The Big Four accounting firms are betting big that AI will overcome many of the industry’s challenges, including staffing shortages, accountant burnout, and increasingly complex legislation and compliance rules.
AI faces challenges of accuracy, security, privacy, implicit bias, transparency, and compliance. The laws and compliance rules surrounding AI usage are evolving and will almost certainly undergo dramatic changes over the next five years.
AI will continue to disrupt every industry it touches. Research firm McKinsey predicts that 30%
of employee tasks will be automated using AI by 2030,7 and many entry-level positions could be
eliminated outright. However, AI can never replace empathy and relationship building.