Is AI a concern for chartered accountants?

Imagine spending your blood, sweat, and tears on passing 10-15 exams to get the title of CA, only to hear that you could be replaced by a man-made, emotionless robot someday. This should come as no surprise to you because the use of AI has taken over every industry and might not leave accountants untouched.

To explore this question, we must delve into how these changes in technology can be viewed from a finance perspective. AI might be perceived as an opportunity if it automates repetitive tasks and frees up time for professional accountants to focus on more challenging, value-adding work. On the other hand, it might be seen as a threat when it replaces many traditional roles and activities, resulting in job losses.

In general, we can group "data collection" and "data processing" as activities that are at a risk of being automated, while "applying expertise," "stakeholder interactions," and "managing others" are activities which require human skills and personalisation to be able to create value for the organisation.

Hence, it is safe to say that AI-driven technologies can be a helping hand for accountants but can never eliminate their necessity. We must embrace these innovations for the opportunities they bring and find ways to mitigate their threats.

Nujhat Nowrin

North South University