Hey, I'm your regular supplier, but I need you to change my banking account information or wire me this money somewhere else."   "On the defense side, we're using AI to help us quickly detect patterns to identify perhaps misconfigurations or some suspicious behavior.’   "Organizations can help protect around the sophisticated attacks by making sure that they have controls all along the different ways."

    24 min

  2. 29 AUG

    Enhancing productivity: Data-driven solutions for audits

    Learn how technology, particularly AI and data-driven solutions, is revolutionizing the audit profession, leading to enhanced productivity. Host Anne-Marie Henson is joined by Paul Vetrone, Innovation and Change Director at BDO Canada, and Youssef Hounat, VP of Product at DataSnipper. Together they discuss the integration of innovative technologies in auditing, emphasizing the shift towards more efficient and higher-quality audits.   What you’ll hear in this episode: [1:42] An introduction to DataSnipper as an intelligent audit platform. [3:20] What do audit firms look for when it comes to audit technology? [6:56] What a data-driven audit looks like. [9:20] What is BDO Harmony and what does it do? [12:00] The evolution of AI and its impact on some industries. [15:46] AI in the audit process. [23:22] The future of audit technology and data-driven tools.   Mentioned: Anne-Marie Henson Paul Vetrone Youssef Hounat BDO DataSnipper   Quotes: "When we're talking about a data-driven audit approach, we're really looking at the entire population, the entire data set, and being able to see trends and anomalies within that data to really identify what are those true outliers within that information."   "People want to make sure that their teams are actually working on value-added activities, and that's really why they come to DataSnipper, to take away the manual and repetitive work so that their teams can focus on what matters."   “Since the launch of ChatGPT in September 2022, there's been so many exciting new products, whether it be bookkeeping assistance that can completely do a reconciliation with absolutely no input from a human, all the way through to transaction risk scoring.”   “in terms of what we're seeing in the audit industry right now, I think AI is really kind of on the fringes. I think a lot of firms are really trying to figure out how to best utilize it at this point”   “What I can expect to see is much more integration with tools such as APT or with BDO Harmony to make sure that it's more of a seamless experience as people are working”

    28 min

  3. 18 JUL

    What should business leaders expect from their auditors? LIVE in Oakville

    Auditors can provide value beyond the numbers through practical solutions and advice on governance and regulatory changes. In a special live episode, guest host Mary Mathews is joined by Anthony Marinelli, Assurance-East Leader and Chair of BDO Canada’s Board, in a discussion on how the role and expectations of auditors have evolved and how business leaders should select auditors. They also discuss the impact of ESG and how technology and AI are transforming audit practices.   What you’ll hear in this episode: [1:56] How audit has evolved over the years. [5:35] What business leaders should look for when selecting an auditor. [9:17] Building a strong auditor-client relationship. [13:35] What business leaders should expect from their auditors with respect to ESG. [16:08] People and talent in auditing. [18:18] Ensuring technical excellence. [21:00] What does an auditor do to adapt to the challenges and opportunities in today’s business environment? [23:01] The role of innovation and technology in transforming auditing practices. [25:15] Providing value beyond numbers.   Mentioned: Mary Mathews Anthony Marinelli BDO   Quotes: “…what is the company buying? It's the experience. It's an audit experience, and it's not only from the day the audit starts to the day the audit ends. It's also the post-audit experience from the day the audit ends to the day the next audit starts.”   “..our stakeholders are becoming more sophisticated. I just think about a lot of the users of our financial statements, whether it's the bankers, whether it's private equity firms, whether it's second generation now that are involved in the business that expect more out of a financial statement, so absolutely the landscape has changed.”   “The pace of change now may be quicker than it ever was, but it's slower than it will be in the future."   "Happy people lead to happy clients. It starts with the happy people, and then it's infectious."   "AI tools are great and help us become more efficient, but they'll never replace the human auditor."   “I think it starts with the numbers though. I think we have to make sure the numbers are right, and if the numbers are wrong, it really doesn't matter what happens after.”

