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Charting the future of accountancy with AI

Charting the future of accountancy with AI

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SUMMARY

This report shares practical knowledge about intelligent technology’s impact on the finance and accountant sector, specifically, how it will transform workforce skills, operational functions, and ethical considerations.

Initially, there were fears behind AI adoption, yet the emerging opinion is that AI can assist accountants as machines take over repetitive and mundane accounting tasks; in effect, enabling human accountants more time to perform high-value activities that increase overall productivity. For instance, AI can be used to solve problems in forensic accounting and fraud detection, internal audit, and internal finance processes. This report explores important concerns about AI adoption in the finance and insurance sector.

Tech leaders must consider safety and societal benefits when designing AI systems. The goal is to create an environment where an autonomous AI system is able to explore various courses of action and learn when actions or behaviors are ethical. This brief recommends designers employ a combination of top-down and bottom-up approaches when developing ethical AI systems. For instance, part of the AI system might depend on rules specified by the designer in a top-down approach, while bottom-up self-organizing techniques are used to review and revise actions or behavior set by the designer.

As finance and accounting digitize, it is important to equip future generations of accountants with skills that help them thrive in the AI world. AI and machine learning (ML) have the potential to aid accountants with a part of their work so that they are available to focus on performing the accounting profession’s purpose. Rather than replace human accountants, AI and ML are a new addition to an accountant’s toolkit.

OUTLINE

AI will change the accounting industry

Technology trends

AI in forensic accounting and fraud detection

Using intelligent automation

Using AI to change external procedures

Ethical AI

Workforce technical skills

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Charting the future of accountancy with AI
Region
Global
Published
July 30, 2018
Publisher
CPA Australia
Author(s)
Clarence Goh, GaryY Pan, Seow Poh Sun, Benjamin Lee, Melvin Yong
Price
FREE
Language
ENGLISH

Content

Number of Pages
74
Number of Tables
0
Number of Exhibits
10
Topics
ai
Tags
accounting software, AI adoption, australia, CPA Australia, financial services, machine learning, Singapore
Author(s)
Clarence Goh, GaryY Pan, Seow Poh Sun, Benjamin Lee, Melvin Yong
Methodology
This brief includes industry leading authors. These experts discuss topics in the advancement of AI in the accounting and finance sector.
EVALUATION

This cross-regional report is a practical report that may transform how finance and accounting institutions plan for the AI world.

For readers interested in technology and accounting, this report offers clear and connected topics and issues. Editors summarize the basics of all chapters, even clumping connected topics together. This will save you time. Lastly, AI challenges are explored through use cases by real-world firms.

Pros

  • Interactive design eases readability
  • Clear and concise writing style
  • Key challenges are explored with case studies

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