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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

Co-pilots: winging their way to you
  • Article
  • 23 Apr 2024
A new generation of digital assistants are promising accountants enhanced speed, accuracy and efficiency, but will they live up to the hype?
Members needed to shape guidance on AI ethics
  • Article
  • 28 Mar 2024
ICAEW is developing CPD modules on artificial intelligence and ethics – and would like your input on their structure.
Exclusive A practical application of AI: Building a Technical Director GPT
  • Article
  • 27 Mar 2024
Dudley Gould, VP of Business Development at Circit, explores how ChatGPT can be used to build a customised technical GPT and discusses how and when accountants and auditors might use generative AI.
Exclusive The role of Internal Audit in ethical AI
  • Article
  • 21 Mar 2024
As AI progresses and gains wider acceptance, ethical considerations become increasingly significant. AI introduces ethical challenges across various domains, including democracy, justice and diversity and inclusion. This article explores these considerations, the associated risks, and the role internal auditors can play in promoting ethical conduct.
New £7.4m AI training fund open to accountants
  • Article
  • 19 Mar 2024
ICAEW is urging accountancy firms to sign up to a new £7.4m funding pot to help staff at small and medium sized businesses boost their artificial intelligence (AI) skills.
ICAEW/RQ tie-up aids integrated advisory
  • Article
  • 19 Mar 2024
RQ platform puts ICAEW members at the heart of a professional services eco-system that enables them to provide more integrated advice and support to their clients.
PwC adopts AI co-pilot for tax support
  • Article
  • 15 Mar 2024
AI assistant will provide support to more than 2,000 PwC employees in the UK, with further potential to plug directly into clients’ tax functions.
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.