Date posted: 10/11/2021 5 min read

Changing roles: expectations for future CAs

CAs are still the most trusted finance professionals and could be called on to solve societal as well as business issues, a new survey finds.

In Brief

  • Chartered accountants will become more focused on social issues and purpose-led initiatives.
  • Future chartered accountants will contribute solutions to global issues such as climate change.
  • Chartered accountants remain among the most trusted professionals across industries.

By Abbie Bryant

The accountant of the future is a leader and a problem solver tasked with tackling the world’s biggest issues, including global warming and net zero.

That’s according to research into the attitudes of 1450 business decision-makers from across the globe surveyed for the 2021 Evaluating Trust in the Accountancy Sector for Chartered Accountants research report, facilitated by Chartered Accountants Worldwide and Edelman DXI.

The results reveal 81% of those surveyed are confident that CAs have the ability to navigate the changing business environment and will continue to help businesses thrive in the future.

Seventy per cent of respondents not only view CAs as credible spokespeople on societal issues, but also expect follow-through on purpose-led initiatives in business including sustainable practices, diversity and inclusion.

“Over the next 10 years, chartered accountants will play a leading role in tackling critical problems including climate change, which is one of the biggest challenges humanity has faced,” said Chartered Accountants Worldwide chairman Michael Izza at an online event on 2 November launching the survey’s results.

“As problem solvers, chartered accountants can be counted on to find solutions to the world’s most complex economic and moral issues, including global warming and net zero.”

“As problem solvers, chartered accountants can be counted on to find solutions to the world’s most complex economic and moral issues, including global warming and net zero.”
Michael Izza

What skills will be needed?

Freeman Nomvalo, CEO of the South African Institute of Chartered Accountants, spoke about how CAs must develop the skills to navigate challenges the future will bring.

“The profession needs to spend more time developing what we call enabling competencies because the environment is complex and uncertain and ambiguous… We should focus on investing in the competencies that our members are going to need for the future,” he said.

These competencies are expected to include ethics around artificial intelligence, sustainability solutions for business, and all aspects of ESG (environmental, social and governance).

Non-executive director at CA ANZ, Carolyn Colley FCA, predicts cybersecurity and data governance will be a significant focus for future CAs.

“I don’t think there’s anyone better positioned to manage and govern data because it’s what we have been doing since the dawn of time.”

“I don’t think there’s anyone better positioned to manage and govern data because it’s what we have been doing since the dawn of time.”
Carolyn Colley FCA

The importance of trust

The study also reveals that business decision-makers most value confidentiality, honesty and transparency in chartered accountants. It is important for professional bodies to communicate openly about their values and purpose and ensure their communications are relevant both locally and globally.

As in previous years, chartered accountants are revealed to be among the most trusted professionals, in league with doctors, engineers and teachers.

Despite the challenging business conditions faced in the past two years, confidence in CAs has continued to grow, with trust in chartered accountants sitting at 78% in 2021 compared with 75% in 2019.

Chartered accountants remain the most trusted of all finance professionals, ranking above bankers, economists and financial advisers. This goes hand-in-hand with the expectations for chartered accountants moving forward in relation to social issues.

Ronan Dunne, executive vice-president and group CEO at Verizon Consumer notes that “there is clear credibility for members of the profession in relation to trust, ethics and business performance.”

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