Data Analytics & Artificial Intelligence

Do You Know The Difference Between Data Analytics And AI Machine Learning? Before committing to ecuting an AI strategy, one needs to understand the opportunity and difference between data analytics, predictive analytics and AI machine learning. This article provides a good overview of the differences: https://www.forbes.com/sites/forbesagencycouncil/2018/08/01/do-you-know-the-difference-between-data-analytics-and-ai-machine-learning/#797332335878
File Artificial Intelligence in the Accounting Profession Attached is a PowerPoint presented to the Texas Tax Institute: Artificial Intelligence in the Accounting Profession. The terms Machine Learning, Cognitive Systems, Robotics and smart machines are used often in relationship to AI, or sometimes even as synonyms. AI is a complex field of interest, with many shapes and forms, according to Deloitte. The idea is a relatively simple one: get computers to perform tasks normally performed by humans, and cut resource and time requirements for many repetitive activities. This seems a natural fit for the world of accounting and finance, where processes typically involve massive volumes of similar transactions and activities. ACL File Data Analytics for Accountants The following presentation was made at the AIPCA CPA Exam Items Writers Meeting on April 24, 2020. Data Analytics is dramatically affecting auditing, forensic accounting, managerial accounting, tax work, and financial reporting. Use of Data Analytics by accountants is not new. Accountants need to develop a proper mindset and understand when the use of Data Analytics is appropriate. Course Objective: Provide attendees with current information related to Data Analytics and its implications to accountants. The following information is to facilitate discussion and is only for educational purposes. Link AI is being advanced by robotics. Aug. 15, 2020 Artificial General Intelligence or short AGI was commonly referred as Strong AI. The continues advancements in robotics are also spurring the development of AGI. Currently we only have narrow AI or weak AI. But robots are paving the way for strong AI. In the future, robots might possibly become smarter than us or at least, reach human level intelligence. The field of robotics has seen many improvements over the years, as artificial intelligence systems continue to get better. Machine intelligence is a trendy topic among computer scientists and other relevant researchers on the field. As robots continue to get better, concerns for the rise of a superintelligence or an artificial general intelligence that could have different goals from ours, is increasingly getting the attention of computer scientists and lay people alike. We have often seen works of science fiction where robots and AGI have malicious intent. However, things could go really bad fur us even if initially these intelligent machines are programmed to obey human orders and follow our values. As a machine continues to improve itself by modifying it's own source code, it could lead to an intelligence explosion. A point of time often referred as a technological singularity. Where it becomes hard if not impossible to predict future trajectories of the AI in question. As of the year 2017, there are over 40 organizations focused on the development of AGI. As we've said many times before, today's AI is narrow. However the field of robotics is accelerating the rise of AGI and we will possibly witness a truly general AI in our lifetimes. Link The 20 jobs that robots are most likely to take over - May 19, 2015 No. 2 is Tax preparers have a 98.7% chance of being automated. Automating the process of preparing tax returns could result in much fewer errors, and the technology, Optical Character Recognition (OCR), already exists. No. 14 is Bookeepers: Bookkeepers have a 97.6% chance of being automated. The Wall Street Journal reported that big companies such as Pilot Travel, Verizon, and GameStop, among others, are using software to automate corporate bookkeeping tasks. These companies now only need about 10 clerks to pay suppliers, as opposed to the 80 or so they would need without the robot bookkeepers. Time to get your CPA license. Link Genius Plan A diabolical plan from Kay & Peele. Link Every fraudster has a number! Some numbers are grandiose. Link Humans need not apply. AI analysis. Link In response to Humans need not Apply Link Obsolete by 2030 Times are changing. Link The Future of Accounting Jobs in a World with Artificial Intelligence There is no shortage of dramatically negative headlines about the impact of artificial intelligence on nearly every industry, every career path and potentially, every aspect of our personal lives. The promise of technology like AI has almost always been about efficiency — with AI, we can have computers do in seconds what would take us hours. Despite the rising interest in artificial intelligence since 2014, automation and the push to do more work with fewer resources is nothing new for accounting. Link Skills that help accounting professionals succeed alongside AI The AI is pushing people towards performing work that is more interesting, Baccala said. For a long time, one of the more tedious tasks for accountants and auditors has been the process of taking data and organising it before it is analysed and audited. This data could take the shape of a bunch of receipts and invoices in a shoebox, or the form of various ledgers and spreadsheets. AI can replace humans at the dull task of extracting, organising, and structuring the data. But those same accountants and auditors working with AI perform different tasks. First, they teach the AI what data to look for and how to organise it. Then they investigate anomalies. And because the AI is working with all data rather than just a sampling (in the case of audits), there may be more anomalies to investigate. Link Should accountants learn data analytics? What is data analytics? What should accountants know about it? 6 free ways to learn some data analytics basics. Link Data analytics in audit With the advances in technology, the audit is poised for rapid change – beyond the traditional financial statement audit. What must auditors do to ensure they are prepared to meet the demands of audit in the future? Link Mastering Data Analytics Can Make You a More Valuable Accountant If you’re an accountant or if you work on a corporate finance team, becoming a master in data analysis is a big step forward. Link Learn How Data Analytics is Coming to the 2019 CPA Exam In general, data analytics is defined as the process of examining data sets in order to draw conclusions about the information they contain. Accountants already work with data and data analytic outputs to assess business performance within the framework of accounting principles and methods and to identify trends and unusual items requiring further investigation. Link Data Analytics/Business Intelligence - AICPA Blog Organizations are capturing more data than ever before due to the rise of multimedia, social media, and the growing popularity of internet-enabled devices. This exponential growth leaves many organizational leaders wondering how to manage big data and enable data-driven business decisions. The shortage of qualified and experienced professionals is also creating a unique opportunity for accounting and finance professionals, who are at a distinct advantage to play a leading role in creating a strategic competitive advantage and driving business value. Link The AICPA’s Update to Data Analytics in AUD Auditing and Attestation (AUD) The blueprint added detail regarding audit data analytics. Per the AICPA, “The audit data analytics concepts addressed in the revisions are covered by the existing AUD Blueprint and are currently eligible for testing.”