Accountants’ wariness of AI may spell trouble

BVWireIssue #259-1
April 3, 2024

practice management and growth
valuation practice management, information technology, artificial intelligence

Although accounting professionals see big changes ahead for their profession due to artificial intelligence, a significant proportion see no use case for AI in either their private or professional lives, according to a new study in AccountingToday. A combination of the profession’s conservative approach to new technology and the perceived risks of AI are holding the profession back compared to its rivals. Other financial services sectors, such as wealth management, banking, fintech, and insurance, are adapting to generative AI at a “much faster rate, raising the risk of outside disruption if the accounting profession cannot evolve and adapt in time,” the study says. In other words, clients will go elsewhere if the accounting profession does not optimally embrace AI. The key to overcoming the profession’s hesitancy about AI is more education about the technology and clear rules for its use by way of standards and regulatory oversight.

Extra: The ASA will host a virtual symposium on AI in the valuation profession on June 27 that will include two panel discussions: Introduction to AI and The Intersection of AI and USPAP. For more details and to register, click here.

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