AI Essentials for CPAs - Exploring Cutting-Edge Technology (Course Id 2268)

This course provides an overview of Artificial Intelligence (AI) in accounting with a focus on its significance and evolution.  This course includes a detailed discussion of key AI concepts as well as ethical considerations, regulatory frameworks, and its use in data analysis and reporting.  This course also provides examples of how AI can be used in both audit and tax practices and provides strategies that can be used to most effectively implement its use in organizations.  This course concludes with a discussion of future trends in AI.

NASBA QAS - Text - NASBA Registry - 2268

Chapter 1
Introduction to Artificial Intelligence (AI)

• Identify key concepts related to AI
• Recognize subsets of machine learning
• Identify key characteristics of deep learning
• Recognize how AI can be used in the accounting profession

Chapter 2
AI Technologies in Accounting Software

• Identify key differences in traditional vs. AI-driven accounting software
• Recognize examples of various types of AI accounting software

Chapter 3
AI Ethics and Regulations

• Recognize ethical considerations in AI integration for accounting
• Identify regulatory frameworks governing AI integration in accounting
• Recognize data privacy and security concerns in AI-driven accounting
• Identify best practices for ethical AI usage in accounting firms

Chapter 4
Leveraging AI for Data Analysis and Reporting

• Identify AI tools like OCR and NLP for data extraction
• Recognize AI algorithms for data cleansing
• Identify data normalization and AI techniques
• Identify AI-driven forecasting techniques for accurate predictions

Chapter 5
AI in Audit and Compliance

• Recognize AI's role in audit planning and risk assessment
• Identify how AI can automate audit procedures
• Recognize AI techniques for detecting anomalies and fraud during audits
• Identify AI's application in compliance monitoring

Chapter 6
Considerations for Organizations When Adopting AI

• Recognize readiness factors for AI adoption in organizations
• Identify steps for integrating AI into existing processes and workflows
• Recognize the importance of training and upskilling employees
• Identify common challenges and strategies for AI adoption in organizations

Chapter 7
AI Considerations in Tax Preparation & Research

• Recognize AI's role in tax preparation activities
• Identify how AI can assist CPAs in tax research
• Recognize how AI is being used by the IRS
• Identify how to write effective ChatGPT prompts when performing tax research

Chapter 8
Future Trends in AI and Software for CPAs

• Recognize key technologies shaping the future of AI for CPAs, including RPA and blockchain
• Identify the evolving role of AI in accounting practices and its impact on future job roles
• Identify potential legislation impacting the adoption of AI in accounting and finance
• Recognize the importance of understanding AI trends for CPAs to stay competitive

Chapter 1 - Introduction to Artificial Intelligence (AI)

Learning Objectives

Introduction

AI Key Concepts

Machine Learning

Deep Learning

Natural Language Processing

Algorithms

History and Evolution of AI

Significance of AI in the Accounting Profession

Conclusion

Review Questions

Chapter 2 - AI Technologies in Accounting Software

Learning Objectives

Introduction

Considerations of Using AI Accounting Software

Traditional vs. AI Accounting Software

Types of AI Accounting Software

Automated Data Entry Tools

Tax Preparation Software

Financial Planning & Analysis (FP&A) Software

Fraud Detection Software

Expense Management Systems

Conclusion

Review Questions

Chapter 3 - AI Ethics and Regulations

Learning Objectives

Introduction

Ethical Implications of Adopting AI Technologies

Bias & Fairness

Transparency & Explainability

Accountability & Responsibility

Regulatory Frameworks Governing AI Usage

Data Privacy and Security

Data Breaches & Cybersecurity

Strategies to Safeguard Data

Ethical AI Usage

Conclusion

Review Questions

Chapter 4 - Leveraging AI for Data Analysis and Reporting

Learning Objectives

Introduction

Using AI for Data Extraction, Cleansing, and Normalization

Data Extraction

Data Cleansing

Data Normalization

Automated Financial Analysis and Forecasting with AI

Financial Analysis

Financial Forecasting

Generating Insights from Financial Data using AI Algorithms

Enhancing Reporting Capabilities with AI-Powered Tools

Conclusion

Review Questions

Chapter 5 - AI in Audit and Compliance

Learning Objectives

Introduction

Role of AI in Audit Planning and Risk Assessment

Risk Identification

Materiality Determinations

Automating Audit Procedures with AI-Driven Tools

Detection of Anomalies and Fraud Using AI Techniques

Compliance Monitoring and Regulatory Reporting with AI

Best Practices for Implementing AI Tools

Conclusion

Review Questions

Chapter 6 - Considerations for Organizations When Adopting AI

Learning Objectives

Introduction

Assessing Readiness for AI Adoption

Technological Infrastructure

Data Availability & Quality

Organizational Culture & Readiness

Integrating AI into Existing Workflows

Training & Upskilling Staff

Common Challenges & Barriers to AI Adoption

Conclusion

Review Questions

Chapter 7 - AI Considerations in Tax Preparation & Research

Learning Objectives

Introduction

Tax Preparation

Tax Research

Generative AI

How the IRS is Using AI

Best Practices for Adopting AI Solutions

Conclusion

Review Questions

Chapter 8 - Future Trends in AI and Software for CPAs

Learning Objectives

Introduction

Robotic Process Automation

Blockchain Technology

Other Technologies

Evolution of AI in Accounting Practices

Opportunities & Challenges

Staying Updated & Competitive

Conclusion

Review Questions

Glossary of Key Terms