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Managing the risks of AI

Artificial intelligence offers many opportunities, but finance professionals must also consider how to manage the potential risks and ethical challenges the technology brings.

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Generative AI Guide

Risks and limitations of generative AI

The potential for generative AI is immense, but there are risks that accountants should be aware of when deciding to adopt generative AI. Existing approaches to tech strategy and wider governance principles, practices, and processes may not be completely suitable for generative AI and may need adapting and strengthening.
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Articles

Five AI dilemmas – what would you do?
  • Article
  • 03 Jul 2026
The Consultative Committee of Accountancy Bodies has launched a discussion about ethical AI use. It wants you to consider how to approach five ethical dilemmas.
AI governance: 10 essential questions for responsible adoption
  • Article
  • 03 Jul 2026
As organisations increasingly adopt AI, robust governance is essential. These 10 questions highlight key areas organisations should consider to guide their AI adoption.
The AI cyber wars are hotting up
  • Article
  • 29 Jun 2026
As thermometers hit new highs for June in the UK, the temperature has been rising in the ongoing battle between artificial intelligence and cyber security. Our monthly roundup explores the latest developments, incidents and more.
AI agents behaving badly: real-world cautionary tales
  • Article
  • 25 Jun 2026
AI agents don’t always stick to the script. These examples demonstrate the risks of not setting proper, tailored guardrails.
Phishing most prevalent cyber attack, confirms UK survey
  • Article
  • 28 May 2026
In May, government research confirmed prevalence of cyber attacks on UK businesses, as well as their level of preparedness. Meanwhile, various national bodies and regulators have jointly published advice and guidance on AI agents and cyber security.
AI and accountants: the rules and guidance you need to follow
  • Article
  • 20 May 2026
Artificial intelligence is becoming a practical reality for accountancy firms, not a future concept. As Making Tax Digital increases reporting frequency and client touchpoints, many practices are looking for scalable ways to manage growing workloads more efficiently.
Artificial intelligence in audit work: managing the risks
  • Article
  • 06 May 2026
As the potential for the use of artificial intelligence (AI) in audit grows, firms must take a proactive approach to managing the risks. Clear policies, training and oversight are essential to protect audit quality, confidentiality and regulatory compliance.
AI makes cyber security business critical: how accountants should respond
  • Article
  • 05 May 2026
As AI evolves with more advanced models and tools, cyber security is shifting from human speed to machine autonomy, with implications for finance professionals.
More AI articles

Recordings

How to use AI in tax ethically, and group audit best practice
  • Podcast
  • 03 Feb 2026
This episode covers AI and tax work and ISA 600 on group audits, following the release of two pieces of guidance on the topics.
The new frontier for internal assurance: sustainability, AI, and geopolitics
  • Webinar
  • 11 Sep 2025
This webinar recording will explore the intersection of sustainability, artificial intelligence (AI), and geopolitics, and how these factors are reshaping the internal assurance landscape.
More AI recordings

Reports

Evolution of mid-tier accountancy firms 2025 research findings
  • Report
  • PDF (2,221kb)
This year’s ICAEW research on the evolution of mid-tier accountancy firms explores key themes shaping the profession in 2025, including structural shifts, talent strategies, technology, and emerging service line offerings. Against a backdrop of political and economic uncertainty, regulatory complexity and rapid technological advancement, the research highlights how firms are navigating change, pursuing opportunities and supporting their clients’ growth.
Exclusive Harnessing AI – governance, risk management and strategic opportunities for SMEs
  • Report
Generative AI offers incredible opportunities for small and medium-sized businesses to innovate and stay competitive. From creating personalised customer experiences to automating routine tasks, AI can revolutionise the way you operate. But with these opportunities come challenges – like protecting data, ensuring transparency, and upskilling your team.
Ethics and AI
  • Report
  • PDF (1,006kb)
In 2024, ICAEW’s Trust and Ethics Team hosted roundtables on shaping guidance for the accountancy profession on the ethical use of artificial intelligence. Read an overview of the discussions, offering insights into real-life use cases and the risks that must be managed.
Risks and assurance of emerging technologies
  • Thought leadership report
Cognitive and automation technologies such as artificial intelligence (AI) have drawn a great deal of interest, but also concern about the potential for bias and misuse. ICAEW’s Tech Faculty examines the risks associated with the adoption of emerging technology and how these risks can be tackled through internal controls and assurance.
More AI reports

Training

Innovating finance with AI (Virtual)
  • Course
A guide to digital technologies and their impact. This immersive course empowers accountants with strategies to implement key technologies like automation, AI and advanced analytics.

Further resources

Resources
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Discover more about the impact of artificial intelligence and the opportunities it presents for the accountancy profession. Access articles, reports and webinars from ICAEW and resources from tech experts.

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Generative AI Guide

Explore the possibilities of generative AI in accounting through ICAEW's guide to Gen AI, covering use cases, risks, limitations, ethics and how to get started.

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