Many of us believe that Artificial intelligence can completely change how one accountant works in the future. Still, the accountant and bookkeeper remain an essential part of the accountancy profession because the Digital tool can promote efficiency but won’t replace the profession.
In 2015 the UK media widely picked up on American media organisation NPR’s calculator that could predict which jobs are susceptible to computerisation. The calculator, using research by the University of Oxford, said accountants have a 95% chance of losing their jobs as machines take over the number crunching and data analysis.
But as a recent report from Deloitte highlighted, technological advances have historically eliminated some jobs and created others. There’s no reason to suppose that this trend will not continue, says Deloitte: “We cannot forecast the jobs of the future, but we believe that jobs will continue to be created, enhanced, and destroyed much as they have in the last 150 years.”
I would like to highlight why “AI” remains a matter of concern for accountancy professions.
As you know, the accountancy profession is bounded by many principles, and few of them are.
3. Professional competence and due care.
5. Professional behaviour.
Many research reports suggest that “AI” remains a major area of concern on whether or not the above Ethics can be followed effectively by the “AI.”
There are many areas where “AI” can help accountants. “AI” tools can help examine business efficiency and help finance-related tasks such as preparing financial statements and management reporting.