In the Times this week Jeremy Hunt mistakenly made the assumption that accountants are being replaced by artificial intelligence (AI) and suggested young people should not join the profession.

This is patently not true. AI and other new technologies bring opportunities, and the professions using it will be less at risk than those that don’t. The World Economic Forum estimated in January that close to twice the number of jobs could be created by AI than displaced by it, equating to 170m new jobs by 2030.

Meanwhile, McKinsey’s latest research on AI in the workplace revealed that empowering people was the key to unlocking the technology’s full potential. It found that 46% of business leaders identified skills gaps in workforces as a significant barrier to adoption, meaning that new roles will need to be created alongside upskilling existing staff.

Accountants are already using AI to transform their work. We know that about three-quarters of finance functions already use the technology to enhance efficiency and decision-making. For example, our members are using AI to: 

• improve audit documentation, 
• understand reporting standards, 
• review control processes, and
• improve data sharing.

Furthermore, our members are sharing their experiences to support their peers and others across the finance sector to secure the benefits. 

The need for professionals to be ever-more skilled in AI analytics and business transformation will only develop as AI becomes part of our day-to-day work.

ICAEW provides a range of practical guidance and support for members and students, on potential use cases, implementation, risk management and the important role of professional judgement in using AI.

We are also looking to the future and integrating new technologies into our relaunched Chartered Accountant qualification. 

Resourcing challenges are well-documented across the sector, and we believe that AI can be used to alleviate capacity and free up chartered accountants to do more high-value work.

As my colleague Malcolm Bacchus, ICAEW’s President, says: “Rather than killing the profession, AI is likely to make it more exciting and more attractive as it frees us up from the mundane tasks to deal with more important issues.”

Hunt’s view of accountancy is limited and doesn’t reflect the diversity of work being undertaken nor the importance of accurate and trustworthy data in this digital age. 

He has not taken into account the burgeoning area of sustainability management, accounting, reporting and assurances. Nor does he consider the vital work of accountants in ensuring businesses are resilient and have good corporate governance. 

We have reached out to Jeremy Hunt to discuss the valuable, diverse and future-focused work of our profession, and the vital role accountancy will continue to play for many, many years to come.

First it was the calculator, then Excel, and now it is AI.

The prophecies of the end of the accountancy profession have frequently been exaggerated. In fact, each has fuelled its growth, and I have no doubt it will continue to evolve and thrive.