AI in the Finance Function

Accounting for the Future

From enhancing audits to streamlining processes and predicting financial outcomes, AI is here to empower the finance function. In this episode, host Anne-Marie Henson is joined by David McKellar, a Partner and key leader in BDO’s Innovation & Change team and Senior Leadership Team, to discuss the impact of artificial intelligence (AI) on the accounting and finance function. Together, they explore how AI, including generative AI, can benefit financial statement auditors. The episode also touches on the potential applications of AI for CFOs, discussing its role in pattern recognition, prediction, and transparency. Addressing governance, the episode emphasizes the importance of data quality, security, transparency, and addressing potential biases in AI algorithms.

What you’ll hear in this episode:

[2:30] Understanding artificial intelligence (AI) vs. generative AI and the difference between the two.

[6:00] AI in financial statement and auditing.

[11:27] AI's impact on the finance function and CFOs.

[18:30] Governance considerations for AI adoption.

[26:30] AI and the society: The importance of education and embracing AI.

[27:35] Optimism about the positive impact of AI and democratization of knowledge.

Mentioned:

Anne-Marie Henson

David McKellar

BDO

Quotes:

"I think a lot of us understand that in some way, AI and how businesses will be using it in the future, is completely accepted."

"AI is not going to replace people's jobs; it's going to replace the jobs of those that don't embrace it."

" When you're looking for different patterns, instead of a human sorting through different files, no matter how fast they are, there's only so much that you go through. Now, we can actually leverage AI to drive through much more data and still pick up on the trends."

"The more AI gets out there, the better the models get, and the more they get fed, the more they learn.”

“I think we're going to see a level and a layer of regulation that will likely create some opportunity and some challenges from a finance function of just understanding what's there."

"The more AI starts to enable an organization, the more important understanding how biased your data and your algorithms are because you're going to be asked for that"