Public controversy signals importance for greater industry solidarity

While Kaleb said that he is making efforts to inspire the new generation into the profession through his Make Accounting Great Again campaign, he said: “There doesn't seem to be any policy or strategy to counter this negative publicity [within the profession] … It's very hard to get that out of the media.”

“What happens at that level [big four] is only such a very minor segment of the profession [which is] mostly made up of small to medium practitioners.”

In addition, he noted that the profession’s struggle to attract younger talent and the “poor job” of selling the accounting brand are being exacerbated by this dip in trust.

“Young people read those articles [about scandals surrounding big firms], and they think, ‘Oh, well, accounting’s probably not something I want to get into. [This is] impacting all of us.”

With accounting bodies projecting shortfalls, the role of the new generation in filling the gaps left by retiring professionals remains a crucial priority.

“You've got to take regulations [such as] AML/CTF [seriously]. You just can't afford to be left behind anymore. Things are changing daily; there's just a lot out there. It's very difficult, you know, as a small practitioner to keep up.”

To manage as a professional in what Kaleb called a dynamic profession, he suggested that practitioners stay as up-to-date as possible, network, and join discussion groups to stay in the loop.

In the face of all these responsibilities entering accountants’ inboxes, such as the new financial year, Payday Super and AML/CTF, as well as the legislative amendments by Treasury, Kaleb emphasised that the accounting profession is still a great place to be in.

“It's a great community, [the] accounting profession; we're all in the same boat; there's always someone who's going to offer support and help,” Kaleb said.