Human versus Machine: Accounting, Auditing and Education in the Era of Artificial Intelligence

The rise in importance of AI-powered accounting tools and software has sparked a discussion among accounting researchers and professionals regarding the possibility of developing AI solutions that mimic human intelligence in the accounting field. AI integration into accounting operations causes the accounting professions to discard old paradigms and spot exciting opportunities in the automation and digitalisation era. AI can help increase the efficacy and efficiency of many tasks, including financial planning, cost control, financial reporting, managing payables and receivables, and documenting repetitive transactions. There are several advantages related to integrating AI into accounting procedures and processes, including increased accuracy, time savings, better reporting and analysis, and increased compliance. AI implementation costs, specialised expertise requirements, data security threats, and problems with system dependability are the main drawbacks.

This book presents a critical reflection on the state and perspectives of the accountancy and auditors profession, addresses the AI technology’s supportive role in accounting and auditing tasks, reporting processes and reports’ attestation, as well as stresses the necessity to modify educational curriculums in business accounting in response to changing circumstances, and set the regulatory frameworks regarding the use of generative AI by academics and students. The considerations covered in the book are timely and can be helpful for business practitioners, academics and students. Moreover, the international context of the publication, reference to the latest literature on AI applications in business accounting, and presented research study can make this work valuable for all those interested in the opportunities and threats that AI may bring into the professional lives of many.