In recent years, the discourse surrounding artificial general intelligence (AGI) has been dominated by concerns about its potential dangers and the ethical implications of emerging technologies. However, a new paper titled It’s Not Intelligence; It’s Functionality! by Yu Gu, Qing Huang, and Miklos A. Vasarhelyi, published in the Journal of Emerging Technologies in Accounting, shifts the focus toward the practical applications of artificial intelligence (AI) within the accounting and auditing sectors.
The authors explore how various AI technologies, including machine learning, natural language processing, generative AI, and robotic process automation, are being integrated into accounting practices. Their analysis reveals a burgeoning landscape of applications that enhance the efficiency and effectiveness of financial operations. However, the paper emphasizes that the fear of being replaced by machines is largely unfounded for most professionals in the field, at least in the immediate future. Instead, the impacts of these technologies are expected to be substantive, reshaping how accounting and auditing tasks are performed.
One of the key takeaways from this research is that while the functionalities of AI are advancing rapidly, the realization of true intelligence—akin to human cognitive capabilities—remains a distant aspiration. The current applications of AI in accounting primarily rely on specific functions or combinations of AI technologies, allowing professionals to leverage these tools to augment their work rather than replace it.
As AI continues to evolve, understanding its functionality rather than solely focusing on its intelligence is crucial for accounting and auditing professionals. By embracing these technologies, practitioners can improve their workflows and drive value in their organizations.
For those interested in the future of AI in accounting, this paper offers valuable insights into the realities of current applications and their potential to transform the industry. To read the full article and delve deeper into its findings, visit the Journal of Emerging Technologies in Accounting here.