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– Urging Auditors to Enhance AI Understanding: Insights from Software Developers

When asked what advice they had for accountants in 2024, there is one thing that company after comp…

In the upcoming year, software designers within the finance solutions sector are poised to heavily invest in artificial intelligence (AI), with many already integrating these technologies into their product offerings. AI is set to play a pivotal role in various areas such as planning and forecasting, content creation, workflow automation, document management, and research as outlined in the engineering plans for 2024. The impact of AI on the industry has been substantial thus far, with further advancements anticipated in the near future. Consequently, the consensus among many is that familiarizing oneself with AI is paramount for auditors in 2024.

While becoming proficient in AI development or coding intricate models may not be obligatory, acquiring a foundational comprehension of AI and its applications is deemed essential as technology evolves. Even for those who may not directly utilize AI, interactions with colleagues and clients who do necessitate a basic understanding of its functionalities and implications across various domains like tax, accounting, and beyond.

Recommendations from companies advise accountants to explore tools like ChatGPT to uncover potential efficiencies that could streamline existing processes, thereby enabling professionals to focus on value-added tasks. The integration of AI into current workflows is also encouraged to enhance productivity and resource allocation.

Furthermore, software vendors underscore the significance of honing AI skills in 2024, emphasizing the need for auditors to embrace technological advancements. Apart from endorsing their products and services, the broader tech advice for auditors includes adapting to AI trends and leveraging its capabilities to stay competitive in the evolving landscape. While AI remains a focal point in these discussions, the emphasis is on cultivating a comprehensive understanding of AI’s role in reshaping professional practices across the industry.

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Last modified: January 2, 2024
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