With artificial intelligence (AI) frequently dominating the news, ICAEW’s AI hub provides comprehensive information and resources to keep you in the know about the rapidly evolving AI landscape and its direct impact on the finance and accountancy sectors.

Understanding AI fundamentals

If you are new to AI, we have a range of articles that will help you understand its basic concepts, from the types of AI, such as LLMs, to how they are classified. We also look at how AI is changing the profession, explaining why accountants must embrace it and how to do so responsibly. 

Developing AI skills

Executives estimate that with the adoption of AI technology, 40% of the workforce will need to re-skill in the next three years. ICAEW provides a range of articles and other resources, such as videos and courses to hone skills that finance professionals, from SMEs to larger organisations,  require to utilise opportunities presented by artificial intelligence technologies.

ICAEW’s AI masterclass video series

ICAEW has created a series of masterclass videos exploring the opportunities for how AI can change the finance profession. In our latest video, Building a ring-fenced AI platform, Jared Goodrich ACA, Senior Manager of Digital Transformation at Moore Kingston Smith, discusses the firm’s development of a secure generative AI platform that analyses outputs from client board meetings.

Other videos provide practical insights into how finance professionals are applying artificial intelligence technologies in real-world scenarios. Topics include: improving audit documentation, moving from Excel to Power BI formulas, and drafting a risk register. 

• View all our masterclass videos

Case studies

We have built a library of case studies for you to explore and draw inspiration from. Our case studies examine how artificial intelligence is being used in the accountancy and finance world, including generative and causal AI case studies.

In our most recent case study, we look at ekointelligence, a generative AI tool developed in part by chartered accountants that digests and reviews all environmental statements published by an organisation. Trained on more than 70,000 documents and aligned with global standards like the Sustainable Development Goals and International Sustainability Standards Board, the tool builds historical impact profiles and detects greenwashing by comparing company statements with actual performance. It delivers comprehensive, auditable assessments within 24 hours, helping auditors, executives and investors gain objective insights into environmental, social and governance (ESG) claims.

Managing AI limitations, risks and ethics

AI offers many opportunities, but accountants must be cautious, as traditional technology strategies and governance frameworks may not be fully equipped to manage its unique risks and may require updates and reinforcement.

Accountants are facing advanced cyber threats due to the rise of online transactions, flawed automation and generative AI. Scams – such as fake banking apps, AI-generated receipts and fraudulent invoices – are now easier to create and harder to detect, exploiting gaps in payment and expense systems. Both internal and external actors pose risks. Finance professionals should verify transactions carefully and improve internal controls to address these evolving threats. Check out ICAEW's podcast Guarding against the AI cyber crimewave for an in-depth look at how criminals are exploiting the latest in technology.

In an Insights article, Konrad Bukowski-Kruszyna, Audit Data Analytics Director and Alteryx Innovator, says that “in the realm of accountancy and auditing, blindly trusting technology without exercising due diligence and professional scepticism can have severe consequences”.

Drawing on Plato’s critique of writing as a substitute for true wisdom, Bukowski-Kruszyna argues that overreliance on external aids can lead to a false sense of knowledge and diminished critical thinking. While automation offers efficiency and insight, it also introduces risks such as automation bias and reduced situational awareness, especially with the rise of generative AI. The article urges professionals to remain vigilant and actively engaged, rather than passively accepting AI-generated outputs as infallible.

In the podcast, AI in Audit: the good, the bad and the ugly, we explore the ways auditors are adopting artificial intelligence, examine how firms distinguish between marketing claims and reality, and address the risks associated with implementing AI tools.