Accountants and Auditors

Sam says

Okay it seems to me that Accounting is extremely algorithmic...it definitely could be broken down into (if, then statements) and with enough learning a machine could do it.

I guess Audits could be done with GANs? I.e. you feed it correct books versus fake books versus incompetently prepared books and it learns to recognize each (?)

P.S. I thought the Oxford study showed up the % of tasks in a job that could be automated. This seems to say it’s a 94% of chance of “computerization”. What level of computerization occurs? Few/no jobs will be 0 or 100%.

I think some prospectus research, the legal advice/business development portion, and some investigative portion of audits can’t be automated. I’d say like 70%-80% of tasks.

Accounting student (Likely) says

Can't find an entry level job in this field despite a Bachelor of Commerce degree. Back in the 70s and 80s one could start an entry level job with Grade 12/13 Maths and Accounting.

TaYYaB Elahi (Highly likely) says

Accounting is mostly based on something that can be scripted and automated. For most of the accounting professions may be apart from tax planners the rest can be led to automation and i wouldn't be surprised if this happens sooner than anticipated.

Lujain (Highly likely) says

The tendency on relying on the AI is very clear

Elizabeth varela (Highly likely) says

There goes the profession with all the technological changes that are emerging and we must prepare for the change

Pedra (Highly likely) says

Because most accounts are done online now and no one would want to get an accountant to do it

Kedric (Likely) says

It is meaningless, redundent, and prone to human error. Going automation makes things more accurate and efficient.

G (Highly likely) says

All they do is menial tasks and processes. While they might require some mathematical skill, this can easily be automated, even without machine learning.

Mike (No chance) says

Machines will force them from number crunchers to decision makers. They will not be replaced. They will evolve!

Virgil (No chance) says

Routine items will probably be automated and the job characteristics will change but there will always be a need for the profession.

Jfjdsjxnx (Could go either way) says

Depends on how specialized you are or are you just working with QuickBooks.

jive (Small chance) says

It could be come a hard profession to get started in because the basic processes are automated but the non-entry level functions of explaining why the numbers are what they are will be hard to automate.

Ardi says

Today is the orientation day on my postgraduation program . I took accounting profession program. And instead of giving great future insight, this speaker decide to reveal the sad truth of the future of accounting profession. Then i google everything and i have accepted this shitty reality 😭😆. But i personally believe that this profession will not be fully automated by AI/Robots.

Paul (Highly likely) says

You can automate anything that involves checklists

Roy McFarlane (Highly likely) says

Automation has already replaced many accountancy services.

The Prophet (Small chance) says

AI will certainly tighten the market for accountants and auditors, but the creative aspect of financial engineering and spotting it will still be up to humans. Machines need to be trained to recognize new patterns. Accountants and auditors are here to stay, but don't expect the 80 hour weeks in your 20's to be a big driver in your success anymore.

Mark (Small chance) says

Computers and formulas are not a good replacement for human input on analysing certain trends in data. Profit cents is a good example of why

Ronald (Highly likely) says

1. ERPs are already automating about 50% of accounting like double entry.
2. System interfacing allows vendors to enter invoices to ERPs by them selves
3. Robotics process Automation, in automates almost anything one can do in a system

Tom Harrison (Could go either way) says

Profession will adapt.

LW (Small chance) says

Because a lot of that field has to do with judgement and investigation.

Ben (No chance) says

Too many problems to have all the solutions

alex sadlier (Highly likely) says

bye bye Mr. Accountant, hello Mr. Automatron.
P.S. Actuaries are the best woop woop

JT Kostman, PhD (Highly likely) says

I'm widely regarded as one of the world's leading experts in Applied Artificial Intelligence and Cognitive Computing - and I am presently working with one of the major accounting firms. As such, I have first-hand knowledge of the specific work being done by accountants, auditors, and tax advisors - as well as how that work can be replaced by bots.

In their recent book, The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly, Ian Gow and Stuart Kells contend:

“The probability that some types of accounting, auditing, and tax jobs will be automated in the next decade is 100%. The repetitive work of auditing is well-suited to robots. Large swaths of audit and advisory work can be replaced by smart algorithms and cognitive artificial intelligence.”

I wholly agree - but it's important to add that by the end of the decade, the race will have already been run. The profession will largely be done-for within five years; something I've written and spoken about extensively (and as recently as today):

https://www.linkedin.com/feed/update/urn:li:activity:6529673667536830464

Samanath (Highly likely) says

Most of accounting is using already established methods or mainly just hashing out different pathways and seeing which one is the most cost-effective. A specialized program could do this way more efficiently than any human.

Aamer (Highly likely) says

The routine jobs will be taken over by AI/Robots

R. Shackleford (No chance) says

A ton of the stuff accountants do can't be automated. Bookkeeping is obviously screwed, but advisors will be fine.

antonino (Small chance) says

Because accounting jobs are in constant evolution and isn't only encoding invoices

Michal says

In my opinion there is no chance, that financial statment audit could be done automatically. There are many procedures, where proffesional judgement is required. Many times there are cases, which need to be analysed individually. For example I can not imagine how machines will decide if amounts which are a result of court settlement are recorded properly in accordance to accounting, tax and other regulations. This rank should be closer to the lawyers where there is 4% possibility. I agree, that book-keeping will be automated, but still verification of financial statements should be done by humans. We should also remember, that there is responsibility, when financial statements are not showing the true condition of the company. So if there is a mistake or fraud who will be responsible for that? Robots?