Artificial Intelligence in Accounting Profession: Implementation and Challenges

The rapid emergence of artificial intelligence technology in the wake of the corona virus outbreak has sparked widespread interest. The accounting profession is at the same trend, undergoing a significant transformation due to advances in technology. One of the most disruptive technologies in recent years is Artificial Intelligence (AI), as The traditional accounting method is slowly but steadily, being phased out. AI has the potential to revolutionize accounting practices in Nigeria, enhancing efficiency, accuracy, and decision-making. However, the successful implementation of AI in accounting is contingent on addressing infrastructural and sustainability challenges.

1. Artificial Intelligence in Accounting Profession: Implementation and Challenges Being a Paper Presented at the International Accounting Day Organised by Association of National Accountants of Nigeria (ANAN), Oyo State Branch 1 at The Polytechnic, Ibadan on Friday, November 10, 2023. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Department of Management & Accounting Faculty of Management and Social Sciences Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors)

2. ND (Fin), HND (Acct.), BSc. (Acct. Ed), BSc (Fin.), LLB., LLM, MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus & Econs ), MSc. (Fin), MSc. ( Econs ), Ph.D. (Acct), Ph.D. (Fin), Ph.D. (FA), CICA, CFA, CFE, CIPFA, CPFA, CertIFR , ACS, ACIS, ACIArb , ACAMS, ABR, IPA, IFA, MNIM, FCA, FCTI, FCIB, FCNA, FCFIP, FCE, FERP, FFAR, FPD-CR, FSEAN, FNIOAIM, FCCrFA , FCCFI, JP

3. Artificial Intelligence in Accounting Profession: Implementation and Challenges

4. Contents

5. Introduction

6. Introduction

7. Concepts of Artificial Intelligence (AI)

8. Concepts of Artificial Intelligence (AI)

9. Functions of Artificial Intelligence

10. Distinction of AI

11. Principles of Artificial Intelligence (AI)

12. Build-Ups of Artificial Intelligence

13. G uidelines on Artificial Intelligence (AI)

14. Artificial Intelligence and Ethics

15. Artificial Intelligence and Ethics

16. Key Demands of AI Ethics

17. Evolution of Artificial Intelligence (AI)

18. Pros and Cons of Artificial Intelligence Pros Cons

19. Concepts of Accounting

20. Concepts of Accounting

21. Nature of Accounting

22. Branches of Accounting

23. Some Services rendered by Accountants

24. Artificial Intelligence in Accounting

25. AI Accounting Infrastructure in Nigeria

26. AI Accounting Infrastructure in Nigeria

27. AI Accounting Infrastructure in Nigeria

28. Role of AI in the Accounting Profession

29. Role of AI in Accounting Profession

30. Artificial Intelligence Accounting Software

31. AI accounting software and Human Interaction

32. Benefits of AI in Accounting Software

33. Advantages of AI to Professional Accountants

34. Disadvantages of AI to Professional Accountants

35. Implementation of AI in Accounting

36. Challenges of Implementing AI in Accounting

37. Overcoming Challenges and Embracing AI

38. Conclusion

39. Recommendations

40. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co. (Chartered Accountants, Tax Practitioners & Forensic Auditors) [email protected] ; [email protected] [phone], & [phone]