Artificial intelligence (AI) is increasingly being integrated into the field of accountancy, with the aim of automating routine and time-consuming tasks. Trainee accountants, like Owen Hewitt, are hopeful that AI can take over the more tedious aspects of their job, such as analyzing financial data. This would allow humans to focus on more subjective and interesting decisions, like assessing the viability of a business or predicting debt repayment. While AI can learn from data and make predictions, it cannot yet replace the human judgment required for weighing different variables and making informed decisions.

AI is particularly useful for tasks like summarizing documents, creating content, drafting documentation, advanced searching, analytics, and knowledge management. These tasks are often performed by junior accountancy staff. However, there is concern that the widespread use of AI could lead to job losses, especially in auditing, which is a low-margin business. A survey by KPMG found that 40% of senior auditors expect AI to result in smaller audit teams. Many manual audit and reporting tasks have already been outsourced to other countries, and junior accountants will need to focus more on client-facing skills.

As a result, training programs are changing to incorporate AI and data science skills. Auditing firms are under scrutiny due to high-profile failures and are turning to AI to tighten up their procedures. AI can help auditors by analyzing data at a larger scale, performing better risk assessments, and spotting anomalies in vast amounts of data. It can also help focus audit efforts on complex and high-risk areas. AI may also help retain talent in the auditing field, as it can reduce time spent on repetitive tasks and allow auditors to focus on analysis and interpretation.

Overall, AI has the potential to streamline and improve the field of accountancy by automating routine tasks and allowing accountants to focus on more complex and value-added work. However, the integration of AI also raises concerns about job losses and the need for accountants to develop new skills, such as data science and client relationship management.

Original news source: Could AI take the grind out of accountancy? (BBC)

🎧 Listen:

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📖 Vocabulary:

Group or Classroom Activities

Warm-up Activities:

– News Summary
Instructions:
1. Divide the class into small groups.
2. Assign each group a specific section of the article to read and summarize.
3. Instruct the groups to create a concise news summary of their assigned section.
4. Have each group present their summary to the class.
5. Encourage discussion and comparison of the different summaries.

– Vocabulary Pictionary
Instructions:
1. Write down a list of key vocabulary words from the article on separate pieces of paper.
2. Divide the class into pairs or small groups.
3. Give each group a vocabulary word.
4. Instruct the groups to draw a picture that represents the meaning of the word.
5. Have the groups take turns presenting their drawings to the class, while the rest of the class tries to guess the word.

– Pros and Cons
Instructions:
1. Divide the class into two groups.
2. Assign one group to list the pros of integrating AI into the field of accountancy, and the other group to list the cons.
3. Give the groups a few minutes to brainstorm and discuss their ideas.
4. Have each group present their list to the class.
5. Facilitate a class discussion, encouraging students to share their opinions and thoughts on the pros and cons of AI in accountancy.

– Keyword Taboo
Instructions:
1. Write down a list of key keywords from the article on separate pieces of paper.
2. Divide the class into pairs.
3. Give each pair a keyword.
4. Instruct one student from each pair to describe the keyword to their partner without using the actual keyword or any derivatives of it.
5. The partner must try to guess the keyword based on the description given.
6. After a certain amount of time, switch roles and repeat the activity with a new keyword.

– Future Predictions
Instructions:
1. Instruct each student to come up with three predictions about how AI will continue to impact the field of accountancy.
2. Have the students write down their predictions individually.
3. Divide the class into small groups and have them share and discuss their predictions.
4. Encourage students to provide reasoning and evidence for their predictions.
5. Have each group present their most interesting prediction to the class.

🤔 Comprehension Questions:

1. What tasks in the field of accountancy can AI potentially automate?
2. How does AI’s ability to learn from data and make predictions differ from human judgment?
3. What are some specific tasks within accountancy that AI is particularly useful for?
4. What is the concern regarding job losses in the accountancy field due to the widespread use of AI?
5. How are training programs changing to incorporate AI and data science skills?
6. Why are auditing firms turning to AI to tighten up their procedures?
7. How can AI help auditors in their work?
8. What are some potential benefits and challenges of integrating AI into the field of accountancy?
Go to answers ⇩

🎧✍️ Listen and Fill in the Gaps:

Artificial intelligence (AI) is increasingly being (1)______ into the field of accountancy, with the aim of automating routine and time-consuming tasks. Trainee (2)______, like Owen Hewitt, are hopeful that AI can take over the more tedious aspects of their job, such as analyzing financial data. This would allow humans to (3)______ on more subjective and interesting decisions, like assessing the viability of a business or (4)______ debt repayment. While AI can learn from data and make predictions, it cannot yet replace the human judgment required for weighing different variables and making informed decisions.

