Impact of Generative AI on CA Profession and Students Beyond Bookkeeping

As Generative AI transforms every aspect of the economy, including businesses, healthcare, and education, it is also starting to influence the practice of Chartered Accountants.

The Institute of Chartered Accountants of India (ICAI), which oversees professional practices and training, is driving the shift by using OpenAI’s ChatGPT as a Small Language Model (SLM). This SLM, known as the ICAI GPT, is expected to have a considerable impact on the Indian accounting profession, including CAs, CA students, and commerce institutes.

The adoption of Generative AI by the ICAI GPT is a momentous milestone with far-reaching consequences for the Indian accounting profession.

Experts believe AI will transform chartered accountants into strategic financial managers, going far beyond basic bookkeeping chores. He believes that ICAI GPT will be a game changer since it can automate basic operations such as compliance checks and data analysis, freeing up CAs to focus on higher-level responsibilities.

They also highlight the tool’s capacity to convert complex data into usable insights, resulting in better client decisions. Furthermore, ICAI GPT can keep professionals up to date on the newest standards and best practices, hence improving the quality and efficiency of their work.

Limitations of ICAI GPT

However, it notes that the ICAI GPT is still in progress and has limits. It underlines that the information provided is intended for educational purposes only and should not be used to replace professional advice.

An article assistant from a Bengaluru-based CA firm said, “CA students can also benefit from ICAI GPT.”

He acknowledges the problems that CA aspirants encounter, such as understanding complicated financial concepts, a large syllabus, and rigorous examinations, and says “CA GPT has shown to be an aid for CA aspirants in strengthening their study methods and preparations. It aids in providing students with personalized study assistance and convenient access to resources.”

While CA GPT is an invaluable study aid, maintaining a critical perspective and combining it with traditional methods of study is vital for acquiring a thorough and correct comprehension of the CA content.

Meanwhile, a chartered accountant expresses caution about AI’s limitations, specifically its tendency to generate inaccurate information.

“Is AI a boon or a bane for CAs? I’d say it’s both. It can’t completely replace human judgment, but it can be quite beneficial in sorting through large amounts of data and information and extracting the important data,” he adds.

“The AI output is structured, which allows us to absorb and interpret information more quickly. But my reliance on AI would end here,” he says.

Another Chartered Accountant points out that the quality of output is determined by the input, and experts must supply exact and accurate information in order to receive dependable results. A good comprehension of the subject area is required to use ICAI GPT efficiently and draw appropriate conclusions.

The implementation of ICAI GPT raises concerns regarding the influence on commerce institutes. While the opinions presented do not directly address this issue, it is possible that these institutes may use ICAI GPT to improve their teaching programs. For example, they may utilize AI technology to create personalized learning experiences, automate administrative work, and offer more assistance to students.

CA GPT would considerably improve finance and accounting functions by crunching larger sample numbers for analyzing financial data, as well as recognizing any voucher duplications.

The tool has various advantages, including higher efficiency, better decision-making, and improved learning experiences. However, it is critical to use ICAI GPT appropriately, taking into account its limits and the significance of human monitoring. With careful deployment and ongoing improvement, ICAI GPT can become a significant asset for CAs, CA students, and commerce institutes, helping to enhance the accounting profession in the digital age.