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The power of digital

Understand the hype and impact of AI and machine learning on the accountancy profession. Explore the opportunities, ethical considerations, and accountability in this digital age. Prepare for the future of technology with education and training.

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The power of digital

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  1. The power of digital

  2. (Insert Presenter’s Name) • Machine Learning – More science than fiction

  3. Understanding the hype • What is AI? • Why does it matter to the profession? • Can we trust AI and machine learning? • AI and acting in the public interest: who is accountable? • Are AI and machine learning a threat to the accountancy profession? • How do we prepare for this future?

  4. Machine learning: more science than fiction • ACCA is keen to understand how tech is impacting the profession • So our report explains clearly what AI is • It cuts though the hype to reveal the opportunities ahead for the accountancy profession • It’s an unavoidable issue – the digital world is now the accountant’s world

  5. What is AI? What is machine learning? • AI is a phrase created in 1956 • AI is the ability of machines to exhibit human-like capabilities – thinking, understanding, reasoning or perception • It includes machine learning, deep learning, natural language processing, AI, data analytics and robotic process automation • It has the ability to make predictions / decisions based on the analysis of a large historical dataset

  6. So why does it matter to the accountancy profession? #1 • Because it could be about future necessity • Machine learning can add value to the work accountants do • It can generate valuable insights: detect fraud, assess risks, understand complexities in tax and create more effective non financial reporting • It can help with interpreting and communicating data

  7. So why does it matter to the accountancy profession? #2 • Ethical considerations are never far away • There could be unintended consequences ahead. • So accountants need to manage the risks • But there are opportunities ahead…

  8. Can we trust AI and machine learning? What it covers: • recommendation search engines • fraud identification • detecting and predicting machine failure • optimising options-trading strategies • diagnosing health conditions • speech recognition and translation • enabling conversations with chat-bots • image recognition and classification • spam detection - predicting everything from how likely someone is to click on an ad • identifying hospital admissions • autonomous vehicles

  9. Acting in the public interest: who is accountable? • Disclosure and the level of transparency have implications • The profession’s role is all about accountability, acting in the public good and delivering public value

  10. Are tech, AI and machine learning threats to the profession? No! • Now is the time to leverage the power of digital • It cannot replicate the full understanding and integrated thinking of which people are capable • Tech can’t build client relationships or lead successful teams • Tech doesn’t have emotional intelligence or ethical judgment • ….. but we can’t be complacent and we need to prepare for the future ahead

  11. How do we prepare for this future? The preparation equation • Through education, skills and training • We already examine digital across the ACCA Qualification – and we’re enhancing this offer • Digital is a vital professional quotient and our qualification ensures students are developed and assessed in digital • Data Analytics is in our Ethics and Professional Skills module • Digital is also in our CPD for members

  12. The ACCA Qualification: Preparing students for the digital

  13. It’s all about enhancing the digital quotient • ACCA works to ensure students and members are at the forefront of our chosen profession • Data analytics is now in ACCA’s Ethics and Professional Skills Module • And ACCA also partners with cutting-edge partners, such as Xero and Alibaba

  14. Concluding thoughts • All finance professionals should keep an awareness of how AI is evolving and be alert to how developments could overlap with their role • Discussions around machine learning and AI will continue • It’s a topic that will only grow in relevance • Some will embrace it. Others will fear it. • But only the reckless will avoid finding out more about it

  15. Concluding thoughts This is a truly transformative time, there are opportunities ahead for the profession to continue to add strategic value It’s about how the profession uses technology to be the strategic leaders who are trusted and in demand, the experts who can balance the digital world with the real one If there is one profession who can get this balance right, and really embrace the true power of digital, it’s accountancy

  16. Questions?

  17. For more information visit accaglobal.com

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