    29 min

  4. 13 JUN

    AI governance: Navigating innovation in the boardroom

    AI holds immense transformative potential for revenue optimization. Yet, governance, ethical considerations, and continuous monitoring cannot be undermined for responsible and effective AI implementation. Guest Achille Ettorre, Advisory Board Member at Queen's University, TedX presenter, and Faculty Member and Executive Consultant at the International Institute for Analytics, joins our conversation on the importance of AI governance, its impact, and ways to mitigate bias.   What you’ll hear in this episode: [2:01] Defining Generative AI and big data. [3:49] The impact of AI on business processes. [6:59] AI’s impact on revenue, risks, and opportunities. [10:00] The balance between speed and governance. [12:45] How audit committee members or directors can improve their AI readiness. [15:44] The impact of governance on AI. [22:52] Mitigating AI bias. [26:00] Guest speaker’s reflections on the future.   Mentioned: Anne-Marie Henson Achille Ettorre BDO   Quotes:   "…a larger organization has so much more inputs, data inputs that they really have to have a governance program to ensure that all the throughputs are done in such a way that it's systemic, methodical, and correct every time.”   “..it's interesting from a revenue perspective, I truly believe that using these tools or these models can increase the revenue for any organization that understands the processes involved and the people that are actually working these models.”   “..for board members specifically, spending some time on whether it's informal education or some formal training on understanding what AI can actually do within their organization, or quite frankly entire industry would definitely bode well.”   “…you need to understand where you sit in the maturity model within your organization on how you use data and how you use analytics and how you implement AI.”   “If I were to say within the audit industry… I would suggest that a lot of the routine tasks would be automated so that there's oversight and a review versus actually compiling the data that will be automated.”   “I definitely think AI can help out in augmenting or setting up the framework, but I do think that should resonate within the leaders of the organization.”

    29 min

  5. 9 MAY

    Strengthening your foundations: Internal controls for public companies

    Having robust internal controls is necessary for accurate financial reporting. In this episode, host Anne-Marie Henson is joined by Michael Crolla, Partner and National Capital Markets & Public Company Services Leader, and John Asher, Partner and Risk Advisory Services Leader in Western Canada. Drawing from their experience, they discuss the current Canadian regulatory landscape for public companies, how strong governance affects audits, and the role that strong internal control environments play in financial reporting. Explore the challenges companies face when establishing internal controls, best practices for building an audit committee, and special governance considerations for companies planning to list. Plus, discover key insights for optimizing internal controls in an evolving business landscape.   What you’ll hear in this episode: [01:30] An overview of the Canadian regulatory landscape for public companies. [03:56] The importance of establishing and maintaining strong internal control environments. [06:11] How a strong control environment affects the audit process. [10:11] Challenges companies face when trying to develop internal controls. [15:06] Top qualities an audit committee should have to maintain strong governance. [22:47] Advice for companies that want to improve their control environment as they prepare to list. [23:34] Strategies for optimizing internal controls.   Mentioned: Anne-Marie Henson Michael Crolla John Asher   Quotes: “The regulatory landscape for public companies is really multifaceted and involves several levels of oversight to really ensure the integrity of financial reporting and the internal controls that feed into financial reporting.” “Having robust internal controls ensures accuracy and reliability of financial reporting.” “Some of our clients are very busy with acquisitions, and so anytime you have an acquisition, you're bolting on another set of controls, you're bolting on another set of information systems.” “If you do have that tone at the top, that leadership buy-in, it can really result in a very strong internal control program that really will help mitigate any risks and there's actually more benefits than pain points.” “The world continues to evolve and change, and there's different risks that we're talking about on this right now that could affect the business as you look into the future.” “Focus on some of those key issues or key areas that may have a little bit more risk. Try to mitigate that first, see how it's working, and then obviously keep implementing as you go along and adjusting as you go along.” “Avoid control creep…meaning avoiding adding more controls for the sake of having controls.” “We talked about tone at the top, but it's really important that there's strong commitment from leadership to ensure that staff are knowledgeable and that they're aware of regulations.”

    27 min

  6. 20 MAR

    Navigating the Complexities of Fraud Prevention

    Navigating the complexities of fraud prevention and detection in your organization is critical. In this episode, host Anne-Marie Henson is joined by Alan Mak, Partner and National Leader of BDO’s Forensic Disputes & Investigations, and Mary Mathews, Partner in BDO’s Accounting Advisory Group. Drawing from their expertise, they delve into the pervasive issue of fraud in today's financial landscape, discussing current trends, examples of fraudulent activities ranging from small-scale employee expense frauds to larger procurement frauds, and the psychological and societal implications of fraudulent behaviour. Discover key insights into the indicators of fraud in financial statements, the role of auditors in detecting fraud, and practical strategies for implementing effective controls to mitigate fraud risks.   What you’ll hear in this episode: [1:35] An update on the latest fraud trends and status. [2:11] Explanation of the fraud triangle. [4:15] Examples of fraudulent activities. [5:57] Examination of types of fraud and occurrences across different company sizes. [8:25] The psychological aspects of fraud. [13:17] Indicators of fraud in financial statements and the role of auditors in detecting fraud. [17:10] Strategies for reducing the risk of fraud. [23:15] Reflection on the societal perception of fraud and the need for robust consequences for perpetrators.   Mentioned: Anne-Marie Henson Alan Mak Mary Mathews BDO   Quotes: "Fraud is one of those things that is very personal, even when it's a big company. And the reason why is because fraud inherently involves trust."   "As auditors, we have to meet high professional standards, a financial statement audit doesn't actually serve as a guarantee against any fraud or detecting fraud."   "It starts with good governance in place... putting in checks and balances to reduce those opportunities and the risks of fraud where opportunities might exist."   "We look at the world through one of several ways in terms of risk assessments for fraud, and a common framework that we use is something called the fraud triangle."   "Perform reconciliations with the right level of detail and attention... doing it thoroughly, properly, reviewing budgets to see how performance is going."   "The fraud triangle lists three elements that are necessary in order for frauds to exist or to occur. They are opportunity, rationalization, and motivation."

