Artificial Intelligence for the Accountancy Industry – What Lies Ahead

This report is a collaboration between ISCA and 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 accountancy and finance professionals in these tracks can augment 60-100% of critical work functions with AI. The proliferation of AI use does not necessarily result in job losses; instead, the accountancy profession will likely continue to see more opportunities for professional development and positive transformative changes in its job roles.