The current business landscape is highly dynamic with the emergence of disruptive digital technologies, rapidly changing economic conditions and the dramatic evolution of business models. To continue to add value in contemporary organizations, the role of professional accountants is also changing with the times. The broad accounting and finance expertise of a CPA, along with their ingenuity, judgement, and integrity allows them to thrive in the face of a constantly changing business landscape.
As financial leaders, CPAs have become critical contributors to an organization’s performance management system, which encompasses a broad range of activities including strategy development and implementation, risk management, management control system design, and performance measurement. A CPAs’ ability to add value across these key areas is of significant importance to modern organizations, as it facilitates on-going performance improvement and value creation.
Recognizing the growing importance of CPAs’ contributions to performance management system design and use, and to contribute to the development of the related skills and knowledge for aspiring professional accountants and current CPAs, the School of Accounting and Finance, in partnership with CPA Ontario, has established the CPA Ontario Centre for Performance Management Research and Education (CPMRE) at the University of Waterloo.
SAF faculty member Alan Webb, PhD, FCPA, FCA, Director of the newly established Centre, notes “The generous financial support of CPA Ontario will enable the Centre to make a meaningful impact on current and future CPAs, through its research and education activities. As the only Centre in Canada focused solely on performance management issues, it represents a much needed and unique approach to adding value to CPAs.”
The CPMRE will facilitate the creation and dissemination of knowledge related to various aspects of performance management systems through the support of high-quality research and thought leadership activities. Jim Barnett, FCPA, FCA, interim Director of the School of Accounting and Finance, states that “I am excited about the potential for this partnership, between the School of Accounting and Finance and CPA Ontario. The Centre will have an impact on the business community, policy makers and standard setters by communicating how our research is relevant to them and identifying new opportunities for collaboration.”
An important goal of the new Centre is to facilitate collaborations between academics and members of the business community leading to research that will be highly relevant to CPAs in practice.
This Centre will serve as an invaluable resource for the accounting profession, contributing to the compelling thought leadership in the ever-growing, ever-important area of management accounting. CPA Ontario has a longstanding relationship with the University of Waterloo and the School of Accounting and Finance, and we look forward to continuing this partnership as we bring our members, academics, and the profession together through the work of this Centre.