AI and the future of accounting: Key takeaways from my visit with students

I recently visited the University of Georgia (UGA), where I spoke with accounting students and professors about the profession. In the 25+ years of my career in accounting, I’ve witnessed numerous changes—the passage of the Sarbanes-Oxley Act (SOX), the adoption of the International Financial Reporting Standards (IFRS), ESG reporting, including the SEC’s recently passed climate disclosures requirement, and more. Today, we’re in the midst of a new era: AI—and particularly generative AI (GenAI)—can fundamentally change how we work, helping to unlock productivity, innovation and growth. This is particularly true for accounting, and I was eager to share the vision as well as what is already in development and working at our firm during my visit at UGA.

Below are the questions top of mind for the UGA accounting students entering the profession, and I think you’ll find they’re on the minds of many, not just students:

How can AI change the accounting industry?

AI and machine learning are becoming increasingly explored in audit and tax services, in order to help increase productivity, accuracy and the capacity to analyze large data sets. And there’s even more room for growth as we evaluate the use of GenAI. AI can automate routine tasks, improve risk assessments and enable deeper insights. It can allow users to extract valuable insights from complex data sets, enabling more informed decision-making and strategic planning that can build trust and deliver sustained outcomes. By automating routine and time-consuming tasks, employees can focus on high-value activities that require human creativity and experience. This can lead to better resource allocation and increased productivity.

Accounting becomes more relevant when technology is changing, as it raises the question of if the new technology can be trusted. Trust is earned. And for AI, it's earned based on evidence that complex systems can repeatedly produce the intended outcomes while reducing the undesirable ones. This requires embedding trust-building practices at every step—like responsible design principles, rigorous testing, monitoring and auditing of the solution. Accountants and auditors help convey this trust.?

GenAI and machine learning have outsized potential. But the core question is whether the technology is operating safely, securely, and in a technologically sound way.?

How will AI likely be regulated and how do accountants play a role?

There’s a voluntary agreement between Big Tech and the US government, and with that comes a responsibility for business leaders implementing GenAI to do so responsibly.?

CEOs and CFOs sign off on the financial disclosure processes, whether using AI or a team of people to do it manually. CEOs and CFOs cannot delegate their accountability to the integrity of public disclosure processes. This accountability strengthens our market system. CEOs and CFOs have a responsibility to understand and have confidence in how public disclosures are put together. Looking ahead, I expect more areas of business will have clear accountability over how and where AI is used so that investment dollars can be invested properly to reduce harm.?

As AI is implemented, it’s important that businesses don't move so quickly that they create harm in the wake.?

How can we get ahead of the curve when it comes to AI?

GenAI has the opportunity to power workforce transformation at scale, democratize access to digital capabilities and skills, and free up time for employees to focus on more strategic and higher-functioning work. To get ahead of the curve today, we should: 1) upskill the workforce; 2) test AI internally; and 3) keep trust at the center of strategy.?

At PwC US, we are investing in upskilling our 75,000 people on GenAI to give them in-demand skills to build their careers, transform our business and serve our clients. No matter where you are in your career journey, it’s important to learn more about the responsible use of AI and how to prompt AI tools for meaningful results.

PwC is leaning in as “client zero,” and this approach will serve as a proving ground for AI and technology use cases, where we’re leveraging our investments to transform our own firm so we can share those lessons—and create similar opportunities—with our clients.

In my opinion, it’s an exciting time to be a CPA! As technology evolves, the CPA’s role evolves too. We are critical to building trust, increasing confidence and strengthening our financial systems with quality and independent audits, providing tax knowledge and advice and informing business strategies to help drive growth and value. As AI continues to revolutionize industries, accountants and auditors can play a pivotal role in assessing the safety, reliability and integrity of AI systems.?

By staying ahead of the curve, students and employees alike can navigate the transformative impact of AI and drive sustainable growth in the accounting profession. Together, we can shape a future where AI and human knowledge work hand in hand to deliver exceptional value.