Leveraging AI for Professional Judgment in Accounting
Introduction The intersection of artificial intelligence (AI) and professional judgment in accounting is a critical area of study, particularly with the advent of generative AI (GenAI) tools like ChatGPT. This research project explores how AI can influence and enhance professional judgment within the accounting field, focusing on small and medium-sized enterprises (SMEs). The study involves collaboration between Institute of Chartered Accountants in Scotland (ICAS), Alliance Manchester Business School, Aston Business School, and Beever & Struthers, a mid-tier accounting firm.
The Role of GenAI in Accounting Generative AI, powered by large language models (LLMs), offers transformative opportunities for accountants. These tools can assist in auditing, financial reporting, and tax advisory by automating repetitive tasks and providing data-driven insights. However, concerns remain about over-reliance, ethical implications, and maintaining the "human touch" in judgment-intensive areas.
Research Objectives The research seeks to:
Understand how GenAI shapes accountants' judgment in daily tasks.
Explore its impact on developing critical thinking and professional skepticism.
Assess ethical implications and the integration of AI in professional decision-making.
Methodology The study adopts a dual-pronged approach:
Case Study: Volunteers from Beever & Struthers will trial GenAI tools, keeping diaries of their experiences. Insights will be gathered through interviews and qualitative data analysis.
Framework Development: The research team will develop an ethical framework and guidelines for AI use in accounting, emphasizing transparency, accuracy, and accountability.
Key Questions
Can AI serve as a "virtual consultant," accelerating the experience curve for accountants?
How does AI adoption affect professional skepticism and critical thinking?
What are the implications for training future accountants in the age of AI?
Expected Outcomes The study aims to provide actionable recommendations for integrating GenAI into accounting practices responsibly. It will contribute to ICAS’ strategic goals by informing education on AI-ready accountants, enhancing professional judgment, and mitigating ethical risks.
Broader Impact This research will bridge the gap between technological innovation and ethical professional practice, ensuring that accountants remain indispensable in the AI-driven landscape. Findings will be disseminated through academic journals, industry blogs, and webinars.
Conclusion AI is not a replacement for accountants but a tool to augment their capabilities. By addressing the challenges and opportunities of GenAI, this research aims to shape a future-ready accounting profession equipped to harness AI responsibly.