In a recent article by Nir Eisikovits, William C. Johnson, and Ariel Markelevich, published in Accounting Horizons, the authors tackle the rapidly growing role of artificial intelligence (AI) in accounting and auditing, highlighting both the opportunities and risks that come with this technology.
AI is already transforming accounting, taking over repetitive tasks like data entry and automating parts of the audit process. However, the paper emphasizes the risks, such as the potential loss of professional trust, the deskilling of the workforce, and the introduction of bias through AI systems. The authors argue that professionals need to address these challenges by implementing strict governance, ensuring transparency in AI use, and setting new standards to manage these risks effectively. Ultimately, the article underscores the importance of striking a balance between leveraging AI’s benefits and mitigating its potential downsides.
To read the full article, visit Accounting Horizons.