Each year brings fresh expectations of chartered accountants (CAs), but never has the expanding scope and societal importance of our profession been clearer than in 2025 states Bruce Cartwright, CEO, Institute of Chartered Accountants of Scotland (ICAS)

Over the past 12 months, ICAS has supported our members to navigate a rapidly evolving landscape, while also engaging with policymakers to influence what lies ahead.

Politics and policy in flux

From tariffs to territory, this year has unfolded against a backdrop of heightened geopolitical tension. In the UK, sluggish economic growth dominated the headlines, culminating in a highly anticipated Autumn Budget that delivered £26.6bn ($35.44bn) in tax-raising measures. We urged the Chancellor to provide long-term stability, but with many of these tax changes delayed until 2028 and the Scottish Budget still to come in January, we’ll all be living with uncertainty for some time yet.

Against the backdrop of a renewed focus on deregulation in the name of growth, the government further delayed the long-awaited audit reform and corporate governance bill, first promised in the King’s Speech a year and a half ago. We’ve stated our concern at this continued lack of progress and will continue to push for legislation that strengthens the corporate reporting ecosystem, including director accountability.

We also saw a notable surge in private equity investment in our sector, prompting our call for a review of the rules governing who can own audit firms to safeguard quality and independence in this space. As we look to 2026, our message is clear: proportionate, purposeful regulation is not the enemy of growth – it’s essential to building trust in UK business.

Opportunities for growth

The adoption of emerging technologies, particularly generative AI, rapidly progressed from experimentation to early integration across the profession this year. While some continue to see automation as a threat, we view it as a chance to elevate the role of the CA by freeing time to focus on value-adding strategic advice and data guardianship. In 2026, we expect the focus to shift to bespoke AI systems and a sharper emphasis on responsible use, both of which will require input from the profession.

As technology progresses, the role of professional judgement and ethics becomes even more critical. To mark the 10th anniversary of our The Power of One business ethics initiative, we renewed our focus on ethics by updating these papers, hosted our first Ethical Leadership Forum, and published a new series of insights to help members navigate an increasingly complex ethical environment.

Sustainability reporting and assurance also stayed firmly on the agenda, even as global economic and political pressures slowed the pace and ambition of change in this area.

In the EU, the European Commission moved to simplify sustainability regulation through its ‘omnibus’ package that aims to reduce regulatory burdens. In the UK, the government took an important step towards improving its sustainability reporting framework through the launch of three consultations on the future of sustainability reporting, assurance and transition plans.

With EU sustainability rules being recalibrated and the UK laying the foundations for its own framework, CAs will continue to play a vital role in translating this complex landscape and supporting businesses with their transition journeys.

If the profession is to keep pace with the changes being driven by technology and sustainability, investment in the skills of both current and future CAs is essential. This thinking underpinned the industry-leading launch of our modernised syllabus last year, with these themes embedded at every level of the course to prepare students to become the business leaders of tomorrow. We have also built these topics into our CPD offering, so that our members can continue developing knowledge throughout their careers.

Shaping the future

Despite the predictions I’ve outlined for the new year, none of us can claim the certainty of a crystal ball. That is why ICAS launched Shaping the Profession last year – an ambitious programme designed to look ahead and ask how the profession must evolve to meet society’s changing needs.

This year, we shared the first major piece of research from that work, highlighting the perception gaps the profession must address and the importance of clearly articulating the value accountants bring. This is only the beginning of this project, and you can expect much more future-focused insight throughout 2026.

As I prepare to step down as CEO of ICAS in March after eight proud years at the helm, I do so with complete confidence in the future of the profession, whatever the years ahead may bring.