ACCA President calls for responsible AI use, strong data integrity in accounting

The President of the Association of Chartered Certified Accountants (ACCA) Melanie Proffitt urged accounting professionals and educators in Guyana to promote the responsible use of artificial intelligence (AI), emphasising that while AI can improve efficiency, it cannot replace the fundamental knowledge and judgement required in the profession. The ACCA President made the remarks during an interview with the Guyana Times, one day after the signing of a Memorandum of Understanding (MoU) between the University of Guyana (UG) and the Association of Chartered Certified Accountants (ACCA). The agreement is aimed at advancing accounting education and professional development in Guyana. According to her, accountants will continue to play a vital role as guardians of data integrity, providing ethical judgement and the human element required in decision-making and driving businesses forward. “Whilst you’ll have these [Artificial intelligent] tools that will make life easier, they won’t replace it, and you still need that basic understanding. They need to teach responsibility. It is a call for educators to ensure that when they’re teaching young people how to use these tools, they also teach them about the risks associated with them. I think one of the biggest concerns is incorrect data and the integrity of the data from which decisions are made. Anything you’re using to make decisions on needs to be credible, and that’s what the accountant does,” she said. Proffitt said the responsible use of AI is currently a major issue, adding that professional accountants have an important role to play in ensuring its ethical application.

“There is concern around bias being ingrained in AI and it being used for things that it shouldn’t be used for. That is where the human element is very much required in the profession going forward. It’s a hot topic at the moment in terms of using AI responsibly, and that’s where the professional accountant plays a key role. As a professional accountant and a member of a professional body, you’re bound by a code of ethics. You have a degree of accountability that is perhaps unique to our profession. It’s definitely something that will be a key consideration, and I’m sure regulation will follow,” she explained. Whilst speaking, she relayed that UG and the ACCA on Monday signed a Memorandum of Understanding (MoU) aimed at advancing accounting education and professional development in Guyana.
She noted that the MoU would strengthen UG’s accounting programme while making it more attractive to prospective students. She explained that the agreement would allow students to earn their academic qualification through UG while also moving one step closer to obtaining the ACCA professional qualification. “What it will do is make the programme more attractive for the younger generation coming through. They will gain their academic qualification through the University of Guyana, but they will also be in a position where they’ve taken one step towards gaining the ACCA qualification. ACCA is a professional qualification that builds on the academic qualification they’ve gained from the University of Guyana. Hopefully, it will encourage students to continue their learning journey and attain that professional qualification.” She added that ACCA is an internationally recognised qualification with a presence in more than 180 countries around the world. Meanwhile, she pointed out that while AI and emerging technologies are changing the way people work and live, they are not expected to replace accountants. “There’s no doubt that AI and new technologies are changing the way we work and the way we live, and they will have an impact on the accountancy profession. However, ACCA’s view, supported by the research we’re sharing, is that AI will likely take away some of the more repetitive tasks. Being guardians of good data and providing ethical judgment and the human element in decision-making and driving businesses forward will still be very much required. “Whilst AI may change the way we work, I don’t think it will replace accountants. In fact, I believe it will push us further towards providing the strategic direction businesses need to succeed. Sustainability is another area that is increasingly coming into focus for accountants, requiring us to provide ethical judgment and guidance to businesses that need to survive and thrive in today’s world, where corporate social responsibility is becoming increasingly important to long-term success.”