Since its launch in November of last year, there has been a growing interest in ChatGPT as the next big thing in technology innovation. CPA Canada asked a CPA who is well-versed in disruptive technology to explain ChatGPT and the implications of this artificial intelligence-based natural language processing (NLP) tool for accountants.
Malik Datardina, a governance, risk, and compliance strategist with Auvenir in Toronto and volunteer with CPA Canada’s Audit and Assurance Technology Committee, shared his thoughts on the impact of ChatGPT on accounting practices:
“ChatGPT is the latest release from OpenAI, an AI research laboratory in San Francisco. The application is an example of generative AI that uses deep learning and NLP to engage in conversations. It can write blog posts, generate workout regimes, and even generate Python or Visual Basic for Applications code if you simply tell it what you want. It’s also earned the moniker ‘CheatGPT’ because of its ability to be used by students to circumvent the traditional essay writing process.
Right now, it’s good for drafting any public content such as form letters, public-facing emails, web content or blog posts. Accountants can definitely use it there. They can also generate programming code to write a website. There are YouTube videos out already that explain how to do that.
People have a general tendency to over rely on computers. But sometimes computers can be wrong. When using ChatGPT, you have to be very careful to vet the output yourself. You also have to ensure you are asking the right questions, or you may get incorrect responses. So, it should be clear that ChatGPT is not suited to take on professional judgement.
Instead, it’s for us as CPAs to master how we can outsource the drudgery to the tool, while we do the critical thinking and decision-making. In other words, it’s still up to the CPA to pull the picture together and then ensure that the employer, client, or stakeholder’s needs are met. Generative AI, as it is right now, can’t do that.
Malik Datardina
Another challenge with using ChatGPT within workstreams is confidentiality. If you are a consultant or auditor, you can’t process confidential information such as employer or client data on ChatGPT any more than you can on Twitter. A lot of documentation that CPAs work on is private so AI can’t touch that. AI can only work on massive data sets on the web. It remains to be seen how algorithms get access to information.
One big issue that needs to be watched is liability. Normally, professionals take the responsibility for everyone working under them, whether human or robot. The same holds true with self-driving cars. If the car hits someone, who is responsible—Google or the car? Consequently, ChatGPT is not set-up to be a replacement for what we do as CPAs. For routine tasks, like data entry, it’s a different story. That type of work is ripe for automation through robotic process automation, machine learning or other technologies.
There is a huge debate about whether AI will come for workers. During the Luddite movement in the 19th century, workers were being automated out of existence. They weren’t against the technology, but against the idea of it taking jobs. We saw that again in the 1980s with robotics replacing some blue-collar workers. At a recent AI Forum a participant said, ‘AI won’t replace accountants, but an accountant with AI experience will replace other accountants.’ From what I’ve seen so far, that’s a good analogy.
At this point, I see ChatGPT playing a role with smaller accounting practices, as it can help them gain an edge and punch above their weight. Those who may not have written a blog post or created their own web content can do that with ChatGPT. All accounting practices can potentially look at it as a way to reduce the amount of time spent on certain content writing and help them work with multiple clients more efficiently. Either way, you will need a certain level of expertise to review the outputs of ChatGPT.
Access to ChatGPT is free. I think CPAs should get into it and try to figure it out. As a profession, we need to learn how to prompt and engage with it and produce the right type of content. I would also highly recommend that for anyone using the application, they do so in a way that allows data confidentiality to be respected. As for me, I’m not going to fight with the machine. My plan is to run with it.”
Stay up-to-date on AI
CPA Alberta Resources
- Access articles and resources on AI, digital transformation, and more within the CPA Alberta Online Resource Center.
- View past recordings of our Peer-to-Peer Forums on the topics of Automation and Innovation and Technology.
- Explore our Be Future Ready online resource which also includes four service initiatives: CPA Build©, CPA Explore, CPA Learn, and CPA Lead. Each offers accounting and finance professionals with the tools, articles, webinars, podcasts, and/or learning experiences to become future-ready.
- Sign up for one of our live virtual technology webinars.
CPA Canada Resources
- Dig deeper into CPA Canada’s resources on how automation and AI could change the CPA’s role.
- Listen to the Foresight podcast exploring the impact of AI on accounting.
- Learn why it’s important to develop a responsible and human-centred approach to AI.
The original article by freelance writer, Denise Deveau, appeared on the CPA Canada Website in February 2023.
