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The 33rd Annual Seminar Automation, AI and the future of the
professionprofession
By Kirstin Gillon, ICAEW
Credibility . Professionalism . AccountAbility
Broadband
Cyber
Government digital
Future of the profession
Big data and AI
Blockchain
ICAEW IT Faculty
Thought Policy Government digital
Roadshows
ACA and CFAB
Communications
Blockchain
IT Security
Cloud
Excel
ICAEW, Chartered Accountants’ Hall, London
Thought leadership
Member service
Link to ICAEW
Policy
Agenda
• Trends in automation
– What’s new?
• Impact on accountants
– Practice and business– Practice and business
– Implications for skills
• Longer-term challenges
• ICAEW resources
ICAEW, Chartered Accountants’ Hall, London
Range of automation activities
Accounting Robotic
ICAEW, Chartered Accountants’ Hall, London
Accounting and
compliance
Robotic Process
Automation
Artificial Intelligence
Accounting and compliance
Key questions Our experience
What’s new? • Cloud and mobile- based models• Automated functionality• Integrated workflow• Online filing
ICAEW, Chartered Accountants’ Hall, London
• Online filing
What are some examples? • Bank reconciliations• Expenses• Audit data transfers• Automated feeds to government systems
What is driving adoption? • Efficiency and cost• Better client service• Improved data analysis
Robotic Process Automation
Key questions Our experience
What’s new? • Based on user tasks and interface• Rules-based• Configured by users• Repetitive and high volume processes
ICAEW, Chartered Accountants’ Hall, London
• Repetitive and high volume processes
What are some examples? • Insurance claims processes• Compliance – KYC, AML processes• Travel and expense management• Review and payment of invoices
What is driving adoption? • Business case• Speed and scale
Artificial Intelligence
Key questions Our experience
What’s new? • Computers teach themselves the rules• Predictive and statistical models• Need lots of data and repeatable problems• More accurate outputs than humans
ICAEW, Chartered Accountants’ Hall, London
• More accurate outputs than humans
What are some examples? • Account coding• Identifying unusual transactions• Forecasting revenues• Text analysis
What is driving adoption? • Powerful decision aids• Potential to automate more complex
decisions
Accountants in practice
• Different focus in accounting and
compliance tasks – e.g. spotting errors,
low cost processing centres
• More advisory services
ICAEW, Chartered Accountants’ Hall, London
- Business and financial planning
- Process improvement
- Tax planning
• Better quality client conversations
- Focus on higher risk, complex
areas
- Providing more insights from data
- More proactive, regular contact
Accountants in business
• Business partnering
- Getting insight from data
- Good data management and control
ICAEW, Chartered Accountants’ Hall, London
- Non-financial measures
• More forward looking
- Better predictive models
- Continuous monitoring
• Data ethics
- Privacy
- Algorithm governance
Implications for skills
• Technical skills
- Data
- Statistics
- Visualisation
ICAEW, Chartered Accountants’ Hall, London
- Visualisation
• Soft skills
- Communications
- Critical thinking
• Cultural and mindset changes
• Regular reskilling
Forthcoming work on AI
• Thought leadership report –
AI and the future of
accountancy
• Series of events with
ICAEW, Chartered Accountants’ Hall, London
• Series of events with
Professor Moshe Vardi
• Join our free Google Hangout
to discuss the issues on 30
June
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