The Association of Chartered Certified Accountants (ACCA) has published a report examining the implications of AI on the accountancy sector.
The AI Monitor report indicates that as AI becomes increasingly prevalent, finance teams will need to adapt to new roles and responsibilities in refining controls and defining the outputs from AI applications.
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The report suggests that it will transform the accountancy profession by altering the execution of tasks at all levels, with additional roles expected to be created to ensure that AI systems adhere to professional standards and regulations.
It also emphasises the necessity of human oversight at critical points in the workflow, focusing on “human interaction, transparency, and oversight”.
The document outlines four key work trends of AI within the accounting profession, which includes reduction in routine processing tasks, increase in the demand for strategic and advisory decision-making.
Additionally, it adds transformation of mid-level roles to include more judgement and client interaction and the emergence of new responsibilities at the nexus of accounting, technology, and strategy.
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By GlobalDataThe ACCA foresees that in the coming years, organisations will likely develop workflows with AI adoption as profession is currently in the early stages of AI adoption.
The ACCA has also acknowledged that the profession is addressing the challenges of learning and employment opportunities presented by AI.
The report adds a note of caution, suggesting that the adoption of a general-purpose technology such as AI may require more time than initially expected.
ACCA head of technology research Alistair Brisbourne said: “Professionals who can embrace uncertainty, develop strong judgement skills, and continuously adapt their expertise will thrive even as specific tasks change or become automated.
“AI adoption is expected to accelerate in coming years, especially as our data shows investment on AI initiatives is increasing, and widespread cloud adoption provides a crucial foundation for AI implementation.”
Recently, the ACCA released a report on the regulatory arrangements for 2025, underlining the importance of maintaining “robust, transparent, and proportionate” oversight considering global uncertainties.
