In this age of rapid technological advancement, artificial intelligence has started to play a significant role in various fields including the realm of public accounting. This article discusses an interesting study conducted by Daniel Street, which involved running undergraduate accounting questions through ChatGPT, a large language model developed by OpenAI. The results of the study offer insightful perspectives on how AI can be utilized in the accounting profession.
The study not only provides a deep dive into the capabilities of AI in accounting but also lays down a set of five principles for accountants on how to optimally use tools like ChatGPT. These principles range from viewing AI as an enhancer of human abilities rather than a replacement, to exercising professional skepticism and continuously providing feedback to improve the system’s functionality. As we delve into the article, readers will gain a better understanding of these principles and how they can be applied in real-world accounting scenarios.