Governments must take a far more active role in regulating artificial intelligence (AI) to promote its potential and build trust in the technology, say the country’s accountants.
Six in ten chartered accountants (60%) say government intervention on AI regulation should increase – four times the number who disagree (15%), highlighting growing concern within the profession about the pace and impact of the technology.
The survey of more than 400 members of the Institute of Chartered Accountants of Scotland (ICAS) points to a strong appetite for clear rules and oversight.
The findings come as prime minister in waiting Andy Burnham’s team reportedly plans a major revamp of the UK’s AI strategy ahead of the UN’s first global dialogue on AI governance next week
More than one in four (28%) strongly agree that regulation is needed, underlining the urgency felt by finance professionals on the frontline of technological change.
The results signal mounting pressure on policymakers to establish robust governance frameworks as AI continues to reshape business, finance and decision-making.
Gail Boag, ICAS CEO, said: “Our findings show a clear and growing consensus that AI can’t continue to develop without stronger rules and accountability.
“With six in ten of the chartered accountants who took part in our survey calling for greater oversight, there is widespread recognition that effective regulation is key to both unlocking AI’s potential and building trust in this technology.
“Any regulatory approach must be proportionate, practical, and strike the right balance between enabling innovation and protecting against misuse and misinformation.
“AI regulation remains reserved to Westminster, making coordinated leadership across the UK essential to give business the confidence to invest in and adopt AI.
“Chartered accountants have a central role to play in shaping future regulation. Their expertise in governance, audit, ethics and risk means they are perfectly placed to help policymakers develop practical, effective frameworks and support businesses to implement them”
This insight builds on an ICAS-commissioned study on generative AI and its impact on professional judgement.
Published in March, this research found that more than two-thirds (72%) of a sample of accounting professionals surveyed are concerned the technology could produce errors or incorrect decisions.
More than half of respondents (52%) also cited concerns around client data privacy and confidentiality, reinforcing calls for government-led regulation to support the responsible use of AI.
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