A new research report by the Institute of Chartered Accountants of Scotland (ICAS), entitled Society First: Shaping the profession, has revealed that more than 80% of the public and professionals in the UK regard accountants as experts in their field.  

However, the report also indicates that a lack of understanding about the profession’s role continues to exist. 

The ICAS has emphasised its public interest mandate and its commitment to prioritising societal needs through its Shaping the Profession programme.  

The recent report aims to provide insights into the future of the accountancy profession and how societal views will influence its evolution. 

One of the key findings from the report is the level of trust in the accountancy profession, particularly among those who are familiar with it, with a trust percentage of 78%.  

Despite this, the research has highlighted that 50% of the public confess to having a cloudy understanding of what accountants actually do.  

The report is based on surveys, focus groups and workshops carried out between 2024 and 2025, which sought the opinions of both the public and ICAS members on the accountancy profession’s current and future roles, reputation and direction. 

Respondents have identified professional expertise as a cornerstone of trust, with 81% acknowledging accountants as specialists in their field and 70% considering them trusted advisers.  

The top drivers of trust in the profession have been identified as expertise, honesty, acting in the best interest of clients and understanding their needs. 

While overall trust in the profession stands at 66%, it rises to 78% among those actively engaged with accountancy.  

However, trust drops to 58% among those less familiar with the work of accountants. Additionally, 55% of the public perceive accountants as primarily serving the wealthy and 41% of accountants see the complexity of the profession as a challenge. 

Looking ahead, the report suggests that while most accountants believe the profession should concentrate on its core roles, there is a belief that they can also play broader societal roles. 

By focusing on themes such as trust, perceptions, challenges and future opportunities, the programme intends to address societal concerns and enhance the value delivered by the profession. 

Last month, the UK Government amended its proposals on third-party data reporting to HM Revenue & Customs following input from ICAS and other stakeholders.