Artificial intelligence (AI) technology – particularly generative AI (GenAI) – is developing and improving at a rapid pace. More and more finance functions and accounting firms are considering the adoption of AI technology for some day-to-day tasks. But many accountants don’t know where to start.

ICAEW’s Artificial Intelligence hub collects a number of resources for members about the various types of AI and how accountants can use them. 

The basics

For members who have heard of AI, but are still getting to grips with what it is or how it works, there is a short series of articles on the basics of AI, starting with an article on what classifies as AI. There are also several different types of AI, which are explained, alongside the specific tasks each is suited to.

Some of the terminology used around AI can be confusing to those not in the know. This Glossary of GenAI terms can help you get to grips with AI-centric language.

Going further

For those looking to experiment with GenAI and try it out with certain tasks, you need to consider how to get the most out of GenAI models. 

To ensure that you get the best results possible, you need to craft your prompts correctly. The five essential elements of a GenAI prompt can get you started, while you can read further on prompt engineering and how you can use it. 

Use cases 

To help you determine how you might use AI within your organisation, there are several examples of use cases that ICAEW members are using and experimenting with that might give you a starting point. Here are eight examples of use cases that outline some of the biggest areas in which AI could be used in finance teams.

The Masterclass series of videos are short showcases of various AI uses, demonstrated by members. For example, Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK, explains how he uses GenAI to improve audit documentation processes. He also demonstrated how to use it to improve efficiency with audit sampling.

Jenny Blewett FCA, Head of Finance at Costello Medical, demonstrated four use cases, from setting performance objectives and reviewing changes in standards to shifting to Power BI and reviewing controls. 

Moore Kingston Smith is also developing an AI model to streamline internal processes. Its Director of Innovation, Jared Goodrich, explains how it works. 

AI assurance 

There is also an emerging opportunity for accountants to pick up assurance work, although AI assurance is still developing. A recent ICAEW event explored what AI assurance might look like in practice, and looked at the challenges around assuring foundational models. 

Understanding risks and limitations

ICAEW’s Generative AI Guide documents outline some of the considerations when it comes to adoption. This includes risks and limitations of generative AI, which needs to be considered when determining how your organisation might use AI. These include:

• biases; 
• inconsistencies; 
• hallucinations; and 
• data privacy and security.

Learn AI skills

The advent of AI requires accountants to update their skills. A recent round-table discussion outlined the kinds of skills that accountants might need and what the biggest gaps are. This article and podcast explore how to fill in the profession’s AI skills gaps.