Virtual Reality and the CPA: A secret way to success?

This past summer I started biking. Although I had a bike when I was young, I never really got into it.

Now that I live in Hamilton, Ontario, the street that I live on actually ends and then becomes a trail complete with paved roads that are great for biking.

And it's been amazing. Although I (try to) go to the gym 2 to 3 times a week, it's something else to force yourself to go up a steep hill. And yes I had to get off the bike and walk it. But just the first time ;).

But alas, summer is coming to an end. What can I do? Will virtual reality come to my rescue?

As it turns out, my local gym has a solution that just may fit the bill. Although no it does not offer VR helmets, they do have a simulation mimics going out on the trail - video game of sorts. There are different courses to choose from. 

It also offers you the ability to login and tracks your progress as illustrated in this video. :

Although not totally virtual reality, it is a good illustration of how a "real world" activity can be simulated through technology. As I want to keep up my biking in the winter, the experience does give you some of the feedback that you would experience when biking. For example, when you go up a hill it does feel tougher to pedal. And it is an immersive experience as you focus on the course instead of the regular gym experience where you kind of bored.

Why am I writing about this on a blog about CPA and tech?

The experience made me reflect on how such a simulation can be leveraged by the CPA profession for the purpose of education.

As we move up the automation curve, one of the looming challenges will be reimagining the training of a CPA. For example, let's say testing cash becomes completely automated due to easy access to banking data; how do CPAs learn to test accounts for completeness (e.g. subsequent disbursement testing), testing outstanding cheques, etc. That is, if junior auditors are no longer needed to do these routine tasks, then how do they get their experience?

Virtual reality and augmented reality may be the answer.

My colleague, Eric Barsky, trying out VR at the 2019 CPA One Conference in Montreal.

In Canada, the business case has been the chief tool to test CPAs in the Common Final Exam (CFE) and the UFE (Uniform Final Exam; as it was called when I wrote it). The idea is that the case simulates a business experience to enable CPAs to test their knowledge before going out into the real world. Consequently, adding technology to the mix may give examiners the ability to test CPAs in ways that were not possible before. For example, immersive technology could simulate an inventory count, client interactions or site inspection that was not possible before.

Too advanced?

Well, other industries are already trying this approach out. As noted in this July 2019 CIO article:

"Accenture is enabling inexperienced caseworkers to receive training simulations through VR headsets. The content uses immersive storytelling and interactive voice-based scenarios to help caseworkers hone their people and decision-making skills. The goal, DuBoff says, is to get new staff up to speed with real-world scenarios as quickly as possible. And it beats hiring consultancies to help coach new hires. VR/AR training will top $8 billion by 2023, according to IDC."

A key advantage that CPAs have is that we as a professional body have the natural ability to form a network. By contributing resources and time to this network - for projects such as "immersive training" - can give a unique value to the profession. Just imagine being able to put on a VR helmet and actually experience what it's like to interact with challenging situations - in a way that goes beyond a static case.  Although it seems like the stuff of Sci-Fi, the fact others are already doing is a good indication that this is an innovation worth exploring. 

Author: Malik Datardina, CPA, CA, CISA. Malik works at Auvenir as a GRC Strategist that is working to transform the engagement experience for accounting firms and their clients. The opinions expressed here do not necessarily represent UWCISA, UW, Auvenir (or its affiliates), CPA Canada or anyone else