The future is now. AI and blockchain technology are part of our daily lives—from how we connect with friends and family, to how we shop for goods and services—they help us live and work smarter.
Businesses operating in the “digital world” now have these powerful tools at their disposal. But how can they effectively—and responsibly—use these tools to their advantage, whether it’s for generating profit or for reporting on their socially responsible business practices?
In a recent episode of Straight From the CPA’s Mouth, Cody Austin CPA, CMA of Digital Carbon Bank, discusses how they are using AI and machine learning to validate carbon emissions and offsets in an effort to help businesses accurately track and report on real-world assets, like carbon emissions, as part of their environmental, social and governance reporting (ESG).
“It’s accounting and auditing, the bread and butter of CPAs,” Cody says. “And it’s definitely something we like to focus on—how do you prove it.”
He goes on to share his thoughts on the evolution of the industry, and how CPAs will play an important role as protectors of public information and stewards of trust. “It’s important to understand that these are tools, like any other tool,” he explains, “and the important part is how you use them. Using AI in the appropriate way—understanding its benefits and its limitations—that’s how you can really add value.”
Straight From the CPA’s Mouth is produced by the Hesje CPA Knowledge Centre of the CPA Education Foundation, the charitable arm of the CPA profession in Alberta, and is available on Apple Podcasts, Google Podcasts, SoundCloud, or Spotify.
