AI in Accounting

Big Four

100

Which Big Four firms implement AI technology in their accounting services? 

ALL

200

Which one of the Big Four firms won the "Audit Innovation of the Year" award?

PwC

300

Which two firms use IBM Watson? 

Deloitte & KPMG 

400

What AI technology has PwC significantly invested in?

Natural Language Processing (NLP)

500

What are the two AI tools used by Deloitte and their purposes?

LeasePoint- 

It is powered by IBM TRIRIGA and utilizes Deloittes knowledge in leasing industry to teach the AI-enabled system to develop an end-to-end leasing portfolio 

Visual Inspection of Assets- 

Using IBM’s Maximo technology Deloitte claims to be improving asset inspection on wind farms.

Risks/Opportunities

100

Why might a CPA fear AI becoming more relevant in the workplace?

Risk of their job being replaced by technology.

200

Is there a generally accepted standard setting board over the development of AI?

No

300

What are the flaws of an ineffective or unreliable supply chain? 

Open to error, manipulation, and/or fraud

400

What question does AI raise from an ethical standpoint?

AI doesn't currently have the capability of expressing human emotion, therefore, it doesn't make decisions based on human nature. 

500

What are the three opportunities for future use of AI?

• Forecast with some degree of certainty when a business risk is likely to result in a significant loss, or when and under what circumstances a business control will fail
• Predict cyberbreaches based on the monitoring of external messages and chats, or be able to identify the intent to commit fraudulent financial trades before they are made
• Determine when a key project is likely to fall behind schedule or go significantly over budget, or when a new product will likely fail to deliver the promised benefits to the business

AI in Accounting

100

Will humans be outsourced by AI technology in accounting?

No

200

By what percentage could AI improve productivity of employees and companies?

40%

300

What is a mundane task that could be outsourced to AI?

Uploading files, payroll, or internal audit.

400

How are CPAs shifting in their roles as accountants? 

Shifting from number-crunchers who deliver thick, detailed binders of financial reports, and AI is there to help ease the process. 

500

Which complex analyses are least susceptible to automation?

Managing others, applying expertise, and interacting with stakeholders. 

What is?

100

What does AI stand for?

Artificial Intelligence

200

What is Big Data?

Composed of both enormous amounts of data and the data analytic techniques (algorithms) used to analyze the data. 

300

What AI tool simulates human neuron networks and makes decisions in a human-like way?

Artificial Neural Networks

400

What is the subset of AI called that can train computers to make decisions based on local algorithms?

Machine Learning 

500

What is replacing human judgement in many decision- making tasks?

AI algorithms