GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Technology

 
  Share

Dubai, UAE, July 10, 2017:  Artificial Intelligence (AI) will transform accountancy and the profession needs to prepare, according to ICAEW. In a landmark report Artificial Intelligence and the Future of Accountancy, launched today, the accountancy and finance body says the profession needs to accept that machines will take over more and more decision-making tasks from humans, and work out how to harness this.

The report says whilst accountants have used technology for decades to enhance the value they can deliver, the pace of change and the power of Artificial Intelligence means a paradigm shift is coming. Kirstin Gillon, ICAEW's IT Technical Manager said: “AI systems are already very powerful and they are improving quickly. They provide outputs that are extremely accurate and can replace – if not supersede – human efforts.”

However, the report does not foresee wholesale replacement of humans by machines, stating that machine learning, whilst powerful, cannot yet replicate human intelligence and has significant limitations. Kirstin said: “Humans make decisions in two main ways – using intuition and reason – and both are important. Historically, AI development focussed on trying to replicate reason, but machine-learning based on rules, however sophisticated, will ultimately be defeated by the greater complexity of the real world. Recently developers have focussed on pattern-recognition instead, which allows greater flexibility. But it depends on data inputs, so it will always be limited by the data available. Volume and quality of data is critical, and there may be issues of availability or privacy.

“More significantly, decisions such machines make are really just mathematical projections. Not all problems can be solved this way. Other considerations, like ethics, will always be important.”

ICAEW says that whilst the accounting profession is already adapting to this new technology, the profession needs to anticipate a paradigm shift. Kirstin said: “machines can already take over a lot of process and compliance work, for example, and they will start to offer insights, analysis and new services like fraud detection. This is good news for finance professionals, who will be able to focus on more valuable tasks like decision-making, problem solving, strategy development, and leadership. But it will require new roles and skills, and there will be institutional adjustments necessarily from regulators and standards setters. 

“The message is: AI, like any other technology, can help add value, and will create opportunities. But finance professionals need to be agile and flexible to harness this potential.” 

Commenting on AI from a regional perspective, Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa, and South Asia (MEASA): “The wave of change in the region will be similar to the global market but probably at a slower pace due to the maturity level of the industry. Financial professionals will have to work closely with AI experts and data scientists to create tailored intelligent algorithms and solutions that support Arabic language. Only those who are willing to innovate will be able to take advantage of the changing finance market.” 



Posted by : GoDubai Editorial Team
Viewed 6984 times
Posted on : Monday, July 10, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Kodak Alaris Wins BLI Summer Pick Award for Outstanding Light-Production Scanner
Next Story : MENA Cloud Alliance Pioneers Foundations For Digital Transformation
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Marchon Eyewear Summer 2018 Collections
du Distributes Eid Gifts at Al Jalila Children's Hospital
Al-Futtaim ACE celebrates Eid with exciting offers and activities
24 hour Mega Sale at Dalma Mall!
Filorga introduces two new additions to its UV-BRONZE range offering a comprehen...
Purify Your Skin with Skin Republic
A Sparkling Gift Guide for Eid al-Fitr by Mouawad
Al Ghandi Auto brings the most Affordable Electric Vehicle - Chevrolet Bolt EV -...
Rapid renewal of smartphone portfolio brings next generation Nokia 5 and Nokia ...
Captivate Your Senses with Marks & Spencer's Exclusive Oud Collection
Stylish men's watch - BU4018-11H - with rose gold case and black dial is a real ...
Splash's ‘Life After Fashion' Campaign Breathes New Life into Old Garments
Hamdan Bin Mohammed Heritage Center distributes Eidia on first day of Eid
Crowe Horwath announces global rebrand to “Crowe” Sometimes a smart decision i...
iVOOMi Smartphones Enter the UAE Market Exclusively on SOUQ.com
New open-air member of the AMG GT family
The Summer Just Got Sweeter with the New Palm Candy Collection from Max
Abu Dhabi Treats Eid Al Fitr Visitors to Shopping Bonanza with 90% Discounts Acr...
All Abroad… Mobile Cinema Bus presented by Pert Plus
Tissot Chrono XL Tour de France Special Edition Cycling just got big
Skydance: The Sun – shining amid the immensity of the galaxy
Hair Rituel by Sisley Now available at Paris Gallery
Great Moments Manero Flyback accompanies Swiss National Soccer Team To Russia
The Lacoste Moon Collection
Boss watches presents Master Collection
Axalta and Mohamed Naser Al Sayer Toyota Service Body Shop Go Green in Kuwait
Mido Baroncelli - A Trilogy of Limited Editions
Summer Romance in the air with Max's new seasonal Collection
Liali Jewellery gets the Capillary Technologies boost to enhance customer engagement
Celebrate Eid Al-Fitr with Emaar Entertainment
Medeor 24x7 International Hospital, Al Ain - Quran Competition
Etisalat launches the Middle East's first Apple Watch Series 3 with built-in cellular
Celebrate Eid Al Fitr at Dubai Festival City
GUESS Trend Alert | The Summer Blues
GSK distributes 8,500 ecofriendly Iftar meal bags to people across the GCC
Back to the 90s with GUESS Originals
Nikai Group supports Al Noor Centre with assistive technology devices
Kitchen Design from a Single Source: GROHE Sets Holistic Design Accents with Its...
Hormann Introduces door type V3009 for integration in conveyor systems
Beautiful Freaks
The Dubai Business Women Council enhances the skills of its members through the ...
Year of Zayed Celebrated in a Short Film Featuring Renowned Businessman and Phil...
Emirati double amputee becomes first in the region to receive 3D printed transti...
dnata acquires majority stake in baggage storage and delivery service company, DUBZ
Jawaher Al Qasimi Makes Worldwide Plea to Strike Child Labour at its Very Roots
Emirates Aviation University announces new scholarship awards
The Timekeeping Starts Now!
Maserati joins Cash & Rocket Tour 2018
FBMA Launches The Fatima Bint Mubarak Sports Library
Facebook for iPhone now available in Arabic