UltimQuest

“Don't be afraid to start over. This time you're not starting from scratch, you're starting from experience.”

Starting from “scratch” - willingly or unwillingly - is not an easy place to be. You wonder if you’re making the right decisions and doing what will benefit you and your loved ones. You face confusion and self-doubt - you question yourself and think about whether you are wasting your time and your potential. It makes you examine what you are capable of doing and what you really want out of your life.

But the truth is, we are never truly starting anything from scratch. Life gives us a series of experiences and opportunities, some expected and many unexpected. We learn, grow and evolve as a result of each one of these experiences. Therefore, we never go back to the same place twice and never truly start anything “over.”

If you’re feeling unhappy, dissatisfied or unfulfilled with your work and your career, pause for a moment. Think about what’s holding you back from attaining happiness, satisfaction and fulfilment. Your answers may circle back to you - your beliefs, expectations, fears and hesitations.

Don’t be afraid of re-evaluating your career trajectory and changing directions at any point in your life. That will take courage and involve risk, but may lead you to a much better life.

It's a hard thing to do, and it requires willpower, commitment, risk and even sacrifice. But it’s well worth it.

If you are a professional accountant, it’s already clear that you have the discipline, skills and the work ethic to make great things happen!

Our approach to CPD is to offer practical and relevant insights on complex matters. We do our best to refrain from discussing only theoretical concepts, and dive deep into actual real life examples of issues that CPAs face every day. We also take our evaluations and feedback very seriously, continuously modifying and improving our content so that our audience can walk away feeling empowered and confident in their abilities.

👉🏽Check out our upcoming live deliveries on our website and our on demand 20-hr CPD packages. Visit www.UltimQuest.com.

In our polling of CPAs across Canada, anywhere from 20% to 40% of participants say they have been asked to do something they considered unethical. This is no longer surprising or alarming to us.

Confronting or disagreeing with clients and bosses is an uncomfortable situation for all of us. It can come with the risk of losing your job or your client revenue. It can cause a lot of anxiety.

It requires a lot of courage, and you must think about how to communicate effectively.

Based on our years of corporate training on and , we're sharing some ideas here on how go about confronting your clients or seniors on an ethical matter:

➡️Determine the ethical issue at hand and what exactly makes you uncomfortable.

➡️Gather background information and facts. Think about your organization's values, goals, policies and procedures. Identify the negative consequences that will result from taking an unethical route.

➡️Think about mentors who can help guide you, or allies who might share your concerns. Keep confidentiality and your Code of Conduct in mind.

➡️Prepare your information in a logical manner. Think about how the other person will respond to your observations and your concerns.

➡️Rehearse what you will say. This will boost your confidence
and help with selecting the best words to convey your concerns. Anticipate your client or boss's response to you.

➡️Present your case in an independent, impartial and factual manner from the organization's point of view (not your own).

➡️Do not place blame or pass moral judgment no matter how tempted you are. Relate the ethical dilemma to the organization's stated goals and values.

➡️Consider documenting your analysis, your concerns and
your client's or boss's response. This will protect you and contribute towards making an ethical decision.

➡️Consider your options if an unethical decision is still made in spite of your efforts. Don't succumb to pressure. Don't risk your
professional designation.

We hope this helps some of you. We would love to hear if you have any insights or advice that would help other CPAs to cope.





23hReply

If only issues at work could come with a big label saying
"Ethical Matter Inside - Handle with care."

The reality is that things often get complicated, convoluted and confusing far sooner than we realize that we have an ethics-related issue at hand.

Here are 8 red flags to watch out for at all times that can tip you off and help you identify potentially unethical behaviour at work. No matter what position you hold or what level of your career you're at, these can help you stay vigilant and aware at all times.

🚩Negative news is often spun to soften the blow.
🚩Management hides information from the board and from auditors.
🚩The CEO is surrounded by people who never question or criticize them.
🚩Employees are dissatisfied with information from top management and supervisors.
🚩People express beliefs that rules are for others and not for them.
🚩The system rewards employees even if the means of achievement are suspect.
🚩There seem to be conflicting goals (i.e. pressure to reach unattainable targets while being ethical).
🚩Debates over current policies are squashed.

If you see any of these, keep your eyes and ears open and pay attention to the situation as they unfold.

The fundamentals in any discipline or in life don't change over time. However, new situations arise and we have to apply these fundamentals and principles to tackle those situations.

You might feel that the fundamentals don't apply when it comes to emerging issues, such as automation, artificial intelligence, the space program, and other brand new scenarios that we are facing.

However, fundamental realities have not changed in centuries. For instance, what Aristotle and Plato said thousands of years ago is still of value to us today. Similarly, John D. Rockerfeller rose from humble beginnings in poverty and lack. His first job was that of a bookkeeper, and then he went on to eventually become the wealthiest person in the world. Even though he lived over 100 years ago, we can still learn something from his life journey today.

Therefore, we should not abandon fundamental principles or knowledge, unless they are proven to be totally incorrect.

