Strategic Plan

HISTORICAL OVERVIEW

Since 1991, The Ohio Society of CPAs (the Society) has operated with a strategic plan. There have been four iterations of the Society’s plan prior to this version. Since the last version adopted in 2000, the plan has been updated on a continuous basis with issues being added as circumstances dictate and removed once completed or no longer sufficiently important to merit being included in the plan. The Society’s strategic planning process and the resulting strategic plans have been comprehensive and well documented, addressing issues of importance to the CPA profession and The Ohio Society of CPAs. 

MAJOR TRENDS AND ISSUES AFFECTING CPAs AND THE OHIO SOCIETY

An integral part of the strategic planning process is an effective environmental scan that identifies the major issues that are currently affecting the environment, or that will likely affect the environment in the future. The Strategic Planning Committee believes the following trends and issues will affect CPAs and the Society and are the foundation this plan is intended to address.

• There will continue to be competition among all professions to attract the “best and brightest.” While the CPA profession is currently enjoying major popularity among students, it is inevitable that challenges to the attractiveness of the profession, or the rise of other career choices, will eventually present difficulties in attracting new entrants of the type the profession needs. Specific challenges will likely center on:
  
  • Quality of life
  • Attractiveness of other career choices
  • Wealth accumulation
    
    
• Competition among all employers for qualified accounting staff professionals will continue, with the most extreme competition being for CPAs who possess 5-10 years of experience.
  
  
• Rules and requirements affecting the profession that are established by the SEC, PCAOB, other regulatory bodies, Congress and the Ohio General Assembly will continue to be a factor, making it critical that the Society continue a major commitment to providing an effective legislative/regulator advocacy program.
  
  
• Changes in the basic structure of firms, including their profitability, changes in the scope of services; and a continued spotlight on the audit and the inherent challenges contained in the process of conducting effective audits.
  
  
• The Society’s membership will continue to evolve and be different than it is today. The increasingly diverse nature of our membership will continue to challenge the Society to provide services and values that are relevant to member needs. The average age of involved members will be younger, the number of women in the membership will continue to see increases as a substantially greater percentage of total membership, members engaged in corporate practice will continue to represent the majority of members, and members will practice less in “traditional” service areas, regardless of whether in public accounting or corporate practice.*
  
  
• Advances in technology will continue to affect all aspects of the profession and the Society, including when, how & where members work, how CPE is delivered and how the Society communicates with its members.*
  
  
• The Society will continue to face increased competition, particularly in niche areas, from other entities organized to serve the needs of CPAs—sometimes more effectively than can the Society due to their more specific focus. The Society defines one of its primary value propositions for members as filling the role of “information safety net.” However, the multitude of information for CPAs on the Internet underscores the competitive challenge the Internet represents to associations and the Society.*
  
  
• Identifying, cultivating and developing future leaders will continue to be a major challenge facing the Society at all levels. Answering the question, “where are we going to find the leaders of the future?” must continue as a top priority. Traditional volunteerism will likely continue to decrease throughout American society and the effects of the new structure at the Society has created a perception of reduced opportunities for volunteerism in The Ohio Society of CPAs.
  
  
• The CPE environment will continue to be very volatile and the Society will likely be challenged to effectively meet the specific knowledge requirements for many members in a timely and cost-efficient manner.  Competition from narrowly-focused CPE vendors will become more prevalent. It is likely that the Society will need to focus its attention on the general needs of the broad membership, and not on the specific CPE needs of certain membership segments.

*Denotes trends and issues carried forward from the previous strategic plan.

VISION STATEMENT

The Strategic Planning Committee recommends that the Society continue the vision statement adopted as part of the predecessor plan:

The Ohio Society of CPAs is focused on positioning its members to be trusted professionals at the forefront of a changing and complex world.

ORGANIZATION

For purposes of managing the initiatives in the strategic plan, the priorities are focused on four major categories:

• Quality of practice/services
• Advocacy
• Regulation of the profession
• The practice environment

CRITICAL SUCCESS FACTOR: ASSIST MEMBERS IN CREATING THEIR OWN FUTURE SUCCESS BY UNDERSCORING THE IMPORTANCE OF THE CPA PROFESSION’S CORE VALUES AND CORE COMPETENCIES.

A primary reason for The Ohio Society of CPAs’ existence is to help members be successful in their professional careers. Fundamental to the CPA profession’s reputation are the core values and core competencies. Through its activities and programs the Society should continually underscore the importance of all members adhering to the highest standards of professional behavior.

