FOR THE RECORD
Member information and updates from ICAS
ICAS publishes revised Code of Ethics
The ICAS Code of Ethics is integral to cultivating trust and upholding high standards in the accountancy profession. It is substantively based on the Code of Ethics of the International Ethics Standards Board for Accountants (IESBA).
The IESBA has revised its code to respond to the impact of rapid technological advancements and accelerating digitalisation, with particular consideration given to AI. To bring us up to date, we are incorporating various IESBA revisions into our own code, taking effect from 1 January 2025.
The revisions strengthen the code in guiding the behaviour of accountants when using technology. The requirements and guidance for the fundamental principles of confidentiality, professional competence and due care have also been updated for the digital age. And the revisions also highlight the factors that CAs should consider when they intend to use the output from technology, including AI, which include:
- The nature of the activity being performed.
- Whether the CA has the ability, or has access to an expert with the ability, to understand, use and explain the technology and its appropriateness for the purpose intended.
- Whether the technology used has been appropriately tested and evaluated for the purpose intended.
- Prior experience with the technology and whether its use for specific purposes is generally accepted.
As technological advancements will continue at pace, both IESBA and ICAS will monitor developments to ensure that their respective codes remain fit for purpose.
Read about the Code of Ethics revisions in more detail
Choose your path
ICAS has launched a new game, “Choose your path”, designed to help school pupils and university students discover their unique career personas – whether that’s a guardian, innovator, visionary or problem-solver. The aim is to use gamification to build awareness of chartered accountancy as a career.
The game takes just a few minutes to play and provides tailored career suggestions based on personality traits, highlighting how the CA qualification can open doors to diverse and richly rewarding roles in accountancy, business and beyond.
Why not try the game for yourself and see what kind of CA role suits your personality? You’ll also see what a prospective CA student will experience at careers fairs and through our online channels as part of our “Opportunity kicks” acquisition marketing campaign.
Research funding opportunities
ICAS is inviting research proposals in response to three new funding opportunities. Two of the calls form part of the Shaping the Profession programme, which seeks to define how the accountancy of tomorrow should adapt to support the changing needs of society. The third call originates from the Sustainability Committee, as sustainability moves higher up the C-suite agenda.
The funding opportunities are:
- Profession and professionalism in the 21st century: To examine the value of modern professionals and explore what a 21st-century profession should look like. View call for research.
- The impact of technological advancements on professional judgement: To understand the risks, opportunities and potential upskilling required to harness the capabilities of current and future technology tools on the core – traditionally human – skill of professional judgement. View call for research.
- Sustainability governance: To examine the process and identify best practice in the area of sustainability governance. View call for research.
Applications are welcome from individuals, businesses (such as research agencies), think-tanks and academic institutions. Your research could generate insights to help us shape the future of the accountancy profession and enhance governance over sustainability towards a better world.
The deadline for submission of funding applications is 24 November 2024.
For further information contact the team on research@icas.com
Following the announcements made by the Chancellor in the autumn Budget, we understand you may have some questions regarding your personal finances.
As a member of ICAS, we would like to offer you a free one-hour consultation with a private client adviser to talk through any concerns you may have, or to discuss your personal finances in general.
You can register your interest here.
Read our Budget analysis and see what the Chancellor’s announcements mean for you
Black History Month webinar
Last month, ICAS hosted a powerful Black History Month webinar, Empowering Careers in Chartered Accountancy. The webinar offered practical insights into allyship, leadership and career progression for Black CAs, students and allies.
Led by the Chair of the Black Members’ Network, Kudzai Zendera CA, the panel featured Buki Ishola CA of Citadel Coaching, Naeema Joji CA from KPMG, and Audit Scotland ICAS trainee, Munya Mzenda. The one-hour session attracted more than 100 registrants, including student societies, helping to raise awareness of ICAS routes and career opportunities among students from minoritised backgrounds.
To learn more about joining the Black Members’ Network, email members@icas.com
Laura Mason CA
Assistant Manager, Financial Modelling & Data Analytics in Public Sector Advisory, Grant Thornton
What attracted you to your current role?
During my ICAS studies, I developed a deep interest in building financial models, which sparked my passion for solving complex financial problems through quantitative analysis. Financial modelling not only allowed me to apply technical skills, such as forecasting and valuation, but also required critical thinking and creativity to structure models that offer insightful analysis.
The combination of analytical rigour and the opportunity to work closely with real-world financial data made me realise financial modelling and analytics is an area where I could thrive. In my current position, I can use my knowledge of financial theory and apply it in a hands-on way. The dynamic nature of the work has been extremely appealing.
Which part of your training has been most helpful to you?
My training in financial reporting, strategic finance and modelling has been instrumental in me developing a strong problem-solving mentality. Being able to accurately analyse and prepare reports ensures I can contribute meaningfully to the organisation’s financial health and compliance.
The Strategic Finance and Modelling module, in particular, has had a profound impact, equipping me with the ability to build sophisticated financial models. This means I can support senior management with data-driven insights and clear recommendations based on quantitative analysis. Whether working on M&A, investment appraisals or budgeting, the ability to create and interpret financial models has been key. These technical skills, and the critical thinking fostered by ICAS, have made me more effective and versatile.
What do you hope to achieve over the next year or so?
I want to build a financial model from end to end, taking full ownership of the process. I’ve worked on various aspects of financial modelling, but I want to deepen my expertise by designing and constructing a model that integrates all components – from initial data gathering and assumptions through to analysis, reporting and decision-making.
I also hope to improve my qualitative skills by writing reports on financial analysis of company ratios in the transport sector, for example. This sector generates vast amounts of data, and I hope I’ll be able to offer more precise recommendations on cost management, investment opportunities and project efficiency.
What do you enjoy most about working for your company?
Collaborating with exceptionally skilled colleagues who are both knowledgeable and approachable. From day one, I’ve been surrounded by experts who excel in their fields and are always willing to offer guidance. This supportive and friendly atmosphere has been incredibly beneficial to me.
My role has also allowed me to explore business development activities, such as writing thought-leadership articles and brainstorming ideas for podcasts. That’s a refreshing break from purely financial work, and has given me a platform to express ideas and stay current with industry trends.
What would you say to anyone else thinking of studying to become a CA?
Do it! It opens doors to a wide range of careers in finance, business and beyond. ICAS is a very forward-thinking institution, continually evolving its syllabus to align with the most in-demand skills for the profession’s future. You’re not only learning traditional accounting, but also essential business and analytical skills.
Being a CA equips you with strong business acumen and a diverse skillset – financial strategy, leadership, complex problem-solving – that is highly valued in many sectors. The role of a CA goes far beyond number-crunching. You develop a deep understanding of how businesses operate. And the global respect that comes with the CA designation can open up opportunities across industries and geographies. It’s a challenging path, but the rewards are more than worth it.
Are you a recently qualified CA, interested in appearing in this column? Email us at camagazine@therivergroup.co.uk
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