How important is it to you to engage a trusted advisor?
Research has shown that public trust in the financial sector is plummeting, however, a Trust Survey conducted in 2018 by Chartered Accountants Australia and New Zealand (CAANZ) resulted in 75% of respondents rating accountants as the fifth most trusted profession, with medical doctors rated as the most highly trusted group on the list.
Engaging a Chartered Accountant that you can trust allows business owners, investors, and various stakeholders to rely on information they receive to make informed financial and strategic, business, and investment decisions.
Here are 12 qualities a Chartered Accountant should possess to establish, build and maintain trust.
• The Ability to Develop Strong Professional Relationships
Communication is key to developing a strong trusted relationship. In today’s world, we find ourselves engaging in increased digital contact, however, face-to-face contact can help strengthen relationships.
• Honesty
Acting honestly and providing honest advice allows stakeholders to rely on that advice to make appropriate judgments and without fear of biased reporting.
• Ethical
An ethical accountant plays a vital role in ensuring public trust in financial reporting and business practices are maintained, benefiting their stakeholders by providing sound and ethical advice.
• Private Data Protection
An accountant that has documented policies and procedures in place ensures business and client data is protected.
• Integrity
An accountant with integrity will be straightforward in all professional and business relationships.
• Objectivity
Acting objectively ensures your accountant will not compromise professional or business judgments.
• Professional Competence
The requirements for Chartered Accountants to engage in ongoing training and development ensures they attain and maintain professional knowledge and skill to provide advice to stakeholders based on current technical and professional standards and relevant legislation.
• Care
Accountants gain trust by putting their stakeholders and clients above all else in their own business.
• Professional Behaviour
Complies with relevant laws and regulations whilst avoiding any conduct which would discredit the accounting profession.
• Humanity
Maintaining relationships with clients that go beyond business and technology.
• Experience and Reflection
By reflecting on and sharing past experiences, allows stakeholders to instill trust in their accountant.
• Identify and Eliminate Conflicts of Interest
An accountant that identifies and eliminates conflicts of interest will act independently and with objectivity.
The team at EMspire Advisory are trusted, qualified Chartered Accountants and work closely with their key stakeholders and clients to achieve the best possible outcomes. To find out more, get in touch with us today.
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances. The team at EMspire Advisory are experienced accountants, bookkeepers, and tax agents in Sydney and would like to help you create, grow and succeed in business.