As a professional accountant, you’re probably aware of the vital role that boards play in overseeing public, private, and not-for-profit organizations. But did you know that the training and experience that professional accountants have make them ideally suited to serve as board members themselves? Linda Lach, Director of Governance at IFAC, sat down with Taryn Rulton, Deputy President of IFAC, to talk about why professional accountants should consider joining a board.  

Linda Lach (LL): Taryn, you’ve served on several boards, including the Eastern Melbourne Primary Health Network, the Victorian Electoral Commission, and Good Shepherd ANZ, as both a member and chair of various committees.  What are some of the most critical skills that professional accountants bring to the board table?

Taryn Rulton (TR): Numbers may be our native language, but as professional accountants on a board, our impact reaches far beyond the balance sheet. We play a pivotal role in shaping governance —ensuring the board has a clear, accurate view of the organization’s financial health and that every decision is grounded in integrity and transparency.

Our value isn’t limited to compliance or financial oversight. With our integrated mindset, we connect the numbers to the broader narrative and strategy, testing financials against the organization’s long-term vision. We’re adept at navigating complex issues, understanding risk, and evaluating commercial dynamics - skills that are essential for effective governance in both for-profit and not-for-profit settings.

Financial sustainability, especially for not-for-profits, is a governance challenge we’re uniquely equipped to address. By viewing financials through a commercial lens and asking the right questions, we help boards align cost profiles with strategic outcomes and ensure resources are used wisely.

As the backbone of audit and risk committees, professional accountants elevate board governance - moving it from a focus on compliance to one of strategic impact. Our expertise ensures that the board not only meets its legal and ethical obligations but also drives meaningful, sustainable results for the organization.

LL: Taryn, that’s so true. You mentioned strategy. Oversight of corporate strategy is continually one of any board’s top priorities every year. According to the NACD's 2025 Trends and Priorities Survey, when board members were asked which areas they sought to strengthen, the two most commonly selected choices were strategy execution (78%) and strategy development (71%).

TR: When it comes to strategy, professional accountants are invaluable at the board table. Their cross-industry experience gives them a panoramic view of what drives organizational success, and how to translate vision into actionable, effective strategies. But their contribution goes far beyond understanding the numbers.

In a governance capacity, accountants connect financial realities to the organization’s broader purpose, ensuring that budgets and resources are tightly aligned with strategic goals. Accountants don’t just oversee —they provide foresight and direction, championing robust controls and meaningful measures so that every board decision is grounded in reality.

Because they truly understand business models—how money flows in and out—professional accountants can quickly spot when a strategy is on track and when it’s likely to fall short. Their expertise in oversight, risk evaluation, and commercial dynamics is essential for boards striving for both compliance and long-term impact. That’s why having a professional accountant’s perspective in governance isn’t just helpful—it’s critical for achieving real, sustainable results.

LL: What are some non-financial skills that accountants offer that boards really benefit from?

TR: Ethical leadership is at the heart of effective governance, and as board directors, professional accountants are uniquely positioned to set this standard. Our training as auditors instils a mindset where risk isn’t just managed—it’s understood as a core responsibility, approached with integrity and vigilance. By applying frameworks like COSO, we ensure the board has the right tools and information to oversee management and uphold the highest ethical standards.

But our impact goes further. As professional accountants, we champion a culture of transparency, accountability, and respect. We draw on expertise from across the organization, fostering collaboration and integration in the boardroom. This diversity of thought and unwavering commitment to ethical principles drives better decisions and stronger outcomes, ensuring that governance is not just about compliance, but about inspiring trust and delivering lasting value.

Board members set the standard for ethical leadership and good governance. As accountants, we’re not just stewards of financial integrity —we’re role models, guided by the highest professional codes. Our training in skepticism empowers us to ask tough questions and hold management accountable, but true impact comes from balancing vigilance with vision. By championing innovation and enabling growth, we help organizations thrive and inspire others to lead with integrity and courage.

LL: What are some of the benefits that you’ve found from serving on boards?

TR: Becoming a board director isn’t a shortcut to easy money—it’s a serious commitment that comes with real risks. While directors of listed companies might receive substantial fees, that’s rarely the case for those serving smaller businesses or not-for-profits, where board roles are often voluntary. No matter the setting, professional accountants need to fully understand the legal and ethical responsibilities that come with a directorship. Volunteering doesn’t shield you from risk; you’re still accountable to the same standards and codes of conduct as any paid director.

But here’s the flip side: the rewards are truly remarkable. Serving on a board opens doors to collaborate with professionals from a wide range of backgrounds. You get a front-row seat to decision-making and strategy in action, which broadens your perspective, sharpens your collaborative instincts, and helps you build a powerful network. The experience is as challenging as it is enriching—and it’s an opportunity to grow in ways you might never expect.

LL: Taryn, any final stories from your own personal experience?

TR: Serving in governance roles is my way of giving back—a chance to repay the privilege of my professional accounting education by contributing to the community. The skills we bring as accountants aren’t just important - they’re fundamental to the health of the economy and to making sure organizations get the most from their resources. Today, with the global momentum behind integrated reporting and a growing focus on the environmental and social impacts of business, our expertise is more relevant than ever.

From the perspective of my executive career, joining a board has been transformative. It’s sharpened my strategic thinking, strengthened my writing and communication, and given me a fresh perspective on how my work is viewed at the highest level. The benefits of board service are immense—exposure to new ideas, collaboration with talented professionals from diverse backgrounds, and the opportunity to expand your network and skill set.

If you’re considering board service, I encourage you to explore the possibilities. There’s so much to gain, but it’s important to be realistic about your capacity to contribute meaningfully. There is also a wealth of information and training you can receive to help you develop the skills you need. My advice: look for boards that value cross-skilling, where every director is expected to understand the numbers—not just the accountants. That’s how you build a truly effective board and make a lasting impact.