DURING ongoing economic uncertainty, chartered accountants (CAs) have emerged as beacons of trust, according to the latest Edelman Trust Barometer survey.
Trust in the profession has risen by seven percentage points to 85% since the last survey in 2021, its highest level since the study began in 2018.
“Chartered accountants are the only profession — aside from nurses — who have seen an uplift in trust this year, while all other financial professions have seen a decline,” the Institute of Chartered Accountants of Zimbabwe (ICAZ) said in a statement yesterday.
“Business leaders are now calling on chartered accountants, as trusted advisors, to be more than financial experts.
“They are seeking guidance on financial resilience and want to see chartered accountants stepping forward to play a leading role in ethics and data integrity, to navigate advancements in AI and technology and to drive progress on net zero transition.”
Michael Izza, chairperson of Chartered Accountants Worldwide is quoted in the statement as saying: “It is clear that the role of the chartered accountant has evolved far beyond the traditional numbers; they are trusted business leaders and advisors.
“Their expanding roles encompass resilience, data integrity, technology, and net zero transition, reflecting the evolving needs of businesses in today’s dynamic environment.
“Professional bodies play a crucial role in equipping their members to excel in these expanded capacities, thereby cementing their position as indispensable pillars of trust in the business world”.
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The Edelman 2023 survey said that 78% of businesses see CAs as essential in navigating challenges arising from economic uncertainty and the cost-of-living crisis.
As trust in CAs increases, so do expectations, ICAZ noted.
To meet these expectations, ICAZ said CAs must feel equipped and knowledgeable to engage in broader conversations about resilience.
Eighty-three percent of business leaders believe that CAs have the skills to navigate a new operating environment with the same number saying that they will play a vital role in helping businesses adapt to new challenges.
“Integrity has always been a cornerstone of the chartered accountancy profession. In the era of data-driven decision-making, chartered accountants are uniquely positioned as data guardians,” it said.
According to the Edelman findings, 81% expect CAs to be the custodians of data integrity, while 77% believe they must help businesses navigate data accuracy and misinformation.
“Indeed, they must continue to prioritise compliance with regulations and confidentiality and showcase their expertise in data security and privacy,” it said.
Seventy-five percent of respondents suggested that CAs are vital to businesses given the growth of misinformation.
“Collaboration between professional bodies and governments can further enhance the profession's ability to address data-related issues, ensuring the highest levels of trust,” ICAZ said.
“Automation and technology advancements are reshaping industries, including accounting. Future-ready chartered accountants are expected to be tech-savvy navigators, guiding businesses through the digital transformation.
“To uphold this reputation, it's essential for professional bodies to offer universal training and resources on technology adoption and adaptation for their members and students by staying updated and proactively advising on new technologies, chartered accountants can position themselves as leaders in a rapidly changing business landscape.”
ICAZ said purpose has become more important in driving trust in CAs, particularly speaking out on social and environmental issues.
“Indeed, net zero transition considerations are no longer peripheral; they are central to business strategies.
“Chartered accountants must be equipped with the knowledge and resources to engage in purpose-led conversations that link net zero transition initiatives to an organisation’s overall strategy,” the organisation said.
ICAZ said professional bodies can play a pivotal role in supporting their members in becoming vocal advocates for net zero transition.
They can provide resources, foster partnerships, and lead by example through united responses to critical crises.
By doing so, ICAZ noted, they empower CAs world-wide to be vocal guides in the ever-evolving net zero transition space, ensuring that ethical considerations are at the forefront of decision-making.