STRATEGY: Implement strategies that reinforce the profession’s core values:

• Competence
• Integrity
• Objectivity
• continuous education & lifelong learning
• attunement to broad business issues

STRATEGY: Implement strategies that reinforce and help members to develop the profession’s core competencies:

• communications & leadership skills
• strategic and critical thinking skills
• focus on customer, client & market
• interpretation of converging information
• technologically adept

CRITICAL SUCCESS FACTOR: ENSURE THAT THE SOCIETY HAS AN EFFECTIVE ADVOCACY INFRASTRUCTURE THAT ALLOWS THE SOCIETY TO BE IDENTIFIED AS “THE VOICE OF THE CPA PROFESSION IN OHIO” AND SPEAK CLEARLY ON ISSUES THAT AFFECT CPAS OR CPA FIRMS.

Like it or not, CPAs will continue to be in the spotlight for all dimensions of the services they provide.  In an environment often characterized by regulatory or legislative zeal to mandate solutions to perceived problems it is critical that The Ohio Society of CPAs be perceived as the only spokesman for the CPA profession in Ohio.  Whether it be the Ohio General Assembly, the Accountancy Board of Ohio or other regulatory bodies, the Society should ensure that it is recognized and regarded as a credible source of information and the most reliable resource on issues affecting CPAs.

STRATEGY: Assess the manner in which member input is compiled and evaluated in determining the Society’s position on legislative issues.

STRATEGY: Evaluate the effectiveness of the tools used to communicate with members concerning legislative issues and the positions taken by the Society on behalf of members.

STRATEGY: Develop strategies to increase member awareness about and support of Ohio CPA/PAC.

STRATEGY: It is important that The Ohio Society of CPAs continue to position itself to influence the national agenda in dealing with issues facing CPAs.

CRITICAL SUCCESS FACTOR: HELP MEMBERS DEVELOP THE TECHNOLOGICAL SKILLS AND INFRASTRUCTURES THAT ARE NECESSARY FOR SUCCESS.

The simple act of knowing how to use software products to achieve production/operational efficiencies is not sufficient to ensure success. To be successful, CPAs need to be on the cutting edge of technology, able to recognize and interpret trends and assist clients and their employers in leveraging technology within their businesses. This means that the Society will need to view its role in assisting members in acquiring technological skills differently than has been the case in the past. 

STRATEGY: Develop and provide new CPE alternatives that provide members with the technology skills that CPAs need in order to be successful today and in the future.

STRATEGY: Develop and implement strategies that share best practice models in CPA firms in terms of how firms can most effectively exploit and leverage technology. The Society should also evaluate the feasibility of developing best practice models for members in industry that focus on technology, knowledge and skills critical for E-enablement in the corporate environment.

STRATEGY: Provide both educational programming and other hands-on event opportunities for members to gain awareness and experience with a variety of technology devices, services and methods that can then be applied to a member’s professional role.

STRATEGY: The Education Services Advisory Committee and the staff should identify or develop CPE programs that provide more than basic familiarity with technology skills. The feasibility of developing a model “technology curricula” for members at various levels in their professional careers.

STRATEGY: Establish a technology think tank that focuses on identifying technology trends and issues that will affect CPAs and CPA firms and communicating them to the membership. 

CRITICAL SUCCESS FACTOR: PREPARE THE OHIO SOCIETY OF CPAs TO COMPETE AND SERVE MEMBERS IN AN EVER CHANGING GLOBAL TECHNOLOGICAL ENVIRONMENT

The Society’s Board has placed appropriate emphasis on preparing the Society to make greater use of the Internet as the primary communications link with members. It is critical that the Society continue to innovate and expand the Web-based feature sets that are delivered to the membership.

STRATEGY: Develop mechanisms to ensure that the Society continues to be on the leading edge of Web-based features.

STRATEGY: Expand the use of Internet and Web-based delivery methods for services such that members can customize access to the Society.

STRATEGY: Utilize Web-based applications to enhance member participation in communities and volunteerism.

STRATEGY: Implement a continuous polling mechanism to gauge member satisfaction with and utilization of the Society’s electronic communications strategies and identify new directions that will meet future needs.

CRITICAL SUCCESS FACTOR: ATTRACT QUALIFIED INDIVIDUALS TO THE CPA PROFESSION AND OHIO SOCIETY MEMBERSHIP AND RETAIN PERSONAL IDENTIFICATION AS PART OF THE ACCOUNTING PROFESSION THROUGHOUT THEIR PROFESSIONAL CAREER

The Society should continue its efforts to attract the “best and brightest” to choose accounting as their career choice. However, equal attention should be devoted to strategies to encourage those who enter the profession to obtain the CPA designation and stay active as CPAs throughout their professional career. 

