Why AI regulation must be stepped up
Artificial Intelligence offers exciting potential benefits to the audit profession, but without regulation it risks creating as many problems as it does solutions, warn Andrew Moyser and Mark Lumsdon-Taylor.
Artificial intelligence
Discover more about the impact of artificial intelligence and the opportunities it presents for the accountancy profession.
In this section
Features and articles
Autumn Statement: short-term gain, medium-term loss
The Autumn Statement included several measures that are welcome news for businesses, but the medium-term outlook looks less positive.
Regulatory Update October 2023
The following is a list of some regulatory publications or announcements from October 2023 affecting UK financial services.
ICAEW cyber round-up: October 2023
This October marks the 20th anniversary of Global Cyber Security Awareness Month. In this round-up, we look at how cyber threats have evolved over the years and what this means for businesses and finance professionals.
Reports
Sharpening the Focus on Corporate Fraud: an Audit Firm Perspective
A snapshot of the steps being taken by audit firms to better facilitate fraud deterrence and detection.
The essential guide to audit tech
There has never been a more exciting time to explore the transformative potential of technology in relation to audit. Tech advances are helping to improve the performance of audit, making it more insightful and informing better conversations in audit teams and with clients.
Risks and assurance of emerging technologies
Cognitive and automation technologies such as artificial intelligence (AI) have drawn a great deal of interest, but also concern about the potential for bias and misuse. ICAEW’s Tech Faculty examines the risks associated with the adoption of emerging technology and how these risks can be tackled through internal controls and assurance.
AI in Corporate Advisory
The Corporate Finance Faculty and Drooms have published the world’s first research about the role of artificial intelligence in deals.
Webinars and recordings
Generative AI: A Powerful Tool for Charities. Navigating the opportunities and safeguarding against risk
2023 has heralded an ‘AI boom’ following advancements in computing and AI technology. ChatGPT has become the fastest growing app in history – bringing Generative AI to the handsets and desktop of the general public. This on-demand ICAEW Charity Community webinar examines the ‘why’ and ‘what next’ for charities and advise how to take advantage of the benefits of greater AI adoption, whilst safeguarding against key risks.
Ethical decision making and the challenges of AI
A group of international experts discuss the benefits and potential pitfalls of artificial intelligence becoming an integral part of the accountancy profession.
Introduction to AI Standards
Understand how AI Standards, regulation and assurance combine to build and support industry and society.
ChatGPT, corporation tax and FRED 82
On the latest ICAEW Insights podcast, we examine how recent developments are affecting the accountancy profession.
Disclaimer: The opinions expressed by external guest speakers in interviews or other publications included on this website are, by their nature, those of the speaker. They are not necessarily fully endorsed by the ICAEW or purport to reflect the official policies and views of the ICAEW or its members.
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Industry press
The Library & Information Service provides a hand-picked collection of industry press articles as a benefit of membership. If you are unable to access an article, please see our Help and support or contact library@icaew.com
The ChatGPT Artificial Intelligence Chatbot: How well does it answer accounting assessment questions?
Using data from 14 countries and 186 institutions, the authors compare ChatGPT and student performance for 28,085 questions from accounting assessments and textbook test banks. As of January 2023, ChatGPT provided correct answers for 56.5% of questions and partially correct answers for an additional 9.4% of questions. The article provides evidence of how ChatGPT performs on different question types, accounting topics, class levels, open/closed assessments, and test bank questions. The implications for accounting education and research are also discussed.
Generative AI in accounting applications
The article provides a high-level outline of steps showing how an accountant can talk to ChatGPT to produce an accounts receivable report. Includes a table of do's and don'ts when using ChatGPT for automating tasks.
At the crossroads: generative AI and corporate risk management
This study aims to identify the risks to corporate reputation presented by deepfakes and how to manage them. While deepfakes have been the subject of intense interest, to the best of the author’s knowledge, this is the first attempt to look at the problem from the perspective of corporate enterprise risk.
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Useful links
Generative AI and the future of the legal profession
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.
State of AI in the Enterprise
Deloitte's fifth edition of the survey of executives to their sentiments and practices regarding AI technologies.
See also: 4th edition; 3rd edition; 2nd edition.
Establishing a pro-innovation approach to regulating AI
Policy paper from the Department for Digital, Culture, Media & Sport, Department for Business, Energy & Industrial Strategy, and Office for Artificial Intelligence on the UK's emerging approach to AI regulation.
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