Future-proofing Professions: Strategic Responses to AI and Technological

Strategic Responses for Professionals in the Age of AI and Technology Disruptions

In a gathering of the accounting profession's top thought leaders, influencers, and technology pioneers in Las Vegas, ahead of the 2023 AICPA Engage conference, a diverse range of topics were discussed, showcasing the breadth of considerations shaping the profession. Among the focal points were trends in advisory services, higher education, the 150-hour rule, staffing issues, firm structures, and the future "knowns and unknowns" of the accounting field.

The participants of the 2023 Accounting Think Tank were entrusted with the task of engaging with their colleagues and openly discussing issues that could have significant impacts, both positive and negative, on professionals in the industry. To encourage candid dialogue, the CPA Practice Advisor agreed not to attribute quotes directly to specific individuals, although the list of attendees was publicly disclosed.

While the majority of the thought leaders acknowledged the fearsome potential for abuse in various new AI developments, which have captured public attention in recent times with the introduction of groundbreaking technologies like ChatGPT and Dall-E, many professionals also recognized the tremendous opportunities for continued advancements in automation and efficiency. They highlighted that forms of AI and machine learning have already been utilized by firms and businesses for over a decade, but the latest developments, such as generative AI, have a much broader scope and potential impact than earlier applications like analytics and e-commerce.

"Practical and specific uses" of AI in everyday work were emphasized as a crucial aspect of the conversation. Participants acknowledged that while ChatGPT garners significant attention, generative AI has already found its way into numerous aspects of professional life, bringing positive outcomes.

These forward-thinking professionals shared how they were already utilizing AI technology, such as more accurate note-taking functions, knowledge-capturing mechanisms for firms, and enhanced data mining and planning capabilities. However, it is emphasized that steps must be taken to anonymize the information and ensure data privacy.

Key takeaways from the discussions included the importance of establishing firm policies on entering firm and client data into AI systems (ideally none), defining acceptable uses of the technology, and adhering to strict data privacy and technology policies. The professionals recognized that these technologies are part of an ongoing evolutionary process, similar to the transition to cloud computing, which necessitates adaptability, adoption, and strategic utilization.

Attendees also noted that as accounting technology vendors integrate AI into their products, professionals will face a learning curve to maximize the potential of these new tools. Moreover, there was a call for increased diligence in ensuring factual accuracy as reliance on AI increases.

The thought leaders delved into various other topics, including emerging trends in advisory services, the impact of higher education and the 150-hour rule on the profession, staffing challenges, evolving firm structures, and the "knowns and unknowns" that lie ahead for the accounting field. Furthermore, these leaders engaged in frank and productive dialogues with technology vendors, discussing ways to elevate firms into more valuable advisory services and the role of advanced firms in educating others. Notably, enhancing the image of the profession among students and elevating the appeal of accounting careers emerged as important focal points.

Overall, the gathering of these thought leaders demonstrated their commitment to staying abreast of technological advancements, addressing key challenges, and embracing strategic opportunities to shape the future of the accounting profession.