Artificial Intelligence in the Accountancy Profession in Uganda
DOI:
https://doi.org/10.31000/jast.v5i2.15068Abstract
Introduction: There is a myth that Accountancy is one of the professions that could become extinct by 2023, due to the onset of Artificial Intelligence (AI). There is anxiety among accountancy professionals in developing countries like Uganda. Consequently, there is need for more and more research to address knowledge gaps.
Research Purpose: To provide a study on AI usage, adoption and experiences among professional accountants in Uganda. The accountancy profession has traditionally been commended for its excellency in financial reporting. However, in the past decade, professional accountants have been challenged to graduate towards strategic thinking and trusted business advisors. The advent of AI had rendered the transition even more urgent as anxiety looms about potential job losses among accountants.
Research Method:  A mixed research approach whereby key informant interviews supplement the quantitative primary data gathered through survey. The responses were triangulated with studies conducted in other jurisdictions and the myriad of articles that have been published regarding AI opportunities and threats. A survey questionnaire was dispatched to about 500 respondents via SurveyMonkey®
Findings and Discussion: Among the 162 people who responded, only 45 (24%) indicated that their organizations were already utilizing AI. The respondents that had not yet adopted AI cited lack of a robust internet connectivity, lack of AI skills, non-existent technology, AI governance policies, human capital and low financial budgets among the bottlenecks they face if they are to embrace AI. Top three areas in accounting where AI was being used (i) accounting and financial reporting (ii) writing business proposals (iii) client communication and support. The primary reasons for adopting AI (i) improving accuracy and efficiency (ii) staying competitive in the market place (iii) enhancing client service. For those that had adopted AI, the top three challenges they currently faced (i) lack of expertise and skills (ii) high implementation costs (iii) resistance to change from management and staff. 78% of the respondents believe that AI has had a positive impact on their workforce while 10% complain that AI has a negative impact. 47% plan to increase AI investment in next 1-3 years while 41% consider to decrease the spend or do not wish to invest at all.
Conclusion: ICPAU can partner with the ISACA Kampala Chapter whose mandate is to help businesses and IT leaders to maximize value and manage risks related to information and technology. ISACA helps business and IT leaders maximize value and manage risk related to information and technology. An annual joint seminar would help blend accountancy and technology, and AI will be at the centre of the discussions. Panellists can be sourced from both ICPAU and ISACA members and practical experiences can be shared, including failures and success stories.
Keywords: Artificial Intelligence, Accountancy, Emerging Technology
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