“The impact of AI on the (accounting) profession is indisputable”

Madhavi Ramdin-Clark, Head of ACCA Mauritius & New Markets

Artificial Intelligence is no longer a distant concept but a transformative force reshaping the finance and accounting profession. For Madhavi Ramdin-Clark, Head of ACCA Mauritius & New Markets, its impact is now evident. From embedding AI and data analytics into the ACCA Qualification to preparing future accountants for a world where ethics, sustainability and technology converge, ACCA is actively redefining the role of the profession. The challenge, she stresses, lies not in replacing human expertise, but in equipping professionals with the skills to harness AI responsibly, balancing efficiency with judgement, automation with oversight, and innovation with ethical vigilance.

At ACCA, how are you experiencing the advent of Artificial Intelligence?

First and foremost, we are harnessing AI and technology through the ACCA Qualification. As the profession and the careers within it evolve, so do the skills that professional accountants require. That’s why the ACCA Qualification integrates technology and data throughout the exams at all levels, together with our ethics and professional skills module, and practical experience requirement. 

One of ACCA’s global policy priorities is to bridge the accountancy skills gap. We want to build accountancy capacity so that businesses, the public sector and economies have access to the skills and expertise to thrive. AI has a huge part to play in delivering this priority as we evolve the skills professional accountants need. 

“The future of accounting will involve navigating tensions between efficiency and human judgement, automation and control.”

And whilst we know that it’s essential to have a good understanding of the technical aspects of AI, technology and data, a key consideration for accountants in this digital age is how to use data effectively and ethically. 

We should not forget that AI is not a one-size-fits-all solution by itself. It is a tool, albeit a powerful and smart one. AI has huge potential as a catalyst, as an enabler; professional accountants can use it to bring benefits to businesses and other organisations, empowering them to extract actionable insights from a wider array of data sources, supporting better decision-making, boosting efficiency and driving better customer experiences. Numerous fields in the profession, such as planning and audit, compliance, data analytics and sustainability can benefit from AI. 

However, poor transparency, bias, discrimination and inaccuracy are some of the risks associated with AI usage. Professional accountants have a crucial role in managing such risks, with clear guidelines, sound judgement and respect for ethical principles, as well as adequate training.

In addition, as a responsible organisation that puts into practice ESG and DEI principles, ACCA takes into account the environmental impact of AI usage because of the increasingly enormous need for electricity and cooling systems to power server farms, for instance. 

ACCA has a roadmap to reduce our organisation’s carbon emissions by 50% by 2030 and to achieve net zero emissions by 2045 for all our processes and activities, including AI usage.

The Ministry of Higher Education has announced the mandatory introduction of an AI module. Does this demonstrate the extent to which AI is gaining importance?

As pointed out previously about the nature of AI as a tool, it is one that will gain more importance and that will need to be understood and controlled in order for all to reap any benefits. Introducing it as a general module for higher education is a good idea and can provide a base for relevant usage and for further subject-specific training if needed. We still need to see the contents of the AI module, and the planning for updates that will certainly be necessary as AI usage increases while the technology further improves, and its possibilities themselves expand, with the resulting added risks that make awareness and control even more relevant. 

ACCA is currently reviewing its syllabus to cater for the rise of AI. Could you tell us more about this?

The ACCA Qualification has always been the gold standard, globally recognised and highly valued by employers. It should be pointed out that since its inception, ACCA has regularly updated its curriculum in line with evolving needs. This best practice keeps our students’ and members’ training up to date and employer-relevant across the world. 

We have already embedded AI capabilities across the ACCA Qualification: data analytics and AI concepts appear in exam scenarios, and our Ethics & Professional Skills module includes a data analytics unit. We also partner with employers to ensure learning is practical and current. 

 

“Rather than mere scorekeepers, finance professionals are looked to as advocates for change and improvement.”

 

Last year, we announced the redesign of the ACCA Qualification focused on a redefinition of accountancy which is expanding and reshaping the role of the profession. Launching in 2027, the redesign reflects the increasing role of accountants in driving the widening value needed for business success, combining profitability with ethics, sustainability, the ability to leverage new technology – including taking into account the influence of AI – and the agility to deal with economic volatility. Similar changes are being seen in the public sector.

