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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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EXAMPLES
Case studies Generative AI Guide
Case studies

Read our case studies on the use of generative AI in accounting.

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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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Check out our new generative AI courses

The latest generative AI modules in the ICAEW Finance in a Digital World elearning programme include: Introduction to generative AI, Generative AI for finance, and AI and cognitive computing. Ideal to help you get started using generative AI in your work.

These modules are free to access for ICAEW members and students and completion of modules can contribute to your verifiable CPD requirements.

Find out more

Generative AI articles

How AI is changing chartered accountancy
  • Article
  • 09 Dec 2024
As AI continues to transform the profession, ICAEW members discuss on video how they are capitalising on the technology to serve clients. Peter Hollis shares his thoughts on using AI in his practice.
Leading data-led decision making in local government
  • Article
  • 05 Dec 2024
Finance professionals are pivotal in ensuring local authority decisions on service delivery are grounded in robust data analysis. CIPFA’s Iain Murray outlines the role of finance teams in ensuring data-led decision-making and the skills required for success.
What to expect from 2025
  • Article
  • 04 Dec 2024
We share predictions for the key trends and events that will shape life in the accountancy profession.
The ABCD+ of technology: data
  • Article
  • 04 Dec 2024
In the fifth of our series on the biggest tech trends, ICAEW’s Head of Tech Ian Pay gives us the lowdown on data.
Free CPD: Get to grips with AI
  • Article
  • 28 Nov 2024
What is (and isn’t) artificial intelligence (AI)? What are the different types of AI and what benefits can they deliver in finance? These CPD-verifiable practical resources will help you expand your AI knowledge as well as providing the latest thinking.
November cyber round-up
  • Article
  • 28 Nov 2024
This month we look at criminals’ latest techniques, the 10th birthday of Cyber Essentials, fraud risk in the utilities sector, and how an artificial intelligence grandmother has joined the fight against cybercrime.
Free CPD: sustainability reporting resources
  • Article
  • 26 Nov 2024
Do you want a high-level understanding of sustainability reporting requirements but don’t know where to start? This article explains how you can find verifiable CPD resources to bring you up to speed.
The most desired skills for AI-assisted accountants
  • Article
  • 20 Nov 2024
Speaking to recruiters and partners, we break down the types of skills that firms are trying to develop and attract, including an understanding of AI implementation and its limitations.