Chartered Accountants are at the very heart of both the financial services sector and our communities here in Wales.
Founded in 1880, ICAEW represents more than 208,000 members and students around the world, with 3,500 based in Wales. We have a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 11,500 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
In Wales, our members are trusted business leaders and advisors who are a force for positive change. Of course, they are responsible for ensuring financial propriety and good governance but they also have the skills and knowledge that are helping to build a sustainable, accountable and fair economy that creates opportunity for all.
From farming in rural Wales to fast-growth technology companies in our city centres, Chartered Accountants are supporting and advising businesses of all sizes and in all sectors on matters ranging from financial reporting and compliance to corporate finance, business recovery and insolvency. You simply can’t start-up, scale or exit a business without the help of a Chartered Accountant.
In fact, our demographic make-up and micro-economy in Wales means that our members can be far more than just service providers. They are often among the most trusted members of local communities and hold long-term professional relationships with both business owners and their families. Of course, the figures and spreadsheets are an important part of the job but accountants also bring sound commercial experience and acumen, frequently adopting a coaching and advisory role. These positive working relationships benefit individual businesses, the local and wider community and therefore society at large.
It is therefore more important than ever that we maintain a talent pipeline to ensure the future of the profession. The industry is not unique in its talent-sourcing challenges which is why we are working hard to promote accountancy as an attractive and rewarding career route. We’ve got to adapt to ensure that we can continue to serve the needs of businesses by staying ahead of societal changes and reflect a more diverse and inclusive workforce.
Perception, purpose, diversity and development all matter in bringing the best people to the profession if we are going to combat the skills shortage. That’s what will help to ensure prosperous communities and a resilient economy that is productive, highly skilled, sustainable, innovative, resilient and trustworthy.
Robert Lloyd Griffiths OBE is Director of ICAEW in Wales. He was previously National Director for the Institute of Directors in Wales and was appointed by The Minister for Business and the Economy as Chair of the Welsh Government’s Independent Strategic Board overseeing Business Support in Wales. He also previously chaired the Welsh Government’s Micro Business Task and Finish Group. A frequent guest speaker, facilitator and media commentator Robert has a degree in Banking and Finance from Cardiff Business School, where he is now a member of the International Advisory Board. He was awarded an OBE in the 2014 Queen’s Birthday Honours for services to the economy and for voluntary services in Wales.
