A recent survey by the Association of Chartered Certified Accountants (ACCA) has revealed that 51% of finance professionals in Africa consider leadership as the most pressing ethical issue. This finding was released on Global Ethics Day and is part of the ACCA's "Navigating ethics for trust" survey. The survey highlights the concerns of African finance and accountancy professionals regarding ethical challenges in their industry. The results show that leadership is a significant concern for these professionals.
Artificial intelligence (AI) follows closely as a top ethical challenge, with 47% of African finance and accountancy professionals naming AI as a major concern. This is in contrast to the global picture, where AI leads at 61% and ethical leadership falls to 43%. The African response indicates a regional emphasis on top-down tone and accountability. The survey also found that half of all participants said that ethical challenges have become harder to resolve over the past three years.
The survey also revealed that 53% of respondents reported witnessing unethical behavior during the past three years. The ACCA links the prominence of leadership concerns to the rapid adoption of AI in finance, noting that oversight quality will determine whether AI builds or erodes trust. The organization emphasizes the importance of addressing these concerns to maintain trust in the profession. The ACCA's findings highlight the need for guidance and support for finance professionals in navigating these challenges.
Regional data also highlight governance gaps, particularly in the adoption of AI. A separate survey by the African Banker and Backbase found that 39.3% of early-stage AI adopters lack AI governance protocols. Furthermore, only about a quarter of these adopters involve boards in AI strategy. These findings suggest that there is a need for improved governance and oversight in the adoption of AI in finance.
Jane Ohadike, ACCA's Regional Head of Public Affairs, noted that the profession remains ethically grounded but needs tools and guidance to apply core principles amid growing complexity. To support practitioners, the ACCA report includes a 10-step toolkit for applying the International Code of Ethics for Professional Accountants to real-world scenarios. This toolkit aims to provide practical guidance for finance professionals in navigating ethical challenges.
The ACCA also announced a redesign of its qualification for next year, embedding ethics throughout the curriculum to better equip future accountants for emerging challenges. This move reflects the organization's commitment to ensuring that finance professionals are well-prepared to address the complex ethical issues they may face. The redesign of the qualification is expected to enhance the skills and knowledge of future accountants.
The ACCA's survey and report highlight the importance of addressing ethical concerns in the finance profession. The organization's efforts to provide guidance and support for finance professionals are crucial in maintaining trust and promoting ethical behavior. By prioritizing ethics and providing practitioners with the necessary tools and guidance, the ACCA aims to promote a culture of trust and integrity in the finance profession.
Key points
- 51% of African finance professionals cite leadership as their biggest ethical challenge.
- 47% of African finance and accountancy professionals name AI as a top ethical challenge.
- The ACCA has developed a 10-step toolkit to support practitioners in applying the International Code of Ethics for Professional Accountants.
