Twelve months after its last look at artificial intelligence and the profession, our US network, CAW Network USA, returned to the topic with one clear question in mind: what has genuinely changed, and how should accountants respond? The recording from this Beyond Accounting session is now available to watch on demand.

The session was hosted by David Powell and brought together three expert speakers: Campbell Robertson, founder of Boxwood Strategy Group; Jannie Wentzel, Chartered Accountant, partner and chief operating officer at Sentinel; and Chris Easton, CPA, Chartered Accountant and former president of CAW Network USA. The panel discussion was moderated by Nancy Chakabuda, Chartered Accountant, US CPA and vice president of CAW Network USA.

AI is already part of everyday practice

Live polling during the webinar showed just how far the conversation has moved. 79% of attendees said AI is already having an impact on audit and accounting, rather than being a future prospect. 85% confirmed their organisation is using AI today, 90% believe AI skills will become an expected requirement for new recruits, and 91% said they welcome AI as a way to improve how they work.

Moving from adoption to real value

Campbell Robertson began by highlighting a notable gap. Nearly every finance function now uses AI in some form, yet very few would describe their approach as mature. He explained the difference between AI assistants, which respond to a request and leave the next step to a person, and AI agents, which complete multi-step tasks on their own. When agents take on work, the point of control shifts, and many organisations have not yet worked out where it now sits.

Using client examples from month-end close, exception handling and advisory services in smaller firms, Campbell showed that projects designed to boost productivity consistently turned into controls projects. He encouraged firms to ask themselves four questions:

• Which AI tools are being used, including unofficial “shadow AI”?
• Where does human approval happen, and is that step documented?
• What evidence would be available if an auditor or regulator asked for it?
• What measurable benefit has been achieved compared with the measurable cost?

Good governance sets direction

Jannie Wentzel made the point that governance is as much about setting direction as it is about control. As well as the risks of using AI, and the threats that come from others using it, he drew attention to a risk that is easy to miss: the risk of not using AI at all.

He suggested that smaller firms may have an edge because they can adapt quickly. In his own practice, reviewing several years of financial statements as part of a risk assessment once took days and now takes around 20 minutes. His advice was clear: AI governance should not be left to IT alone, and AI should not be treated as a standalone risk, because it affects almost every area of risk an organisation manages.

Building a specialist AI tool at pace

Chris Easton described how he built Catello, an AI-powered governance, risk and compliance platform, taking it from concept to launch in just a few months. He explained why specialist “vertical” AI tools, built on sector expertise and an organisation’s own data, offer more value than general-purpose models. He also outlined how MCP server integration has made connecting AI to existing business systems much more straightforward.

Chris also reflected on how fast expectations have moved. When this webinar series started in 2023, the panel predicted that AI would significantly reshape the profession by 2035. Today, that change is already underway.

Highlights from the panel discussion

The panel considered how the role of the accountant is evolving. Speakers agreed that people remain accountable for decisions, and that judgement, context and experience are becoming the most valuable skills a Chartered Accountant can offer. The discussion also covered managing the cost of AI, the importance of change management, why asking the right questions may be more important than data analytics skills, and the need for a backup plan if an AI system fails partway through a process.

The panel’s closing advice was straightforward: approach AI with confidence rather than fear, adopt it in a controlled way, and take this opportunity to shape what it means for you, your firm and the wider profession.