A recent report from CPA Canada and the American Institute of Certified Public Accountants (AICPA) has highlighted a risk for Canada in the field of artificial intelligence (AI), reports Lexpert.
It suggests that Canada is at risk of falling behind, especially in comparison to the European Union’s progress with its legislative framework.
The research report, titled ‘Closing the AI Trust Gap: The Role of CPAs in Strengthening AI Governance and Risk Management,’ is the second part of a three-part series exploring AI advancements.
The final paper in the series will focus on the role of CPAs in providing third-party assurance over AI systems.
The latest white paper presents best practices for AI governance, aiming to guide Canadian businesses in implementing ethical and effective AI systems.
It addresses Chartered Professional Accountants and Certified Public Accountants in internal roles, highlighting their influence over AI initiatives.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe guide explores various aspects of AI governance, the relationship between corporate governance and regulations, and industry-specific applications, with a focus on the financial sector.
The report highlighted that CPAs in executive roles are well-placed to address AI challenges and lead responsible digital transformation.
It recommended that they use their expertise in governance, risk management, and assurance to guide organisations in effective AI governance.
CPA Canada principal of research and thought leadership Melissa Robertson said: “Our research offers a framework for businesses to build public trust in AI, mitigate risks, and drive adoption forward.”
CPA Canada also advocated to speed up adoption of AI, urging the government to fast track the legislative process for Bill C-27 and introduce frameworks that support responsible AI use.
The Bill C-27 is a legislation to establish the Consumer Privacy Protection Act, the Personal Information and Data Protection Tribunal Act, and the Artificial Intelligence and Data Act, along with related amendments to other legislation.
CPA Canada’s recent pre-budget submission stressed the urgency of decisive action to prevent Canada’s early lead in AI strategy from being eroded by global competitors.
Earlier in October 2024, CPA Canada also advocated for a principled approach to taxation, pointing out the complexity of the current system and the need for improved implementation and consultation.
