The Institute of Chartered Accountants in England and Wales (ICAEW) has signed a memorandum of understanding (MoU) with Microsoft to expand the use of AI capabilities across the profession.
The collaboration seeks to help finance professionals build skills for an AI-enabled workplace.
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ICAEW chief executive Alan Vallance said: “This collaboration reflects ICAEW’s commitment to helping members adopt emerging technologies in ways that are practical, responsible and aligned with professional standards.
“Chartered accountancy is changing at pace, and enabling our members to stay at the forefront of technology is a vital part of future-proofing the profession. We look forward to exploring other areas of collaboration with Microsoft.”
The agreement builds on work already in motion, with Microsoft contributing to the latest module in the ICAEW’s GenAI Accelerator programme.
The ICAEW created its flagship generative AI (genAI) digital training offering in response to growing demand from smaller and mid-tier practices.
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By GlobalDataThe new module, entitled ‘GenAI in Professional Practice’, was launched this week as the fourth element of the GenAI Accelerator. It was designed with input from Microsoft specialists.
Aimed primarily at small and medium-sized accountancy practices, the course explores how genAI can be embedded into everyday workflows and service delivery.
Topics include using genAI to automate elements of client assignments such as audit sampling, enhancing financial analysis and cutting the time spent on back-office processes including billing.
As a large share of ICAEW members already work with Microsoft tools, the institute is positioning Microsoft 365 Copilot as a practical starting point for experimenting with genAI in practice.
By collaborating directly with Microsoft, ICAEW has incorporated practice-oriented examples of how Microsoft 365 Copilot can be applied in an accounting environment.
Vallance added: “The GenAI Accelerator Programme will be of huge benefit to ICAEW members, and I am delighted that we are working with Microsoft to support members in building practical AI capability.”
The ICAEW plans further joint activity with Microsoft, including additional training resources focused specifically on the use of Microsoft 365 Copilot by accountants.
