Professions must prepare for profound AI impact web

Professions must prepare for ‘profound’ AI impact

Speaking at the launch of the ICAEW’s AI in Corporate Advisory report, Lord Timothy Clement-Jones, the co-chair of the all-party parliamentary group on AI, highlighted the need for collaboration between professional services firms and tech developers in order to create an environment of best practice and trust in the UK. He said artificial intelligence will have a “profound” impact on corporate finance in the next five to 10 years and noted that this had already stimulated collaboration between professional services firms – PwC, Grant Thornton, Deloitte, BDO and KPMG contributed to the report, alongside a number of law firms – but added this needs to be taken up several notches if the UK is to be competitive with nations such as the US and China. AI technologies in tandem with professional expertise should help the business, advisory and investment communities make better predictions and deals and create faster, more accurate and more insightful due diligence processes as well as satisfy the public interest, Lord Clement-Jones said.

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