TAKEAWAYS
Whenever a new wave of technology emerges, the same question follows: Will this replace jobs?
With artificial intelligence (AI), that question feels more urgent. AI can scan thousands of transactions in seconds. It can detect patterns humans might miss. Understandably, people are asking whether accountants, especially junior ones, will become obsolete.
From the lens of the Institute of Singapore Chartered Accountants (ISCA), that is not where the profession is heading.
Interest in accountancy remains strong. Both the Singapore Management University and Singapore Institute of Technology have reported higher application numbers for their accounting programmes. ISCA’s student membership has grown by 50% in 2025 – a significant increase. If young people believed the profession had no future, we would expect application numbers to decline, not rise.
At the same time, less than 1% of ISCA members have sought support due to unemployment in 2025. While we monitor this closely, it does not indicate widespread displacement caused by AI.
However, this does not mean there will be no disruption. Some roles will change significantly, and certain routine tasks may decline faster than others. What we are seeing is evolution, not erosion.
AI is particularly effective at handling repetitive and data-heavy tasks. In audit, it can analyse entire populations of transactions and flag unusual items for review. In finance operations, it can automate reconciliations and match records across systems. In reporting, it can help draft initial disclosures based on structured data.
These tasks used to take up long hours. Now, technology can assist.
This will inevitably reshape some roles. Certain routine, processing-heavy tasks, particularly at the most junior levels, may erode over time. However, the more likely outcome is role redesign rather than role elimination. Entry-level positions will evolve to place stronger emphasis on digital literacy, data interpretation and the ability to work effectively alongside AI tools.
In fact, the need for professional oversight, interpretation, judgement and accountability will remain fundamental. AI can process information, but it does not take responsibility for it.
So far, the absence of a public AI hallucination incident in the accountancy sector is unlikely to be accidental. There are structural reasons for this.
First, adoption in core assurance work has been cautious. Audit and financial reporting operate in a highly regulated environment. Firms have generally avoided using generative AI to form final opinions or conclusions.
Most current use cases are limited to document summarisation, data extraction, internal research support and draft assistance with proper review layers. AI supports the workflow; it does not replace the control points.
Second, the profession already has strong review processes. There is a clear preparer-reviewer-approver structure, supported by internal quality controls and external regulatory inspections. Even if AI generates an inaccurate statement, it must pass through multiple professional checks before anything is finalised.
Third, accountants are trained to be sceptical. We are taught to ask simple but important questions: What is the source? Is it supported by evidence? Is it consistent with standards? Can it be independently verified? That mindset acts as a natural safeguard against accepting AI outputs at face value.
Fourth, audit opinions carry legal and reputational consequences. Because the stakes are high, firms are cautious and governance frameworks are strict. As AI adoption deepens, oversight will become even more important.
Here is the key point: AI can process information, but it cannot assume responsibility. Judgement, scepticism and ethics cannot be delegated to an algorithm.
The profession’s value rests on something deeper than efficiency – it rests on trust.
According to the 2025 Trust Survey conducted by Edelman DXI in partnership with Chartered Accountants Worldwide, 85% of senior business leaders in Singapore say they trust Chartered Accountants to do the right thing. Even more, 88% trust ISCA to do the right thing.
In business and finance, trust is not a soft concept. It underpins investment, lending and long-term partnerships. In fact, as systems become more complex and data-driven, the demand for trusted intermediaries increases – not decreases.
Technology can enhance speed and insight but it cannot replace integrity.
Trust does more than sustain the profession, it creates opportunity. This high level of trust also gives Singapore’s accountancy sector a strategic advantage.
As regional economies grow and demand for professional services expands, Singapore firms are well-placed to grow beyond our shores. Strong standards and credibility travel well. Trust is a competitive asset. In a region where regulatory environments vary widely, Singapore’s reputation for strong standards and professional integrity becomes even more valuable.
We have seen before how the profession adapts. Not long ago, bookkeeping was manual. Then came accounting software, enterprise systems and cloud platforms. Each time, the role evolved. Accountants moved from recording transactions to interpreting them, from compliance to advisory, from looking backwards to helping businesses plan ahead.
AI is another step in that journey.
What will change is the nature of entry-level work. Junior accountants will need stronger digital literacy and greater confidence working with data and AI-enabled tools. The expectation is shifting from routine processing to analytical thinking earlier in one’s career.
This is why skills development is critical. ISCA already offers a financial forensics accounting programme. In 2026, we will launch a sustainability reporting professional certification course, followed by one for digital accounting in 2027. These are growth areas where technology and human judgement must work together.
We are also seeing signs that technology can improve productivity. According to the Accounting and Corporate Regulatory Authority’s 2025 survey, 85% of accounting entities have adopted at least one technology solution, up from 70% in 2023. Technology is already embedded in large firms.
At the same time, the number of micro firms has grown by 15%, but their revenue has increased by only about 4%. This shows a highly fragmented market where many firms face challenges scaling their value and margins.
AI alone will not solve that. Strategy, differentiation and capability-building still matter. Firms that treat AI purely as a cost-cutting tool may struggle, while those that use it to expand value creation are more likely to grow.
Technology can help firms become more efficient. It can free up teams from repetitive work and allow them to focus on higher-value services such as advisory, sustainability reporting and risk management. That is where professional judgement makes a difference.
Productivity is not just about revenue per person, it is also about quality, resilience and sustainability. If AI reduces repetitive work and shortens peak reporting cycles, it can make the profession more sustainable and attractive to young talent.
So, will AI replace accountants? The data does not point in that direction. What is changing are the skill sets required. Accountants who combine strong technical foundations with digital capability and sound judgement will continue to be in demand.
AI can analyse numbers. It cannot uphold trust. That responsibility will continue to rest with professional accountants.
Fann Kor, FCA (Singapore), is Chief Executive Officer, ISCA.
An edited version of this article was first published in The Business Times, 27 February 2026. Reproduced with permission.
