There are times when the worldwide profession benefits from speaking with one voice, says ICAS CEO, and new Global Accounting Alliance Chair, Bruce Cartwright CA

Iwell remember when the Carillion scandal broke in 2018. I was new in the role as CEO and there was, understandably, a public clamour to understand what had gone wrong, and by association the role of the auditors in the financial reporting process. The scale and nature of the corporate failure led to much commentary, but there was little that could be said, even by those with specific insight into the financial reporting (as opposed to the cause of the corporate failure) at the time, given the reviews and investigations that came into play.

Around the same time I attended my first meeting of the Global Accounting Alliance (GAA), which brings together 10 accounting bodies that operate in the top capital markets in the world, including three from the British Isles. Joining that community as a new CEO at that moment proved extraordinarily helpful. As there were many experienced voices around the table, I could listen, observe and learn from my fellow CEOs to understand how they, and the regulators, had responded in previous situations involving corporate failure, recognising that such failure is a factor in our ecosystem.

GAA was founded in 2005 and, through its constituent bodies, boasts 1.4 million members working in almost every country on the planet. The chair rotates among the participant bodies, with the most recent being Barry Melancon, CEO of the Association of International Certified Professional Accountants. As Barry moved on to a new role, I took on the mantle with effect from January 2025. He will be a tough act to follow.

I must stress this is a peer group and I have the privilege to be Chair among peers, the person who ensures we optimise our limited time together and share thoughts, ideas and actions. I am surrounded by good minds, so I see it as my responsibility to incorporate as many as possible into every discussion because the mix is so powerful.

I believe the group works on two levels. One is about discussing national and international issues, and the impact they have on us as accountants and the way we operate. The other is as a reference group, a place of mutual learning. Sometimes the issues are global, sometimes more localised – but we all lean in and assist in achieving the best outcomes.

Beyond borders

GAA’s member bodies have a common aim to develop professional accountants around the world. And to that degree, because we’re all quite mature institutions, we may all face similar problems, albeit at different scales.

My first meeting as Chair was last month. And, given we are an international group, it will come as no surprise that tariffs were among the topics under discussion. However, another very current and dominant topic, unsurprisingly, is sustainability and the adoption of reporting standards. This is not an issue that can be confined by geography but one that requires global alignment.

And the GAA really comes into its own when we discuss the future role of the profession, and in particular its attractiveness in an environment that is transforming faster than ever and where change is the only certainty.

“I am surrounded by good minds, so I see it as my responsibility as Chair to incorporate as many as possible into every discussion”

So we will discuss how the profession is positioned across the globe both in terms of existing and new opportunities.

While the GAA is always thinking about the future, frustratingly, some things haven’t moved on since 2018. In the last issue of CA we highlighted our concern that the much-discussed audit and corporate governance reform is still a work in progress. We hope that by the middle of the year there will be a draft bill to discuss. We fully appreciate the government’s need to focus on its growth agenda, but good regulation goes hand in hand with investment and growth. ICAS’ position on this is consistent – maintaining high standards will encourage investment.

We need to grasp the nettle of reform and maintain our global position as a leading capital market. As part of the GAA we can be a leading light in terms of regulatory reform, both in the UK and global markets.

Learn more about the Global Accounting Alliance