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Artificial intelligence

Discover more about the impact of artificial intelligence and the opportunities it presents for the accountancy profession.

Contents
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AI using computer
Getting started
Opportunities and accounting use cases
Generative AI: A brief introduction
Guidance

Generative AI guide

The guide acts as an introduction to generative AI and provides information on topics such as how to get started, opportunities and possibilities, governance, and ethics.
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Article

How to get started with generative AI

With the increasing immersion of generative AI into the workplace, Franki Hackett, Head of Data Ethics at Engine B and Sarah Schlobohm, Data and AI Leader, discuss the skills accountants need to use it effectively.
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Article

ChatGPT will assume tasks, not take jobs

The rapid rise of generative AI models such as ChatGPT has led to discussions about what it might mean for the future of jobs. According to the EMEA AI lead at Microsoft, it’s an opportunity, not a threat.
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Webinar

Introduction to AI Standards

Understand how AI Standards, regulation and assurance combine to build and support industry and society.
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Understanding AI

Glossary of generative AI terms
  • Article
  • 18 Sep 2023
Discover the key technical terms associated with generative AI and their meaning.
What makes generative AI such a game changer?
  • Article
  • 23 Feb 2024
While older types of AI were in many ways process-based machines, Gen-AI displays strong signs of intuition, initiative and creativity. What does this distinction between ‘new’ and ‘old’ AI actually mean?
Introduction to AI Standards
  • Webinar
  • 14 Sep 2023
Understand how AI Standards, regulation and assurance combine to build and support industry and society.
AI: What is it really?
  • Article
  • 23 Sep 2022
Returning to the world of technology as a data scientist there was a lot to learn; and most of it, not explained simply enough. So, follow Data Analytics Community Advisory Group member Monica Odysseos on this journey as she looks to explain the world of AI…
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Generative AI

The skills most in demand by accountancy recruiters
  • Article
  • 03 Oct 2024
Average CFO salaries in London demand £246k-plus and accountancy employers encourage staff to explore generative AI tools as demand for accountants proficient in digital transformation, automation and AI ramps up.
Exclusive Tax technology and the role of AI
  • Article
  • 02 Aug 2024
Paul Aplin explores the ways in which artificial intelligence (AI) is having an impact on tax work and explains the difference between AI and generative AI.
Exclusive ChatGPT and the accounting profession: a transformation in the early stages
  • Article
  • 31 Jul 2024
The article focuses on the transformative potential of generative artificial intelligence (AI), particularly ChatGPT, in the accounting profession. Topics include its impact on accountants through automation and efficiency, the common use cases in accounting workflows, and the risks associated with misinformation, bias, privacy, and plagiarism.
Exclusive Tools for the future
  • Article
  • 29 Jul 2024
The article highlights the importance of embracing emerging technologies in the accounting and finance industry to remain competitive. Firms are planning to invest in training staff on generative AI tools and AI and machine learning tools. When adopting new technologies, firms should consider their goals, integration capabilities, and prioritise efficiency and automation. The article also mentions a specific technology that can help users organize information, streamline processes, and enhance security and compliance, without providing specific details about the technology itself. Overall, the...
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AI skills for accountants

Government extends deadline for AI skills grants
  • Article
  • 04 Jun 2024
Accountancy firms now have until 18 August to apply for grants under the pilot of the government’s new AI Upskilling Fund, after the government extended the deadline by 11 weeks.
How generative AI is set to disrupt finance
  • Article
  • 20 Feb 2024
As its capabilities grow, Gen-AI is poised to shake up the finance function in general and accountancy in particular – but its risks and drawbacks cannot be ignored.
Finance leaders highlight AI skills shortage
  • Article
  • 15 Jan 2024
Resilience and efficiency is at risk as CFOs warn finance teams don’t have the necessary skills to embrace new technologies.
The era of the AI Copilot: are you ready?
  • Article
  • 12 Dec 2023
As we enter the ‘era of the Copilot’, described by Microsoft at the recent ICAEW Annual Conference, the way we work may change forever.
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Training

Innovating finance with AI
  • Course
A guide to digital technologies and their impact. This immersive course empowers accountants with strategies to implement key technologies like automation, AI and advanced analytics.
Generative AI for finance
  • eLearning module
Explore predictions where generative AI could disrupt finance, the value these solutions could deliver and the impact this could have on workers across finance.
Introduction to generative AI
  • eLearning module
Generative AI has the power to transform the way we work, learn and interact with technology. Discover what generative AI can do, how it works and how it differs from 'traditional' AI.
How to get started with AI
  • eLearning module
Understand the next steps to take on your journey to explore artificial intelligence and cognitive computing, and begin to think about the opportunities for your own organisation, through this video in our eLearning module.
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Use cases

How we applied AI to combat modern slavery
  • Article
  • 10 Jun 2024
The iEARTHS project is a causal AI system designed to tackle modern slavery. David Wray, ICAEW member and one of its creators, explains the considerations that went into its development.
AI in audit: the good, the bad and the ugly
  • Podcast
  • 30 May 2024
In this Insights In Focus episode, we discuss the use of artificial intelligence in audit.
Generative AI case studies
  • Article
  • 26 Jan 2024
Read our case studies on the use of generative AI in accounting.
How AI is blazing a trail in ESG reporting
  • Article
  • 08 Mar 2024
Businesses are seeking the aid of artificial intelligence to drive efficiencies in their ESG reporting work – but users should be aware of some crucial caveats.
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Managing risks

