140 years on, CPAs face the AI era – trust and ethics remain irreplaceable

Australia’s largest accounting body CPA Australia marked a milestone for the accounting profession, using its 140th Anniversary Gala Dinner in Sydney last night to reflect on the forces shaping its future – including the rapid rise of AI.

Keynote speaker Peter Tonagh, Chair of Nine, Executive Chair of Quantium told leaders from business, finance and government that while AI is transforming how accountants work, the profession’s relevance and responsibility are only increasing – because trust, judgement and ethical accountability cannot be automated.

The accounting profession has repeatedly adapted through major technological shifts – from ledgers to spreadsheets and calculators to enterprise systems – each time emerging more valuable by elevating analytical insight and professional judgement.

AI is already being widely used in professions such as accounting to process large volumes of data, automate routine tasks and generate first drafts of analysis, freeing professionals to focus on higher value work.

“AI is extraordinarily good at handling repetitive, rules based work — reconciliations, standard reporting, compliance checks,” Mr Tonagh said.

“But AI is not wise. It does not have judgement, and it cannot be held accountable. That responsibility will always rest with a professional – a CPA.”

CPA Australia CEO Chris Freeland said the speech highlighted why the profession’s ethical foundations are becoming more, not less, important.

“As one of the oldest professional accounting bodies in the world, CPA Australia has seen technology come and go – but the need for trusted, accountable professionals has only strengthened. The values underpinning the profession are permanent: integrity, objectivity, competence and professional behaviour,” Mr Freeland said.

At last week’s appearance before the Parliamentary Joint Committee on Corporations and Financial Services, Mr Freeland emphasised that, “we have a societal purpose to promote excellence, enterprise and integrity across the accounting, financial and business professions.”

He said CPA Australia is actively embracing AI within its own operations and supporting members to use emerging technologies responsibly.

“AI is already playing a meaningful role in how accountants work, and CPA Australia is investing in capability, guidance and education so members can use these tools confidently and ethically,” Mr Freeland said.

“AI will change how work is done, but it will not replace the human judgement, integrity and trust that define the CPA profession.”

As CPA Australia marks its 140th anniversary, the organisation reaffirmed its commitment to ensuring the profession remains relevant, trusted and central to economic decision-making in an increasingly complex, AI enabled world.