QUESTION 1 (20 marks)

We are living in a world that is risky, volitile and uncertain. A state of crisis is nowadays a normality facing all types of organisations. The world is more digitally connected than ever before. As a result, there are multiple threats in the world, such as organized crime, nation-state actors, activism, hackers and “hacktivism” – combining the words “hack” and “activism” which is an act of misusing a computer system or network for a socially or politically motivated reason.

REQUIRED:

Write an academic paper which discusses The impact of AI on accounting practices: A review: Exploring how artificial intelligence is transforming traditional accounting methods and financial reporting.

Note:

When you write an academic paper, you should include an introduction, body and conclusion. In academic writing, nothing should come as a surprise to the reader – the whole “story” should be outlined in the introduction, given detail in the body and summarised in the conclusion, along with the writer’s final comments/judgement.

Compulsory source(s) to use:

The impact of AI on accounting practices: A review: Exploring how artificial intelligence is transforming traditional accounting methods and financial reporting

Answers to Above Questions on Artificial Intelligence

Answer 1: Artificial intelligence has a significant impact in every domain area, and it has a crucial role to play in the accounting domain as well. An analysis of the application of artificial intelligence in accounting indicates that it is utilised for a number of purposes including the automation of routine tasks such as data entry, transaction categorisation and invoice processing, and it is also used in streamlining the financial reporting including enhanced detection of roads in the financial data. The use of AI is also beneficial in improving the audit process and providing real time insights and forecasting ability of the data in an enhanced way.

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