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Artificial intelligence (AI) will transform, not replace, jobs in accountancy, according to former Brawn GP owner and Formula 1 figure Nick Fry, who will be speaking at ICAS’ annual conference next month.
Fry called for optimism amid the growth of AI, as he joins the line-up of speakers at the conference on 5 November, where he will take part in a panel to explore the theme ‘Will AI replace accountants – or elevate them?’.
Speaking ahead of the event, Fry said: “I think the doomsayers will be wrong. There will be consequences but never in the history of humankind has the development of technology ever made everyone redundant. It has changed the shape of things, so people are deployed often from less interesting jobs towards more interesting jobs.
“AI will probably end up doing the grunt work, but it’s not going to give you that accidental bit of genius on top. The low-level accounting tasks will go but the high-level stuff probably won’t.”
ICAS has placed AI at the centre of its conference agenda and long-term strategy. In 2024, it became the first accountancy body to introduce a “future-fit” chartered accountant syllabus, designed to equip members with skills in AI, data and sustainability.
The professional body has also spoken out on the issue more widely. ICAS chief executive Bruce Cartwright issued an open letter to former chancellor Jeremy Hunt earlier this year, rejecting remarks in which Hunt suggested graduates should avoid pursuing accountancy due to the rise of AI.
The ICAS Annual Conference, open to members and the wider business community both in person and online, will also examine topics including the UK’s global influence, business sustainability and ethical leadership through a series of keynotes, panel discussions and breakout sessions.
Other headline speakers include astronaut Tim Peake, entrepreneurship expert Susie Warran-Smith, computer science pioneer Dame Wendy Hall, economist Paul Johnson, and journalist Tina Brown.
Bruce Cartwright CA, ICAS CEO, said: “We’re excited to have Nick join us in London next month. He is right to point out that AI will reshape the profession but not replace it.
“At ICAS, we see technology as an opportunity to free accountants from routine tasks and allow them to focus on the judgment, insight and leadership that businesses and society value. That’s why we have placed AI at the heart of our new syllabus and our Annual Conference – to ensure our members are not just ready for change but are driving it.”
