CA magazine: February 2022
There is room for optimism in 2022. This year, ICAS has launched its Finance+ Insight series to ensure our Members are ready for the challenges that lie ahead. Starting with Finance + Trust in February, in this edition of CA magazine we lay out why CAs must embody the role of trusted advisor and the resources we have here at ICAS to help with any ethical dilemmas you may face.
This time last year, I wrote that “early 2021 looks much like 2020”. That’s partly true of 2022, too. The Omicron variant of Covid-19 has demanded renewed flexibility from us all. But we are now better prepared. Vaccines are commonplace. And creative solutions to daily obstacles once described as the “new normal” are now simply normal.
That’s not to say the work of the CA has become any easier. There is sustained pressure to make the numbers work. And, as economic uncertainty looks certain to continue, businesses will be heavily reliant on finance teams to chart a forward path. More than ever, the CA will need to embody the role of trusted adviser.
Trust is the magic word that binds us in business. When firms, employees, customers and investors all trust one another, and the wider economy, things move faster. When there’s trust that we’re pursuing a shared goal – whether battling a pandemic or something smaller – problems are less daunting and solutions smarter.
Trust is at the heart of the CA qualification. Almost every stakeholder you can think of depends on accountancy in some way. Purchasing, retailing, investing, employment and production all rely on the provision of solid data and advice. Without CAs demonstrating that they are trustworthy professionals, whose driving goal is to represent matters fairly and accurately, the whole system begins to break apart.
As part of Chartered Accountants Worldwide, ICAS commissions research on trust in the profession via market leaders Edelman, who survey thousands of financial decision-makers across the globe. The 2021 results make encouraging reading. Trust in accountants rose to a new high of 78%; 85% say accountants have a demonstrable record of helping businesses thrive; and 70% say they are credible spokespeople on societal issues. Thanks to integrity and professional skill, the CA community is in a strong place. The next step is to keep building on these strong foundations.
As always, do enjoy this issue of CA magazine.
Watch the “Rebuilding trust” webinar with Edelman and Chartered Accountants Worldwide