Artificial Intelligence for Audit, Forensic Accounting, and Valuation

CHAPTER 2Fourth Industrial Revolution and Its Impact on Audit

GOOD PROFESSIONALS EXPEDITIOUSLY ADAPT as the world around them changes. Excellent professionals thrive by changing the world around them. This book is for both intrapreneurs and entrepreneurs. The common elements between the two cases are, of course, that the business world is changing around us and it is incumbent upon professionals to adapt and excel in this environment. Contrary to what one might expect from professionals, the ability to adapt and excel seems to be in short supply.

It took accounting professionals dozens of years to adopt computerization. The stories of accounting automation, particularly ERP implementations, still serve as exhilarating business dinner conversations, where tales of fear, failure, and fatigue are delicately intertwined to recall the fun times of tech transformation projects. Like camping stories, they present a perfect balance of the jitters and joys of advancing to the new era of computerization. Just when we thought digitization would be the last revolution we have to endure in our professional lives, a new revolution is brewing. Just when we began adjusting to the comfortable feeling of normalized uniformity, a major and overwhelming change is knocking on our door. The sound of that knocking is growing louder by the day. So much so that major governments and institutions across the world are recognizing that something extraordinary has happened. Welcome to the AI revolution! ...