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AI, IFRS 18 to reshape $254b global audit sector, say Dubai experts
Accountants and regulators in Dubai say artificial intelligence and the incoming IFRS 18 standard will push the $254b global audit industry toward faster, more transparent reporting
- PUBLISHED: Tue 28 Jul 2026, 7:20 PM
Artificial intelligence is set to transform the global accounting, auditing and assurance industry by making processes faster, more accurate and better governed, officials told more than 400 professionals at a conference organised by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI).
The global accounting and auditing market is worth $254.36 billion in 2026 and growing at 6.1 percent a year, according to The Business Research Company.
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“The future of our industry will be shaped and powered by innovation and Artificial Intelligence (AI) — as it is the future,” said Rishi Chawla, Chairman of ICAI’s Dubai Chapter, adding that Indian chartered accountants will “lead the industry once again with speed, accuracy, strong data analytics, increased compliance and governance.”
Padmanabha Acharya, Chairman of Deloitte Middle East, said AI adoption “should have a strategy that includes centralised investment and seamless implementation and integration,” and that leadership must be aware of “the risks and opportunities of adoption of AI including governance, compliance, control and biasness.”
Regulators described tightening cooperation across the UAE’s financial sector. “We are signing up MoUs with other financial and capital market regulators to create synergies in the sector,” said Talal Samad, Associate Director – Monitoring at the Abu Dhabi Global Market, noting that the number of audit firms under ADGM “has accelerated to 60, from 16 a few years ago.”
Naweed Lalani of the Dubai Financial Services Authority said “almost 97 per cent of the UAE’s capital markets auditors are coming within the scope of closer supervisory cooperation,” adding that joint inspections would “support supervisory consistency, strengthen regulatory effectiveness, avoid regulatory arbitrage, and build capacity across UAE regulators.”
Much of the discussion centred on IFRS 18, which becomes mandatory from January 1, 2027 and replaces IAS 1. Firoz Ali Ghadyaly of KPMG said the standard “introduces four fundamental changes to financial statement presentation and disclosure,” including “a structured statement of profit or loss with mandatory categories” and new disclosures for “Management-defined Performance Measures.” He said the real challenge is “ensuring that the underlying data, systems, processes, controls and management reporting frameworks are capable of consistently producing IFRS 18-compliant information.”
James Mathew of UHY James Chartered Accountants said the profession is “entering an era where we have to Control, Shift, Alt and Delete,” while Priju Dominic of Dominic & Partners called IFRS 18 “a new era in financial communication” that helps firms “tell their financial story with greater clarity and credibility.” ICAI Central Council Member Dayaniwas Sharma said the institute has “trained 36,000 digital-savvy accounting professionals in forensic accounting” and runs a forensic technology lab in Hyderabad.
ICAI’s Dubai Chapter, established in 1982, has around 3,200 members representing more than 1,550 companies, making it the largest of ICAI’s 54 overseas chapters.
