New research from Edelman Group finds trust in Chartered Accountants rising faster than any other profession amid ongoing economic uncertainty
18 October 2023: The cost-of-living crisis has served to highlight the vital role Chartered Accountants play in helping businesses adapt to new challenges, according to a new study by Edelman Research Group.
78% of respondents said Chartered Accountants have been essential to navigating recent challenges, while 66% of respondents claim they have relied on accountants more than ever before since the cost-of-living crisis began.
Chartered Accountants saw a 7% increase in trust since 2021, rising faster than all other professions included as part of the study, including doctors, nurses, engineers, teachers and lawyers. Nurses, accountants and auditors were the only other professions to see a rise in trust since 2021, with trust in nurses and accountants increasing by 3%. Trust in other financial professions, including bankers and insurance brokers, has declined.
The research findings showed the continuation of a trend over several years of Chartered Accountants playing a central role in supporting the strategic direction of businesses, particularly in times of crisis, with cost-of-living pressures only the latest example of this.
Commenting, Barry Dempsey, Chief Executive of Chartered Accountants Ireland, said:
“This research shows that in times of economic uncertainty, Chartered Accountants continue to step up and help businesses navigate crises. Guidance from Chartered Accountants around the Brexit transition and the COVID-19 pandemic were viewed as essential by respondents, at a rate of 75% and 72% respectively.
“It is promising to see the dedication and integrity of Chartered Accountants reflected in this data, which confirms support across the business sector for the valuable work that our members do. Through economic uncertainties, Chartered Accountants have played a more pivotal role than ever.”
In 2022, Chartered Accountants Ireland successfully advocated for an extension of the Debt Warehousing Scheme for taxpayers for an additional 12 months, allowing greater flexibility for businesses navigating the uncertain circumstances following the pandemic.
Regarding the developing state of Artificial Intelligence, the study says that 8 in 10 respondents feel that the value provided by Chartered Accountants cannot be replicated by AI. As other professions face uncertainty in the face of rapidly developing technology, the role of the Chartered Accountant remains necessary amidst constantly shifting economic conditions.
8 in 10 also say they intend for Chartered Accountants to lead digital transformation within their organisation. This is something Chartered Accountants are already engaged in at major firms.
Barry Dempsey said:
“It is also encouraging to see the continued security of accountancy as a profession in the ever-changing landscape of Artificial Intelligence. It is clear from this research that the thoughtful, strategic work of the Chartered Accountant cannot be replicated by a technology. Consensus among the business community on this is warmly welcomed.
“The field of chartered accounting continues to develop into an exciting, creative field open to the next generation, for which technological development is an opportunity, not a threat.”
Notes for Editors:
Edelman Data & Intelligence is a global, multidisciplinary research, analytics and data consultancy company comprised of over 350 research specialists, business scientists, data engineers, behavioural and machine-learning experts, and data strategy consultants based in 15 markets around the world.
LOADING...