AI and ethical accounting: Navigating challenges and opportunities

AI and ethical accounting: Navigating challenges and opportunities

June 2024 | Beatrice Oyinkansola Adelakun, Tomiwa Gabriel Majekodunmi, & Oluwole Stephen Akintoye
The article "AI and Ethical Accounting: Navigating Challenges and Opportunities" by Beatrice Oyinkansola Adelakun, Tomiwa Gabriel Majekodunmi, and Oluwole Stephen Akintoye explores the intersection of Artificial Intelligence (AI) and ethical accounting. It highlights the transformative capabilities of AI in automating tasks, enhancing decision-making, and improving financial accuracy. However, the integration of AI also raises significant ethical challenges, such as transparency, accountability, data privacy, and bias. The authors emphasize the importance of promoting transparency in AI decision-making, ensuring data privacy and security, addressing bias, and maintaining professional judgment. They provide strategies for navigating these challenges, including establishing ethical guidelines, providing continuous education, engaging stakeholders, and collaborating with AI developers. The article discusses case studies from leading companies like KPMG, Deloitte, IBM, Ernst & Young, and Microsoft, which have successfully implemented AI technologies to enhance efficiency, accuracy, and compliance. It also addresses the ethical implications of AI in fraud detection, credit scoring, and tax compliance. Looking ahead, the authors predict that AI will continue to automate accounting processes, improve decision-making, and enhance regulatory compliance. They stress the need for ongoing vigilance and commitment to ethical principles in the development and deployment of AI systems. By balancing the benefits of AI with ethical integrity, accountants can harness its potential while maintaining public trust and upholding professional standards.The article "AI and Ethical Accounting: Navigating Challenges and Opportunities" by Beatrice Oyinkansola Adelakun, Tomiwa Gabriel Majekodunmi, and Oluwole Stephen Akintoye explores the intersection of Artificial Intelligence (AI) and ethical accounting. It highlights the transformative capabilities of AI in automating tasks, enhancing decision-making, and improving financial accuracy. However, the integration of AI also raises significant ethical challenges, such as transparency, accountability, data privacy, and bias. The authors emphasize the importance of promoting transparency in AI decision-making, ensuring data privacy and security, addressing bias, and maintaining professional judgment. They provide strategies for navigating these challenges, including establishing ethical guidelines, providing continuous education, engaging stakeholders, and collaborating with AI developers. The article discusses case studies from leading companies like KPMG, Deloitte, IBM, Ernst & Young, and Microsoft, which have successfully implemented AI technologies to enhance efficiency, accuracy, and compliance. It also addresses the ethical implications of AI in fraud detection, credit scoring, and tax compliance. Looking ahead, the authors predict that AI will continue to automate accounting processes, improve decision-making, and enhance regulatory compliance. They stress the need for ongoing vigilance and commitment to ethical principles in the development and deployment of AI systems. By balancing the benefits of AI with ethical integrity, accountants can harness its potential while maintaining public trust and upholding professional standards.
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