Lahore, August 23, 2024: The integration of artificial intelligence (AI) into the field of accountancy is significantly altering the skillset required for finance professionals, anew study by the Association of Chartered Certified Accountants (ACCA). The research highlights both the challenges and opportunities AI presents, emphasizing the need for a continuous evolution of skills and knowledge within the profession.

According to Association of Chartered Certified Accountants, their analysis of 25,000 accountancy-related jobs revealed a growing demand for data science knowledge in analytical and audit roles, while transactional roles are seeing an increased need for data management skills. Alistair Brisbourne, Head of Technology Research at ACCA, noted the growing importance of data-driven decision-making within organizations and the corresponding rise in demand for advanced data capabilities.

The study, titled “AI Monitor: Skills to Drive Responsible AI Adoption,” argues that accounting professionals must adapt to the use of forward-looking predictive analytics, moving away from traditional backward-looking dashboards. This shift is essential for tackling key areas such as sustainability and risk management. Brisbourne emphasized that nearly half of the finance function roles are expected to become more data-centric in the future.

Furthermore, Brisbourne stressed the crucial role accountants play as stewards of innovation, ensuring the value and responsible use of emerging technologies like AI. The research underlined that AI adoption is not solely the domain of specialists; rather, accountancy and finance professionals are pivotal in bridging the gap between technical teams, business operations, and regulatory bodies.

The ACCA’s findings suggest that while AI adoption is still accelerating, its successful integration into accountancy hinges on both developing the right skills and the effective guidance from seasoned professionals in the field.