Chartered accountants are embracing artificial intelligence in the profession, recognising its potential, according to a report by the Institute of Singapore Chartered Accountants.
In the “AI and the Future of the Global Chartered Accountancy Profession” report, 85% of respondents say they are at least fairly willing to use AI technology, given the opportunity, although many still feel unprepared for it.
ISCA says there is consensus that it will augment, rather than replace, the chartered accountant’s role, and it is expected to significantly impact the profession, although there’s uncertainty about implementation strategies. Some, particularly senior business members, feel adoption is slow.
Furthermore, the report finds that current usage focuses on general productivity with generic tools, driven by individual initiative.
Meanwhile, data security concerns are revealed to be hindering uptake, with trust in AI software often relying on pre-existing security measures, such as adopting Co-Pilot under Microsoft’s security system.
ISCA says some companies have established internal governance structures to ensure compliance. However, cross-national regulations can hinder adoption. Thirty percent among those polled say concerns about data security is the main reason they are not using AI more
frequently.
Additionally, the report finds that professional bodies are expected to drive upskilling, as chartered accountants expect them, rather than employers, to provide AI training, prioritising practical skills, ethics, and integration with existing tools.
ISCA says there is a gap between low availability of organisational-led AI training, and high employee willingness to participate, highlighting a need for improved training programs.
The report reveals that individual initiative is driving preparation for the future through self-directed AI learning.
