Institute highlights significant value AI will still add to the work of chartered accountants as automation is embraced
Chartered Accountants Ireland has been transforming its ACA qualification since 2017 using AI powered technologies to produce accountants of the future
Institute notes today’s reports from Government on impact of AI on the Irish economy and workforce
Chartered Accountants Ireland has highlighted how the profession is embracing the opportunities provided by automation and the critical role that AI is playing in moving its members’ work up the value chain. As businesses grapple with increased data volumes, complex regulations and a growing need for real-time information, AI is a game-changer for accountants by enabling them to focus on critical tasks such as analytics and advisory work.
Recent research from Chartered Accountants Worldwide shows that 75% of Irish financial decision makers surveyed do not ultimately believe that the value that chartered accountants provide could be replaced by automated systems, noting the importance of human judgement and decision making in their work.
The Institute’s comments come as the Department of Enterprise Trade and Employment and the Department of Finance launch new reports today on the impact of AI on the Irish economy and workforce.
Futureproofing education for the next generation
Since 2017, Chartered Accountants Ireland has been transforming the content and delivery of its ACA qualification, using AI powered technologies such as adaptive learning, robotic process automation (RPA), and data analytics. This transformation will continue to evolve.
Crona Clohisey, Director of Public Affairs at Chartered Accountants Ireland said:
“Over the past several years, our education team has carried out extensive research on the learning and training needs of the next generation to ensure that we are producing accountants of the future. The outputs have already been put into practice with students accessing the latest advances in technology and emerging accounting practices using a blend of the most up-to-date technology and teaching methods.
“These initiatives underscore the profession’s early adoption of the benefits AI can bring, and our members’ desire to adopt it in their work. By using AI to prepare accounts and to tackle and streamline more routine tasks, chartered accountants are embracing the positive disruption brought about by AI to focus more on providing strategic business insights for informed decision-making. Accountants who do so will thrive, so our curriculum fully recognises and embraces this reality.
“We note the Government’s new reports in this important area, and we look forward to continuing the journey our profession has been on to date.”
Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing almost 33,000 members and educating 7,000 students. Institute members provide leadership in business, the public sector and professional practice, bringing experience, expertise, and strict standards to their work for, and with, businesses in every sector.
Commenting, Barry Doyle, President of Chartered Accountants Ireland said:
“As with every technological development over the Institute’s 136-year history, the profession has always adapted and integrated innovations, with AI being just the latest. Moving from the traditional paper ledger to automated bookkeeping for example was transformative in the services that chartered accountants were able to offer. AI will ease the administrative burden on accountants and equip them with reliable data and insights to better serve their industries.
“AI will not replace human judgement or strategic decision making, but critically it will throw up a series of ethical dilemmas for organisations in the coming months and years. Our members, bound by strict codes of ethics, are well positioned to navigate these; indeed, this goes to the heart of our dual mandate, working in the interests of both the economy and society.”
ENDS
Research referenced was commissioned by Chartered Accountants Worldwide and conducted by Edelman Data & Intelligence.
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