In fostering trust amid the rise of artificial intelligence (AI), CEOs and CFOs are urged to spearhead efforts within their organizations to manage associated risks and maximise opportunities. As AI plays an increasingly pivotal role in accounting and financial reporting, finance professionals must ensure robust oversight and controls over AI systems.
ACCA’s AI monitor series emphasizes the imperative for CFOs and financial controllers to invest in AI literacy and skills development, enabling them to critically evaluate AI outputs and communicate effectively with stakeholders.
Cross-functional collaboration with IT, data science, legal, and risk management teams is essential to establish clear AI governance frameworks and policies.
While AI offers significant benefits such as enhanced insights and operational efficiency, it introduces new complexities to traditional trust mechanisms in corporate accounting.
Alistair Brisbourne, Head of Technology Research at ACCA, underscores the importance of building trust in both AI systems and the people utilizing them.
Andrew Lim, Portfolio Head at ACCA Maritime Southeast Asia, stresses proactive risk mitigation measures for business leaders as AI integration becomes ubiquitous in Malaysia’s business landscape.
AI monitor: trust highlights key risks in AI accounting systems, including opaque decision-making processes, over-reliance on AI in auditing, and concerns regarding bias or error in fraud detection.
Brisbourne emphasizes the value of finance professionals in understanding how AI-driven outcomes inform strategic business decisions.
Looking ahead, the AI monitor series will delve into talent management, risk assessment, data strategy, and sustainability applications in the AI-enhanced business environment.
