AI is transforming accounting & auditing —Is your job safe?

RICHARD NDEBELE

The future of accounting and auditing is undergoing a seismic shift, and artificial intelligence (AI) is at the heart of this transformation.

From automating routine bookkeeping to performing complex risk assessments, AI is redefining how financial professionals’ work.

The question is no longer whether AI will impact the industry but rather how soon and to what extent. Are you ready for this revolution, or will you be left behind?

The AI Disruption: More Than Just Automation

Traditionally, accountants and auditors in Zimbabwe have spent countless hours reconciling statements, verifying transactions, and ensuring compliance with regulatory bodies such as the Zimbabwe Revenue Authority (ZIMRA) and the Public Accountants and Auditors Board (PAAB).

However, AI-powered software can now perform these tasks in seconds with unmatched accuracy.

Machine learning algorithms can analyse massive datasets, detect anomalies, and even predict financial risks before they materialize.

Local auditing firms have started integrating AI-powered forensic auditing tools to detect financial irregularities more effectively. Meanwhile, banks are utilizing AI-driven risk assessment tools to streamline loan approvals and minimize bad debts. The implications are clear: those who rely solely on traditional methods risk obsolescence.

AI in Public Sector Accounting, IFRS, and Sustainability Reporting

Beyond corporate accounting, AI has the potential to reshape public sector accounting and financial reporting in Zimbabwe. While the government has outlined plans to integrate AI into various public finance management systems, full-scale implementation is yet to take place. Once adopted, AI could enhance transparency, reduce corruption, and improve efficiency by automating budget analysis, tracking public expenditures, and ensuring compliance with international public sector accounting standards (IPSAS).

In the realm of International Financial Reporting Standards (IFRS), AI-driven tools are helping companies enhance compliance and streamline complex reporting requirements. AI can instantly review financial statements, highlight inconsistencies, and suggest necessary adjustments in accordance with IFRS standards. This is particularly relevant for Zimbabwean companies operating in industries such as mining, banking, and manufacturing, where regulatory compliance is critical.

Additionally, sustainability reporting is gaining traction, with AI playing a vital role in Environmental, Social, and Governance (ESG) reporting. Companies listed on the Zimbabwe Stock Exchange (ZSE) are now expected to integrate sustainability considerations into their financial disclosures. AI can analyse ESG data, track carbon footprints, and provide real-time insights into corporate sustainability performance, aligning with global reporting frameworks such as the Global Reporting Initiative (GRI) and Integrated Reporting (IR).

The End of Accounting Jobs? Not Quite.

Does this mean accountants and auditors in Zimbabwe will soon be out of work? Not necessarily. While AI will take over repetitive and rule-based tasks, the role of financial professionals will evolve. Strategic thinking, ethical judgment, and business advisory services will become the new focus. Accountants will shift from number crunchers to strategic business partners, guiding Zimbabwean organizations through complex financial landscapes. For example, Chartered Governance and Accountancy Institute in Zimbabwe (CGAIZ) members who embrace AI can leverage data analytics for enhanced corporate governance, risk management, and compliance oversight.

How You Can Stay Relevant

The good news is that professionals who embrace AI can future-proof their careers. Here’s how:

• Upskill in AI & Data Analytics: Understanding AI-driven financial tools will be crucial. Platforms like Pastel, QuickBooks, and AI-powered auditing systems are already transforming the Zimbabwean financial sector. Additionally, training programs offered by CGAIZ and other institutions can help professionals gain new competencies in AI and analytics.
• Enhance Critical Thinking & Advisory Skills: AI can process data, but it cannot replace human insight and professional scepticism, which are critical in Zimbabwe’s unique economic environment. Accountants can use AI-driven insights to improve decision-making and regulatory compliance.
• Adapt to Regulatory Changes: As AI becomes integral to accounting, compliance standards will also evolve. Stay updated on changes from regulatory bodies such as PAAB. CGAIZ can play a pivotal role in equipping professionals with the necessary skills to navigate these evolving regulations.
• Embrace Continuous Learning: The world of finance is changing rapidly. Attending local industry workshops, obtaining new certifications, and staying ahead of trends will be essential. Organizations like CGAIZ are already championing governance and AI integration through professional development initiatives.

The Future is Now

The rise of AI in accounting and auditing is inevitable, even in Zimbabwe. Those who resist change will struggle, while those who adapt will thrive. The choice is yours—will you let AI replace you, or will you harness its power to redefine your role and elevate your career?

Now is the time to act. The future of accounting in Zimbabwe is here. Are you ready?

Richard Ndebele FCG, RPAcc, MBA, is the Manager: Technical, Research and Quality Assurance at Chartered Governance and Accountancy Institute in Zimbabwe and the PAFA Sustainability Centre of Excellence’s Country Champion. He can be contacted on rndebele@cgizim.org