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Artificial intelligence

Expand your Accounting Intelligence with ICAEW's practical AI resources

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Case studies
AI using computer
Guarding against the AI cyber crimewave

Types of AI: how are they classified?

In his second article, BDO’s Paul Ekwere explains how types of AI differ, providing a deeper introductory understanding of AI categorisations and how they can be used in the profession.
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Article

AI skills gap is a ticking time bomb

Estimates predict that with the adoption of AI technology, 40% of the workforce will need to re-skill in the next three years. So what’s the risk of losing your competitive edge if you fail to upskill your staff?
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Guidance

Generative AI guide

The guide acts as an introduction to generative AI and provides information on topics such as how to get started, opportunities and possibilities, governance, and ethics.
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Podcast

Guarding against the AI cyber crimewave

In this episode of Behind the Numbers, we discuss how the use of new technologies by criminals is putting businesses at risk.
Listen now

Videos: AI Masterclasses

Masterclass 1: Improving audit documentation
  • 30 Oct 2024
Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK explains how generative AI can be used for practice members to better understand and document a client’s sales process.
Masterclass 2: Setting better performance objectives
  • 30 Oct 2024
Jenny Blewett FCA, Head of Finance at Costello Medical talks about how she uses generative AI to help her set performance objectives for her and her team.
Masterclass 3: Making audit sampling more efficient and effective
  • 13 Nov 2024
Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK outlines how generative AI can help members in practice ensure that audit sampling is being handled correctly.
Masterclass 4: Understanding differences in reporting standards
  • 20 Nov 2024
Jenny Blewett FCA, Head of Finance at Costello Medical shows how she has used generative AI to help her transition from reporting under IFRS to UK GAAP.
Masterclass 5: Moving from Excel to Power BI formulas
  • 30 Oct 2024
Jenny Blewett FCA, Head of Finance at Costello Medical explains how she used generative AI to help her move data from Excel to Power BI to give senior management a very different view of debt risk.
Masterclass 6: Reviewing control processes
  • 31 Oct 2024
Jenny Blewett FCA, Head of Finance at Costello Medical talks about how she used generative AI to help check her firm’s banking controls when she was new in post.
View all masterclasses

Understanding AI

Types of AI: how are they classified?
  • Article
In his second article, BDO’s Paul Ekwere explains how types of AI differ, providing a deeper introductory understanding of AI categorisations and how they can be used in the profession.
Understanding AI: what is – and isn’t – artificial intelligence?
  • Article
An in-depth awareness of AI is no longer the preserve of data science professionals or technology enthusiasts. In the first of two articles, BDO’s Paul Ekwere explains what AI actually is – and what it isn’t.
AI is here to stay – the profession must embrace it, responsibly
  • Article
ICAEW has produced a host of new resources for members looking to learn more about how to use AI. Iain Wright, ICAEW Managing Director, Reputation and Influence, explains why the time is right to take that step.
Glossary of generative AI terms
  • Article
Discover the key technical terms associated with generative AI and their meaning.
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Generative AI

Masterclass 4: Understanding differences in reporting standards
  • Article
  • 20 Nov 2024
Jenny Blewett FCA, Head of Finance at Costello Medical shows how she has used generative AI to help her transition from reporting under IFRS to UK GAAP.
Free CPD: generative AI
  • Article
  • 13 Nov 2024
Generative AI is transforming many industries, including accountancy, but are you keeping up? These free CPD-verifiable articles will introduce you to the basics of generative AI, ways it can support you in your role and the pitfalls to watch out for.
Masterclass 3: Making audit sampling more efficient and effective
  • Article
  • 13 Nov 2024
Konrad Bukowski-Kruszyna ACA, Head of Audit Data Analytics, RSM UK outlines how generative AI can help members in practice ensure that audit sampling is being handled correctly.
Government tests AI chatbot for tax and other questions
  • Article
  • 12 Nov 2024
Following an initial phase of testing, up to 15,000 people will now be able to ask the government’s generative artificial intelligence (AI) chatbot for help and information on business rules and support, including tax, as part of the current testing phase.
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AI skills for accountants

