A fresh ICAS survey shows a clear shift: chartered accountants want stronger government oversight of artificial intelligence as firms wrestle with speed, risk and trust. More than 400 members took part, and their answers underline rising unease about how AI is reshaping business and financial decision-making. The numbers point to growing support for coordinated rules that protect data and professional judgement without killing innovation.
The headline stat is stark: 60% of respondents said they want greater government intervention in AI regulation, while just 15% said they do not. That gap reflects a profession that sees both opportunity and danger in rapid AI adoption. Accountants are pragmatic people; when most of them call for clearer guardrails, business leaders tend to listen.
Concern runs deeper than the headline. More than one in four respondents, or 28%, said they strongly agree that regulation is needed, signaling more than lukewarm interest in action. That intensity suggests professionals are worried about concrete harms such as faulty decisions, muddled accountability and corrosion of trust between clients and advisers.
ICAS CEO Gail Boag said: “Our findings show a clear and growing consensus that AI can’t continue to develop without stronger rules and accountability. With six in ten of the chartered accountants who took part in our survey calling for greater oversight, there is widespread recognition that effective regulation is key to both unlocking AI’s potential and building trust in this technology.
“Any regulatory approach must be proportionate, practical, and strike the right balance between enabling innovation and protecting against misuse and misinformation. AI regulation remains reserved to Westminster, making coordinated leadership across the UK essential to give business the confidence to invest in and adopt AI.
“Chartered accountants have a central role to play in shaping future regulation. Their expertise in governance, audit, ethics and risk means they are perfectly placed to help policymakers develop practical, effective frameworks and support businesses to implement them.”
This survey follows earlier ICAS-commissioned work on generative AI and professional judgement published in March, which highlighted anxiety about accuracy and oversight. That prior study found 72% of accounting professionals were worried that the technology could lead to errors or incorrect decisions, a reminder that machine output still needs human scrutiny. Over half, 52%, also flagged client data privacy and confidentiality as a genuine risk when AI tools are used without robust controls.
Those concerns are practical, not philosophical. Accountants deal in numbers, statements and proof, so errors or privacy lapses can quickly become legal, financial and reputational problems. For businesses deciding whether to buy, build or deploy AI, the message from this profession is clear: without rules, the risks may outweigh the benefits for many users.
The answers from ICAS members also point to a broader governance challenge: how to create rules that let companies innovate while keeping systems accountable. Professionals with audit, ethics and risk experience expect frameworks that are usable in the real world and backed by sensible enforcement. That mix of technical know-how and on-the-ground experience is precisely why many think accountants should help shape policy.
