There are few things that Malcolm Bacchus likes more than finding resolution to issues through reasoned debate. It’s partly a hangover from his time debating at The Oxford Union Society while studying chemistry at the university, although more than likely he’s just someone who likes exploring answers. 

As Bacchus today assumes the role of ICAEW President, the prospect of some meaty discussions about some of the thornier issues affecting the profession is high on his agenda. A long-standing involvement with ICAEW means Bacchus is well versed in ICAEW’s strategic themes and no stranger to the ins and outs of Moorgate Place. 

Since qualifying as an accountant in 1981, a passion for getting involved has manifested itself in participation in a whole host of ICAEW committees – including Chair of the Young Chartered Accountants, Chair and President of the London Society of Chartered Accountants, Chair of the ICAEW Ethics Standards Committee and many more.

“People often ask me why I have got so involved in these things,” he says. “And it's because I'm not the sort of person who goes back home and just complains about X, Y and Z and then does nothing about it. I just can't do that.” 

With a general election looming and against a backdrop of huge economic turmoil, it’s fair to say that Bacchus’s year in the presidential hotseat comes at an interesting time for accountancy, as the profession navigates the impact of some enormous business challenges.

The focus on sustainability is shifting, Bacchus says, away from climate change and carbon emissions, and towards the ticking time bomb of biodiversity loss. Similarly, he says, the need for broader reflection on the UN Sustainable Development Goals, including areas such as sustainable infrastructure, low pay and exploitation, should be rising up the agenda. 

Fortunately, the profession’s track record in measurement, reporting and audit means that accountants are ideally placed to play a more proactive role in these areas, he believes. “There's much we're already doing as accountants in terms of non-financial accounting across some of these areas. But in other areas like biodiversity, we’re not yet very good at measuring them or putting practices into place that will ensure that we finish up with a better world than we have at present.

“There sometimes tends to be a view that if we can’t put a monetary value on it, it is not within the remit of accountancy. This has never actually been the case – resource management, in its wider sense, has always been a staple of the profession, it’s just that we need to spend more much time on it and bring more of the disciplines we use in financial management to these non-financial areas.”

Meanwhile, the impact of artificial intelligence (AI) is also a subject close to Bacchus’s heart, not least because of an early interest in computing from his school days, which he has sustained throughout his career. “There’s no doubt AI will massively change the profession and we need to start thinking about that now. The accountancy profession is very good at reinventing itself and it creates an awful lot of new jobs. When spreadsheets came in, everyone said that would be the end of accountants and bookkeeping. Far from it. There is more demand for accountants now than there has been.” 

AI systems are notoriously dependent on the human inputs that form their basis, Bacchus warns. “Somebody is going to have to make sure that the input is right and the output makes sense.”

Bacchus is adamant that the prospect of stepping up as gatekeeper across a broader range of areas – whether that be broader sustainability or AI – represents a huge potential opportunity for accountants. “Traditional areas of tax and accounting will decline but, if we grab the opportunities in AI and in sustainability in its widest sense, there is a lot more work for accountants, especially for auditors and advisers, in the future,” he says.

Trust and ethics are also on his agenda, as is the importance of responsible business. “Trust and ethics are cornerstones of the profession,” he says. “There’s a reason why we have the public interest embedded in our charter, in our strategy. The world needs trust in order to work. Take any board of directors and the person who is generally the gatekeeper for this within that business is the accountant. We should never step away from that responsibility.”

All these areas illustrate why it is important that the ACA qualification keeps pace with the evolving demands of business. “It’s a great qualification, and we will ensure it remains great,” Bacchus says. Considerable work has been done over the past year in consultation with stakeholders on ensuring the qualification is fit for the future and this work will continue during his presidency. 

Bacchus is already champing at the bit to talk about these and other issues. “I would like to get out and talk to as many members – and all the other stakeholders in our profession – as possible and hear their views. There's no substitute for face-to-face meetings and proper conversations.”

If he asks one thing, it’s that members don’t simply sit back and ignore what is happening in the world. “Get involved,” he urges. “It's got to be a dialogue – the more we can get all our stakeholders to express their views, their wants, their needs and their concerns, then the better our Institute and our profession will be.”