Understanding generative AI (GenAI) is crucial for modern accounting practices. AI technologies are rapidly transforming the processing, analysis, and reporting of financial data. According to the Big 4 accounting firm EY, “75% of wealth and asset managers are already building or mobilizing GenAI teams” (EY). Incorporating AI allows accounting professionals to enhance efficiency, reduce errors, and gain deeper insights into financial data. This assignment aims to give you a foundational knowledge of generative AI and its applications in accounting.
Required: To complete this assignment, students will need to create a free OpenAI account to access ChatGPT.
Learning objectives
- Demonstrate a foundational understanding of Generative AI, including its advantages and limitations for accounting purposes.
- Articulate the differences between generative AI and other forms of AI.
- Analyze real-world applications of generative AI in accounting and evaluate their potential impact on the profession.
- Discuss future trends and practical steps for implementing AI in accounting.
Suitable courses: AIS; data analytics
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