In recent years, the role of the accountant has evolved significantly in line with changing regulation and business law, but the research shows there is a perception gap between the profession and the public when it comes to the issue of trust.
The report surveyed more than 250 accountants, 1,500 consumers and key opinion leaders from around the world to better understand the value the accountancy profession can offer and the value that the public believes the profession provides. It also discusses steps that can be taken to close that gap by the profession as a whole, and by individual accountants themselves.
When it comes to gaining public trust, the report offers five recommendations for the accountancy profession to close the value gap:
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Engage in discussion with stakeholders and the public at large about what it means to be an accountant
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Talk about audit - what it is and what it is not – audit has recently come in for a lot of criticism
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Take the initiative and explain how accountants add value
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Address real concerns about ethical issues and conflicts of interest
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Develop the soft skills needed to do this engagement and build trust with people.
The results from the report also show that the profession needs to work on its own image compared to other professions. The public ranks the accountancy profession below high-trust alternatives such as doctors, nurses, architects and engineers, but is seen as more trustworthy than bankers, politicians, journalists and lawyers.
While 70 per cent of accountants accepted that the profession was partly to blame for the financial crisis, it emerged that the economic crisis has not actually had a huge impact on the public’s perception - only 13 per cent of people said that their level of trust in accountants had declined during the last five years. A chain of high profile scandals linked to the profession over a number of years (such as Enron and the events of the financial crisis) mean that the industry is facing a legacy of mistrust, a sentiment that is likely linked to old-fashioned stereotypes of who accountants are and what role they play.
Press release
© ACCA - Association of Chartered Certified Accountants
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