The release of ChatGPT and other generative AI models marked the beginning of a revolution in various industries by automating work processes. These AI technologies, accessible through chatbot interfaces, could generate text, audio, code, images, and videos, saving time and resources. In 2023, generative AI was starting to transform the way professionals worked in the accounting industry, enabling them to streamline auditing and accounting processes, utilizing natural language processing (NLP), and improving information search.
The big-four accounting firms invested heavily in developing their own AI solutions to enhance efficiency and offer innovative client solutions. However, in early 2023, some big-four offices restricted the use of generative AI models, while other firms embraced the technology, providing guidance and training to their staff. The rapid growth of generative AI posed challenges for businesses unprepared for automation, leading them to assess the risks and benefits before adopting AI.
Joesy Loh, an audit partner at a Singaporean CPA firm serving SMEs, recognized the potential of generative AI to improve audit efficiency and financial statement preparation. How can Joesy persuade her partners to embrace generative AI technology, considering their concerns about the accuracy of the generated output and data security for their firm and clients?
- How generative AI models are built and roles in enhancing efficiency in business.
- To understand risks of generative AI, such as data security and inaccuracy.
- To explore opportunities and challenges of generative AI in the accounting profession for auditors and accountants.
- How guidance can be applied when using generative AI to adhere to company risk management policies and social ethical issues.
- To practice using ChatGPT to generate Excel formula, accounting double entries and accounting formulas, and search for accounting standards, and conduct financial analysis.