With the popularization of generative AI like ChatGPT, artificial intelligence’s potential to disrupt the accountancy profession is globally relevant. Responding to this surge in interest, IMA (Institute of Management Accountants) recently released a report titled “The Impact of Artificial Intelligence on Accounting and Finance: A Global Perspective” which discussed recent advancements in AI’s ability to transform management accounting work.

The labor market upheavals marking this year have not been limited to any one sector or jurisdiction, and the global accounting profession is no exception to this turbulence. Professional accounting organizations across the globe are noticing a either a downward trend in students pursuing and graduating with accounting degrees or a concern that even if students continue to join the profession, demand for what a professional accountant can do is outstripping the supply of trained or qualified professional accountants. Tasked with making the accounting profession an attractive and life-long career choice for young people, PAOs and firms are attempting to find the best way to attract new people to the accountancy profession.

In late March 2023, the Committee of Sponsoring Organizations (COSO) released “Achieving Effective Internal Control Over Sustainability Reporting (ICSR) – Building Trust and Confidence through the COSO Internal Control – Integrated Framework.” This new guidance is founded on COSO’s 2013 framework for evaluating and improving internal control systems over all types of business information used for external reporting and enterprise decision-making. Called ICIF-2013, this framework (and its predecessor ICIF 1992) has been used internationally to provide internal control over financial reporting  (or, ICFR), as required by United States (US) Sarbanes Oxley legislation, for example. The newly released ICSR applies ICIF-2013 principles to sustainability, allowing the delivery of more reliable and decision-useful data for use by multiple stakeholders.