Governments should take a more active role in regulating AI, according to a new survey of members of the Institute of Chartered Accountants of Scotland (ICAS).
The survey found that 60% of chartered accountants (CAs) want greater government intervention in AI regulation. That compares with 15% who said they do not.
The findings are based on responses from more than 400 ICAS members. They point to increasing concern within the profession about the speed of AI development and its impact on business, finance and decision-making.
More than one in four respondents, or 28%, said they strongly agree that regulation is needed.
ICAS CEO Gail Boag 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.”
The survey builds on earlier ICAS-commissioned research into generative AI and professional judgement.
Published in March, that study found that 72% of the accounting professionals surveyed were concerned that the technology could lead to errors or incorrect decisions.
More than half, or 52%, also pointed to risks around client data privacy and confidentiality.
Taken together, the two sets of findings show sustained concern among accounting professionals over the risks linked to AI and support for stronger government-led oversight.
“ICAS members call for bigger government role in AI regulation” was originally created and published by The Accountant, a GlobalData owned brand.