‘Chartered accountancy can help create strong economies’
Director in Wales of chartered accountancy body ICAEW, Robert Lloyd Griffiths, on the key role the profession plays in the economy
ALTHOUGH accounts have been kept since records began, it was not until the industrial revolution that the accountancy profession took the form it is today.
ICAEW – a professional body for chartered accountants – was founded ‘for the public benefit’ through a Royal Charter granted by Queen Victoria in 1880.
Ever since then, ICAEW has been a global leader and pioneer in developing and enforcing ethical and technical standards in accountancy. It’s a privilege to now be leading the team in Wales.
In a complex global economy, talented, ethical and committed professionals have never been more highly valued. Combining unrivalled knowledge, skill and commitment, ICAEW chartered accountants enable businesses, organisations, individuals and communities to achieve their financial and strategic goals – with rigour, integrity and vision.
Chartered accountants were founders of the accountancy profession and have led its global development.
Today they hold influential positions around the world as business leaders, decision-makers and trusted advisers. From fast growth SMEs to the largest listed companies, you’ll find a chartered accountant shaping their success.
We’ve got 3,500 members in Wales alone. They work in every part of our economy, providing advice and financial expertise that informs the management of businesses and public sector organisations alike.
In fact, 83% of FTSE 100 companies have an ICAEW chartered accountant on their board; driving productivity improvements, competitiveness and innovation, as well as providing good jobs and enabling social mobility.
I’ve discovered during my first six months with ICAEW how the accountancy profession, as part of a wider professional and business services sector, can be the bedrock of a modern local economy.
For example, we’ve been working with local members and businesses to understand the key issues in relation to the levelling up agenda, what needs to be actioned for it to be achieved and what is missing. From these conversations, we know that there are some key themes that need addressing – with skills, wages, transport and digital connectivity at the top of the agenda.
Separately, as the largest accountancy professional body supervisor in the UK for anti-money laundering, we’ve been helping accountancy firms consider more carefully how they may be exposed to clients engaging in money laundering and how they might identify red flags.
For example, last month we launched an educational drama film, produced in conjunction with HMRC, to show how businesses and people can easily fall victim to financial crime and enable criminals involved in money laundering, human trafficking, modern slavery and terrorism, to thrive.
Economic crime is of increasing concern to governments, business and other organisations, made more urgent by the crisis in Ukraine and the imposition of sanctions against Russia and Belarus.
As a membership body we frequently issue guidance on real-world issues that could have an impact on members’ work.
Most recently, we’ve focused on equipping members to play the fullest possible role in making these measures effective, and in helping companies cope with the disruption and wider economic consequences.
We’ve provided practical resources on audit and corporate governance, and we’re encouraging chartered accountants to be aware of their ethical obligations in relation to compliance with sanctions and their statutory duties to report any instances of non-compliance.
Meanwhile, it has been a pleasure to see and hear how our new social mobility initiative, Rise, is making a difference to GCSE-aged pupils by helping them to develop the skills required to succeed in life and work.
The ICAEW-led programme, developed in conjunction with five of the largest professional services firms, is teaching communication, problemsolving and teamwork skills to young people in some of the UK’s most deprived areas.
ICAEW is a huge champion of social mobility and also chairs Access Accountancy, an initiative which works to ensure every person has an equal chance to enter and progress within the profession.
Together with my new colleagues, I know that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding, we can help to create a strong economy and sustainable future here in Wales, and around the world.