The AI-Ready Accountant: A Global Perspective

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TAKEAWAYS

• 85% of accountancy professionals are eager to adopt AI, but 52% say lack of skills and training is the top barrier.
• 30% of accountancy professionals say data security concerns are the main reason they are not using AI more frequently.
• 79% of accountancy professionals agree that as AI becomes more integrated into business, the accountant’s role as a “data guardian” will become more important to organisations.

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ACCOUNTANCY’S AI MOMENT: FROM READINESS TO REALITY

On the bright side, 70% of respondents already use publicly available GenAI (generative artificial intelligence) chatbots, such as ChatGPT and Gemini, to enhance general productivity.

However, significant gaps remain in fully leveraging AI for core accountancy tasks like audit, financial planning and analysis.

So, how do we leapfrog from readiness to reality?

A landmark global study, AI and the Future of the Global Chartered Accountancy Profession, explores the current state of AI adoption in the accountancy profession. Commissioned by Chartered Accountants Worldwide (CAW) and conducted by Ipsos UK, it draws insights from 2,718 respondents across 48 countries representing 13 Chartered Accountancy bodies, including ISCA.

As co-chair of the CAW Technology Taskforce, ISCA played an important role in driving this research and shaping the conversation on how the profession must evolve in the age of AI.

Grassroots momentum fuels AI adoption, driven by enthusiasm and a drive for personal efficiency

There is broad recognition that accountancy firms risk falling behind if they fail to integrate AI.

Yet, AI adoption often starts at the grassroots level, with individuals and teams using AI to boost personal efficiency.

Secure the data, win the C-suite: A path to AI integration

As accountancy professionals predominantly rely on external, publicly available AI tools, data security emerges as a primary barrier to adoption. This concern is particularly pronounced among C-suite executives, who are more likely than junior executives to view AI as insufficiently mature or reliable for critical tasks.

Training professionals to confidently use AI for complex tasks

Scaling AI use through integration with accounting systems

Respondents emphasised the need for AI to be integrated into existing accounting tools. Given the maturity of the accounting technology market, many organisations are already deeply embedded in established systems. As a result, scaled AI adoption will likely need to occur within these platforms or through significant transformation initiatives.

Singapore’s accountancy industry: A transformation underway

Singapore accountancy professionals are more likely to feel that the accountancy profession is NOT adopting AI quickly enough, despite overwhelmingly agreeing that AI technology will significantly change how they work in the next five years. More responses from accountants in Singapore are available here.

THREE ACTIONS TO DRIVE AI IN ACCOUNTANCY INDUSTRY

• Organisational push is key to scaling AI impact across technical accountancy tasks.
• Rethinking training to develop AI-ready, critical-thinking accountants who can serve as “data guardians” for their organisations.
• Beyond training, employers, professional bodies, and the government can collaborate to lower costs, address data security concerns, and clarify ethical guidelines to accelerate AI adoption in Singapore’s accountancy.

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Kok E-Lin is Lead, Research & Insights, ISCA.