AI risks in insurance – the spectre of the uninsurable
  • Article
  • 07 Oct 2024
Polly Tsang discusses some of the ethical issues of deploying AI in the insurance industry that emerged from a recent ICAEW round table around the ethical considerations of AI use cases in financial services.
Now cybercriminals can buy the tools to fool you
  • Article
  • 07 Oct 2024
Cyber Security Awareness Month: With phishing attacks becoming increasingly commercialised, businesses need to do everything they can to help employees spot the danger, writes cybercrime journalist Chris Price.
I deepfaked myself. It was terrifyingly easy
  • Article
  • 07 Oct 2024
Cyber Security Awareness Month: Deepfakes are becoming an increasingly prevalent part of the cyber-security lexicon. So how easy is it for criminals to create a clone of someone? ICAEW’s Head of Data Analytics and Tech, Ian Pay, decided to experiment with the technology.
Cyber security tops business risks, but AI on the rise
  • Article
  • 02 Oct 2024
Poll of chief internal auditors reveals AI, cyber and digital threats will dominate the risk landscape for 2025 and beyond.
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Limitations of AI

Over-reliance on automation: a cautionary tale from Plato
  • Article
  • 27 May 2024
The dangers of too much tech are not a new concern – Konrad Bukowski-Kruszyna explains why accountants can take a sceptical cue from the ancient Greeks when it comes to AI.
AI in audit: the good, the bad and the ugly
  • Podcast
  • 30 May 2024
In this Insights In Focus episode, we discuss the use of artificial intelligence in audit.
Don't let AI tools land you in hot water
  • Article
  • 12 Feb 2024
In this article we cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT.
Exclusive Don’t expect too much from AI, after all, it’s not only human…
  • Article
  • 04 Jul 2023
Whether you consider AI to be the beginning of the end for the human race, or a massive opportunity to improve all aspects of life and work, it’s been hard to ignore it recently. In this example Simon Hurst seeks the help of ChatGPT with a simple calculation and receives answers that are worrying, impressive and puzzling, all at the same time.
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Industry press

The Library & Information Service provides a hand-picked collection of industry press articles on artificial intelligence as a benefit of ICAEW membership.
Exclusive Business valuation (BV) experts embrace AI, see its promise
  • Article
  • 01 Sep 2024
A poll at the recent AI in Business Valuation virtual conference revealed 87% of business valuation professionals have explored the use of AI in their practices, with many believing it will significantly impact how they work in the longer term. The article includes an overview of AI and provides examples of how the technology is being used by valuation professionals. Assessing the impact of AI on a subject company being valued is also discussed together with the use of AI in marketing a practice.
Exclusive Reconciling IP strategy and AI
  • Article
  • 01 Sep 2024
Today, businesses face the challenge of adapting their intellectual property (IP) strategies in response to rapid advancements in artificial intelligence (AI). This article explores several aspects of this challenge, and puts forward a number of suggestions as to how it might be successfully navigated.
Exclusive How to train an AI-enabled workforce - and why you need to
  • Article
  • 08 Aug 2024
As artificial intelligence (AI) is adopted within organisations, there is a need for employee training in how to use AI tools most effectively. This article underscores the importance of upskilling workers for the AI revolution, and highlights practical strategies for building AI expertise.
Exclusive ChatGPT and the accounting profession: a transformation in the early stages
  • Article
  • 31 Jul 2024
The article focuses on the transformative potential of generative artificial intelligence (AI), particularly ChatGPT, in the accounting profession. Topics include its impact on accountants through automation and efficiency, the common use cases in accounting workflows, and the risks associated with misinformation, bias, privacy, and plagiarism.
Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

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Useful links

Links to guidance and information from external websites on artificial intelligence.
Generative AI and the future of the legal profession
  • Website
  • 13 Jul 2023
A LexisNexis July 2023 report into the views of UK legal professionals on using artificial intelligence (AI) tools within their firms. The report's findings included that clients want their law firms to adopt AI tools sooner than the latter think. Requires free registration to access.
Big data, artificial intelligence, machine learning and data protection
  • Website
  • 04 Sep 2017
This discussion paper looks at the implications of big data, artificial intelligence (AI) and machine learning for data protection, and explains the ICO’s views on these.
Deloitte: Automation
  • Website
  • 19 Jan 2017
Deloitte Automation hub - news, features, reports and case studies on artificial intelligence, robotic process automation and process digitalisation.
UK strategy and plan for 5G & Digitisation
  • Website
  • 10 Jan 2017
Interim report of the Future Communications Challenge Group for the Department of Digital, Culture, Media & Sport. 5G will support the growth in mobile data demand, video communication demand and the full realisation of the Internet of Things.

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Free elearning on AI

ICAEW members can access four elearning modules examining AI, including Gen AI, its application and impact on the finance profession.
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Further resources

Support
Generative AI Guide

Explore the possibilities of generative AI in accounting through ICAEW's guide to Gen AI, covering use cases, risks, limitations, ethics and how to get started.

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Event
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AI and analytics live

Explore the vital role that data is playing at the intersection of the two most transformative topics facing organisations in a generation: AI and ESG.

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  • 15/10/2024 @09:30
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Helping finance professionals develop the advanced data analytics and visualisation skills needed to succeed in this insight-driven era.

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