The Institute of Singapore Chartered Accountants (ISCA) announced recently a S$2 million AI for accounting initiative.
According to the accountancy body, its AI for AI (accountancy industry) initiative comes with a multi-pronged approach.
Research network
Tapping on its research network, ISCA said it will proactively identify strategic research projects related to AI for accounting.
The research network consists of Nanyang Technological University (NTU), National University of Singapore (NUS), Singapore Management University (SMU), Singapore Institute of Technology (SIT), and Singapore University of Social Sciences (SUSS), ISCA noted.
The research network is supported by its strategic partners including Deloitte, EY, KPMG, PwC, BlackLine, and Xero, the accountancy body said.
Start-up ecosystem and strategies to expedite AI adoption
In addition, ISCA said it will foster a start-up ecosystem for the development of AI solutions specially catered for the accountancy profession.
The accountancy body also aims to develop strategies to accelerate AI for accounting, ISCA added.
The AI for AI initiative aims to bring subject matter experts from technology companies, tertiary institutions, think tanks, the public sector as well as professional services firms in the accountancy sector and the wider business community to co-create an ecosystem that proactively examines the impact of AI on the accountancy profession and how AI can be leveraged for the betterment of the profession, ISCA noted.
ISCA strongly believes that AI will help to alleviate the issues that the accountancy industry is currently facing, including the attractiveness of the profession and talent crunch, as the adoption of AI will innovate the way accountants deliver services and influence how finance functions can value add to businesses, said ISCA President Teo Ser Luck.
“In time to come, I am not surprised that this will lead to significant changes in the business and organisational structure of professional services firms,” Teo noted. “This is why ISCA needs to be ahead of the curve to prepare our members and the industry. Our profession went through the automation wave and adapted well, and we are excited about the next wave of transformation. For now, we are taking a small step to understand how we could make better use of the technology.”
AI: a catalyst to uplift accountancy profession
According to ISCA, it’s important to take proactive steps to start considering AI’s impact, with the end outcome of embedding AI into the profession, especially the professional services sector.
In addition, AI could take on more complex job roles in the workforce given its generative capabilities, said ISCA.
This will enable the redesign and automation of more work processes, ISCA pointed out.
In doing so, AI complements the human workforce and facilitates accountancy and finance professionals to better apply their skills in areas of high demand, such as sustainability, said ISCA, adding that these changes are likely to create new competitive advantages for accountancy and finance professionals.
