The accountancy profession has a central role to play in driving and shaping the future of artificial intelligence use by bridging the gap between technical capabilities and business needs, according to the Association of Chartered Certified Accountants.
This includes ensuring ethical and responsible adoption of the technological advancement to maximise its benefits for the organisation.
As AI systems become increasingly sophisticated and widespread, it is expected that this technological advancement will reshape the accountancy landscape. ACCA believes the shift is not solely technological, as the roles and responsibilities of accountants are also evolving – bringing into question the future of talent and skills.
ACCA says, although highly significant, AI is only one element contributing towards the broader digital maturity and data savviness of the profession. AI adoption is still gathering pace and will impact how accountants carry out financial reporting, auditing and analysis – accelerating the need for a new set of data-centric skills and tools.
In an analysis, ACCA examined around 25,000 accountancy-related jobs – finding analytical and audit roles were in highest demand for more advanced capabilities, such as data science knowledge, while transactional roles saw the greatest requirement for data management skills.
The proportion of data science/engineering skills and data governance/management skills across accounting functions reflects the importance of data-driven decision making within the accountancy and finance profession.
ACCA says the use of predictive and prescriptive analytics requires a change in tools and skillset, as it is also a route towards tackling other areas, including ESG/sustainability and even elements of risk management, indicating a variety of data types that accounting professionals are expected to understand.
A snapshot of current skills requirements illustrates that organisations are already contemplating how to effectively leverage their data – but the integration of AI will provide extra impetus to the skills evolution.
In a survey of over 900 senior finance leaders who are currently using AI, ACCA found that organisations are anticipating the need for a much stronger mix of data-centric – ie data science or engineering – roles in the future.
From the analysis of jobs data, it’s clear that data literacy is foundational to many roles, and that this will require knowledge of different tools and applications depending on context.
Additionally, the survey data reveals those organisations that have already made advancements in AI adoption are considerably more bullish about their need for a stronger mix of advanced data skills in the future.