AI is particularly useful for (5)______ like summarizing documents, creating content, drafting (6)______, (7)______ searching, analytics, and knowledge management. These tasks are often performed by junior accountancy staff. However, there is concern that the widespread use of AI could lead to job losses, especially in auditing, which is a low-margin business. A survey by KPMG found that 40% of senior (8)______ expect AI to result in smaller audit teams. Many manual audit and reporting tasks have already been (9)______ to other countries, and junior accountants will need to focus more on client-facing skills.

As a result, (10)______ programs are changing to incorporate AI and data science skills. Auditing firms are under scrutiny due to high-profile failures and are turning to AI to tighten up their (11)______. AI can help auditors by analyzing data at a larger (12)______, performing better risk assessments, and spotting anomalies in vast amounts of data. It can also help focus audit efforts on complex and high-risk areas. AI may also help retain (13)______ in the auditing (14)______, as it can reduce time spent on repetitive tasks and (15)______ auditors to focus on analysis and interpretation.

Overall, AI has the potential to streamline and improve the field of accountancy by automating routine tasks and allowing accountants to focus on more complex and value-added work. However, the integration of AI also raises concerns about job losses and the need for accountants to develop new skills, such as data science and client (16)______ management.
Go to answers ⇩

💬 Discussion Questions:

Students can ask a partner these questions, or discuss them as a group.

1. What is your opinion on the integration of AI into the field of accountancy?
2. How would you feel if AI took over the more tedious aspects of your job?
3. Do you think AI will eventually be able to replace human judgment in making informed decisions? Why or why not?
4. What are some other fields or industries where AI could be beneficial?
5. How do you think the widespread use of AI in accountancy could affect job security?
6. Do you think AI will lead to job losses in other industries as well? Why or why not?
7. What are some potential benefits of incorporating AI into training programs for accountants?
8. How do you think AI could help auditors in analyzing data and performing risk assessments?
9. Do you believe that AI can help retain talent in the auditing field? Why or why not?
10. What new skills do you think accountants will need to develop in order to adapt to the integration of AI?
11. How do you think the integration of AI will affect the relationship between accountants and their clients?
12. Do you think AI will ultimately improve or hinder the field of accountancy? Why?
13. How do you think the integration of AI will change the role of junior accountancy staff?
14. What are some potential ethical concerns that could arise from the use of AI in accountancy?
15. How do you think the integration of AI will impact the overall efficiency and accuracy of financial reporting?

Individual Activities

📖💭 Vocabulary Meanings:

Match each word to its meaning.

Words:
1. accountancy
2. automating
3. tedious
4. viability
5. subjective
6. analytics
7. scrutiny
8. anomalies
9. streamline
10. integration
11. interpretation
12. client-facing
13. data science
14. auditing
15. outsourcing

Meanings:
(A) Make (an organization or system
(B) The ability of a business or project to succeed or continue operating effectively
(C) Making processes operate automatically through technology
(D) Based on personal feelings, tastes, or opinions
(E) The act of combining or coordinating separate elements so as to provide a harmonious, interrelated whole
(F) The practice of having certain job functions done outside a company instead of having an in-house department or employee handle them
(G) Deviations from what is standard, normal, or expected
(H) The profession or duties of maintaining and auditing financial records and preparing financial reports
(I) Close and critical examination or observation
(J) An interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data
(K) The practice of examining financial records to ensure accuracy and compliance with laws and regulations
(L) Boring and repetitive, requiring a lot of patience
(M) Skills or activities that involve interacting directly with customers or clients
(N) The action of explaining the meaning of something
(O) The systematic computational analysis of data or statistics
Go to answers ⇩

🔡 Multiple Choice Questions:

1. What is the aim of integrating AI into the field of accountancy?
(a) Replacing human judgment in decision-making
(b) Eliminating the need for junior accountancy staff
(c) Streamlining auditing procedures
(d) Automating routine and time-consuming tasks

2. What tasks are particularly suited for AI in the field of accountancy?
(a) Client relationship management and risk assessments
(b) Summarizing documents, creating content, and advanced searching
(c) Analyzing financial data and predicting debt repayment
(d) Outsourcing manual audit and reporting tasks

3. What is a concern regarding the widespread use of AI in auditing?
(a) Job losses in the auditing field
(b) Inability to analyze data at a larger scale
(c) Increased risk of high-profile failures
(d) Lack of client-facing skills in junior accountants

4. How can AI help auditors in their work?
(a) Automating client relationship management tasks
(b) Eliminating the need for risk assessments
(c) Analyzing data at a larger scale and spotting anomalies
(d) Reducing the need for analysis and interpretation

5. What new skills do accountants need to develop due to the integration of AI?
(a) Advanced searching and knowledge management
(b) Risk assessments and anomaly detection
(c) Summarizing documents and creating content
(d) Data science and client relationship management

6. What is the potential benefit of AI in the field of accountancy?
(a) Eliminating the need for auditors
(b) Reducing the need for analysis and interpretation
(c) Streamlining and improving the field by automating routine tasks
(d) Increasing job losses in auditing

