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Sheila Fraser
The profession

Sheila Fraser on the state of the profession

The accomplished CPA has recently won a global leadership award and we sat down with her on the importance of the CPA designation, the importance of the national accounting body and our role as ‘trusted guardian’

CPA Canada caught up with the highly accomplished and respected CPA Sheila Fraser, who just received the IFAC Global Leadership Award at our recommendation. She shares her thoughts on the state of the profession and has advice for CPAs in general — and specifically women in the profession — and the importance of a national body. With over 40 years in the profession and leading at the highest levels of the private and public sectors, her wisdom is worth considering.  

What would you say is the greatest need and greatest strength in the profession today? 

The profession has been able to attract some really incredible people and the characteristic that stands out the most is integrity. When we look around the world at any surveys that have been done, accountants always seem to rate high on trustworthiness and honesty. The challenge for the profession is to continue to attract that level of people.

I often hear  that accounting may not be the most appealing profession for the younger generation, which is very unfortunate. Our profession offers so many interesting possibilities. We need to continue to attract the kind of quality of people that we have in the past.

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As a pioneering female CPA and professional, what advice or thoughts do you have for women in the profession today? 

I joined the profession 50 years ago — and things have changed a lot since then. 

When I was applying for an articling position,  there were firms, very large firms, who were quite clear that they were not hiring women. Thankfully that that has changed and we now see women in leadership positions in accounting firms. The possibilities are not limited for women as they may have been at one point in time.  My advice is, just try to do the best you can and enjoy your work. We spend a lot of time at work, and so we owe it to ourselves to find it meaningful and personally satisfying. I made a promise to myself at the beginning of my career: if I wasn’t enjoying my work, and wasn’t learning, I would change jobs. We should all promise that to ourselves. 

What contribution or accomplishment in your career means the most to you and why? 

My term as Auditor General. I think it is the most significant period of my career. 

It is a position where you feel you really can make a difference, that you can have an influence  on government programs, and to some extent on government policy — though auditors are not supposed to wade into policy. I believe the Office of the Auditor General does really good work. I was fortunate to work with incredible people and I like to think that we did make a difference for Canadians. 

What unique perspective does the national body offer the profession? 

One thing  I noted during my career was that Canada is very present on the international stage. Canadians are well regarded in the accounting profession globally and have contributed a great deal — be it in standard setting or in the governance of the of the profession. What  CPA Canada can do, and does well, is bring that international perspective,  knowledge and relationships back to the Canadian profession so that we are able to learn from developments in other countries, good practices as well as things to avoid.  CPA Canada’s relationships internationally have been of great value to the Canadian profession. 

What do all CPAs need to be considering in the current national and global socio-economic and geopolitical environment? 

Unfortunately we live in a world filled with so much false information. The profession has an important role to play,  ensuring that decisions, big and small, can be made using reliable information. It must hold  true to its integrity as a trusted adviser and  guardian. 

ESG has entered the profession, and the wider business world, with some controversy, what’s your take? 

The profession has a very important role to play in ESG. Increasing attention is being paid to the impacts of ESG on the financial performance of companies. But how best to report on these impacts? I was pleased to see the creation of the International Sustainability Standards Board, that will set standards for more fulsome reporting on sustainability-related risks and opportunities. These standards will provide for greater comparability and usefulness of this information for investors.