INTHEBLACK April 2026 - Magazine - Page 34
“For the audit profession, embracing
AI is not optional. It is essential for
staying competitive and meeting
stakeholder expectations in an
increasingly data-driven environment.”
TIFFANY TAN FCPA, CPA AUSTRALIA
accurate, consistent and trustworthy. Humans can then
apply judgement to interpret them. “That becomes
absolutely crucial to that storytelling component,”
he says.
F E AT U R E
5. CYBERSECURITY
Cybersecurity expertise has become non-negotiable
for businesses, with the rise of AI and the pending
arrival of quantum computing broadening the
threat landscape.
“As AI tools become increasingly integrated into
financial systems and workflows, it also introduces
new cybersecurity vulnerabilities that businesses
must proactively manage to prevent substantial
financial and reputational damage,” says Gavan Ord,
CPA Australia’s business investment and international
lead. “While AI can be game changing for businesses,
it is also arming cybercriminals with sophisticated
tools and expanding the ways they can execute scams
and attacks.”
Financial services are among the APAC region’s
top targets for ransomware and data breaches,
and Australia is the second most targeted country
for cybercrime in the region, according to
CrowdStrike’s 2025 APJ eCrime Landscape Report.
Pham warns that audit, taxation and retirement
savings will face greater scrutiny as regulatory
demands intensify. “Building baseline cybersecurity
proficiency, implementing robust controls and
partnering closely with IT are now core finance
competencies.”
6. CHANGES TO HIRING AND TRAINING
Seventeen per cent of respondents in CPA Australia’s
report are seeing a decline in hiring for entry-level or
junior accounting and finance roles. Ord believes this
may signal the early influence of AI on hiring practices.
“Mainland Chinese businesses are the most likely
to report that AI has reduced junior accounting hires
34 INTHEBLACK APRIL 2026 SPECIAL EDITION
and increased recruitment of accountants with AI
expertise, while Australian and Malaysian firms
are the most likely to report no impact on accounting
and finance recruitment,” he says.
Davern notes that early-career accountants may
miss opportunities to perform foundational
accounting tasks, as AI and automation tools now
handle much of this work. Not having this experience
could limit exposure to core processes and reduce
understanding of the technology’s limitations.
He stresses that firms and universities must redesign
pathways so early-career accountants can “learn the
basics” in an AI-driven environment.
7. SUSTAINABILITY AS A BUSINESS ENABLER
CPA Australia’s environmental, social and
governance (ESG) lead, Patrick Viljoen FCPA, says
the perception of sustainability is changing within
the accounting profession.
“We’re seeing a shift from sustainability as
a compliance burden to sustainability as a business
enabler,” he says. “When organisations align ambition
with credible action and transparent accountability,
they unlock new opportunities for innovation,
stakeholder trust and long-term profitability.”
With Australia legislating climate-related financial
disclosures aligned with International Sustainability
Standards Board (ISSB) standards and similar initiatives
underway throughout APAC — including in
Hong Kong, Singapore and Japan — integrated
financial and non-financial reporting is becoming
a regional norm.
Accounting and audit teams in Australia would be
wise to upskill on sustainability standards such as
ASSA 5000 and AASB S2, Tan says, while implementing
strong internal controls for ESG data to ensure audit
readiness. “Leveraging technology for real-time data
consolidation, anomaly detection and automated ESG
reporting will be critical,” she says.
