Impact of Artificial Intelligence Technology on Accounting Profession

Abstract

The development of Artificial Intelligence technology has changed theaccounting profession. This paper provides a comprehensive overviewof the latest developments in Artificial Intelligence, Big Data, MachineLearning used in business practices in the accounting professionworldwide. This paper explores the evolution of the accountingprofession following the latest technological developments and assessesthe impact of its development in the future. Challenges and opportunitiesposed by Artificial Intelligence relating to accounting professionals andthe process of accounting education. This study uses a normativejuridical approach with library studies with secondary data. This paperprovides an overview of how accounting educators and professionalsrespond to these technological developments and provides furtherdiscussion on what accounting professions, institutions and graduatesshould do to face the challenges of change caused by technologicaldevelopments.

The impact of AI on accounting practices: A review: Exploring how artificial intelligence is transforming traditional accounting methods and financial reporting

“…The reliance on AI for processing vast amounts of financial data also raises concerns about data privacy and security, making the confidentiality and integrity of financial information increasingly challenging as AI systems become more complex (Yu, 2022). Furthermore, AI in accounting brings forth ethical considerations, particularly in decision-making processes, underscoring the need for clear ethical guidelines and regulatory standards (Alghafiqi & Munajat, 2022).…”

“…AI's predictive analytics capabilities enable accountants to provide more insightful financial advice and forecasting, aiding in strategic planning and decision-making and offering a competitive edge to businesses (El Khouly, Yasser, & Yehia, 2022). AI also opens up new avenues for innovative services and business models in accounting, enabling firms to offer more personalized and efficient services and leveraging AI tools for better client engagement and satisfaction (Alghafiqi & Munajat, 2022). Additionally, AI's advanced algorithms are capable of detecting anomalies and patterns indicative of fraud, thereby enhancing the reliability and security of financial reporting, which is crucial for risk management and compliance (El Hajj & Hammoud, 2023).…”

Implementasi Artificial Intelligence dalam Sistem Informasi Akuntansi dan Manajemen

“…Untuk berkembang di era digital, seorang akuntan harus mampu beradaptasi dengan perkembangan digital dan menerapkan teknologi informasi. Studi ini menguraikan berbagai peran teknologi informasi seperti artificial intelligence, big data, cloud computing, cyber security dan robotic process automation, yang secara umum dapat meningkatkan produktivitas dan kecepatan profesi akuntan dalam memproses dan menganalisa data dan informasi untuk menghasilkan keluaran yang lebih akurat dan andal [31] . Selain itu, dampak negatif dari dunia digital dapat mempengaruhi sistem informasi akuntansi dan profesi akuntan.…”

Transformation of artificial intelligence in the Accounting Profession toward a New Technology Era

“…According to [3], artificial intelligence refers to the field of computer science that focuses on the research and development of computer systems capable of demonstrating a certain level of intelligence. In another context, artificial intelligence technology is a system capable of learning, thinking logically, and generating new concepts and tasks to draw conclusions about the world, understand natural language, and perform various actions that require human-like abilities.…”

“…Machine Learning (ML) In contrast to conventional computer code developed by software developers to produce program output based on specific input, machine learning uses data to create statistical code. Regarding the new branch of ML, namely deep learning (DL), which comes from the system's ability to see more relationships than humans can practically code in software, or even relationships that humans cannot see [3].…”