Automation bias
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Professional ethics Judgment and competence
A Draft CCAB Statement Says Professional Accountants Cannot Abdicate Responsibility for Outputs Produced by Their Use of AI
In June 2026 the Consultative Committee of Accountancy Bodies published, for consultation, a draft statement to the accountancy profession on the ethical use of AI. It reminds accountants that they "cannot abdicate responsibility" for outputs produced by their use of AI tools and systems, and it discloses that AI tools were used in preparing the statement itself.
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The FSB Describes Effective Human Oversight of AI at Financial Institutions as Meaningful, Not Nominal
On October 15, 2026, the Financial Stability Board published its final report on sound practices for financial institutions' responsible adoption of AI. Effective human oversight, it says, is "meaningful," as opposed to oversight that is nominal or driven by what it calls tick-the-box compliance.
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Regulators and standard setters Audit and assurance
The Auditor Owns the Outcome: Singapore's Accounting Regulator on Using AI Responsibly, October 2026
On October 2, 2026, Singapore's Accounting and Corporate Regulatory Authority issued practice guidance for auditors on using AI. "AI can assist, but the auditor owns the outcome," it says, and that responsibility "cannot be delegated to AI."
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Regulators and standard setters Tax
A Less Experienced Junior Colleague: Seven Professional Bodies on AI in UK Tax Work, January 2026
In January 2026 the seven professional bodies that jointly prepare Professional Conduct in Relation to Taxation, the principles and standards their members follow in tax work, said that AI output "should also be regarded as if it were prepared by a less experienced junior colleague and reviewed with appropriate scepticism," and that members remain ultimately responsible for their work "irrespective of the use of AI tools in its creation."
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Evidence and documentation Documenting AI-prepared work
Such That Another Professional Can Understand: Australia's Auditing Standard Setter on AI Audit Tools, July 2025
In July 2025 Australia's Auditing and Assurance Standards Board set out considerations for auditors who use AI tools. Among them is documentation "Such that another professional can understand" the matters the page lists, including the design and use of the tool.
