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AI can boost accounting standards, says UK firm

Accountants at a meeting in Mombasa. FILE PHOTO | NMG
Accountants at a meeting in Mombasa. FILE PHOTO | NMG 

Adoption of Artificial Intelligence (AI) has the potential of significantly improving accounting standards and service delivery for businesses, a UK-based institute of accountants has said.

The Institute of Chartered Accountants in England and Wales (ICAEW) Monday said AI systems will bring many opportunities for accountants to improve efficiency, provide more insight and deliver more value to businesses.

AI is computer science that emphasises the creation of intelligent machines working like humans.

In a new report on AI and what it means for the future of accountancy, ICAEW said as more accounting firms embrace it, this could lead to an increase in employment opportunities as accountants will need to be involved in the development of the new systems.

“Despite its challenges, AI presents great opportunities for business and the accounting profession. There is need to encourage debate, interaction and learning between technology experts, businesses and the profession to reimagine the way that we solve fundamental business problems with the help of new technologies,” said ICAEW regional director, Middle East, Africa and South Asia Michael Armstrong.

Accountants’ skill set will also widen, presenting higher efficacy within the profession.