It’s good to talk

As the late Lord Jim Wallace knew, when professionals come together they broaden their experience, share insights and gain a deeper understanding of everything from economics to the people they serve, says President Karen Scholes CA

In this issue we feature a tribute to Lord Jim Wallace, who died recently, and I want to start this column with a few words of my own. I knew Jim for many years. He sang in the St Magnus Cathedral choir, along with my mum and auntie. He and I served together on the ICAS Regulation Board, of which he was a tremendous and inspirational Chair.

Sadly, Jim emailed me in January to say he would be unable to attend our ICAS event at the Scottish Parliament because of his health. He expressed how happy he was that we were holding this event, wished me well and concluded by saying he would see us at the annual dinner. He was a fine example to others of what a good politician should be. He will be very sorely missed.

I’m sure Lord Jim would have thoroughly enjoyed our Scottish Parliament reception at the beginning of February. Chatting to Daniel Johnson, the event sponsor and Labour MSP for Edinburgh Southern, at the end of the evening, I expressed my feeling that the government needs to do more to support business. He countered that if you don’t have the infrastructure in place – the education, the roads, the hospitals – then business won’t happen.

People are often inspired to go into politics by their values or ideology, only to encounter financial reality when they get there. There was an insightful panel discussion on financial literacy between Johnson and fellow MSPs, Ivan McKee, Minister for Public Finance of Scotland, and Murdo Fraser of the Conservatives, hosted by Mandy Rhodes, the Editor of Holyrood magazine.

On-the-job training

For example, they made the distinction between revenue expenditure and capital expenditure, and which part of your budget each comes from. Some had to learn about such things on the go, because they didn’t necessarily understand it fully when they came into the job. That prompted a broader discussion about the need for MSPs to have a decent grasp of how these things work and perhaps the need for on-the-job training. I hope that in future there will be a role for ICAS to work with the Scottish Parliament and the wider business community on such a project.

The evening brought together many ICAS members, as well as those from other accounting and regulatory bodies. I met the presidents of both the Association of Chartered Certified Accountants and the Association of Accounting Technicians (AAT) and we spoke a lot about governance, as the AAT recently had a major review, aimed at ensuring the body is fit for the future. We also spoke about opportunities for our organisations, both here and abroad.

Apart from all being presidents of accounting bodies, the other thing we have in common is that we’re all women. In February, we held our International Women’s Day event in Glasgow. I was especially thrilled to meet and listen to our guest speaker Mary Portas OBE, not least because she clearly has a great understanding of business.

“Some politicians learn about the distinction between revenue expenditure and capital expenditure on the go, because they don’t necessarily understand it fully when they come into the job”

Sustainability is one of our core values, which is why it is central to our ICAS 2030 strategy. And Mary has been a key figure in promoting the circular economy and the reinvention of second-hand clothing as ‘pre-loved’ or ‘new to me’.

The event was another great example of bringing a community of CAs together. In this case it was mainly women, but we also have regional groups and the Black Members’ Network. ICAS is about professional excellence.

But we’re keenly aware that the best way to achieve that is not just through training and examinations – important though they are – but through active networks of peers, from practice, industry, other professions and, indeed, politics.

Find out more about your local ICAS network