To use AI (Artificial Intelligence) in CA (Chartered Accountancy), we need to understand what

CA and AI is. So far AI is not used in CA, but due to continuous growth of technology, and its
continuous involvement in different fields (i.e.; Medical, finance, agriculture etc.) and different sectors
(i.e.; agricultural sector, retail sector, banking sector etc.) it may establish its use in CA. Artificial
Intelligence

(AI) is getting involved in the field of chartered accounting by offering powerful tools and
capabilities that enhance efficiency, accuracy, and decision-making.AI is helping accountants in
routine tasks such as data entry, reconciliation, and preparation financial report, allowing accountants
to focus on more strategic and value-added activities. Which is positive impact of AI. Accountants are
responsible for ensuring the financial integrity of organizations, providing audit and assurance
services, and providing valuable information for business decision-making. However, in today's
dynamic and challenging world, the demands placed on CAs are increasing, and traditional methods of
accounting and finance are becoming outdated. In this context, artificial intelligence (AI) is playing a
significant role in helping CAs meet these challenges. AI is also helpful in following area of CA (i.e.;
Automating repetitive tasks, Detection of fraud, Taxation, Automation of routine tasks) .

With positive impact of AI on CA it also has its negative impact on profession. As to much
involvement of AI can be harmful for profession which can result in:

 job losses which are a serious concern and many in future may lose their jobs over the next couple
of decades.
 May impact data privacy of data as, AI systems often require access to sensitive financial data, and
ensuring this data remains secure is a significant challenge.
 AI system learn from data they are trained on, and if this data is bias the AI system may also be
bias. This could potentially lead to unfair or inaccurate financial analyses or predictions.

No matter how advance AI gets it is not capable critical thinking and decision making that human
accountants are trained to do.
 If we talk about companies using AI. Here are some major companies using AI in field of
CA:

1. Smacc: A German-based software firm, Smacc uses artificial intelligence to help

freelancers, small companies, and medium-sized enterprises automate their accounting
systems and financial reporting.
2. KPMG: KPMG firms are seeing a broad range of companies, regardless of industry,
using AI alongside their workforce also in processes surrounding financial and non-
financial accounting and reporting.
3. Microsoft, Google, and OpenAI: These tech giants have developed AI models like
ChatGPT (by OpenAI), GPT-4 (by OpenAI), Bard (by Google), and Bing Chat (by
Microsoft) that are being used in the accountancy sector.

These are just a few examples. The use of AI in accountancy is a growing trend, and many other
companies are likely exploring or implementing AI solutions.

Future of use of AI in CA looks promising. Because it can process vast amounts of data at a
rapid pace, it is not capable of the critical thinking and decision-making that human accountants are
trained to do. Therefore, the need for skilled human accountants will remain, even as AI becomes
more integrated into the field.

All information highlighted in purple colour have attached link from where information was extracted .