A recent ICAEW article, How generative AI is set to disrupt finance, explored how generative AI (Gen AI) is poised to shake up the finance function in general, and accountancy in particular.

The article states: “In a report in June last year, Thomson Reuters described Gen AI as ‘disconcertingly competent’. Leading platform ChatGPT, it noted, has been trained in the US tax code and can therefore answer complex tax questions in a matter of seconds. With that in mind, the report said, accounting and auditing are among the vocations that many pundits and experts predict will be affected, disrupted and possibly transformed by Gen-AI.”

Knowing this, it is vital that we understand the benefits and the pitfalls of this technology. And what it means for our jobs.

The fundamentals of Gen AI

ICAEW has produced a Generative AI guide to help accountants get to grips with the different aspects of Gen AI.

If you’re new to this technology, Getting started with generative AI provides a good introduction. You’ll also be able to explore risks and limitations, opportunities and accounting use cases and Gen AI do’s and don’ts.

Plus, the guide contains case studies so you can see how other organisations, including ICAEW, are using generative AI in practice.

Recent Gen AI content

• How is generative AI different from older AI technologies? This is how it’s changing the game.
• If you’re using, or considering using, AI for audit, have a listen to this podcast.
• What happens when we rely too heavily on automation? Take a tip from Plato.
• Gen AI can be an ethical minefield. Hear the views of accountants who took part in our recent round tables on the topic and take a look at the Ethics section of the generative AI guide for our insights.
• Don’t let AI land you in hot water. In this article, you’ll find four things accountants should consider before using AI tools.
• Can AI co-pilots make your life easier? Here’s our practical guide.

Free elearning and AI grants

To give your CPD an even bigger boost, try our two free elearning modules. Each one takes 45 minutes to complete.

• Introduction to Generative AI
• Generative AI for Finance

Also, accountancy firms have until 18 August to apply for a government grant to help fund training their staff on AI. For more on how to apply and who is eligible, take a look at this article.

How to add to your CPD record