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Ethics and Risk in the Age of Generative AI: What Every Tax Accountant Must Know

Overview

Generative AI is rapidly transforming the way professionals work — from drafting reports and analysing data to advising clients and making strategic decisions. While these tools offer significant efficiency and insight, they also introduce complex ethical, regulatory, confidentiality, and professional risk considerations. The use of AI in professional environments raises important questions around accountability, bias, data protection, intellectual property, professional scepticism, and compliance with ethical codes.

This video provides a practical and principled framework for navigating generative AI responsibly within professional practice. Participants explore how AI intersects with professional ethics, risk management, confidentiality obligations, and governance responsibilities. The video equips practitioners with structured guidance to harness AI’s benefits while safeguarding professional integrity, independence, and public trust.

Video Content

• Introduction to generative AI in professional practice
  • What generative AI is (and what it is not)
  • Common use cases in accounting, tax, audit and advisory
  • The illusion of accuracy and authority
• Ethical implications of AI use
  • Application of the Code of Professional Conduct
  • Integrity and objectivity in AI-assisted outputs
  • Professional competence and due care
  • Confidentiality risks when using AI tools
  • Independence considerations
• Risk identification and mitigation
  • Data privacy and POPIA implications
  • Client confidentiality and data leakage risks
  • Intellectual property concerns
  • Bias and algorithmic distortion
  • Over-reliance and reduced professional scepticism
• Governance and internal control considerations
  • AI policies within firms and organisations
  • Documentation and disclosure considerations
  • Training and competence development
  • Quality management implications (ISQM perspective)
• Liability and accountability
  • Who is responsible for AI-generated errors?
  • Professional negligence exposure
  • Regulatory expectations
  • Managing reliance on AI outputs
• Practical scenarios and case discussions
  • Use of AI in drafting tax opinions
  • AI-assisted financial analysis
  • AI-generated client communications
  • Ethical decision-making under pressure
• Developing a structured AI ethics framework
  • Risk assessment checklist
  • Safeguards and controls
  • Disclosure considerations
  • Maintaining professional judgement

Competencies Developed

By the end of this video, participants are able to:

• Identify ethical risks associated with the use of generative AI in professional practice
• Apply the principles of the Code of Professional Conduct to AI-assisted work
• Assess confidentiality, data protection and regulatory implications of AI use
• Exercise professional judgement and scepticism when relying on AI-generated outputs
• Design appropriate safeguards and governance measures for AI integration
• Evaluate liability exposure arising from AI-assisted decision-making
• Integrate AI responsibly while preserving professional integrity and public trust