Accounting Theory And Contemporary Issues

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Questions:

You need to provide this information requested above in a report format in two stages as outlined below.

Evaluating information resources and research plan detailed instructions:

1) Based on the above scenario, answer the following questions:

  1. What is the purpose of your report?
  2. What is the audience for your report?
  3. What are the (key) decisions to be made?
  4. What information would help you to make these decisions?
  5. When you search for relevant information (in a database for example) what keywords will/are you using?

2) Identify 10 sources relevant to the project (e.g. journal articles, textbooks, websites etc.). At least 4 of these must be academic journal articles but there should be a variety of different sources used.

3) Complete a source analysis on 3 of the 10 sources with full bibliographic references. At least 2 of these sources must be academic journal articles. Refer to the source analysis template.

4) Provide a full plan of main and sub headings of the report (include appropriate numbering). Resources to help you understand these requirements and in particular the source analysis template are provided on Moodle, including explanatory documents, marking rubrics and slides (which accompany a presentation by your lecturer in week 2).

Answers:

Introduction

The main aim of the assignment is to research and argue a position about a contemporary issue in the accounting profession. The current segment explains the concept of Artificial Intelligence and justifying at the same time. While working for a large consulting firm, it is noted that several clients shows interest in the possible opportunities as well as threats that are generated from Artificial Intelligence. On the contrary, some of the clients feel that Artificial Intelligence may threaten their current business models. Therefore, Artificial Intelligence is properly explained in the study by highlighting its advantages and disadvantages in the accounting field (Travé-Massuyès 2014).

Defining Artificial Intelligence

“Artificial Intelligence” is explained as the capacity of machines as well as software for exhibiting or imitates a sense of cognitive intelligence (Tká? and Verner 2016). In addition, the idea behind Artificial Intelligence holds great potential as well as raises much concern. There is no doubt that Artificial Intelligence is revolutionizing the world. There are vital benefits of artificial intelligence and it help business that can save time, eliminates mistakes as well as proper business management into a new realm. It is noted that small business always struggle with account codes and all tend up filing files things in various ways and the proof is present in the 10,000,000 several account codes on XERO. Furthermore, machine-learning features like automatic coding that render straightforward solutions to these issues. The tasks can become purely automated as well as eliminating human errors and human where they can engage in their operations (Fernald and Jones 2014).  

How Has The Technology Changed The Work Of Accountants In Recent Decades?

The development of technology had widely changed the accounting profession lately. It is essential to have proper knowledge of accounting field in today’s competitive world (Tennyson 2013). The accountants nowadays uses word processing tools as well as specialized accounting software where these expertise’s have radically enhanced correctness in the field and even reduced the margin of error at the same time. Some of the accountants still use Microsoft Excel for data entry as well as running ledgers. Most of the companies purchase special software that help in providing simplified data entry as well as guarantees ledgers and monetary reports as it is accurate by nature. It is extremely helpful for the business as errors can lead to tax penalties or ignorant decision makers. Furthermore, lower margin of error results in getting more economically stable trade or company that is better prepared for future analysis purpose (Sharma and Panigrahi 2013).

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The need for basic accounting training has declined with the introduction of special software programs (Wu, Chen and Olson 2014). It is seen that the accountants who have the access to a computer and right accounting systems, then the accountants can simply perform tax-training services, predict model as well as statistical analysis without even spending years that is needed to complete core training. Most of the accountants give advice, develop new process as well as perform future forecast that a computer cannot be trusted to do (Sharda et al. 2014).

Nowadays, technology has become a fundamental constituent in the accounting trade or sector. The capability to influence the most recent in cloud-based technology by using platforms like XERO accounting software has totally altered the accounting firm as well as even the accounting business or sector. After using accounting software programs, the accountants can easily eliminate use of calculators, pencils and paper ledgers. Use of this accounting software will help in lowering the margin for error (Parkes and Wellman 2015).

Opportunities From The Use Of Artificial Intelligence

Rather than eliminating the human workforce in secretarial trade, the humans will have new contemporaries as machines who will pair up with them to render more competent as well as effectual services to regulars (Martínez-López and Casillas 2013). In addition, there is no machine substitute for the emotional aptitude need of accounting work but machines can even discover for performing superfluous, repeatable and lengthy errands. Some of the opportunities for use of Artificial Intelligence are as follows:

  • Auditing of expense submissions- One of the opportunity in using Artificial Intelligence is auditing of expense submissions (Sharma and Panigrahi 2013). Machines can easily learn from expense policy of company and aims at reading receipts and audit expense claims for ensuring compliance and identifying and forwarding questionable claims to humans for approval. Machines have the ability to handle bulk of task (Kanal and Lemmer 2014).
  • Risk assessment- One of the opportunities in using Artificial Intelligence is risk assessment. Machine learning help in facilitating risk assessment mapping in a way where company can easily compare it with the proposed project (Jackson and Cossitt 2015).
  • Analytics calculation- One of the opportunities in using Artificial Intelligence is analytics calculation.
  • Bank reconciliation- One of the opportunity in using Artificial Intelligence is bank reconciliation. Machines can even learn how to automate bank reconciliations (Wu, Chen and Olson 2014).

