5 realities of AI and accounting

AI got you anxious? While artificial intelligence brings questions and concerns, there’s no denying the outsize impact it is already beginning to have on the accounting field. Check out these five AI takeaways from the first-ever AI Symposium hosted by the American Institute of CPAs and CPA.com. 

1. Firms are experimenting with AI internally — beyond just task automation. Firms are using generative AI to implement autonomous workflows with human control, for example. 
    
2. AI will transform entire practice areas, like audit. Dynamic Audit Solution (DAS), a new audit workflow tool, uses AI to reimagine audit methodology. (Check out our article on DAS, “By auditors, for auditors,” for more info.) AI has the potential to impact many other facets of the profession such as tax, finance, etc.
    
3. Regulators are quickly working on standards. In the U.S. and abroad, agencies are adapting to the rapidly changing AI landscape and working on standards to address safety, security and privacy; equity and civil rights concerns; protections for consumers, patients and other groups; and much more.  
    
4. Trust remains paramount. Because CPAs are among the most trusted experts, the profession is able to provide assurance on AI-related issues. For example, the AICPA Assurance Services Executive Committee is addressing the impact of AI on financial statement audits and related assurance services.
    
5. Practitioners desire more education. Accounting and finance pros are ready to upskill and embrace AI, and they need cutting-edge tools and resources. The VSCPA has AI CPE offerings in addition to a 2024 ethics course focusing on the challenges, dilemmas and solutions for responsible AI adoption. CPA.com has a great Generative AI Toolkit to demystify AI for the accounting profession.