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Data and technology

CPA Canada urges feds for more action on AI

In a pre-budget submission, CPA Canada pushed the federal government to assist with the advancement of AI across the country

As artificial intelligence (AI) rapidly reshapes industries worldwide, Canadian CPAs are calculating their next move—ensuring a strong foundation for AI adoption and governance in Canada. 

CPA Canada has long advocated for government assistance to advance AI implementation across the country. In its recent pre-budget submission, CPA Canada urged the feds to enhance AI opportunities, calling for new measures to speed up AI adoption while protecting the public from AI risks. These recommendations come after news of Canada’s long-awaited AI Bill C-27 stalling in parliament again, while the EU quickly approved their own AI act earlier this year.  

It seems that the federal government has taken some steps to address the issue CPA Canada has put forth as well, with the recent announcement of programs to help enterprises adopt AI. 

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AI systems are integrating into financial operations, auditing practices and decision-making frameworks at an exponential rate. As the conversation around AI becomes increasingly relevant for CPAs, it’s clear that accountants are not just spectators—they’re key players in shaping the future of AI governance.  

Building a Canadian AI ecosystem 

A significant theme in CPA Canada’s pre-budget submission is the need to support Canadian AI companies and foster a domestic ecosystem—which was an attainable vision back when Canada pioneered the world’s first national AI strategy, but regulatory frameworks and support for AI adoption are now lagging behind.   

Melissa Robertson, CPA Canada’s principal of research and thought leadership, highlights the risks of reliance on foreign technology. “We need to support Canadian AI companies by buying Canadian. If we don’t have domestic options, we will go elsewhere to look for those resources,” she explains. “The pressure to adopt AI quickly is evident, but it must be balanced against the strategic advantage of nurturing homegrown solutions. If we’re forced to rely on offshore AI technology, the financial benefits will flow outside our economy instead of strengthening it.” 

Challenges of AI adoption for Canadian firms 

Canada’s AI concerns aren’t just economic—Canadian businesses must maintain control over their privacy, data and processes. While AI adoption offers the potential to increase productivity and streamline operations, there are substantial risks for smaller firms. Robertson points out that these barriers are particularly daunting when navigating complicated cross-border regulations. “Using non-Canadian tools adds complexity—there are different rules to navigate, and smaller companies may not have the means to do that.”  

CPA Canada’s pre-budget submission highlights how Canadian firms could benefit significantly from AI adoption—yet there remains a gap in governance and guidance. A particular concern raised by CPA Canada is the need for legislation that encourages innovation while ensuring public protection. “The more you regulate, the more companies will want to go elsewhere, but the risks of not regulating AI are just too high,” says Robertson. “We don’t want to introduce rules that will prevent companies from wanting to work in Canada, but the alternative of doing nothing isn’t the right answer either.”  

CPA Canada addresses the urgency for AI governance 

To equip CPAs in this dynamic landscape lacking in regulations, CPA Canada partnered with the American Institute of CPAs (AICPA) to produce a whitepaper entitled “Closing the AI Trust Gap: The Role of CPAs in Strengthening AI Governance and Risk Management.” This timely report is the second in a series showcasing the CPA profession’s commitment to global best practices in AI governance. 

“In the absence of specific AI regulations, Canadian businesses should be looking to voluntary governance frameworks, guidelines and best practices to ensure they are implementing AI responsibly,” says Robertson. “Our research delves into the components of such a framework, exploring recommendations for developing AI strategies and policies.” 

CPAs are key players in AI implementation 

As the whitepaper describes, working alongside information technology, legal, compliance and privacy groups, CPAs—with their blend of financial acumen, professional skepticism and commitment to integrity—can play an important role in navigating the challenges in the development and adoption of AI.  

As stewards of financial integrity and control environments, CPAs in executive leadership positions and industry roles have an opportunity to lead the use of AI not only in financial processes and reporting, but throughout organizations’ business, operational and internal control processes. CPAs can drive digital transformation and AI adoption by translating technical and governance knowledge into actionable business cases and prioritization of use cases across all parts of their organizations. 

With the growing role of AI in business, CPAs are increasingly positioned as vital contributors to ensuring AI’s responsible and efficient deployment. CPA Canada recognizes this shift, particularly in its collaboration with the AICPA, exploring the implications of AI across industries. 

Robertson’s own perspective substantiates the profession’s evolving role: “I like to look at AI not as ‘how can I replace some of the things we do,’ but ‘how can I make it easier to do my job better?’” This shift towards AI adoption isn’t about job displacement; it’s about leveraging AI to improve efficiency and productivity in everyday tasks, from automating data analysis to enhancing decision-making processes. 

The road ahead for CPAs and AI 

For Canadian CPAs, AI represents both an opportunity and a challenge. As CPA Canada continues to advocate for AI policies, CPAs across the country will be looking to leverage AI to enhance their services, improve productivity and maintain a competitive edge. 

As CPA Canada’s Melissa Robertson aptly summarizes, “We need to find ways to realize the benefits of AI—whether it’s productivity, quality control or client experience—and make them work for us.” 

With CPA Canada leading the charge, the future of AI in the accounting profession looks promising, placing CPAs at the heart of Canada’s AI transformation.