This report will discuss Artificial intelligence and its impact on the industry we are working in. In other words, AI has changed the way both humans and computers interact with each other. It is considered to be the best technology in terms of speed and efficiency. As a result, organizations are always ready to accept changes in terms of new technology.

In my opinion, Accountants are really happy with the advancement of AI as it has made their work easier in terms of advisory and audit services.

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This report is divided into two sections – Learning and application.

Learning will explain our understanding of artificial intelligence and its tools. It will also depict the advantages and disadvantages of AI and its technologies.

The application will explain how AI will affect our careers in Accountancy in the future and how can we make sure that our respective jobs are not replaced by robots.

Part 1 - Learning

Artificial intelligence - Meaning

Artificial Intelligence also known as machine intelligence is the ability of a computer like a robot to perform a task assigned to an individual human. In the modern world, computers are designed in such a way that they can mimic the work that a human can perform.

“The major objective of AI is Learning, reasoning, and perception.”[endnoteRef:1] [1: Jake Frankenfield, “Artificial Intelligence”, Last Updated January 22, 2020, https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp

Image source – Silke Otte, “How does Artificial Intelligence work”, Last accessed February 23rd, 2020, https://www.innoplexus.com/blog/how-artificial-intelligence-works/]

Components of Artificial Intelligence

• • Machine Learning: “ML as an essential tool of AI enables the computer to naturally learn and function with computers without being unequivocally modified. The main objective of ML is to avoid human support in the learning process.” “Google search engine is the perfect example which defines Machine learning.”[endnoteRef:2] [2: Cade Metz, “AI Is Transforming Google Search. The Rest of the Web Is Next” February 4th, 2016, https://www.wired.com/2016/02/ai-is-changing-the-technology-behind-google-searches/]
  • Deep Learning: “Deep learning enables decision making. Under deep learning, data is collected from various sources from where it's easily assessable and then can be easily shared via cloud computing.” Deep learning also leads to speech recognition, such as Alexa. “Cloud computing is the advanced technology in the computer world which raises the computing technology to an above level. In this big storage is provided to multiple users to save their data for future use. Through this, a user can retrieve and store his data over the internet anytime at a low cost.”[endnoteRef:3] [3: Microsoft, “What is cloud computing?”, Last accessed February 22nd, 2020, https://azure.microsoft.com/en-ca/overview/what-is-cloud-computing/#benefits]
  • Neural network: “Neural network as a part of AI is a hardware or software which performs the same function as performed by neurons of the human brain. The artificial neural network performs tasks such as data analytics, face recognition, and many more.”[endnoteRef:4] [4: Vaishnavi Putcha, “Role of Neural Networks in Artificial Intelligence,” Last accessed February 22nd, 2020, https://mindmajix.com/neural-network-in-artificial-intelligence]
  • Computer vision: “CV as an integral part of AI enables the computer to create strategies to be able to see and comprehend advanced pictures.”[endnoteRef:5] [5: Jason Brownlee, “A Gentle Introduction to Computer Vision,” March 19th, 2019, https://machinelearningmastery.com/what-is-computer-vision/]
  • Cognitive computing: “Cognitive computing as a part of AI makes use of a computer to recreate human thought by making use of computer and tries to improve the interaction between machine and human “[endnoteRef:6] [6: Margaret Rouse, “Cognitive computing”, Last accessed February 22nd, 2020, https://searchenterpriseai.techtarget.com/definition/cognitive-computing]
  • Natural language processing: NLP allows the computer to understand and interpre