Innovations like generative AI are driving transformation across the economy. New tools hold immense promise, but they also raise new questions and challenges. As experts in governance and assurance. CPAs have an important role to play in shaping how AI is applied, today and in the future.
Enter Ranuka Dharmaratne, CPA, CMA, and Manny Banwait, CPA, CA, two CPAs recognized as CPA Ontario Emerging Leaders who exemplify how the profession can embrace this new technology, while understanding its risks.
Building a career in Canada
When Ranuka Dharmaratne arrived in Canada in 2018, he had an impressive portfolio of international credentials and years of experience in accounting and finance in Sri Lanka and the U.K. He just needed to find the right foothold to begin his career in Canada.
“I had almost no Canadian financial experience,” he recalls. “Some companies were reluctant to take that chance.”
A forward-thinking CFO hired him in late 2019, and from that pivotal opportunity, Ranuka advanced to his current role as Director of Financial Reporting at Red White & Bloom. Along the way, he championed technology transformations, introduced mentorship programs for newcomers and earned the CPA Ontario Emerging Leader Award — all before turning 35.
Pivoting to become an AI pioneer
Manny Banwait’s path to leadership began with his Bachelor of Accounting from Brock University and a summer internship with the CRA. His early career unfolded within PwC’s audit practice, where he worked in manufacturing and pharmaceuticals. His passion for problem-solving drew him to PwC’s Risk and Quality group, which focused on complex audit challenges.
Manny recognized the need to pivot. “I didn’t start out focused on data,” he admits. “But I realized it was essential to becoming a better auditor.”
He transitioned into PwC’s Data Enablement group, where he designs tech-driven audit solutions and leads work in Canada on the Next Generation Audit (NGA) platform: an AI-powered transformation of the traditional audit process.
Driving change through technology and innovation
Ranuka and Manny share the belief that technology is a tool to amplify human expertise and elevate the profession.
For Ranuka, this meant overhauling the financial consolidation process at Red White & Bloom. “When I joined, quarterly consolidation took over a month,” he explains. His team developed a tool that reduced the timeline to under five days. This boosted efficiency and freed them up to focus on strategic analysis.
Meanwhile, Manny is shaping the future of auditing through PwC’s NGA platform. Unlike legacy audits which rely heavily on manual sampling, it uses AI agents to perform tasks such as evidence matching and automated disclosures, which are then reviewed by human auditors. “This isn’t about bolting AI onto old systems,” he says. “It’s about creating something new that empowers our people to deliver greater value.”
Balancing innovation with professional integrity
While embracing AI and automation, both leaders stress the importance of professional skepticism and human judgment.
Ranuka cautions, “Technology can generate sophisticated results quickly, but flawed input data amplifies errors. It can create a false sense of security.” He established a “controlled innovation” framework involving strict audit trails, parallel testing and continuous monitoring – ensuring that technology complements rather than replaces professional oversight.
Manny agrees, emphasizing the importance of understanding a technology’s inner workings and risks. “Implementing new tools in a regulated environment requires subject matter experts, risk professionals and technologists to ensure responsible use.”
Both view AI as a way to elevate the role of the CPA. “Technology replaces tasks, not people,” Manny says. “Our profession has evolved before — from manual ledgers to software. Now, we’re moving toward predictive and prescriptive analytics.”
Leadership means continuous learning
Ranuka and Manny both received CPA Ontario’s Emerging Leader Award in 2024. Ranuka, the second internationally trained accountant to receive the award, has made mentorship central to his journey. Volunteering with CPA Ontario and CIMA Canada allows him to support newcomers navigating the challenges he once faced. “I know how it feels to start over,” he shares.
Manny views his Emerging Leader recognition as proof that CPAs need not follow traditional paths. “There’s room for those who want to challenge the status quo and innovate,” he says.
Both leaders encourage other young professionals to focus on continuous learning. “Be a sponge,” Manny advises. “Absorb knowledge from everyone around you.”
“Stay curious,” echoes Ranuka. “Be adaptable, and don’t be afraid to start small. The right people will see your potential.”
