Change our narrative, change our future: The power of purpose in strengthening our profession

BY CHRISTINE ASPELL / MANAGING PARTNER, KPMG BALTIMORE OFFICE

Our profession’s “pipeline” challenges — the declining numbers of students who study accounting and the shrinking pool of candidates who are studying for the CPA exam in the hopes of obtaining their license — have been top of mind for CPAs for some time now. But we’re not the only ones paying attention.

In November 2022, The Washington Post published an analysis by Bloomberg’s Adrian Wooldridge, who claimed that the dearth of CPAs is a threat to capitalism itself.

“The obvious result of the talent shortage is an erosion in the quality of audits,” Wooldridge wrote, adding that errors are missed by both overworked accountants and shorthanded regulators, leading to an increased likelihood of “another Enron out there: a big company that is playing fast and loose with its finances and will eventually collapse, bringing economic havoc in its wake.”

The Wall Street Journal also has been sounding the alarm, publishing no fewer than seven articles about the issue since December. Its latest analysis, published on July 11, claimed that the shortage is making its way into the financial statements of several large public companies. “U.S.listed companies such as car-parts provider Advance Auto Parts, electricair-taxi firm Joby Aviation and German biotech company Evotec in recent months have disclosed efforts to address material weaknesses due at least in part to a lack of accounting staff,” wrote reporter Mark Mauer, who added that such material weaknesses “are one of the key predictors of restatements, both major and minor, and generally lead companies to address the problems and improve their controls.”

Debates continue throughout the profession on the best ways to address our depleted talent pipeline. Reasoned arguments and thoughtful ideas abound. These include a pair of pilot programs — one offered by the AICPA and the National Association of State Boards of Accountancy, the other through a partnership between Saint Peter’s University in New Jersey and PwC — that would award credit toward 150 hours of required education for work done on the job.

I’m more interested in what individual CPAs — you and me included — can do to strengthen our pipeline. Make no mistake, I’m convinced each of us has a role to play in this area, and that role centers on what we can do to change the narrative about our great profession.

Let’s face it: We’re probably not going to inspire a lot of young people to study accounting by talking about accounting. A recent study by the Center for Audit Quality and Edge Research bears this out. Approximately 1,400 undergraduate business students and recent graduates were asked about their attitudes about accounting and the barriers they see to entering the profession. “When asked about their experiences with introductory accounting courses, only one out of three non-accounting majors who considered accounting said the content was interesting or engaging,” Accounting Today reports. “Among the students who ultimately chose not to pursue accounting, the main reason cited was a lack of passion.”

On the other hand, I believe focusing on why we do what we do opens all kinds of possibilities. Our work directly impacts our clients’ businesses and, by extension, the communities those clients serve and the economy at large. It’s not a stretch to say that the work we do helps improve the lives of people throughout our communities. We need to tell that story and share that passion.

Our profession continues to change rapidly as technological advancements, regulatory changes, and demographic trends reshape what we do and how we do it. But even amid that change, one thing remains constant — our purpose. The what, how and even who of our great profession will adapt and change, but what won’t change is our why.

We are at an inflection point in our profession when it comes to human capital and our next generation of leaders. Changing the narrative and shifting the focus — especially for our talent and future talent — from the everadapting day-to-day work to the purpose behind that work is an opportunity that we can’t afford to miss. Too frequently, that purpose, that passion, that “Why?” has gotten lost. We need to find it, and share it — over and over again. Each of us must shoulder some of the responsibility of exciting a new generation of CPAs.

Here’s one way you can help:

The MACPA is recruiting Maryland CPAs to visit area classrooms and speak to high school and college students. Our goal is to raise awareness of accounting career opportunities by discussing the exciting and challenging roles CPAs play, and the real difference they make in the business world. Your passion for the profession can be contagious — and a great way to recruit students to pursue accounting as a career. Join us in spreading the good news! We’ll provide the presentations, training, and outreach and support materials if needed. All you need to bring is your passion and a couple of good stories to tell. Get further details and sign up as a volunteer today by visiting MACPA.org/classroom-visitrequest-form.

Our profession needs your passion — and your support — more than ever. I hope you’ll join me in working to ensure that our profession remains as vital and important tomorrow as it is today.

Meet the MACPA’s 2023-24 Board of Directors

BY BILL SHERIDAN,

Cae

The MACPA’s 2023-24 slate of officers and directors was voted into place at the association’s Annual Meeting, held June 22 in Baltimore. Here’s a closer look at this year’s Board of Directors.

Officers

Christine Aspell, CPA Chair

Employer: KPMG LLP, Baltimore

Title: Managing partner / audit partner

Notable: An MACPA member since 1991. Has more than 25 years experience in providing assurance services to clients in the financial services industry and specializes in serving clients in banking, investment services, insurance, and real estate. Partnerin-charge of the Baltimore chapter of KPMG’s Network of Women, where she established the chapter in 2004. A member of KPMG’s Women’s Advisory Board, which helps oversee the advancement of women. Chair of the Loyola Accounting Advisory Board. A member of the Greater Baltimore Committee Board of Directors, the Downtown Partnership Board of Directors, the Center Club Board of Governors, the My Sister’s Place Leadership Council, the Maryland Zoo, the Girl Scouts of Central Maryland, the New America (Better Life Lab), and the St. Ursula School Finance Committee. A “Maryland Top 100 Women” winner in 2012, 2015 and 2018.

Thomas White, CPA, CGMA Vice Chair

Employer: CareFirst BlueCross BlueShield

Title: Director of Accounting

Notable: An MACPA member since 2010. Has more than a decade of accounting and audit experience in various industries, currently focusing on health care. Has extensive knowledge of health care finance, internal audit, and compliance. Started his career in public accounting with large firms, focusing on international, public, and non-profit clients. Transitioned into industry at CareFirst. An active MACPA and AICPA volunteer, including involvement with the MACPA’s mentor program and Scholarship Committee as well as the AICPA’s Council and Health Care Expert Panel.

Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA Secretary / Treasurer

Employer: Washington Suburban Sanitary Commission

Title: Assistant Inspector General for Audit, Office of the Inspector General

Notable: A well-credentialed executive with more than 20 years of experience leading internal audit establishments in the financial services and public utility industries. Earned her master’s degree from Notre Dame of Maryland University and a bachelor’s degree from The Ohio State University. A member of several professional organizations. In addition to her exemplary career and professional achievements, she holds several board and committee positions. Currently serves as a member of the AICPA’s Auditing Standards Board, vice chairman for the City of Laurel Ethics Commission, vice president of the Central Maryland Chapter of ISACA, and board member of the Association of Inspectors General. A volunteer course manager and instructor for the Association of Inspectors General Institute and Mentor for the MACPA’s Mentor Program. Winner of the 2021 AICPA Outstanding CPA in Local Government Impact Award.

Herbert J. Geary III, CPA, CGMA Past Chair

Employer: UHY Advisors LLC

Title: Managing director

Notable: An MACPA member since 1988. Has more than 30 years of accounting and auditing experience, specializing in areas that include closely held businesses, manufacturing, wholesalers, distributors, construction contractors, local governments, and non-profits. Has served on the MACPA’s Board of Directors and as a past president of the Eastern Shore Chapter of the MACPA. Past chairman and current board member TidalHealth, a hospital system on Maryland’s lower Eastern Shore. A member of the Greater Salisbury Committee.