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The Impact of Artificial Intelligence on the Accounting Profession: A Concept Paper

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  • Nurul Afza Khusaini Mat Hussin
  • Nurul Ain Nadiah Mohd Bukhari
  • Nurul Hani Azyyati Nor Hashim
  • Sharina Nur Azyyati Shaipul Bahari
  • Mazurina Mohd Ali

Abstract

This study examined the impact of artificial intelligence (AI) on the accounting profession. It systematically investigated the effects of AI technologies on the accounting field, redefining the roles and responsibilities of accountants. Through literature review, this study sheds light on AI influence on the accounting profession. The results of this study indicate that the impact of AI on accounting profession can be divided into three themes- (i) automation of routine tasks, (ii) enhanced data analysis, and (iii) value-adding of the professional roles. The automation of routine tasks includes data entry, validation, and transaction processing, while enhanced data analysis includes predictive analytics and decision support. AI also has impacted in terms of value-adding of the professional roles, which comprise of increasing scalability and cost savings and focus on higher value activities. The findings of this study suggest that the accounting profession is evolving in response to AI technology, and accountants should embrace these changes to harness the full potential of AI in their work.

Suggested Citation

  • Nurul Afza Khusaini Mat Hussin & Nurul Ain Nadiah Mohd Bukhari & Nurul Hani Azyyati Nor Hashim & Sharina Nur Azyyati Shaipul Bahari & Mazurina Mohd Ali, 2024. "The Impact of Artificial Intelligence on the Accounting Profession: A Concept Paper," Business Management and Strategy, Macrothink Institute, vol. 15(1), pages 34-50, June.
    • Handle: RePEc:mth:bmsmti:v:15:y:2024:i:1:p:34-50
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    References listed on IDEAS

    as
    1. Denise Jackson & Grant Michelson & Rahat Munir, 2023. "Developing accountants for the future: new technology, skills, and the role of stakeholders," Accounting Education, Taylor & Francis Journals, vol. 32(2), pages 150-177, March.
    2. Zhang, Chao & Zhu, Weidong & Dai, Jun & Wu, Yong & Chen, Xulong, 2023. "Ethical impact of artificial intelligence in managerial accounting," International Journal of Accounting Information Systems, Elsevier, vol. 49(C).
    3. Denise Jackson & Christina Allen, 2023. "Technology adoption in accounting: the role of staff perceptions and organisational context," Journal of Accounting & Organizational Change, Emerald Group Publishing Limited, vol. 20(2), pages 205-227, May.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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