GEORGETOWN, Guyana (CMC) – President Irfaan Ali has urged accountants across the Caribbean to embrace artificial intelligence (AI), adapt to changing economic conditions and take on broader roles in policy analysis, strategic planning and data-driven decision-making if the profession is to remain relevant.

Addressing the opening of the 43rd Annual Conference of the Inter-American Accounting Association (ICAC) on Friday, Ali told more than 300 delegates that the profession is operating at a defining moment as businesses face increasing pressure to manage costs, improve efficiency and make faster decisions.

“Professions around the world are changing because of systems…we have to decide whether people drive systems or the system is driving people,” the president said.

Ali said AI should be viewed as a tool to support professionals rather than replace their judgement.

“AI is a tool to help us, but if we allow AI to be the tool that directs us, then we will have challenges,” he said, urging accountants to move beyond traditional functions and embrace broader roles in policy analysis, strategic planning and data-driven decision-making.

He also encouraged conference organisers to focus on practical, solution-oriented discussions addressing regional challenges, including the development of market-based approaches to environmental and climate services.

“We are definitely the most impacted and affected when it comes to climate change. A body like this…must be able to develop a monetised, market-based model that can be shared across the region,” Ali said.

The president also called for greater efforts to improve regional financing, including measures to increase liquidity and pension resources to support sustainable growth. He pointed to Guyana’s exploration of diaspora bonds and investment vehicles that would allow citizens to participate in major economic ventures.

Ali said automation is transforming routine financial work and argued that accountants must become more analytical and adaptable.

“If a system can generate all the numbers, then what becomes the role of the accountant? The accountant of the future must use the data…not simply generate it,” he argued.

He also highlighted the partnership between the University of Guyana and ACCA, saying regional universities should ensure their programmes respond to changing industry needs.

“You can’t be inward looking…education must prepare students for absorption into the economy,” he said.

Ali also urged accountants to uphold high ethical standards and preserve public trust, adding that the conference should produce practical outcomes that strengthen competitiveness, deepen financial inclusion and position the profession as a driver of development across the Caribbean.