More guidance needed on AI use for accounting firms, says HLB Mann Judd
A business transformation specialist has called for the industry bodies to provide further guidance on how accountants can use AI.
HLB Mann Judd partner, business transformation, Fiona Dixon said while there is a high level of awareness about AI in the accounting industry, many are still reluctant to take the plunge given some of the grey areas around what will be accepted by regulators.
Ms Dixon said the industry bodies and regulators could assist in this area by providing further guidance around its use.
“I think there’s still a long way to go in terms of the industry bodies getting on board with this and putting out practice statement or whatever else on the use of AI in terms of how it can be used and what they’ll accept as well,” she said.
“I don’t think it would hurt for them to at least acknowledge that it’s being used and that it’s something to be used. I’m not suggesting that they start bringing out regulations but it would be useful to know in the audit space, for example, that if you do more testing through the use of AI whether that it will be accepted by ASIC. Is there something in the accounting standards to accept that and where is all that heading?”
Ms Dixon said that firms that are planning to adopt or increase their use of AI should also think about putting in place a set of principles or code for how they’re going to be using it to ensure there is transparency.
“I think having something like that from the industry bodies would be useful as well,” she said.
“That would give people an idea that this is something that they’re aware is going to be happening and that they can get on board with them.”
While Ms Dixon expects the rate of adoption of AI to further accelerate over the next 12 months, selecting the right program or model will also be a challenge for firms.
“Given the large numbers of different AI models and programs that are coming out, trying to find the one that you actually need and that fits the niche that you’re in will be a challenge in and of itself,” she said.
With a wider range of options now available, Ms Dixon said there will also likely be fewer firms looking to create their own AI platform.
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