AI, Ethics and the Future of the Profession (2 hour)

The whole world is in the 4th Industrial Revolution – the age of AI. AI is fundamentally changing business processes, organizational structures and relationships. During these transformative times, it is critical that professional accountants understand how AI is impacting their work and their ethical responsibilities. This is because ethical considerations still remain at the core of our profession’s work.

This session examines implications of AI for the profession. It highlights the risks, challenges and opportunities by examining our ethical duties. We answer three main questions:

  1. Why do we exist as a profession and what are our ethical responsibilities?
  2. How are we still relevant in the age of AI?
  3. What can we do to remain relevant?

KEY TAKEAWAYS

  1. Ethics is related to the core purpose of the profession.
  2. We must examine our core purpose, as AI changes the landscape of our profession.
  3. Professional accountants must become familiar with AI tools to remain relevant.
  4. Big 4 firms and mid sized firms have made significant AI investments. 
  5. Significant ROI is expected from AI investments, and it will impact your competitive advantage.
  6. Professional accountants must understand upcoming challenges and opportunities.
  7. Professional accountants can take action to remain relevant.

WHO WILL BENEFIT

Early career and mid career professionals in industry, practice, public sector or NFP sectors, seeking to understand the implications of AI for their work and their organizations.

Professional accountants concerned about job loss due to AI and thinking about enhancing their skills to boost their careers.


 WHY IS THIS IS IMPORTANT FOR CPAs:

AI creates new ethical considerations for the profession. It impacts the profession’s core purpose and duty to protect the public interest. It impacts how we exercise our professional judgment and comply with the profession’s code of conduct requirements on integrity, professional competence and confidentiality.   

Some experts have stated that 90% of traditional accounting positions will be replaced by AI. 

We will explore how professional accountants can embrace AI and what new skills they need to acquire to remain relevant during the 4th Industrial Revolution.