AI and blockchain in audit and accounting

The combination artificial intelligence (AI) and blockchain technologies has the potential to revolutionise accounting and auditing processes. AI's capacity to analyse large amounts of data and perform intricate tasks, coupled with blockchain's decentralised and unalterable ledger that can be shared with relevant parties on a real time basis if needed, presents unparalleled prospects for improving efficiency, precision and transparency of financial records. Richard Anning, head of the Institute of Chartered Accountants of England and Wales’s IT Faculty, questions:  “Will AI reduce the need for accountants? I think the answer is probably yes”, adding, “But you have to define what an accountant is. If you’re looking at some of the more repetitive bookkeeping or process-driven tasks, those are more likely to be subject to automation than the higher value tasks.”

Blockchain technology enables complete, conclusive verification without a trusted party

Source: Deloitte

AI in accounting and audi…