For this module discussion, you are to post an initial response to the topic below of 350-500 words and 1 reply to another student adding new value to the discussion (125-175 words). Initial posts are to be substantive based on reading and research. Posts are to be unique for each student – not a repeat or paraphrase of what has already been stated. The initial post is due by end of day the Sunday following the chat session.. Reply posts to other students are due the following Sunday. Each module is approximately 2 weeks. 2 posts total during each 2-week period for this discussion.
Please read the article below and discuss implications you may already see or expect in your workplace or a specific field in accounting. You will note that all impact accounting information systems.
https://www.journalofaccountancy.com/newsletters/2017/oct/artificial-intelligence-changing-accounting.html
Need to do a reply to this disscusion with (125-175 word)
1 reply to another student adding new value to the discussion (125-175 words). Initial posts are to be substantive based on reading and research. Posts are to be unique for each student – not a repeat or paraphrase of what has already been stated.
Discussion from Student
This article discusses the development and progression of AI within the accounting field. Many firms had invested early on to advance their technology, leading to a competitive advantage and increase in their companies’ productivity. AI is taking in and analyzing large volumes of data that no human or team of people would be able to do, which has lead to the automation of less sophisticated job tasks, such as bookkeeping and other data entry positions. Companies can develop and fine-tune their own AI products to produce even more efficient results rather than using a generic AI system. This process can take a lot of resources, like time and money, that many smaller firms may not be able to give, resulting in them being slightly behind the advancements of larger firms, like the Big Four. However, even though it may seem like AI can do anything and everything, humans will still be needed for the more analytic and decision-orientated computations and more sophisticated tasks.
With all the advantages of implementing and progressing AI in companies, also comes implications within all the fields of accounting. In the field of auditing, companies have already been using AI to automate the examination of financial information based on programming the AI on what to look for. This definitely can make the auditing process more productive and use less time to look through larger amounts of data, but there is certainly a risk with only having the AI evaluate the records. There are many criterion that need to be checked for when auditing, like accuracy, completeness, and compliance with laws and regulations. While an auditor assesses financial information to ensure those things, professional judgement and decision making is also involved, which can be hard to program an AI system to do. Because of this, humans will still be needed to double check the examination is done correctly and to enhance the AI’s results to the clients by providing a detailed analysis of the findings. An implication that can apply to all fields, and other careers besides accounting, is the decrease in the number of entry level job positions offered. Entry level jobs allow for basic skills to develop and a learning environment to then be able to advance through positions. By AI taking on these basic jobs, it serves to ask how new hires will close this gap for themselves to be able to feel like they have the experience they need to move up.
