The latest report from the Association of Chartered Certified Accountants (ACCA) has emphasised the role of accountants’ professional judgment in guiding the ethical and effective adoption of AI within organisations.
As the Middle East accelerates AI integration, accountants are positioned to balance innovation with governance, noted the ACCA.
The Risk and Responsibility report outlined the potential of AI to enhance human capabilities, but also highlighted the challenges related to control, reliability, and professional responsibility.
A primary concern identified in the report is the risk of investment being committed with either unrealistic expectations or poor judgment regarding the potential impact of AI integration.
Despite AI’s promising potential, the real value of the technology remains difficult to quantify and harder to achieve than anticipated, the report said.
The ACCA stressed that accountants can find success by combining traditional financial expertise with technological oversight, maintaining their role as arbiters of trust and integrity.
While technological advances are crucial, they cannot replace the necessity for professional judgment, which remains central to decision-making processes.
The report noted that accountants are well-placed to harness AI’s potential while maintaining strong safeguards. However, their role in managing AI risks extends beyond traditional financial controls.
A three-layered approach encompassing data, architecture, and business impact is suggested as necessary for their contribution moving forward.
ACCA technology research head Alistair Brisbourne said: “Safely introducing AI into how our organisations work and make decisions isn’t just about technology – it’s about redefining how we exercise things like professional judgement. As regulatory frameworks evolve and AI capabilities expand, success will depend on striking the right balance: leveraging AI’s analytical power while strengthening professional expertise.”
“Traditional concepts of materiality and professional scepticism are being reframed in the context of AI systems that can analyse entire datasets rather than samples during an audit, for example. This shift challenges accountants to think differently about risk assessment and the nature of professional evidence.”
This report follows the ACCA’s very recent call for evaluation of the European Union’s ‘Omnibus’ directive, which proposes changes to the European Green Deal.
