Role of Technological Readiness on the Adoption of Artificial Intelligence in the Accounting Profession: Evidence From a Developing Economy: Computer Science & IT Book Chapter

As businesses generate more data than ever, there is a growing demand for professionals interpreting and analyzing this information. AI can help to automate some of the more basic data analysis tasks, but human expertise is still required to make sense of the insights generated by AI systems. Unless you’re truly living off the grid, you can’t make it through the day without seeing a headline about artificial intelligence (AI). Whether via ChatGPT, Bard, or one of the many applications leveraging its capabilities, AI is helping people with writing, shopping, personal assistant tasks, and more.

Accountants and auditors will see a renaissance in the next decades, with huge opportunity for individuals entering the profession to drive innovations and progress (Accounting Today, 2017). The essential concept at the heart of auditing—enhancing information confidence—will remain unchanged. However, as technology and analytics continue to advance, the way engagement teams perform audits will change. Auditors’ capacity to exercise judgment and professional skepticism will be more vital than ever as they use new technologies. In the field of accounting, AI will not replace accountants; rather, it will shift the focus (Greenman, 2017). No matter how much disruption to the profession AI causes in the future, it is quite unlikely that the need for human professionals will abolish.

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This automation allows accounting professionals to allocate their time and expertise toward more strategic activities. The rise of artificial intelligence is not just a trend; it is a powerful force that is revolutionizing the way businesses manage their finances. With AI-driven systems automating mundane tasks and providing real-time insights, finance professionals can now focus on strategic decision-making and value-added activities. This transformative technology holds the key to future-proofing finance, enabling businesses to stay competitive, efficient, and agile in an ever-evolving landscape. For decades, accounting software has used AI techniques such as rule-based systems and natural language processing. However, recent advancements in AI technologies, including machine learning, deep learning, computer vision, and natural language generation, have presented novel opportunities and possibilities for the accounting field.

Furthermore, AI can be utilized to analyze contracts and other financial documents, saving time and effort for managerial accountants. With AI’s ability to quickly and accurately identify relevant information, accountants can spend less time sifting through lengthy documents and more time on analysis and providing critical advice to management. Artificial intelligence (AI) and Big Data based applications in accounting and auditing have become pervasive in recent years.

Training and Customization of AI Tools

Going forward, expect to see a greater call for standards and specifications in the tax industry. We’re all here to do great work, and understanding the role AI will play in our field is crucial. Do you have specific questions about AI transformation in accounting, or how the industry is changing? By being an early adopter of any new technology, you could make yourself irreplaceable in your current position, and hugely desirable for a better one. On the other hand, it could cause you to have significant gaps in your knowledge, or create a reliance on AI to perform your job.

The presence of various Computer-assisted audit tools (CAATs) has given rise to such concept of Continuous Auditing. Zhang et al. (2020) classified some of the major cognitive technologies in use today and enumerated their application as forms of AI-based solutions that can be found in the market currently. Database Management Systems (DMBS), Cloud Computing, and Enterprise Resource Planning (ERP)—all these are becoming part and parcel of modern enterprises.

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