AI Monitor: Skills to drive responsible AI adoption

As artificial intelligence (AI) systems become increasingly sophisticated and widespread, they will reshape the accountancy landscape. But the shift is not solely technological; the roles and responsibilities of accountants are also evolving – bringing into question the future of talent and skills.

Allowing ourselves to be caught up in the excitement surrounding AI, it would be easy to suppose that the finance profession stands at critical juncture – driven by the rapid advancement and integration of AI technologies.

The truth is that, 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.

AI Monitor series

The aim of the AI Monitor series is to identify and examine, from the accountancy profession’s perspective, some pressing AI challenges – discussing routes and next steps for finance professionals.
Upcoming issues of the series will explore related issues pertaining to sustainability, risk and controls, data strategies, and more.

Acknowledgements:

Members of The ACCA Global Forum for Technology

Dev Ramnarine (Chair)
Alastair Barlow
Alex Falcon Huerta
Brad Monterio
Heather Smith
James Best
Krishna Chaitanya Maddula
Rashika Fernando
Reshma Mahase
Robert van der Klauw
Bilal Surahyo
Scott McHone
Alec Manning
Andrew Chong

Sources:

Davenport, T. H. & Ammanath, B. (2020, August 12)
Redefining AI leadership in the C-Suite: MIT Sloan Management Review

Davenport, T. H. & Zhang, R. (2021, July 20)
Achieving return on AI projects: MIT Sloan Management Review

Stouthuysen, K. (2023, May 17)
How digitally mature is your finance office? MIT Sloan Management Review

Townson, S. (2023, January 26)
Manage AI bias instead of trying to eliminate it: MIT Sloan Management Review.

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