Mark Rhys’s tenure as ICAEW President this week came to an end and the baton will be passed to his successor, former Deputy President Malcolm Bacchus, at a council meeting in Chartered Accountants’ Hall.

In his keynote Annual Dinner speech in March, what many deem to be the pinnacle of every President’s year in office, Rhys reaffirmed his commitment to the core values of ICAEW. He highlighted the growing relevance, voice and impact of the accountancy profession in today’s global economy.

ICAEW’s strategic themes – strengthening trust, enabling sustainability, transforming trade and economies, mastering technology, and attracting diverse talent – have guided ICAEW under Rhys’s Presidency to thrive against a backdrop of ongoing uncertainty. “These themes address the core challenges businesses face today and require strategic leadership and long-term thinking to turn them into opportunities,” Rhys said.

Rhys paid tribute to former CEO Michael Izza, for his contributions over two decades, which have significantly shaped ICAEW’s strategic direction. “Our international reach and purpose today extend much further than 20 years ago – and we recognise Michael Izza’s contribution to that change over those two decades,” Rhys said.

The profession has evolved significantly since ICAEW was founded in 1880, today enjoying expanded international reach and with ICAEW members fulfilling a critical role that goes way beyond accountancy’s number-crunching roots.

But it’s the technical essence of accounting – underpinned by double-entry bookkeeping – that is the foundation of accountability and ethical management of finances. “Every pound of cash received, every payment made, involves a series of questions that define our integrity and reliability,” Rhys said.

As sustainability issues have continued to rise up the business agenda as we transition towards a more sustainable global economy, ICAEW has been at the forefront of the debate surrounding sustainability disclosures. However, there is much still to be done in this area and gaps in current double-entry systems regarding externalities prevail.

Use of technology, particularly AI, has been a key focus for both Rhys and ICAEW over the course of the last year. Rhys’s speech highlighted the transformative potential of AI in processing large volumes of data quickly and accurately.

“However, while automation can enhance efficiency, the integrity of underlying bookkeeping must remain intact,” Rhys warned. “Ethical considerations in the application of AI and other technologies are paramount.”

With so much change afoot, ensuring the ACA qualification keeps pace with the evolving needs of business has never been more important, Rhys said. “It’s imperative we continue to build the knowledge and skills to enable chartered accountants to address blind spots and develop systems – all of which will lead to better decision-making in organisations across the economy.”

“In our recent consultation on future-proofing our ACA qualification, we heard loudly and clearly that double-entry bookkeeping must remain at the heart of what our students learn,” he explained in his speech. “It underpins everything our members do. It ensures that people in positions of power and responsibility can be held to account for what they have done with money entrusted to them.”

“The joint declaration with CIPFA that I signed last year evidences our shared commitment to financial accountability across the public and private sectors,” Rhys added.

When he was appointed as ICAEW President, Rhys made a commitment to lead a stronger, more ethical profession in the public interest. It’s a commitment that remains as relevant and critical now as ever, requiring adapting skills and purpose to meet evolving public expectations. “Our job is to exercise professional scepticism, ensure wise choices, and speak truth to power,” Rhys said.