READINESS AND PREPARATION OF THE ACCOUNTING PROFESSION FOR TRANSITION TO THE ERA OF ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING (5TH AND 6TH INDUSTRIAL REVOLUTION)

Abstract

The objective of the study was to explore the readiness and preparation of the accounting profession for the transition to the Era of Artificial intelligence and Machine learning (5th and 6th Industrial Revolution). To achieve this, primary data was used and it was analyzed using descriptive analysis, and chi square test. The data was derived from the responses of 250 respondents in the questionnaire distributed.

The findings showed that the level of awareness and understanding of the importance of artificial intelligence and machine learning to accounting profession is different among accountants, artificial intelligence has no significant impact on traditional accounting tasks and processes, Ethical consideration of using artificial intelligence and machine learning has no significant effect on accounting decision making, employment and career prospect of accountants is significantly affected by artificial intelligence.

It was concluded that there is a significant difference in the level of awareness and understanding of artificial intelligence among accountants, traditional accounting tasks and processes are not affected by artificial intelligence, and artificial intelligence has a significant effect on accountant career prospect. The study recommends professional bodies to create awareness among members on the importance of artificial intelligence to the accounting profession and accountants should equip themselves with knowledge of artificial intelligence and machine learning usage.