As part of our commitment to thought leadership in the accounting profession, CPA Ontario convened a series of three panels in February and March 2019 to bring together CPAs, industry experts and academic leaders to explore the applications and implications of AI.

Insights gained from those three panels have been complemented by interviews with a range of subject matter experts to inform our latest paper, Evolving Alongside Artificial Intelligence.

INTRODUCTION: RELEVANCE AMID DISRUPTION

AI is already starting to take on data-ingestion tasks on a scale and at a pace that far outstrip anything that humans can do. It is having an effect on revenue forecasting, fraud detection, ledger analyses, tax report writing, and more. The full scope of the applications of AI in our profession will only get bigger from here, as will the implications.

Just as CPAs have always done when managing and maneuvering through change, they need to embrace innovation, to understand AI and learn how it can be used as a tool.

Learn about: what AI means for our profession in Ontario and understand what AI means for you.

PART 1: better insights from more data

AI has changed the way we watch television, listen to music, map journeys, shop, and organize our schedules. It has disrupted and improved manufacturing, food science, transport logistics. It also affects the work done by CPAs.

There are already numerous applications of AI in our profession – from accounting to auditing, within large national firms and small to mid-sized firms, AI is making work easier, faster, more accurate. AI will continue to grow in prevalence. It’s time to get involved in AI and improve your data insights.

Learn about: practical industry applications already in market, how AI is changing audits, and hear from a CPA who used AI to predict Brexit.

PART 3: REGULATORY AND ETHICAL CONSIDERATIONS

The rapid evolution of AI and its accounting applications, particularly in auditing, leads to some important regulatory considerations for our profession. Regulators need to fully understand the policy and economic implications of the rapidly changing technologies that are driving AI forward.

As with any new tool, we need to develop our understanding of how data is collected, managed, processed and analyzed with AI, and ensure compliance with relevant professional standards.

Learn about: the current and future regulatory and ethical environment, potential changes to accounting and auditing standards in Ontario and global contexts, and the technical implications of AI algorithms.

CONCLUSION: OWNING THE FUTURE

AI doesn’t replace jobs, it replaces routine tasks. It enables CPAs to do more, better and faster. By freeing up time to focus on analysis and strategy, AI places a premium on the transcendent CPA skills: professional judgment, problem solving, big picture insight.

To remain relevant to employers and clients and to continue to protect the public interest, CPAs need to embrace AI. Those who don’t may well get left behind.