Week 8

• What is the definition of Artificial Intelligence (AI)?

  Computer systems performing tasks requiring human intelligence
• How does AI differ from RPA?

  AI mimics cognitive functions, RPA mimics actions
• What does AI enable machines to do with data?

  Interpret data in a predetermined context
• What is Machine Learning (ML)?

  Computer learning patterns from data sets
• What role does big data play in ML?

  Enables recognition of patterns and rules
• What is an example of AI use in customer service?

  Using a chatbot to handle customer calls
• How can AI automate low-value administrative tasks?

  By analyzing data using ML and NLP
• How can AI assist in analyzing unstructured data?

  By processing contracts and emails for accounting
• What does Petkov (2020) suggest about AI and economic events?

  AI should identify and record economic events
• What do ICAEW (2018) suggest about ML-based predictive models?

  They can forecast revenues using large data sets
• How does ML improve forecasting over time?

  By adapting to new data with experience
• How can AI be used in stock taking processes?

  By combining visual recognition with ML
• What potential does ML have in improving accounting estimates?

  It can reduce bias in decision making
• What did Chukwudi et al. (2018) find about RPA in accounting firms?

  Increased efficiency and effectiveness in back-office
• What did Lee and Tajudeen (2020) discover about AI in Malaysia?

  AI adoption benefits various organization sizes
• How can organizations set up AI in-house?

  Using coding languages like Python
• What do Big 4 firms offer regarding AI solutions?

  Bespoke solutions in partnership with companies
• How is AI embedded in accounting software?

  Through tools like SAP ERP and Xero
• How do some authors view RPA in relation to AI?

  As opposite ends of an automation continuum
• What percentage of finance executives implemented AI in 2019?

  11 percent
• What is the expected trend for AI implementation in the next five years?

  Substantial increase in implementation expected
• What change is noted in the role of accountants due to AI?

  Moving towards a business partner role
• How does AI improve efficiency in tasks?

  By processing information faster than humans
• What does Petkov (2020) say about AI training?

  Well-trained AI provides accurate information
• How does AI help in fraud reduction?

  By applying predefined principles and testing compliance
• What is a challenge related to the cost of AI?

  Initial costs and ongoing investment needed
• What is the 'black box effect' in AI?

  Lack of understanding of algorithm workings
• How can bias affect AI?

  AI can replicate biases in data sets
• What is necessary for successful ML applications?

  Sufficient data of the right quality
• What is a risk of relying on AI systems?

  Inaccuracy from incomplete or corrupted data
• What complexity issue arises with AI?

  AI can become extremely complex to manage
• Why is continued investment necessary in monitoring and improving AI systems?

  To ensure effectiveness over time
• What is the black box effect in AI?

  It undermines understanding of algorithms
• What do Oliveira and Ribeiro (2023) emphasize about skills in AI?

  Suitable skills are essential for understanding
• How do biases affect AI decision-making?

  AI replicates biases from underlying data
• What is a consequence of AI learning biases?

  It affects decision-making processes
• What do ICAEW (2018) state about data availability for ML applications?

  Success depends on sufficient quality data
• What challenges do small businesses face regarding data availability?

  They often have less available data
• What is a critical issue with AI based on incomplete data?

  It is likely to be misleading or inaccurate
• What does Petkov (2020) highlight about reliance on AI systems?

  It can become a liability if attacked