INTHEBLACK February 2024 - Magazine - Page 21
Generative artificial intelligence has the potential
to transform business, but with so many ethical
questions at play, accountants must balance
professional scepticism with reaping the benefits
of these cutting-edge tools.
Words Susan Muldowney
On the list of the hottest buzzwords of 2023, “ChatGPT” surely
scores a position near the top. Created by San Francisco-based tech
company OpenAI, this generative artificial intelligence (AI) tool promises
to create almost any form of content without direct human intervention.
Generative AI tools are in the spotlight not just for what they can do,
but for how they go about doing it – and, in some cases, whether they
should be used at all in professional settings.
As the use of generative AI becomes more widespread and normalised,
accountants must find the balance between applying professional scepticism
and staying open-minded about the benefits of this emerging technology.
INSIDE THE “BLACK BOX”
GPT stands for “generative pre-training transformer”, a type of AI adept
at understanding and creating human language.
Some accountants are already using generative AI tools to help analyse
historical financial data to make predictions about future trends.
AI algorithms can detect irregularities and anomalies in financial
transactions, and they can automate the generation of financial reports,
such as balance sheets and cash flow statements.
AI-powered tools are also being used to assist in audits by analysing
vast amounts of financial data to identify potential audit risks.
They can enhance client service and support by answering common
accounting-related queries.
“AI has delivered many advantages, but there is a need for scepticism, because
it does present challenges and ethical concerns,” says Anju De Alwis FCPA,
managing director of Ultimate Access Education Institute and member of
CPA Australia’s Ethics and Professional Standards Centre of Excellence.
These concerns include data privacy and security, bias and discrimination,
trust and the role of human judgement. If generative AI tools are “black
boxes”, how can the validity of their answers be evaluated properly?
intheblack.cpaaustralia.com.au 21
