Six Ways Gen AI Will Shape Accounting Firms’ Workforces 

The term “generative AI” is often associated with tools like ChatGPT and DALL-E. It refers to artificial intelligence that uses existing data to create new content. For casual users, it might mean asking a Gen AI tool to create a new image or text.  

In accounting and other professions, Gen AI has an important and growing role. Gen AI tools built specifically for the audit and accounting profession can streamline document summaries and information review. This can lighten the load of trained professionals whose skills are better used to perform higher-level work. 

Let’s look at how Gen AI is changing the accounting profession.   

Support junior staff learning 

A purpose-built Gen AI model can have an embedded understanding of audit practice and standards. It can therefore support on-the-job learning of junior accounting and audit staff. While professional mentors and team-building initiatives remain cornerstones of training, Gen AI can deliver real-time insights and knowledge young staff need.  

Gen AI can be a source of quick reference for complex concepts, industry standards and regulatory requirements. This is particularly helpful when a client’s business falls into an uncommon regulatory niche and junior audit staff don’t yet have the experience to know all the rules that apply to them. 

Guide young auditors 

That quick reference is also vital to young members of your auditing teams. In the fast-paced world of accounting, there’s not always time to research issues in-depth. A mentor or more senior team member isn’t always on hand to offer advice and guidance. Gen AI can answer questions in real time, providing a useful quick check for procedures and regulations. It can help young auditors confirm their own knowledge or discover key information about an issue.   

Recruit young audit talent  

The use of Gen AI can attract young audit talent to firms. With the ongoing accounting talent shortage, firms need an edge to convince young professionals to work for them. If a firm uses advanced technology, it shows a commitment to innovation. This is something new professionals value.  

Young professionals also want to take advantage of technology that reduces repetitive tasks and allows them to exercise their higher-level skills. New accounting graduates don’t want to experience a few first years of practice where they are stuck doing manual tasks that don’t use the full breadth of their knowledge and enthusiasm. Using Gen AI shows firms value technology, want to support their new professional hires and free up their time so they can perform engaging work. 

Focus on strategic planning and critical thinking 

Gen AI can handle more mundane tasks, such as summarizing lengthy reports, or pulling key numbers from contracts. This means firms can use their audit talent to focus more on strategic planning and critical thinking. More and more clients expect accountants to provide high-level financial advice and analysis. With the support of Gen AI, accounting professionals can give the high-level service clients expect.   

Development of prompting skills and regulatory compliance expertise 

As purpose-built Gen AI tools specific to accounting practices appear, there is an increased need for auditors to master prompting skills so AI tools deliver quality outputs. Auditors have to know how to use AI tools effectively to get the best results and also understand where Gen AI might not offer the best results.   

Regardless of how sophisticated AI might become, it remains the role of accounting professionals to ensure its use is ethical, effective and within the bounds of regulatory compliance. Firms therefore should focus on managing AI so the technology continues to support firm goals. 

Verification of AI outputs 

Staff are the ultimate arbiters of whether Gen AI output is valid. As the technology isn’t going to deliver quality outputs every time, a human check is always necessary. This opens up a new set of responsibilities for team members who use AI. They have to make sure the outputs are not only correct but comply with regulatory standards.  

Gen AI can help shape the future of accounting 

Gen AI is poised to be an essential tool for accounting firms, but it can’t and won’t replace auditors. It will free up your skilled accounting staff to perform higher-value work. Consider how Gen AI can enhance your workflow in a secure environment.  

Caseware AiDA is a Gen AI digital assistant built specifically to help firms tackle unique audit and accounting challenges. It understands the nuances of auditing and fits easily into existing workflows, improving efficiency and quality. Caseware AiDA does not retain prompts or feed them back into its language model, ensuring the highest standards of data security and compliance are met. Discover how Caseware AiDA can enhance your practice by scheduling a free demo today.