CIMA Members in Asia-Pacific (APAC)

With hundreds of billions of dollars worth of AI being sold to CFOs and Finance Heads worldwide, a single unified governance council is now essential to screen these solutions.A CFO gets hundreds of emails daily, with many companies claiming AI benefits even if their solutions don't actually use AI.

This puts a burden on CFOs to make decisions without fully understanding what each solution offers, what challenges it addresses, and how it works. There are many cases where the return on investment from a technology implementation was unclear even years after it was put in place.

It makes sense for AICPA and CIMA to lead the formation of a governing council that can review and approve AI solutions and products for CFOs. Since CFOs are liable for any errors in financial statements, they should have a fair chance to thoroughly test these solutions, which will generate most of the numbers.

AI for Finance is becoming more prevalent and will take over more transaction and judgment roles in the future. There is a real need for a governing body to protect the trust of CFOs.

To make it simpler, solutions that carry this certification can be trusted, while those that fail cannot claim to be "AI for Finance" or "Office of the CFO AI". This will have a significant impact on the profession and our credentials.

Thoughts, and perspectives are welcome.

Mohit Sharma, ACMA, CGMA

+91 97405 56805

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Mohit Sharma, ACMA, CGMA
Managing Partner | AstralMind Consulting, Dubai
+971 55 358 6800
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@Mohit Sharma A timely topic. The profession will need to continue exploring how governance, assurance, and standards evolve alongside AI adoption in finance.

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Kin Chun Lim
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Hi Mohit,

Interesting point you raise. However, I do not think it appropriate for a professional accounting body to ratify an specific AI solution or solutions to be used by a the finance function of any organisation. It can certainly suggest guidance and good practice on the use of AI or any other tool, but not to specifically recommend any such. After all would we have expected accounting bodies to have done so with respect to the many Accounting / ERP software that ia around?

Increasingly though you will see many articles, blogs, discussions etc on how best to use AI but not specifically recommending any of them.

Aubrey Joachim

Past Global President

+61 408118246

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Aubrey Joachim
Leading Edge Change
Acacia Gardens NSW
+61408118246
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