Artificial Intelligence and Probable Future of Accountants

Abstract

Human civilization is built on new and evolving technological advancements. Adaptation of technologies have always reduced human efforts and replaced labour intensive jobs. They have always created more jobs than replacement. But, what about a technology which mimics human intelligence and have capability to replace humans rather than jobs. It is believed that adaptation of more and more AI will impact almost all sectors and all professions in terms of permanent job loss. Accountancy may be one such profession which would likely be impacted by AI. Accountancy consist of both routine as well as unique work like audit, analysis, investigation etc. While the former is repetitive in nature, the later involves a lot of creativity, intelligence and experience, which is believed to be distinctive to humans. Therefore, a question arises as to whether AI can replace accountants involved in creative jobs. Further, where does the current research on AI stand and what will be its future scenario?.