President Dr. Mohamed Irfaan Ali has called on Caribbean accountants to fundamentally redefine their profession to align with the advent of artificial intelligence (AI).

Addressing delegates at the opening of the 43rd Annual Conference of the Institute of Chartered Accountants of the Caribbean (ICAC), the president said that evolving global markets are transforming the role of accountants faster than many are prepared for.

According to President Ali, accountants who focus solely on preparing financial statements risk becoming obsolete as many routine financial process are becoming automated.

“If a system can generate all the numbers, even in a predictive way, then the profession has to ask what additional value accountants will bring,” he told delegates.

He explained that while AI has become an invaluable management tool, it should complement, rather than replace professional judgment.

President Ali noted that government now employs AI-powered dashboards capable of generating executive summaries of national projects, identifying cost overruns and highlighting implementation delays within seconds.

He said these technological advances demonstrate why accountants must develop stronger competencies in data interpretation, qualitative analysis, policy evaluation and strategic advisory services.

“The accountant now must move into a system where they understand policy, relate to policy and analyse policy,” the President said.

President Ali urged regional accounting bodies to lead this transformation by redesigning professional training programmes to equip young accountants with skills that match the rapidly changing business landscape.

He also challenged universities across the Caribbean to strengthen partnerships with international professional bodies, pointing to the University of Guyana’s collaboration with the Association of Chartered Certified Accountants (ACCA) as an example of how education can be aligned with global industry standards.

Pointing to Guyana’s unprecedented economic expansion, he said demand for accounting and financial advisory services will continue to grow, making it essential to produce not only more accountants, but professionals equipped to thrive in a technology-driven economy.