AI skills gap is a ticking time bomb
  • Article
  • 13 Nov 2024
Estimates predict that with the adoption of AI technology, 40% of the workforce will need to re-skill in the next three years. So what’s the risk of losing your competitive edge if you fail to upskill your staff?
AI masterclasses
  • Listing
  • 30 Oct 2024
ICAEW members show how they use artificial intelligence tools to make their day-to-day work more efficient and effective
Partnering effectively with AI, part 1: choosing a solution
  • Article
  • 16 Oct 2024
Before you can think about partnering with an AI tool, you will need to have a clear understanding of which use case(s) you want it to answer.
Partnering effectively with AI, part 2: evaluation in use
  • Article
  • 13 Nov 2024
Reviewing the outputs of your chosen AI tool on a rolling basis will form the foundation of effective partnering – and help you to fine-tune the software’s performance.
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Training

Innovating finance with AI
  • Course
A guide to digital technologies and their impact. This immersive course empowers accountants with strategies to implement key technologies like automation, AI and advanced analytics.
Generative AI for finance
  • eLearning module
Explore predictions where generative AI could disrupt finance, the value these solutions could deliver and the impact this could have on workers across finance.
Introduction to generative AI
  • eLearning module
Generative AI has the power to transform the way we work, learn and interact with technology. Discover what generative AI can do, how it works and how it differs from 'traditional' AI.
How to get started with AI
  • eLearning module
Understand the next steps to take on your journey to explore artificial intelligence and cognitive computing, and begin to think about the opportunities for your own organisation, through this video in our eLearning module.
Browse ICAEW courses

Use cases

AI use cases: eight ways AI can help
  • Article
  • 29 Oct 2024
AI can be used for a variety of tasks to assist accountants in business and practice. Here are eight ways in which AI can help increase productivity and efficiency in finance and accounting teams.
AI: It’s only as good as the data you feed it
  • Article
  • 30 Oct 2024
Without a well-managed body of subject-specific data at its core, an AI tool in your firm will not be able to help your clients properly, an insolvency practitioner explains.
How we applied AI to combat modern slavery
  • Article
  • 10 Jun 2024
The iEARTHS project is a causal AI system designed to tackle modern slavery. David Wray, ICAEW member and one of its creators, explains the considerations that went into its development.
AI in audit: the good, the bad and the ugly
  • Podcast
  • 30 May 2024
In this Insights In Focus episode, we discuss the use of artificial intelligence in audit.
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Managing risks

Support on managing the potential risks and ethical challenges of AI.

How to make AI work for risk and compliance
  • Article
  • 20 Nov 2024
Accounting intelligence case study: risk-management company Cential has developed several use cases for AI in the governance, risk and compliance space, with controls to ensure privacy and accuracy.
BDO’s Ethics Watermark tackles AI’s new frontier
  • Article
  • 13 Nov 2024
BDO senior leaders reveal to ICAEW members how the firm’s ‘ethics by design’ framework is meeting the artificial intelligence challenge.
AI and ethics: could finance become too reliant on AI?
  • Article
  • 06 Nov 2024
As AI is more widely adopted, researchers are concerned that finance teams might farm out too many tasks to the technology at the expense of professional judgement and scepticism.
AI: It’s only as good as the data you feed it
  • Article
  • 30 Oct 2024
Without a well-managed body of subject-specific data at its core, an AI tool in your firm will not be able to help your clients properly, an insolvency practitioner explains.
More

