AI and the future of the global chartered accountancy profession
A May 2025 report by Ipsos UK, commissioned by Chartered Accountants Worldwide, explores AI's impact, highlighting enthusiasm for adoption, barriers to implementation, and the evolving role of Chartered Accountants as strategic advisors and 'data guardians'.
Artificial intelligence (AI), particularly generative AI, is rapidly transforming industries worldwide, and the accountancy profession is no exception. A report by Ipsos UK, commissioned by Chartered Accountants Worldwide (CAW), delves into the impact of AI on the profession, highlighting both opportunities and challenges.
This study aims to equip Chartered Accountants with insights to excel in an AI-driven future.
Willingness to embrace AI
The report reveals a clear willingness among Chartered Accountants, from Scotland to New Zealand, to embrace AI, with younger professionals and those in larger organisations being the most vocal advocates, recognising the potential to enhance their roles rather than replacing them. Of those surveyed, 85% are at least fairly willing to use AI technology, given the opportunity.
However, there is a consensus that the profession is moving too slowly in adopting the technology. This is in part due to uncertainty about the technology; with a distinct lack of implementation strategies, many feel unprepared for it. At the same time, there is consensus that AI will augment, rather than replace, the Chartered Accountant’s role.
Barriers to AI adoption
Despite the enthusiasm, several barriers hinder the widespread adoption of AI in the profession. Data security concerns are a significant obstacle, with many professionals relying on pre-existing security measures to trust AI software.
C-suite executives are particularly cautious, citing data security assurances as a primary factor that would increase their AI usage. Indeed, 30% of survey respondents say data security concerns stop them from using AI on a regular basis.
Additionally, there is a notable skills gap, with many accountants feeling unprepared for the changes AI will bring. A significant 52% of respondents feel that insufficient skills and training is the biggest barrier to the adoption of AI by the accountancy profession.
The report emphasises the need for improved training programmes to address these concerns and build confidence in using AI tools.
Role of professional bodies
The survey results also show that there is a gap between the low availability of organisational-led AI training and the high employee willingness to participate. As it stands, individual initiative is driving preparation for the future through self-directed AI learning. Professional bodies are seen as key drivers in upskilling the profession, with a focus on practical skills, ethics, and integration with existing tools.
Developing competency frameworks to guide AI training programs and recruitment strategies would help ensure that accountants have the necessary skills to thrive in an AI-driven world.
Opportunities for Chartered Accountants
AI presents opportunities for Chartered Accountants to develop and transform the strategic advisory aspects of their roles and capacities. By leveraging AI, more time can be spent on deeper analytical insights and strategic business impact. This shift will enhance the value accountants bring and open new pathways for service offerings.
The survey found that 79% agree that as AI is integrated more into business, the role of accountants as ‘data guardians’ will become increasingly important.
Impact on training and education
The report highlights the need for significant changes in training programmes to accommodate digital skills. It calls for the integration of AI and digital skills content into professional education, with a continuing emphasis on critical thinking, data privacy, and cybersecurity.
Trainee accountants still need to learn their roles through hands-on technical work, but there is an expectation that training programmes will evolve due to AI. Educational institutions are encouraged to adapt their curriculums to include AI and digital skills, preparing students for the future work and needs of the profession.
Future of the profession
AI is expected to make the profession more attractive by freeing up accountants to focus on more strategic advisor roles. Proficiency with AI will become a key factor in career progression. Firms that do not integrate AI into their work will struggle to compete.
The report underscores the importance of clear communication and thought leadership from membership bodies to reassure those hesitant about AI's impact.
By highlighting the benefits of AI, such as enhanced strategic advisory and improved data interpretation, professional bodies can encourage a more proactive approach to AI adoption. Encouraging robust AI governance structures within companies will also contribute to those wary of implementing AI technologies.
Conclusion
The transformative potential of AI in the profession is undeniable. While there are challenges to overcome, such as data security concerns and skills gaps, the opportunities for enhancing efficiency and job satisfaction are immense. By embracing AI and upskilling, Chartered Accountants can position themselves more as strategic advisors, 'data guardians'.
As trusted business leaders, Chartered Accountants can advise on the opportunities and challenges of adopting AI, its risks and responsible governance.
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