South African Chartered Accountants (CAs) are in the spotlight after earning the top position in the global trustworthiness survey!
Johannesburg, South Africa (18 October 2023) — South African Chartered Accountants [CAs (SA)] have earned the top position in a groundbreaking global professional trust survey!
Conducted by Edelman, a respected research firm, on behalf of Chartered Accountants Worldwide (CAW), over 1 300 participants in eight global markets took part in the survey that revealed South African CAs are leaders in global trustworthiness; making them the number one most trusted nationality of CAs in the world.
Participating countries included South Africa, England, Scotland, Wales, Northern Ireland, Ireland, Australia, and New Zealand. Fieldwork was conducted between the 30th of March and the 6th of June 2023.
This international recognition is a major accolade for the South African Institute of Chartered Accountants (SAICA) and the profession that continues to work tirelessly to maintain and improve auditing and professional services standards.
SAICA shares it believes the ranking will go a long way to enhance the market standing of its members as well as attract new talent to the profession.
The survey from its inception in 2018, says trust in Chartered Accountants worldwide has exhibited remarkable growth, spiking by seven points since 2021.
While trust in other global financial professions has seen some wavering, Chartered Accountants have managed to carve a niche for themselves, and this is particularly noteworthy in South Africa where the trust score has moved from 85% to 96% in just the past two years.
What Determines Trust?
The survey examined four key aspects of trust – ability, integrity, dependability, and purpose.
“The resilience and excellence shown by our Chartered Accountants echo the indomitable spirit of South Africa as a nation. They have not only served businesses but have played a pivotal role in sustaining the national economy amidst trying times,” says Freeman Nomvalo, SAICA CEO.
During current economic uncertainty and the cost-of-living crisis, 89% of the respondents said South African Chartered Accountants have been particularly important to the country’s businesses.
Seventy-nine percent (79%) of South African respondents said their organisation relies on Chartered Accountants to ensure the integrity of data compared to 74% of respondents in Wales followed by Australia at 72%.
And, despite the emergence of new technologies, the South African Chartered Accountancy profession is particularly more attractive, with 81% of respondents agreeing compared to 72% in England and 67% in Wales.
Respondents were also asked about the key function of auditing. In South Africa, 95% said it was an indispensable tool for businesses, especially for larger organisations. Only 87% of respondents in Australia, in second position, shared a similar view.