    27 min

  7. 22 FEB

    Bill S-211 – Forced Labour in Canadian Supply Chains

    How can Canadian companies prepare to comply to Bill S-211? In this episode, host Anne-Marie Henson is joined by Pierre Taillefer, Partner and National Sustainability and ESG Leader at BDO Canada, in a discussion on the evolving landscape of ESG reporting and compliance. He sheds light on regulatory requirements in Canada, specifically, Bill S-211, highlighting the importance of understanding and addressing compliance obligations regarding supply chain management and the mitigation of child labour and forced labour risks. The episode offers valuable insights into the challenges faced by organizations and provides practical strategies for navigating the complexities of reporting obligations.   What you’ll hear in this episode: [1:55] ESG regulatory and reporting landscape update. [7:35] Introduction to Bill S-211. [10:50] Compliance and reporting obligations. [15:38] Impacted industries [21:40] The role of Governance (the G) in reporting obligations. [23:30] Challenges and response strategies. [26:26] The future of ESG reporting.   Mentioned: Anne-Marie Henson Pierre Taillefer BDO   Quotes:   “We're seeing a lot of activity over the last couple of months on Bill S-211, which is Canada's Anti-Slavery Act.”    "Demonstrating that you've done something and that you have a plan for improvement is crucial, and it allows you over time to implement a more robust process around managing that risk in your supply chain."   "We're not trying to boil the ocean. The idea here is not perfection, it is to demonstrate that you have done your work. An organization that needs to comply has done work to evaluate its supply chain and has a plan, a plan for improvement."   "The objective is that Canada's supply chain adequately manages the risk of child labour and forced labour within its supply chain."   "It's not only “what is the financial result you achieved,” but how did you achieve it, and that trend is not going to go away."   “We definitely see Europe ahead in terms of integrated reporting, and they will continue on that trajectory. It does have an impact on Canadian/US organizations that are selling into Europe.”

    31 min

  8. 18 JAN

    AI in the Finance Function

    From enhancing audits to streamlining processes and predicting financial outcomes, AI is here to empower the finance function. In this episode, host Anne-Marie Henson is joined by David McKellar, a Partner and key leader in BDO’s Innovation & Change team and Senior Leadership Team, to discuss the impact of artificial intelligence (AI) on the accounting and finance function. Together, they explore how AI, including generative AI, can benefit financial statement auditors. The episode also touches on the potential applications of AI for CFOs, discussing its role in pattern recognition, prediction, and transparency. Addressing governance, the episode emphasizes the importance of data quality, security, transparency, and addressing potential biases in AI algorithms.   What you’ll hear in this episode: [2:30] Understanding artificial intelligence (AI) vs. generative AI and the difference between the two. [6:00] AI in financial statement and auditing. [11:27] AI's impact on the finance function and CFOs. [18:30] Governance considerations for AI adoption. [26:30] AI and the society: The importance of education and embracing AI. [27:35] Optimism about the positive impact of AI and democratization of knowledge.   Mentioned: Anne-Marie Henson David McKellar BDO   Quotes:   "I think a lot of us understand that in some way, AI and how businesses will be using it in the future, is completely accepted."   "AI is not going to replace people's jobs; it's going to replace the jobs of those that don't embrace it."   " When you're looking for different patterns, instead of a human sorting through different files, no matter how fast they are, there's only so much that you go through. Now, we can actually leverage AI to drive through much more data and still pick up on the trends."   "The more AI gets out there, the better the models get, and the more they get fed, the more they learn.”    “I think we're going to see a level and a layer of regulation that will likely create some opportunity and some challenges from a finance function of just understanding what's there."   "The more AI starts to enable an organization, the more important understanding how biased your data and your algorithms are because you're going to be asked for that"

    30 min
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Simplicity is the ultimate sophistication. Anne-Marie Henson transforms intricate concepts into digestible insights, helping financial leaders navigate with clarity and confidence.

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