Artificial Intelligence For The Accountancy Industry - What Lies Ahead

AI Whitepaper

There is much anxiety and excitement in the accountancy industry concerning new developments in artificial intelligence (AI). ISCA recognises that these advancements in AI could bring upon imminent change and has begun assessing the impact of AI through its Artificial Intelligence for Accountancy Industry (AI for AI) initiative launched in May 2023. 

In this paper, ISCA shares key findings from research studies conducted to understand the sentiments on, readiness for, and problem statements about AI for the accountancy industry, as well as the potential of AI augmentation for accountancy careers.

ISCA also collaborated with Singapore Institute of Technology (SIT) to assess the potential of AI augmentation on critical work functions in certain accountancy career tracks. The first phase of the study deep-dived into three career tracks – Assurance, Financial Accounting and Management Accounting. The study found that 60-100% of critical work functions in these three career tracks could be augmented by AI.

The proliferation of AI does not necessarily result in job losses; instead, the accountancy profession will likely continue to see more opportunities for professional development (in terms of reskilling and upskilling) and positive transformative changes in its job roles.

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