Executive summary
This paper gives high-level considerations and prompts to help Chartered Accountants and those responsible for governance think about the basics: where AI is being used, the potential implications for trust, and the key questions to consider when adopting or overseeing AI-enabled activities.
AI is increasingly embedded across reporting, audit and assurance, governance, analysis and advisory services. Used appropriately, it can enhance efficiency, insight and quality. However, without appropriate understanding, oversight and professional judgement, AI may introduce risks that affect both individual engagements and broader confidence in the profession.
The paper is intended to support awareness and consistent thinking about key professional considerations related to AI, regardless of how the technology is deployed—i.e. through agents, chatbots, analysis GenAI etc. This document is not intended to be a technical guide, or a substitute for professional judgement, organisational policies, legal or specialist advice or applicable standards.
This paper highlights five core messages:
- Human accountability remains fundamental.
Responsibility for professional work always rests with the Chartered Accountant. Ethical obligations, judgement and accountability cannot be delegated to AI systems, models or vendors.
- Professional scepticism is critical in an AI-enabled environment.
AI outputs may appear authoritative while being incorrect, biased or incomplete. Maintaining professional scepticism and exercising independent judgement are essential to preserving quality and credibility.
- AI introduces distinct and amplified trust risks.
AI can amplify existing risks and introduce new ones, including accountability gaps, limited explainability, regulatory non-compliance and reputational impacts. These risks evolve as AI use matures.
- Strong governance underpins responsible AI use.
AI adoption is a governance and ethics issue, not only a technology decision. Clear policies, defined boundaries, documented controls and accountability are essential.
- Cybersecurity and transparency are essential enablers of trust.
AI tools depend on data, access and connectivity. Weak cybersecurity controls and unclear data handling practices can quickly undermine confidentiality, privacy and professional trust.
In summary, while AI presents opportunities to enhance professional practice, it does not replace the judgement, scepticism and ethical responsibilities of Chartered Accountants. The questions included in this paper are intended as prompts to support reflection, risk awareness and sound decision-making as AI continues to evolve.