There is a Chinese saying that "when the child is lost, it goes back to the mother." This is referring to going back to foundational principles when dealing with new situations.

Our lead instructor, shares his story about how he even applied this thought when he was writing his final CA exams.

"If I came to a question where I drew a blank - I would think about the Generally Accepted Accounting Principles and Generally Accepted Auditing Standards. I tried to relate those standards to the questions at hand. This approach helped me to interpret the question and start generating my answer."

Have you identified the fundamental values and principles in your life? These can guide you in unchartered territory, such as the massive disruption we face today.

We observe people quitting after putting some effort in a new project, product, initiative, idea or even business. We also observe those who have achieved phenomenal successes in life and business.

Those people have persevered through difficult, painful periods without giving up on their hopes and commitments.

That level of commitment takes them through the tough times, without abandoning the goals.

People have written about gold miners who quit after digging for days, when they were 1 foot away from the gold ore.

The next person gained from that work by simply digging 1 foot further.

The lesson is about persistence, commitment and continuous effort and learning.

People who have succeeded have developed a certain type of character - they create long term relationships, vision. They're working on things that require patience.

Nelson Mandela is a perfect example of this. He spent 24 years in jail before he realized his goal of racial equality between the races in South Africa.

The same thing is true for business success. We have to learn, we have to persevere and wait. But we shouldn't be abandoning our goals because we hit a roadblock. Instead, we should be thinking and expanding our capabilities and methods.

We are in the midst of tremendous disruption. Not only due to COVID, but there is a wholesale change in the way we will live in the future. This is due to the use of artificial intelligence and automation.

Organizations are automating their business processes and reducing human involvement in every sector of the economy.

This will have serious implications for everyone. Just imagine how the introduction of automobiles changed human activity. The same disruption is happening today. Entire industries could be eclipsed and new industries will be forming.

We need to consider our careers and whether technology will replace our work. We can see the need for employees to boost their skills. What skills should you think about?

What are the emerging growth areas? We see environmental, social and governance measurement and data analytics as such fields. CPAs could take a leading role in standard setting, measurement and reporting. We can see a shift from financial accounting to impact accounting happening in the area of climate change and sustainability.

Lenders, regulators, and employees want corporations to move from profit to purpose. This means every corporate entity will have to show that they are good corporate citizens, they are not hurting the environment, they are not contributing to the climate crisis.

The CPA profession exists to protect the public interest in our society. Now, climate change and sustainability are critical components of the public interest. The profession must embrace this reality.

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Have you noticed that leaders in every field are able to speak in plain language, in a few words, and can motivate others to follow their lead?

Have you heard someone like Steve Jobs speaking? John F Kennedy? Barack Obama? Speaking skills are a prerequisite for any leadership position. We are confident these speakers took serious public speaking training before they achieved their positions. Did they get a good return on investment from this training?

We think they did.

In a similar way, professional accountants can enhance their careers by gaining public speaking skills. We realize this is not something most accountants would have learned or even thought about. Even Warren Buffett says that public speaking is the #1 skill that changed his life. He recommends it.

Your university/college degree resulted in earnings for you. Similarly, your professional designation increased your earnings potential. If you improve your public speaking skills, you will obtain an infinite return on investment.

The better you become, the more your earnings will rise. It doesn't matter what role you play and what work you do.

So here are our 5 tips for CPAs to start public speaking

1. Observe other speakers - note their strengths and weaknesses.

2. Think of this as a way of sharing your knowledge to benefit others.

3. Speak up more often in meetings and share your views on important issues. This will show your critical thinking skills, vision for the future, and overall leadership abilities.

4. Actively seek opportunities for public speaking. Practice will improve your performance.

5. Take a public speaking course - it could change your life.

Interested in boosting your public speaking skills? Check out our public speaking course:
https://lnkd.in/dS-ZJ8FN

Have you ever complimented someone on their public speaking skills? Can you identify good speakers from bad speakers (on the news, at public events, etc.)?

People who speak to others sincerely, who understand the other person's values and genuinely care about other people are the good speakers. We can talk about techniques, we can talk about practices, we can talk about methods - but ultimately, people will read other people very accurately.

This is not acting. This is not about how you look. It is hardly even about the words you use. It is more about working on helping others, sharing knowledge, being passionate and having a win-win attitude.

It is not about the speaker - it is more about the audience.

The human mind can perceive the frequency of the speaker in a one-on-one conversation, as much as a public speech.

Do you hear people and right away say "I don't trust them"? This is exactly the point.

The first step is to understand the power of public speaking. It can project you as a leader, visionary, expert, and the most valuable player in any team. You want to speak sincerely, concisely, using plain language, and putting matters into the context of the audience's mind.

Courses will help you with techniques, will help you build confidence, and provide a step-by-step approach. The more you practice, the better you will become. It can change your life.

To learn more, check out our public speaking course:
https://www.ultimquest.com/courses/public-speaking