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1906-CB_UG

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7 views5 pages

1906-CB_UG

Uploaded by

Thao Lam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Proposal Title

The Usage of Artificial Intelligence by Accounting Professionals


– An Initial Study

Project Summary

This project is an initial study to investigate the usage of Artificial Intelligence (AI) in

current accounting practices. I plan to discover commonly used AI technologies, related

accounting standards, and typical cases. I expect that AI software such as ChatGPT, Microsoft

Copilot, and Google Bard are being used by accounting professionals. My findings provide

accounting professionals and educators with a better grasp of the function and implications of

AI.

Project Narrative

Artificial Intelligence (AI) is transforming the accounting profession by automating

routine tasks, improving accuracy, and helping accountants make better, more strategic

decisions. However, bringing AI into accounting isn't simple. It involves dealing with complex

AI technology, the need for big investments in new technology and training, and concerns about

keeping information safe.

In the real world, AI is already making a significant impact on accounting. Leaders in the

accounting profession are actively discussing the implications of AI and developing best

practices to achieve its full benefits. Moreover, there is an increasing curiosity about how

accountants feel about and experience this shift towards AI, showing that the accounting world

is actively embracing the changes brought by AI.

Literature review: Artificial intelligence (AI) is increasingly being integrated into the
accounting profession. At first, AI can input and match data, reconcile receipts, create invoices,

track price changes, and sort transactions (Thomson Reuters June 2023; Lazanis September

2023). In addition, AI can quickly analyze large datasets to detect patterns, trends, and

anomalies, which aids decision-making processes (Quantic March 2023). Finally, AI can

predict future trends based on historical data, assisting in financial forecasting (Aspire System

2023).

Both accounting professionals and educators have a favorable outlook on AI and believe

it will improve work performance by decreasing repetitive tasks and the risk of human error

(Holmes and Douglass 2022). The wider application of AI in accounting is expected to enhance

efficiency, productivity, and accuracy. However, this advancement comes with its own set of

challenges, including issues like income and wealth inequality, the risk of jobs being replaced,

and the demand for a workforce that is skilled in these new technologies (Hasan 2022).

To sum up, previous studies emphasize how AI can really change the game for accounting.

They talk about the benefits that can come from using AI, the difficulties that need to be

overcome, and what all of this means for the world of accounting.

Goals of the project: My study explores how AI is changing the world of accounting. It

aims to uncover how these technologies can make accounting more accurate and efficient.

Additionally, it seeks to identify the difficulties of using them effectively, highlighting both the

opportunities and challenges it presents. As a result, this project attempts to provide a

comprehensive understanding of AI’s role in modern accounting.

Methods: My preliminary research plan calls for three distinct types of analysis:

1. Identification of commonly used AI technologies within accounting departments


of companies or CPA firms.
2. Examination of relevant U.S. accounting standards (U.S. GAAP) related to AI
practices.
3. Investigation of two or three case studies involving U.S. companies or CPA firms
to gather real-world examples of AI technology application by accounting
professionals.

Contributions to the field: My study investigates how Artificial Intelligence (AI) is

changing the way accounting work is done. It aims to extend our understanding of AI's

application in this field, examining its compliance with accounting standards and the benefits

of being utilized. Therefore, my study is incredibly useful for accounting professionals and

educators, offering them a deeper understanding of AI's role and impact. In the long run, this

research could help the accounting field stay up-to-date with new technologies. It also makes

the topic of AI in jobs easier to grasp, showing why it's important for all kinds of work.

Reference

Aspire System. 2023. AI is playing a crucial role in accounting and finance – here’s why. Aspire
System. AI is playing a crucial role in accounting and finance (aspiresys.com)

Hasan, A.R. 2022. Artificial Intelligence (AI) in Accounting & Auditing: A Literature Review.
Open Journal of Business and Management 10 (1): 440-465.

Holmes, A.F. and A. Douglass. 2022. Artificial intelligence: Reshaping the Accounting
Profession and the Disruption to Accounting Education. Journal of Emerging Technologies in
Accounting 19 (1): 53-68.

Lazanis, R. September 2023. AI in Accounting: A Guide Written by Artificial Intelligence.


Future Firm. AI in Accounting: A Guide Written by Artificial Intelligence (futurefirm.co)

Quantic March. 2023. The Unquestionable Benefits Of AI In Accounting & Finance for 2024.
The Quantic Blog. The Unquestionable Benefits Of AI In Accounting & Finance for 2024 (quantic.edu)

Thomson Reuters. June 2023. Staying up to speed with artificial intelligence in accounting.
Thomson Reuters. Staying up to speed with artificial intelligence in accounting (thomsonreuters.com)
Time Line

This project's time line is acceptable, and I am confident that I will be able to complete it

within the time frame specified.


Aug' Sept' Oct' Nov' Dec' Jan' Feb' Mar' Apr' May
Activity
23 23 23 22 23 24 24 24 24 24
Read relevant literature and
X X X
online resources.
Identify AI technologies in
X X X
accounting practices and find
related accounting standards.
Also perform case studies. May
submit the abstract to the
National Conference on
Undergraduate Research.
Further revise the abstract and
X
submit it to the Oklahoma
Research Day.
Complete the poster.
X
Present the research findings at
X
the Oklahoma Research Day.
May present the research
X
findings at the National
Conference on Undergraduate
Research.

Budget Justification

I would like to request $500.00 for my 2024-2025 RCSA budget. The estimated budget
will be used to compensate for the purchase of AI software and traveling expenses for
presentations at the National Conference on Undergraduate Research and the Oklahoma
Research Day:
• Six-month subscription for ChatGPT 4: Total price of $120 ($20 subscription fee per
month)
• Trip to the Oklahoma Research Day: estimated gas cost of $30 and meal cost of $20.
• The remaining expenses may be used to purchase additional AI software or be
compensated for various expenses such as taxi, meals, and others for the trip to the
National Conference on Undergraduate Research.

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