31st Accounting Teachers' Conference - AI in Accounting Profession PDF

31st ACCOUNTING TEACHERS’ CONFERENCE AI IN ACCOUNTING PROFESSION: ENSURING THE RESPONSIBLE USE OF AI IN THE PRACTICE OF ACCOUNTANCY JUNE 14, 2024 Noe G. Quiñanola, PhD Chairman, Board of Accountancy  AI in account...

31st ACCOUNTING TEACHERS’ CONFERENCE AI IN ACCOUNTING PROFESSION: ENSURING THE RESPONSIBLE USE OF AI IN THE PRACTICE OF ACCOUNTANCY JUNE 14, 2024 Noe G. Quiñanola, PhD Chairman, Board of Accountancy  AI in accounting is the application of artificial intelligence (AI) – a branch of computer science that focuses on creating machines capable of performing tasks that typically require Understanding human intelligence – in the field of AI in accounting. Accounting Specifically, AI can be used to automate various processes, analyze financial data, and provide insights for decision-making. USE OF AI IN ACCOUNTING 1. Automated Data Entry 2. Anomaly Detection 3. Forecasting and Predictive Analytics 4. Audit Automation 5. Tax Compliance and Planning BENEFITS OF AI ADOPTION IN THE INDUSTRY 1. Increased Efficiency and Accuracy 2. Enhanced Data Analysis and Reporting 3. Cost Savings 4. Real-time Financial Insights 5. Improved Compliance and Risk Management AI TOOLS AND TECHNOLOGIES IN ACCOUNTING Machine Learning Algorithm for Financial Analysis Natural Language Processing in Financial Reporting Robotic Process Automation for Repetitive Accounting Tasks Challenges and Considerations in Implementing AI in Accounting Data Security and Privacy Concerns Ethical Considerations Skills and Knowledge Gap in the Workforce Integration with Existing Systems Adoption Resistance and Change Management Future Trends and Opportunities in AI Accounting Blockchain Technology and AI Integration Advancements in AI- Enabled Auditing and Compliance  Blockchain Enhanced data integrity and trust Technology and AI Streamlined auditing and compliance Integration Smart contracts and automation Real-time assessment  automated risk assessment intelligent data analytics Advancements in AI-Enabled real-time monitoring and continuous auditing Auditing and fraud detection and prevention Compliance advanced visualization and reporting compliance automation enhanced audit trail and traceability ETHICAL IMPLICATIONS OF AI IN ACCOUNTING Bias and Fairness Concerns Data Privacy and Security Uncertainties Transparency and Accountability  v THANK YOU