Accountants told adapt to AI while protecting public trust

Artificial intelligence is transforming auditing, but accountants must adapt to the technology while safeguarding public trust, the president of the Institute of Chartered Accountants of Barbados (ICAB), Damien Skeete, said on Friday.

He told the ICAB annual conference at the Lloyd Erskine Sandiford Centre that artificial intelligence and data analytics were transforming the profession, particularly auditing.

He noted that tasks that once required teams of auditors to examine thousands of transactions manually could now be enhanced by technology that can analyse entire populations in real time and identify anomalies, trends and risks more efficiently.

He said: “Artificial intelligence is reshaping how information is gathered, analysed, and communicated. It is also reshaping how we learn, how we work, and even how we interact and socialise with each other.”

But the profession was also navigating growing demands for transparency and accountability, increasing attention to environmental sustainability, workforce challenges and economic uncertainty, he added.

Against this backdrop, Skeete said accountants were “uniquely positioned” to help businesses make sound decisions, given their understanding of risk, governance and performance because, “as my grandmother would say, we are no one-trick pony”.

He continued: “We understand risk, we understand governance, we understand performance, and perhaps most importantly, we understand trust. I often describe trust as the profession’s greatest superpower.”

The conference, themed “Future Ready: Leading the Profession Through Change”, is expected to examine how accountants must evolve to meet changing business demands, the implications of climate and natural capital issues for organisations, and how embracing neurodiversity could strengthen workplaces.

Accounting professionals at Friday’s ICAB conference (SB)

The discussions would address a critical question: how the profession could remain relevant, resilient and respected, said Skeete

“The answer lies in our willingness to learn, adapt, and to lead,” he said.

With the island celebrating 60 years of independence and five years as a republic, the country would continue to need strong institutions, resilient businesses and principled leaders, he said. Accountants had an important role in supporting all three, he added.

“Let us commit to being future ready, not only for our own success, but for the benefit of the businesses, communities, and the nation we proudly serve.”

(SB)