Adrian Johnson
TLDR:
Key Points:
- ISCA’s whitepaper reveals that accountancy and finance professionals can augment 60% to 100% of critical work functions with AI
- The whitepaper emphasizes a human-centred AI approach, viewing AI as a tool to complement professionals rather than replace them
Advances in Artificial Intelligence (AI) have the potential to revolutionize the accountancy industry, according to the Institute of Singapore Chartered Accountants (ISCA). The whitepaper “Artificial Intelligence for the Accountancy Industry – What Lies Ahead” explores the impact of AI on critical work functions and career tracks in the field of accountancy and finance.
The whitepaper highlights the positive sentiments towards AI among employers and employees, with the majority expecting AI to enhance job performance. However, it also points out the need for key resources and infrastructure to fully leverage AI in the industry.
ISCA President Mr Teo Ser Luck emphasizes the transformative impact of AI on the accountancy industry, envisioning ‘super-accountants’ who can cover more areas with fewer resources through automation and AI augmentation. The whitepaper also discusses the implications of AI on small and medium-sized enterprises, emphasizing efficiency and informed decision-making.
Importantly, the whitepaper suggests that AI adoption will not necessarily result in job losses but rather create opportunities for professional development through upskilling and reskilling. It predicts transformative changes in work processes and productivity gains as AI becomes more prevalent in the industry.
