AI isn’t far away from being part of your daily work.
According to a survey by ACCA in 111 countries, 58% of the organization’s member accountants believe that AI will become a reality in three years' time.
Both AI and machine learning can add value to the work accountants do–from generating valuable insights for business decision-making, to fraud detection, risk assessment, understanding complexities in taxation and also with more effective non-financial reporting, said Narayanan Vaidyanathan, head of business insights at ACCA.
As a result, accounting professionals need to understand how AI and machine learning works, especially given its role in influencing the trust we have in the decisions of these systems,” he added.
“Accountants need to consider and manage potential ethical compromise from decision-making by algorithm, such as the risk of bias in the data set that feeds them and the issue of accountability for decisions made,” Vaidyanathan noted.
ACCA advised all finance professionals should at a minimum know how AI is evolving and be alert to how the developing capabilities could overlap with their impact on their roles.