![]() ![]() They will need to make sure that the data is feeding in properly and securely so that clients are comfortable about us having the data and keeping it safe. When data starts feeding in automatically into systems that evaluate every transaction and flag ones that auditors should check more closely, accounting firms will need people who can test the systems. An interesting part of that shift is that firms will need privacy and cybersecurity experts and computer systems experts as automation takes on a bigger portion of audit work. Vetter: There's a lot of talk about accounting firms hiring non- CPAs. Artificial intelligence.Īmy, what are the biggest changes you foresee for the accounting profession in the next five to 10 years? Mason: I agree artificial intelligence will change the face of the profession, but I also think we need to be looking at augmented analytics and advanced analytics. Which of the following technologies will produce the biggest changes in the accounting profession - AI, blockchain, or something else entirely?Ĭieslak: That's an easy one. ![]() This month features an accounting firm that has implemented AI in its audit function (see " How We Successfully Implemented AI in Audit," page 26) and a whale shark- sized not- for- profit that's using AI and predictive analytics to improve the guest experience (see " Data and the Deep Blue Sea," page 30). The Future Tech Today series will provide firsthand accounts of accounting firms, finance departments, and others putting "future tech" to work today. Much has been said and written over the past few years about the impact technologies such as AI and blockchain will have on the accounting profession. To accompany this year's roundtable, the JofA is also debuting an occasional series called Future Tech Today. To listen to the JofA podcasts featuring the 2019 accounting technology roundtable, click here for Part 1 and here for Part 2. Part 2, which will be published in the July JofA, looks at technology's effect on work relationships, technology skills young accountants should know when entering the workforce, and the importance of being patient with AI. Part 1 focuses on how far the accounting profession has come with technology adoption, how far it needs to go, and some of the skills needed to get there. ![]() The JofA is publishing an edited transcript of the roundtable conversation in two parts. Short profiles of the panelists - David Cieslak, Liz Mason, and Amy Vetter - are below. Also taking center stage during the discussion: education - specifically, the types of skills accountants must learn to flourish in a world where AI- powered algorithms automate traditional, time- consuming tasks and data- powered analytics reveal new insights to those who can interpret the numbers. Which of those two technologies will have the biggest impact on the accounting profession? To the participants in the JofA's 2019 accounting technology roundtable, the answer is clear.Īrtificial intelligence - and the technologies in and around the AI space - was one of the two key issues at the heart of our eighth annual gathering of accounting technology experts. ![]()
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