STRATEGY: Determine the most effective ways for The Ohio Society of CPAs and the Educational Foundation to work together to achieve the mutual goal of implementing the most effective strategies to interest and attract students to choose accounting as their major and graduate with a degree in accounting.

STRATEGY: Work with member employers on encouraging CPA candidates to complete the exam and obtain the CPA designation.

STRATEGY: Work with AICPA and others to identify the factors that contribute to CPAs making the decision to leave the accounting profession.

STRATEGY: Identify and implement strategies that create and strengthen the identification and affinity of members to the CPA profession and to The Ohio Society of CPAs. These strategies should include assessment of member attitudes and actions to determine and address factors that can lead to their disengagement or loss of membership identification.

STRATEGY: Identify and implement strategies that more clearly communicate the diversity of career choices that are available to CPAs. This strategy should include assessing whether the Society should play a more aggressive role in helping members to assess career choices once they have entered the CPA profession.

CRITICAL SUCCESS FACTOR: PROMOTE CONFIDENCE IN PEER REVIEW & THE CPA PROFESSION’S SELF-REGULATORY ACTIVITIES.

The peer review program is a key activity that limits the need for increased government involvement in regulating the CPA profession. It is critical that the peer review program maintain its viability and effectiveness as a tool to help ensure that CPA firms provide high quality services. Since being adopted in 1988 as a requirement for membership in the American Institute of CPAs, and in 1989 as a requirement for membership in The Ohio Society of CPAs, the program has evolved and grown, yet still maintains the fundamental objective of assisting firms in providing high quality attest services. 

There is a need to engage a serious dialogue with members and the American Institute of CPAs about the underlying structure of peer review and the identification, development, training and administration of reviewers.

The profession’s standard-setting responsibilities are subject to challenge from those desiring greater regulatory authority over the profession. Enhancing financial statement users’ understanding of attest services provided both within and outside of the public company environment and of the responsibilities of CPAs, as well as supporting the profession’s role in establishing standards for non-public registrants, are important priorities in the current regulatory environment.

STRATEGY: Implement public relations strategies that communicate the CPA profession’s commitment to providing high quality attest services.

STRATEGY: Communicate with members on a regular basis concerning the operation and efficacy of the peer review program

STRATEGY: Provide information for users of CPA services to improve the understanding of attest services, the auditor’s role, and the purpose of peer review.

STRATEGY: Develop programs to identify, develop and train qualified peer reviewers.

CRITICAL SUCCESS FACTOR: HELP EMPLOYERS OF CPAs TO BE ON THE FOREFRONT AMONG EMPLOYERS OF PROFESSIONALS.

The employment market today is highly competitive and challenging as employers wrestle with issues ranging from job sharing, to flexible hours, to telecommuting, to providing innovative benefits packages, to how they attract and retain employees. Employers of CPAs also face particular challenges as the demand for CPAs increases and the reality of lower numbers of candidates entering the profession over the recent past is felt.

STRATEGY: Develop strategies that identify and share the best employment practices

STRATEGY: Determine whether it is feasible for the Society to position itself as a credible provider of employment strategy information and implement programs to help members, or create strategic relationships with other organizations.

STRATEGY: Assess whether it is feasible for the Society to help members to address perceived or real “quality of life” issues that face employers of CPAs.

STRATEGY: Develop programs that address unique, merging issues associated with specific demographic segments within the profession, including ethnic, cultural and gender diversity.

OTHER SIGNIFICANT ISSUES

This plan is not intended to be an all-encompassing summary of the major issues facing the Society and the CPA profession and suggested strategies to address them. The plan presupposes that initiatives resulting from prior plans, as well as issues that have become ingrained within the Society will continue to be priorities for the Society. Included in this category are issues and initiatives such as:

• Public service and serving the public interest must continue to be a priority. CPAs and The Ohio Society of CPAs must be in the forefront among organizations sharing their knowledge and insights for the good of the public interest.
  
  
• Continuing a major focus on providing a comprehensive and leading edge CPE program for members.
  
  
• Continuing a major focus on obtaining and protecting meaningful tort reform for CPAs and businesses in Ohio.
  
  
• Continuing a major focus on conducting a comprehensive image enhancement program, designed to create positive impressions of CPAs and gain Vision-aligned marketplace permissions for CPAs to enter new practice/service areas.
  
  
• Identify required skill sets and improve the quality, appropriateness and value of education for current and prospective members of the profession.*
  
  
• Identify and develop areas of service/value for selected constituencies that will promote the value of the Society to members employed in:*
  • Industry Practice
  • National Firms
  • Regional Firms
  • Local Firms
  • Consulting
  • Education
  • Government 

*Denotes initiatives carried forward from the predecessor plan.

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