Data analysis and AI literacy emerging as key skills for accountants, study reveals

A recent study funded by accounting software firm Caseware has found that data analysis and AI literacy are now ranked as the most important capabilities for accounting professionals as AI reshapes the profession.

The study surveyed over 1,000 accounting professionals globally and ranked data analysis as the most important skill with 33 per cent rating this as an important capability. This was followed by technology and AI literacy at 28 per cent, reflecting the importance of being able to harness, interrogate and direct AI systems.

Critical thinking ranked third at 14 per cent, followed by ethics, governance and oversight at 13 per cent.

The study also showed that audit firms were already improving audit quality with AI through enhanced risk assessment and data analysis techniques.

Firms are also automating routine processes and delivering deeper client insights by analysing financial trends and forecasting performance.

Respondents said the biggest opportunity for auditors to create greater client value would come from integrating AI and advanced analytics to improve risk identification and deliver deeper insights, with 39 per cent citing this as an opportunity.

Using tools to deepen industry specialisation and provide more tailored advisory services (21 per cent), enhancing collaboration with clients throughout the audit cycle (14 per cent) and redesigning audit processes to be more agile, technology-enabled and client-centric (13 per cent), were other opportunities identified by respondents.

As part of the study, respondents were also asked to identify what kinds of tasks they were most comfortable with less experienced staff completing with the support of AI.

Respondents said they were most comfortable with first-year professionals using AI for routine administrative support, information gathering and summarisation and data review and pattern detection.

For second or third-year professionals, respondents said they felt comfortable with these professionals using AI to support the initial drafting of deliverables, technical research assistance and review and pattern detection.

The majority of respondents are not comfortable using AI for decision support analysis and client-facing preparation, according to the study.

However, the report noted that within 10 years, 76 per cent can’t believe AI will fundamentally transform audits and simply optimise existing workflows.

Caseware chief executive David Marquis said while AI won’t replace auditors and accountants, it is redefining what they do.

“The profession’s value will increasingly come from judgement, interpretation and strategic insight,” said Marquis.

“Firms that invest in both AI and their people will be best placed to seize that opportunity.”