May 24, 2024

Accounting ARC Podcast Breaks Down AI Impact on Financial Industry Ethics and Regulation

By: Center For Accounting Transformation / podcast

Hosts discuss the imperative role of education and regulation in managing AI’s influence on privacy, data integrity, and professional standards. 

In episode 3 of Accounting ARC, Liz Mason and Donny Shimamoto delve into the impact of AI on the accounting profession, emphasizing its ethical implications. They discuss how AI technologies, notably generative AI, have evolved from mere automation tools, like those used in software like QBO and Expensify, to more complex systems capable of creating new data. Both highlight that while AI can significantly enhance efficiency and decision-making, it also brings challenges, especially concerning biases embedded within AI algorithms. 

They explore the importance of understanding and managing these biases, as AI reflects societal biases and can amplify them if unchecked. This conversation extends into the responsibilities of professionals in ensuring AI is used ethically, emphasizing the need for critical oversight and a sound understanding of the underlying technology. 

Furthermore, they touch upon regulatory aspects, such as the importance of adhering to privacy laws and ensuring that data, particularly sensitive tax information, is handled correctly. The episode concludes with a call for a proactive approach to managing AI technologies within accounting, urging professionals to stay ahead of the technology curve to harness its benefits responsibly. 

Check out the latest episode of the Accounting ARC Podcast on the Center’s YouTube channel.

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