In responding to and anticipating the evolving needs of employers, these changes build on the current strengths of the ACCA Qualification. They will introduce, as from mid-2027, a more integrated learning and assessment experience, including AI-enhanced learning journeys, designed to equip the next generation with the professional skills and technical expertise they need to succeed in a dynamic and volatile world. Technology, sustainability and ethics, already integral to the ACCA Qualification, will be interwoven at every stage. Another innovation is a new Data Science Professional exam which students can choose as an option at the final Strategic Professional level.

Today, in the field of finance and accounting, to what extent is the human touch still necessary?

Professional accountants don’t just compile figures and do bookkeeping. They are responsible for the reliability of information, sound financial management, and reporting that is clear, accurate, and conducted according to standards. They analyse, advise and strategise. They contribute to the compliance, credibility, reputation and performance of businesses and other organisations.

We have an abundance of data available to us, but it is critical that accountants understand how to use AI to make effective, accurate and relevant accounting judgments. This not only demands a solid grounding of the technical aspects of data and technology, but requires us 

to consider, for example, the source of the data, its reliability, and any ethical concerns in reporting the data.  

ACCA’s AI Monitor report ‘How is AI reshaping finance and accounting work?’ explores how the gradual integration of AI over the coming years is likely to change how accountants work and deliver value from the automation of repetitive tasks to increased knowledge support for decision making.

The report points out that while AI can help make processes more efficient, human intervention needs to be retained at critical junctures. Ultimately, the integration of AI needs to reflect the fact that trust remains a fundamentally social concept built on human interaction, transparency, and oversight. And the future of accounting will involve navigating tensions between efficiency and human judgement, automation and control. The qualities of transparency and vigilance of professional accountants, such as those of ACCA, are therefore of paramount importance.

How do you envision the future of your profession with AI?

The future that is unfolding isn’t one where finance and accounting professionals are replaced by AI, but one where their responsibilities will change. Success in this transition depends on making clear assessments of where AI will add value, establishing clear policies and governance in use, and the cultivation of skills that complement technical capabilities.  

ACCA expects that the coming years will see organisations develop more integrated workflows based on the principle that AI adoption is not just about distinguishing high versus low-value activities, but focusing on outcomes, quality and value.  

Our research shows that AI adoption is expected to accelerate in the coming years, especially as our data shows investment in AI initiatives is increasing, and widespread cloud adoption provides a crucial foundation for AI implementation.

The profession is still in the invention and adoption stage of AI, as demonstrated by investment data and current adoption/usage statistics. And the profession is embracing the learning and employment challenge offered by AI, as shown by the recently announced changes to the ACCA Qualification, which integrates emerging advances in technology and sustainability.  

Is there already talk of reskilling in the finance and accounting sector because of AI?

I would say that there is a need for upskilling rather than reskilling, so that accountancy and finance experts can move forward by mastering AI as a tool for strengthening their efficiency.

Already, finance professionals play a pivotal role in digital transformation, which encompasses the adoption, use, and governance of new technology solutions across organisations. Rather than mere scorekeepers, finance professionals are looked to as advocates for change and improvement. Nonetheless, they will need to adapt their knowledge base and skillset to incorporate existing and emerging digital technologies, techniques, and strategies.

More generally, adapting to ongoing changes in the accountancy profession, in a dynamic and volatile global context that has an influence on business and government strategies and actions, is what is expected of professional accountants. This is also why the ACCA Qualification includes content aimed at enhancing analysis, adaptability and strategic thinking, notwithstanding the need for all members of ACCA to engage in and validate Continuing Professional Development (CPD) each year through field-focused courses and specialised work experience in order to maintain their professional accountant status.

The impact of AI on the profession is indisputable, though it will vary in depth and breadth depending on the specific fields where it is put to use. This certainly entails the need for accountants and finance experts to be up to date regarding this new tool. They need to understand and learn to use AI as an enhancement of their function and services.