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ARTIFICIAL INTELLIGENCE

Generative AI Guide

Explore the possibilities of generative AI in accounting

Artificial intelligence resources

Welcome to the ICAEW generative AI guide

Michael Izza, ICAEW Chief Executive:

“Technology is evolving fast and is impacting the role of accountants. Our profession must continue to engage with technological change and ask the relevant questions so that we can embrace the opportunities and manage the risks.

Artificial intelligence is already helping improve the efficiency and quality of our work, including through automating administrative tasks and helping identify fraud and audit risks. Now, generative AI can provide opportunities for further improvements.

Among all the hype, accountants must remain grounded and seek to build their understanding of this new technology, including its basic principles, applications, limitations and ethical considerations.

This guide has been developed by ICAEW Tech with input from other technical experts, to help you explore the use of generative AI, including identifying opportunities for where it can be used effectively. I hope you will find it a useful resource on your generative AI journey.”

Introduction

Generative AI: A brief introduction

Generative AI: A brief introduction

  • Article
  • 18 Sep 2023
Artificial intelligence (AI) is evolving fast and its ability to imitate human capabilities is increasingly impressive, especially with developments in generative AI.
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Generative AI guide topics

POSSIBILITIES
Opportunities and accounting use cases GENERATIVE AI GUIDE
Opportunities and accounting use cases

Learn how generative AI can help accountants with a range of internal activities.

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RISKS
Risks and limitations GENERATIVE AI GUIDE
Risks and limitations

Find out the risks and limitations of generative AI, as well as suggestions on how to manage them.

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HOW TO
Getting started GENERATIVE AI GUIDE
Getting started

Discover the actions to take when exploring the use of generative AI.

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WHAT TO CONSIDER
Using generative AI Generative AI Guide
Using generative AI

Find out what things you should consider when implementing and using generative AI.

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PROMPT ENGINEERING
Prompt engineering Generative AI Guide
Prompt engineering

Learn more about prompt engineering and its importance in generative AI usage.

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ETHICS
Generative AI and ethics Generative AI Guide
Generative AI and Ethics

Learn about what ethical considerations to keep in mind when using generative AI.

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LEGAL
Legal considerations Generative AI Guide
Legal considerations

Find out about the legal and regulatory issues you should take into account when using generative AI.

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SECURITY
Cyber security and generative AI Generative AI Guide
Cyber security and generative AI

Discover the cyber security implications of using generative AI.

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USAGE
Do's and don'ts Generative AI Guide
Do's and Don'ts

Find a summary of recommended do’s and don’ts when using generative AI.

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TERMINOLOGY
Glossary of generative AI terms Generative AI Guide
Glossary of generative AI terms

Learn about the key terminology used in generative AI.

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Generative AI articles

Exclusive AI Powered Leadership: The Future of Chartered Accountancy
  • Article
  • 25 Sep 2023
In this article, Michelle Howard, a skilled leadership and marketing consultant with extensive experience advising and training professional sector firms, discusses how leaders should be prepared to embrace the introduction of Artificial Intelligence (AI) into the sector. She contends that leaders should think now about adopting a clear strategy and policy of implementation, recruit staff who will be able to deal with AI in the future and train existing staff to become creative leaders in the age of AI.
Legal considerations
  • Article
  • 19 Sep 2023
Dr Sam De Silva, Partner and Global Co Head of the Commercial Practice Group at international law firm, CMS Cameron McKenna Nabarro Olswang LLP (CMS) and member of the ICAEW Tech Board, shares his thoughts on the legal and regulatory issues you should consider when using generative AI in your organisation.
Glossary of generative AI terms
  • Article
  • 18 Sep 2023
Discover the key technical terms associated with generative AI and their meaning.
Do's and don'ts of generative AI
  • Article
  • 18 Sep 2023
Find out what you should and shouldn't do when it comes to using generative AI.
Cyber security considerations when using generative AI
  • Article
  • 18 Sep 2023
When considering the implementation of generative AI into your organisation, it is important to consider the risks that LLMs present to your organisation’s cyber security.
Generative AI and ethics
  • Article
  • 18 Sep 2023
Learn about what ethical consideration to keep in mind when using generative AI.
Prompt engineering
  • Article
  • 18 Sep 2023
One of the key topics of discussion around generative AI is prompt engineering; how to ask LLM bots the right questions to get the detailed and accurate response you are looking for.
Using generative AI
  • Article
  • 18 Sep 2023
Discover what things you should consider when implementing and using generative AI.