PitchersName

FoR

category

Accounting

DateCompleted

26/04/2024

(A)WorkingTitle

Impact of artificial intelligence on the accounting profession

(B)BasicResearch Question

How will artificial intelligence revolutionize accounting processes and affect accounting professionals?

(C)Keypapers

Odonkor, B. et al (2024), The impact of AI on accounting practices: A review: Exploring how artificial intelligence is transforming traditional accounting methods and financial reporting,World Journal of Advanced Research and Reviews, 2024, 21(01), 172188

Flp, M.T. et al (2023). ETHICAL CONCERNS ASSOCIATED WITH ARTIFICIAL INTELLIGENCE IN THE ACCOUNTING PROFESSION: A CURSE OR A BLESSING?.Journal of Business Economics and Management, 2023 Volume 24 Issue 2: 387404

(D)

Motivation/Puzzle

Although Artificial Intelligence (AI) has streamlined routine accounting tasks leading to improved efficiency, it has a potential to create ethical concerns and displace many accountants from their jobs. We need to explore new job roles for accountants which involve interpretation of data and reports generated by AI without undermining professional ethics and hampering the efficiency that are associated with AI. It is quintessential to address the opportunities and threats associated with AI to maintain the importance of accounting professionals in the financial reporting sector.

Puzzle: How do accounting firms reshape job roles of accountants and counter the ethical challenges, say, data privacy, posed by AI?

THREE

Threecoreaspectsofanyempiricalresearchprojecti.e.theIDioTsguide

(E)Idea?

Core idea: To examine the extent to which AI technologies are being adopted in accounting processes and investigate the multifaceted impact of AI on the accounting profession.

Central Hypotheses: (1) Accounting firms that adopt AI will have a competitive edge in terms of efficiency.

(2) The evolving role of accountants in AI-driven environment would shift from transactional tasks to advisory roles.

(F)Data?

Country/Setting:Australia and global.

Why?As a student who would be seeking a job in Australia post studies, I am interested in studying impact of AI in Australian job market.

Data and source: There are limited data pertaining to job losses due to AI in accounting profession but the forecast and predictions by credible organizations like Pearson and Thomson Reuters would provide reliable insights into impact of AI on the profession. Moreover, tasks performed by accountants in most of the countries is similar and AI is readily accessible, therefore other general predictions would hold true for Australia as well. Interviews and articles by various professionals would be used to gain on-ground report of the current situation in accounting industry.