This course provides an overview of Artificial Intelligence (AI) in accounting with a focus on its significance and evolution. This course includes a detailed discussion of key AI concepts as well as ethical considerations, regulatory frameworks, and its use in data analysis and reporting. This course also provides examples of how AI can be used in both audit and tax practices and provides strategies that can be used to most effectively implement its use in organizations. This course concludes with a discussion of future trends in AI. This course consists of 8 chapters:

  • Chapter 1 - Introduction to Artificial Intelligence (AI)
  • This chapter provides an overview of the basics of AI, including the key concepts related to AI such as machine learning, deep learning, and Natural Language Processing. This chapter provides a discussion of how AI has evolved from its early beginnings. This chapter also provides a discussion of how AI and automation can be used in the accounting profession.

  • Chapter 2 – AI Technologies in Accounting Software
  • This chapter provides an overview of how AI is reshaping accounting software, streamlining tasks, improving accuracy, and offering advanced analytics. It covers key AI-driven features like automated data entry, intelligent invoice processing, predictive analytics, fraud detection, risk assessment, and natural language processing. In this chapter, we’ll also explore example case studies which illustrate AI's effectiveness in automating processes.

  • Chapter 3 - AI Ethics and Regulations
  • This chapter explores the ethical and regulatory aspects of integrating AI in accounting. It covers ethical considerations like bias, transparency, and accountability, alongside regulatory frameworks such as data protection laws and professional standards. Additionally, this chapter addresses data privacy and security concerns and offers best practices for ensuring ethical AI usage in accounting firms.

  • Chapter 4 - Leveraging AI for Data Analysis and Reporting
  • This chapter provides an overview of leveraging AI for data analysis and reporting in accounting. It covers the automation of data extraction, cleansing, and normalization processes as well as how AI facilitates automated financial analysis and forecasting. This chapter also addresses how AI generates actionable insights from financial data which aids in strategic planning.

  • Chapter 5 - AI in Audit and Compliance
  • This chapter provides an overview of how AI is used in audits and compliance tasks. It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards. It also addresses how AI tools can be also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records.

  • Chapter 6 - Considerations for Organizations When Adopting AI
  • This chapter provides an overview of some of the implementation strategies and considerations when integrating AI technologies within organizations. It addresses how you can assess readiness for AI adoption as well as integrating AI into current workflows. This chapter also addresses the importance of training and upskilling staff to effectively utilize AI tools and some of the common challenges and barriers to AI adoption.

  • Chapter 7 - AI Considerations in Tax Preparation & Research
  • This chapter provides an overview of the AI considerations with respect to tax preparation and tax research. This includes a discussion of how AI technology can be used in tax preparation, including automated data collection and tax optimization strategies. This chapter also addresses how AI can be used in tax research, including how CPAs can best leverage ChatGPT. This chapter concludes with a discussion of how the IRS is also using AI technology in its enforcement efforts.

  • Chapter 8 - Future Trends in AI and Software for CPAs
  • This chapter provides an overview of future trends in AI and software for CPAs. This includes a discussion of technologies such as RPA, blockchain, as well as other technologies like quantum computing, edge computing, and decentralized AI. This chapter also addresses the evolution of AI in accounting practices as well as how AI may impact jobs in the future. This chapter concludes with a discussion of how potential legislation may impact the future of AI.

Learning Objectives
  • Identify key concepts related to AI.
  • Recognize subsets of machine learning.
  • Identify key characteristics of deep learning.
  • Recognize how AI can be used in the accounting profession.
  • Identify key differences in traditional vs. AI-driven accounting software.
  • Recognize examples of various types of AI accounting software.
  • Recognize ethical considerations in AI integration for accounting.
  • Identify regulatory frameworks governing AI integration in accounting.
  • Recognize data privacy and security concerns in AI-driven accounting.
  • Identify best practices for ethical AI usage in accounting firms.
  • Identify AI tools like OCR and NLP for data extraction.
  • Recognize AI algorithms for data cleansing.
  • Identify data normalization and AI techniques.
  • Identify AI-driven forecasting techniques for accurate predictions.
  • Recognize AI's role in audit planning and risk assessment.
  • Identify how AI can automate audit procedures.
  • Recognize AI techniques for detecting anomalies and fraud during auditsv
  • Identify AI's application in compliance monitoring.
  • Recognize readiness factors for AI adoption in organizations.
  • Identify steps for integrating AI into existing processes and workflows.
  • Recognize the importance of training and upskilling employees.
  • Identify common challenges and strategies for AI adoption in organizations.
  • Recognize AI's role in tax preparation activities.
  • Identify how AI can assist CPAs in tax research.
  • Recognize how AI is being used by the IRS.
  • Identify how to write effective ChatGPT prompts when performing tax research.
  • Recognize key technologies shaping the future of AI for CPAs, including RPA and blockchain.
  • Identify the evolving role of AI in accounting practices and its impact on future job roles.
  • Identify potential legislation impacting the adoption of AI in accounting and finance.
  • Recognize the importance of understanding AI trends for CPAs to stay competitive.
Last updated/reviewed: March 26, 2024
1 Review (2 ratings)

Reviews

4
Member's Profile
A wonderful summary of key concepts of AI and machine-learning. Excellent material.

Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
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Course Syllabus
  AI Essentials for CPAs - Exploring Cutting-Edge Technology (Text Based Course)PDF
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