Threats From The Use Of Artificial Intelligence

Most of the researchers consent that a super intelligent Artificial Intelligence is improbable to display human emotions. This Artificial Intelligence may become a risk under two situations and these are as follows:

  • Artificial Intelligence is programmed to do something devastating- Some of the autonomous weapons such as artificial intelligence systems as it are programmed to kill in the hands of wrong person. Artificial Intelligence arms race results to an AI war in mass casualties. In order to avoid the enemy, these weapons need to be used so that human could lose control of such a situation (Holsapple and Whinston 2013).
  • One of the threats of using artificial intelligence is the cost incurred in the maintenance as well as repair (Sharma and Panigrahi 2013). It is important to update the programs that suit the changing requirements as well as machines need to be smarter at the same time. Furthermore, the cost of repair may be very high in case of a breakdown. Therefore, procedures need to be followed to restore the lost code or data that itself is time consuming and costly.
  • Machines have the ability to store several data but the storage, access and retrieval cannot be compared to human brain.
  • If machines or robots start replacing the work of human beings, then there will be increase of unemployment within the economy (Wu, Chen and Olson 2014).

Based on the above scenario, it is now important to understand several other facts that are illustrated below with proper justification:

“What Is The Purpose Of The Report?”

The main purpose of the report is to highlight the importance of artificial intelligence in accounting profession. This information is present in the current segment and made available to the clients for use of marketing tool that will highlight the skills of the consulting firm. The manager of this consulting firm need a writing draft report on Artificial Intelligence as it may affect accounting business.

“What Is The Audience For The Report?”

The audience for the report are the accounting and non-accounting professionals who actually contribute to the working of modern technology and gain benefits from it.

“What Are The Key Decisions To Be Made?”

The key decisions that can be undertaken by the managers with the help of information are to make the client understand about different marketing tools of accounting profession. The current study help in explaining concept of artificial intelligence by putting proper emphasis upon opportunities as well as threats.

What Information Would Help To Make These Decisions?

Information that helps these audience at the time of undertaking decisions are about current business models as it is threatened by Artificial Intelligence. With the help of draft report, it is needed by the managers to have proper knowledge about Artificial Intelligence where they can identify how the business practices in consulting firms.

At The Time Of Searching For Relevant Information, What Keywords Are Used In The Present Study?

The keywords used in the study are Artificial Intelligence, technology changes the work of accountants recently, opportunities from using Artificial Intelligence in accounting profession. Secondary sources are used in the study in order to get information from reliable sources such as peer-reviewed journal articles, books and websites for searching the keywords as mentioned above.

Conclusion

At the end of the study, it is concluded that Artificial Intelligence is the aptitude of machines. It is recommended that the small consulting firms should use Artificial Intelligence. Artificial Intelligence can be used for carrying out boring as well as time consuming in an effective way. Intelligent machines can be employed for performing dangerous task. Machines can continuously work without getting bored or tired. Artificial Intelligence can become an invaluable business enhancement tools in professions where proper training is a necessary perquisite. Furthermore, high integrity accounting is data that is still untouched by human hands. It will help in eliminating data entry as well as coding as it focus mainly on undertaking strategic as well as advisory tasks. Nowadays, Artificial Intelligence is an extremely topical subject where the concept defines a future without humans. In addition, machine learning provides opportunities for developing high integrity accounting.

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Reference List

Fernald, J.G. and Jones, C.I., 2014. The future of US economic growth. The American Economic Review, 104(5), pp.44-49.

Holsapple, C. and Whinston, A.B. eds., 2013. Decision support systems: theory and application (Vol. 31). Springer Science & Business Media.

Jackson, M. and Cossitt, B., 2015. Is intelligent online tutoring software useful in refreshing financial accounting knowledge?. In Advances in Accounting Education: Teaching and Curriculum Innovations (pp. 1-19). Emerald Group Publishing Limited.

Kanal, L.N. and Lemmer, J.F. eds., 2014. Uncertainty in artificial intelligence (Vol. 4). Elsevier.

Martínez-López, F.J. and Casillas, J., 2013. Artificial intelligence-based systems applied in industrial marketing: An historical overview, current and future insights. Industrial Marketing Management, 42(4), pp.489-495.

Parkes, D.C. and Wellman, M.P., 2015. Economic reasoning and artificial intelligence. Science, 349(6245), pp.267-272.

Sharda, R., Delen, D., Turban, E., Aronson, J. and Liang, T.P., 2014. Businesss Intelligence and Analytics: Systems for Decision Support-(Required). London: Prentice Hall.

Sharma, A. and Panigrahi, P.K., 2013. A review of financial accounting fraud detection based on data mining techniques. arXiv preprint arXiv:1309.3944.

Tennyson, R.D., 2013. Arti?cial intelligence and computer-based learning. Instructional technology: foundations, p.319.

Tká?, M. and Verner, R., 2016. Artificial neural networks in business: Two decades of research. Applied Soft Computing, 38, pp.788-804.

Travé-Massuyès, L., 2014. Bridging control and artificial intelligence theories for diagnosis: A survey. Engineering Applications of Artificial Intelligence, 27, pp.1-16.

Wu, D.D., Chen, S.H. and Olson, D.L., 2014. Business intelligence in risk management: Some recent progresses. Information Sciences, 256, pp.1-7.

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