INTHEBLACK February / March 2026 - Magazine - Page 45
“Accountants are no longer just ‘guardians of the books’;
they are becoming the architects of the control environment
in which AI systems are allowed to operate.”
COLLIN JIN FCPA, DELOITTE
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internal control frameworks such as
COSO ERM or COBIT, and making
explainability part of the audit process.
“Accountants can also run AI cost–benefit
and risk dashboards alongside traditional
KPIs, and champion third-party assurance
before regulators ask for it.”
Ord agrees that accountants play a vital
role in data governance and the validation
of AI outputs, while auditors assess
AI-generated information that impacts
financial reporting.
“Without such activity, the benefits of
AI, especially improved accuracy of repetitive
tasks, are less likely to occur,” he says.
Wallace emphasises that technical
oversight must be matched by strong ethical
foundations. She urges organisations to
embed ethical principles into their culture
and train staff accordingly. When done
well, this combination of robust governance
and ethical practice can enable AI to
deliver significant benefits while
minimising harm.
AI governance in the 2020s, Wallace
says, should be viewed much like financial
governance in the 1980s. “We can see we’ve
benefited from the introduction of strong
financial governance. We now need the
same for AI.” ■
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