An overhaul of Companies House, scrutiny of behavioural misconduct and spread of AI will shape the year ahead for accountants, explain Julie Matheson, partner, and Ian Ko, senior associate, in the accounting services regulatory team at Kingsley Napley LLP
With ongoing economic concerns and the prioritisation of technological innovation in the financial services industry, 2024 is shaping up to be yet another year of risks and opportunities for both accountancy firms and their clients. Here are some key themes to monitor in the year ahead across the accountancy and audit regulatory landscape.
The (continued) rise of artificial intelligence
A 2023 Moore Global Study on Artificial Intelligence (AI) revealed that over the past year accountancy and financial services firms have made ‘above-average’ investments in AI tools, investing almost four times the amount of law firms.
In 2024 we believe accountancy firms at all levels (and not just the Big Four) will continue to embrace the development of their own AI systems in the provision of audit, tax and consulting services to clients - leveraging the ability of specialised AI tools to make better data-driven decisions and optimise operations.
