AI in accountancy: promise, caution and the quality question
The Institute of Chartered Accountants of Scotland (ICAS) has published a new report examining how accounting professionals are adopting generative artificial intelligence (Gen AI). The picture that emerges is one of cautious optimism, although real concerns about reliability continue to exist.
Adoption is growing, but remains focused on relatively simple tasks: summarisation, document analysis and routine processing. More striking is the level of anxiety about output quality, with 72% of respondents expressing concern about errors. The report places strong emphasis on the continuing importance of human oversight, professional judgement and accountability. At least for now, AI is a capable assistant, rather than an autonomous actor.
Running through the findings is a persistent theme that will resonate with the digital reporting community: the effectiveness of AI depends heavily on the quality and consistency of its inputs. The report also highlights a growing skills gap, with demand rising for professionals who can combine domain expertise with the ability to work fluently with data and new technologies.
Productivity gains are real, but more transformational opportunities remain ahead, and will depend on whether the profession can build the right foundations. Where data is well-structured, clearly defined and consistently applied, AI delivers more reliably. Where it is ambiguous, fragmented or poorly standardised, the risks multiply.
Read the ICAS report here.
