Are We Ready for the Hidden Risks of AI in Accounting? | ARC

“Without AI literacy, we’re all at risk.” 

Accounting ARC
With Liz Mason, Byron Patrick, and Donny Shimamoto
Center for Accounting Transformation

Artificial intelligence is revolutionizing accounting, automating everything from bookkeeping to tax preparation. But as AI advances, accountants must ask: Can we trust it? 

In this Accounting ARC episode, Donny Shimamoto, CPA.CITP, CGMA; Byron Patrick, CPA.CITP, CGMA; and Liz Mason, CPA, explore the growing risks AI poses to the profession, including deepfake fraud, financial market manipulation, and the loss of data privacy. 

MORE Accounting ARC: The Research Imperative: Why Data Drives Accounting Success | How Coaching Can Unlock Professional Success | Demystifying Accounting Governance |  Top 10 Red Flags to Watch for in Accounting Offices | Jeremy Dubow: Private Equity as a Catalyst for Growth | Break the Burnout Cycle in Accounting | Accounting in Transition: 2024 Reflections & the Road Ahead | Ron Baker: Visions for the Accounting Profession | Angie Grissom: Next Gen Inspo for Accountants | Does Accounting Belong in STEM? | Rose Wang: Where Numbers Meet Strategy and Creativity | TikTok Fraud Exposes Gaps in Financial Literacy | How Accounting Pros Own the Stage in Public Speaking | Greg Kyte: Being a CPA Is Like Being the Marie Kondo of Numbers | Rachel Bashore: A Lawyer's Case for Reinventing Accounting | Beyond the Basics in Ethics Education

Traditionally, software was designed and programmed by humans, making its logic transparent. Now, AI writes its own code, making its decisions harder to audit. As Patrick, CEO of VERIFYiQ and co-founder and educator for TB Academy, notes, “If we don’t know how AI arrives at conclusions, how can we verify its accuracy?”