The EU AI Act: a guide for SME accountants

Introduction

Accountancy Europe’s latest factsheet provides an overview of the EU AI Act’s main provisions, with particular focus on their potential impact on SMEs. The factsheet aims to inform SMEs, their advisors as well as smaller accountancy practitioners themselves about ways in which the AI Act might impact their business.

About the AI Act

The AI Act officially became EU law in July 2024. All entities, SMEs included, that fit its scope will need to assess whether the requirements are applicable to themselves and ensure compliance. The AI Act is an EU regulation and thus directly applicable across the EU. It will not be separately transposed into national law, unlike EU directives.

The AI Act’s scope does not distinguish between large and small companies. SMEs in particular will need support and guidance. Accountants, as SMEs’ trusted advisors, can play a key role in helping them. This latest Accountancy Europe’s factsheet aims to support SME accountants in this task. Smaller accounting and audit practices may also use AI systems, in which case their practices might also be subject to the Act’s requirements.

Provisions of the AI Act

The Act sets out:

• harmonised rules for placing AI systems on the market, putting AI systems into service, and their usage and deployment in the EU
• bans on certain AI practices
• requirements and obligations for high-risk AI system operators
• transparency rules for certain AI systems
• harmonised rules for the placing on the market of general-purpose AI models
• a framework for market monitoring, surveillance, governance and enforcement
• measures to support innovation, especially for SMEs and start-ups

The factsheet also includes a simple checklist that SMEs, their accountants and small practitioners can use directly to help assess the Act’s impact on them. However, many SMEs and SME accountants are not going to be AI experts, and the checklist does not enable to help determine whether a company is compliant with or in breach of the AI Act. More specialised knowledge and expertise is needed in case of doubt.

Download the factsheet from the ‘download’ section at the top right of this webpage.