ACCA has taken a lead on understanding the gathering impact of AI on the accountancy profession. As a leading global body we have already produced a substantial amount of research and guidance. We expect this to continue with the exploration of key themes, issues, and sharing case studies and best practices. 

This latest series of AI-focussed work – the AI Monitor – takes a thematic approach to key issues facing the profession when it comes to adopting AI: trust, talent, risk and controls, data strategies, and sustainability.

The aim of the series is to identify and examine from the accountancy profession’s perspective the most pressing AI challenges setting out the issues and also setting out routes and next steps for finance professionals. 

This work is being undertaken in conjunction with the ACCA’s Global Forum for Technology which brings shared thinking on how technology and data impact the roles of accountancy and finance professionals.

Trust in an AI enabled accountancy profession

The first of the AI Monitor series examines the concept of trust.

Examining briefly the importance of trust to the accountancy profession, the paper proceeds to explore the impact that AI can have on the maintenance of trust and how the accountancy profession will have to adjust to the new reality. 

The paper looks at AI’s potential impact on trust establishing the issue as a socio-technical challenge. Facing this challenge requires appropriate upskilling, collaboration, and governance. It also suggests that the accountancy profession needs to prioritise outcomes over outputs, providing an example of the use of machine learning in FP&A (financial planning and analysis).

Laying the foundation for trusted AI use requires, suggests AI Monitor, finance professionals to sign off on the adequacy of controls and oversight of AI systems.