Limitations of AI

Over-reliance on automation: a cautionary tale from Plato
  • Article
  • 27 May 2024
The dangers of too much tech are not a new concern – Konrad Bukowski-Kruszyna explains why accountants can take a sceptical cue from the ancient Greeks when it comes to AI.
AI in audit: the good, the bad and the ugly
  • Podcast
  • 30 May 2024
In this Insights In Focus episode, we discuss the use of artificial intelligence in audit.
Don't let AI tools land you in hot water
  • Article
  • 12 Feb 2024
In this article we cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT.
Exclusive Don’t expect too much from AI, after all, it’s not only human…
  • Article
  • 04 Jul 2023
Whether you consider AI to be the beginning of the end for the human race, or a massive opportunity to improve all aspects of life and work, it’s been hard to ignore it recently. In this example Simon Hurst seeks the help of ChatGPT with a simple calculation and receives answers that are worrying, impressive and puzzling, all at the same time.
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Articles Recordings
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Industry press

The Library & Information Service provides a hand-picked collection of industry press articles on artificial intelligence as a benefit of ICAEW membership.
Exclusive Business valuation (BV) experts embrace AI, see its promise
  • Article
  • 01 Sep 2024
A poll at the recent AI in Business Valuation virtual conference revealed 87% of business valuation professionals have explored the use of AI in their practices, with many believing it will significantly impact how they work in the longer term. The article includes an overview of AI and provides examples of how the technology is being used by valuation professionals. Assessing the impact of AI on a subject company being valued is also discussed together with the use of AI in marketing a practice.
Exclusive Reconciling IP strategy and AI
  • Article
  • 01 Sep 2024
Today, businesses face the challenge of adapting their intellectual property (IP) strategies in response to rapid advancements in artificial intelligence (AI). This article explores several aspects of this challenge, and puts forward a number of suggestions as to how it might be successfully navigated.
Exclusive How to train an AI-enabled workforce - and why you need to
  • Article
  • 08 Aug 2024
As artificial intelligence (AI) is adopted within organisations, there is a need for employee training in how to use AI tools most effectively. This article underscores the importance of upskilling workers for the AI revolution, and highlights practical strategies for building AI expertise.
Exclusive ChatGPT and the accounting profession: a transformation in the early stages
  • Article
  • 31 Jul 2024
The article focuses on the transformative potential of generative artificial intelligence (AI), particularly ChatGPT, in the accounting profession. Topics include its impact on accountants through automation and efficiency, the common use cases in accounting workflows, and the risks associated with misinformation, bias, privacy, and plagiarism.
Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

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Useful links

Links to guidance and information from external websites on artificial intelligence.
The State of AI
  • Website
  • 30 May 2024
Annual McKinsey Global Survey on AI - "As generative AI adoption accelerates, survey respondents report measurable benefits and increased mitigation of the risk of inaccuracy. A small group of high performers lead the way."
Generative AI and the future of the legal profession
  • Website
  • 13 Jul 2023
A LexisNexis July 2023 report into the views of UK legal professionals on using artificial intelligence (AI) tools within their firms. The report's findings included that clients want their law firms to adopt AI tools sooner than the latter think. Requires free registration to access.
Artificial Intelligence sector study 2022
  • Website
  • 29 Mar 2023
An analysis of the UK’s AI sector, including figures on size, employment, revenue and investment.
National AI strategy
  • Website
  • 18 Dec 2022
Document outlining the Government's long term strategy for developing AI

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

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Free elearning on AI

ICAEW members can access four elearning modules examining AI, including Gen AI, its application and impact on the finance profession.
Start now
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Further resources

Support
Generative AI Guide

Explore the possibilities of generative AI in accounting through ICAEW's guide to Gen AI, covering use cases, risks, limitations, ethics and how to get started.

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Event
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AI and analytics live

Explore the vital role that data is playing at the intersection of the two most transformative topics facing organisations in a generation: AI and ESG.

Find out more More tech events
  • From £60+VAT
  • 15/10/2024 @09:30
ICAEW Community
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Data Analytics

Helping finance professionals develop the advanced data analytics and visualisation skills needed to succeed in this insight-driven era.

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  • Free and open to everyone