For the next two years, Jean Bouquot is set to be a major figure in the international accountancy profession. As the recently elected president of the International Federation of Accountants (IFAC), he will be representing 187 professional accountancy organisations (PAOs), including ACCA, in 142 jurisdictions. The PAOs in turn represent millions of accountants in public practice, business, government and education.
So not a small job, then. Fortunately, the French accountant has more than four decades of experience to call on. ‘I have been with the profession for the last 44 years,’ Bouquot explains. ‘If I may say so, I’m an old citizen of the profession, always based in France but with a lot of activity outside the country because my clients were active elsewhere.’
‘We have this global role and we can have an impact’
Bouquot began his career with Arthur Andersen, and then moved to EY when his former firm hit the buffers. He has been an auditor for most of his career but recently became more involved with professional organisations, first at a regional level in France and then as president of the French national body, the Compagnie Nationale des Commissaires aux Comptes. He was elected as vice president of IFAC two years ago, having left EY by then.
Advocate and listener
Much of Bouquot’s work as president will be guided by IFAC’s 2025 strategic plan. ‘The most important thing about the plan is that it reassesses very firmly the role of IFAC as being a member-centric organisation,’ he explains. ‘We have this global role and we can have an impact.’ Bouquot and Lee White, IFAC’s new chief executive since last year (see his interview with AB), certainly agree on this point.
‘The whole economy is moving in a new direction’
Within this, Bouquot sees the role of president as both internal and external: to ensure good governance within the organisation, and to act as the members’ advocate on the world business stage. ‘I participate as the voice of the profession,’ he says. ‘Not alone, but as a team, by making sure we have the right outreach. I meet with members to advocate and to listen.’
Sustainability focus
One of the current major talking points within the profession, and one of the strands of IFAC’s strategy, is how finance professionals are helping to drive sustainability transformation.
‘Sustainability is very important and a key factor,’ Bouquot says. ‘It is not a new item coming down the road. IFAC has been instrumental in promoting its importance in the last four, five, six years. But sustainability data is now becoming an essential part of the information that is given by every corporation – small, medium or large. The whole economy is moving in a new direction.’
Bouquot recognises that this is not an easy process, especially as there is the need to ensure that ‘we are not building different tracks and different systems that would not be compatible’.
‘S1 and S2 are becoming common languages for a large part of the world’
‘We have done a lot, but there’s still work ahead because we cannot say today that everyone has the same level of understanding, that we are at the same stage and that we are all working in the same direction.’
He notes that there had been a number of initiatives over the years to forge a common set of standards that would apply to sustainability reporting and auditing, but that no common view had emerged. However, he recognises that the creation of the International Sustainability Standards Board, part of the IFRS Foundation, was a key step towards greater inclusion, adding that the creation of the S1 and S2 standards in a relatively short period is ‘incredible’. ‘S1 and S2 are becoming common languages for a large part of the world,’ he says.
Talent and tech
Bouquot acknowledges that the accountancy profession faces a number of other challenges too. Chief among them is attracting and retaining talent, alongside the impact that new technologies such as generative AI are having on the profession.
‘Improving the attractiveness of the profession is not easy – there is no magic solution,’ he argues. ‘It is not something that is viewed only in one type of member or one size of organisation. It’s a concern that we have in many jurisdictions. So this is something that we have to look at, and work with our members to improve the situation.
‘We also have to take into account the fact that younger generations have different aspirations from older generations, so we need to talk about wellbeing and work-life balance.’
‘The machine isn’t necessarily giving you the truth’
On technology, Bouquot is quite clear that there are great opportunities, but he understands why some members of the profession are nervous about their own prospects. ‘Technology is something that everyone talks about and in two ways: some being very enthusiastic and very eager to move forward quickly, and some who have some level of anxiety. But what is true is that technology brings innovation and some level of transformation.’
He adds that the profession is itself investing considerably in new technology, as it is a way of creating more space for accountants to focus on the strategic aspects of their work, emphasising the importance of rigorous judgment and criticism ‘because the machine isn’t necessarily giving you the truth’.
Ethical dimension
Allied to this, the IFAC strategy emphasises the importance of ethics and ethical behaviour, and how this can also improve the attractiveness of the profession.
‘It is critical that we are viewed as bringing value but also that we are viewed as having the highest level of independence,’ Bouquot says. ‘It is critical that we can bring to the economy the assurance that the public expects from us. When we recruit someone, we must give the feeling that it’s different from being employed in another type of business.’
So for the next two years, Bouquot will continue to focus on IFAC’s strategy, speaking to members to align priorities, helping to convene meetings with other stakeholders on critical issues, and keeping the public interest mandate of the profession in clear view.
He doesn’t expect all the profession’s problems will have been solved by the end of his term – far from it. ‘The next generation of accountants will need to continue our work, but I think we are in good shape and getting stronger, and the opportunities ahead are boundless.’
