In our report Artificial intelligence and the future of accountancy, Kirstin Gillon, from ICAEW’s Tech Faculty, looks at the rise of artificial intelligence, its impact on the accountancy profession and how it can be utilised by accountants.

Artificial intelligence systems can be very powerful and are improving quickly. They provide outputs that can be extremely accurate, replacing and, in some cases, far superseding human efforts. However, they do not replicate human intelligence. We need to recognise the strengths and limits of this different form of intelligence, and build understanding of the best ways for humans and computers to work together.

Although artificial intelligence techniques such as machine learning are not new, and the pace of change is fast, widespread adoption in business and accounting is still in early stages. To build a positive vision of the future, we need to develop a deep understanding of how artificial intelligence can solve accounting and business problems, the practical challenges and the skills accountants need to work alongside intelligent systems.

ICAEW has long-standing expertise in technology-related issues, drawing on the experience across many aspects of business, finance and accounting, and will focus on building understanding of the practical use of artificial intelligence across business and accounting activities today and in the near future.

Watch the recording of IT Faculty's event Artificial intelligence – what does it mean for the future of accountancy?, in which artificial intelligence expert Professor Moshe Vardi discusses the growth of artificial intelligence and its impact on the accounting profession.

• Download the full report on artificial intelligence and the future of accountancy
• Read the Corporate Finance Faculty white paper AI in Corporate Advisory – investment, M&A and transaction services