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CPA Ontario Insights
Thought Leadership, Research & CPA Spotlights

AI, Productivity and the Role of CPAs

Last week, Royal Bank of Canada and Statistics Canada released thought-provoking analyses on AI adoption in Canada. There’s a lot relevant for CPAs.

The upshot is: AI adoption remains low despite its economic potential to improve productivity. That means there’s an opportunity for Canada but to fully realize it, Canadians will need to trust AI and CPAs are prime to help provide governance and assurance over this fast-moving technology.

AI Adoption in Canada

For brevity’s sake, let’s focus on the RBC results. The report, titled “GenAI: Is Canada Ready?” emphasizes that despite Canada’s strong presence in AI research, only 9.3% of companies are currently using AI, and 73% haven’t even considered it. However, RBC also points out that embracing AI could help Canada catch up to the U.S. in terms of productivity.

Immense Economic Potential

According to a recent report by Microsoft and Accenture, Generative AI (Gen AI) has the potential to contribute up to $180 billion annually to the Canadian economy through productivity gains by 2030. Additionally, an estimated $7 billion could be added from the development of new Gen AI products and services. This transformative impact highlights the importance of embracing Gen AI to enhance Canada’s competitive position globally.

The Role of CPAs

To fully realize this potential, trust in AI is crucial. This is where CPAs come into play. In our thought leadership paper, “Trust in New Frontiers: Putting AI Governance into Practice,” CPA Ontario outlines how CPAs can lead the charge in strengthening AI governance and building public trust.

CPAs are uniquely equipped to establish the effective controllership and robust governance needed to build trust in AI. But CPAs will need to embrace this role quickly, using their skills to analyze how AI systems work, how they might fail, the impact failures could have, and developing the necessary internal controls to help organizations reassure stakeholders they are using AI responsibly. And, as AI governance standards take shape, CPAs have the credibility to enforce their professional and ethical codes to protect the public.

Conclusion

While AI adoption in Canada remains cautious, CPAs have a pivotal role to play in ensuring responsible AI governance. By fostering trust and applying their expertise, CPAs can help Canada unlock the full economic potential of AI.

Explore the full CPA Ontario paper, “Trust in New Frontiers,” for more detailed insights.

Read the Royal Bank of Canada analysis.

Read the Statistics Canada analysis which includes insights such as:

  • The vast majority of Canadian businesses (84.9%) reported no change in their employment levels after implementing AI in producing goods or delivering services.
  • 5% of businesses trained current staff to use AI.
  • Businesses aged 10 years or less (31.0%) were more likely to report plans to adopt software using AI than businesses aged 11 years or more (18.7%).