7. What is a potential drawback of AI in the field of accountancy?
(a) Increased risk of high-profile failures
(b) Job losses in auditing
(c) Lack of client relationship management skills
(d) Inability to automate routine tasks

8. How can AI help retain talent in the auditing field?
(a) By reducing time spent on repetitive tasks
(b) By eliminating the need for analysis and interpretation
(c) By outsourcing manual audit and reporting tasks
(d) By focusing on complex and high-risk areas

Go to answers ⇩

🕵️ True or False Questions:

1. AI cannot help auditors by analyzing data at a larger scale, performing better risk assessments, and spotting anomalies.
2. There is concern that the widespread use of AI in accountancy could lead to job losses, especially in auditing.
3. Training programs in accountancy are changing to incorporate AI and data science skills.
4. AI does not have the potential to streamline and improve the field of accountancy, but it also raises concerns about job losses and the need for accountants to develop new skills.
5. AI is particularly useful for tasks like summarizing documents, creating content, and advanced searching.
6. AI is being integrated into the field of accountancy to automate routine tasks.
7. Trainee accountants are doubtful that AI can take over analyzing financial data.
8. AI cannot learn from data and make predictions, but it can replace human judgment for making informed decisions.
Go to answers ⇩

📝 Write a Summary:

Write a summary of this news article in two sentences.

Writing Questions:

Answer the following questions. Write as much as you can for each answer.

1. What are some of the tasks in the field of accountancy that AI can help automate?
2. What concerns are there about the widespread use of AI in the field of accountancy?
3. How can AI help auditors in their work?
4. What changes are training programs in the field of accountancy making to incorporate AI?
5. What are some of the potential benefits of integrating AI into the field of accountancy?

✅ Answers

🤔✅ Comprehension Question Answers:

1. What tasks in the field of accountancy can AI potentially automate?
AI can potentially automate tasks such as analyzing financial data, summarizing documents, creating content, drafting documentation, advanced searching, analytics, and knowledge management.

2. How does AI’s ability to learn from data and make predictions differ from human judgment?
AI can learn from data and make predictions based on patterns and algorithms, whereas human judgment involves weighing different variables and making informed decisions based on experience, intuition, and subjective analysis.

3. What are some specific tasks within accountancy that AI is particularly useful for?
AI is particularly useful for tasks such as summarizing documents, creating content, drafting documentation, advanced searching, analytics, and knowledge management.

4. What is the concern regarding job losses in the accountancy field due to the widespread use of AI?
There is concern that the widespread use of AI in the accountancy field could lead to job losses, especially in areas such as auditing, which is a low-margin business. A survey by KPMG found that 40% of senior auditors expect AI to result in smaller audit teams.

5. How are training programs changing to incorporate AI and data science skills?
Training programs in the accountancy field are changing to incorporate AI and data science skills. This is to ensure that accountants are equipped with the necessary skills to work alongside AI and utilize its capabilities effectively.

6. Why are auditing firms turning to AI to tighten up their procedures?
Auditing firms are turning to AI to tighten up their procedures due to high-profile failures and increased scrutiny. AI can help auditors by analyzing data at a larger scale, performing better risk assessments, spotting anomalies in vast amounts of data, and focusing audit efforts on complex and high-risk areas.

7. How can AI help auditors in their work?
AI can help auditors in their work by analyzing data at a larger scale, performing better risk assessments, spotting anomalies in vast amounts of data, and focusing audit efforts on complex and high-risk areas. It can also reduce time spent on repetitive tasks, allowing auditors to focus on analysis and interpretation.

8. What are some potential benefits and challenges of integrating AI into the field of accountancy?
Potential benefits of integrating AI into the field of accountancy include streamlining and improving processes, automating routine tasks, and allowing accountants to focus on more complex and value-added work. However, there are also challenges, such as concerns about job losses, the need for accountants to develop new skills, and the potential for AI to make errors or overlook important factors that require human judgment.
Go back to questions ⇧

🎧✍️✅ Listen and Fill in the Gaps Answers:

(1) integrated
(2) accountants
(3) focus
(4) predicting
(5) tasks
(6) documentation
(7) advanced
(8) auditors
(9) outsourced
(10) training
(11) procedures
(12) scale
(13) talent
(14) field
(15) allow
(16) relationship
Go back to questions ⇧

📖💭✅ Vocabulary Meanings Answers:

1. accountancy
Answer: (H) The profession or duties of maintaining and auditing financial records and preparing financial reports

2. automating
Answer: (C) Making processes operate automatically through technology

3. tedious
Answer: (L) Boring and repetitive, requiring a lot of patience

4. viability
Answer: (B) The ability of a business or project to succeed or continue operating effectively

5. subjective
Answer: (D) Based on personal feelings, tastes, or opinions

6. analytics
Answer: (O) The systematic computational analysis of data or statistics

7. scrutiny
Answer: (I) Close and critical examination or observation

8. anomalies
Answer: (G) Deviations from what is standard, normal, or expected

9. streamline
Answer: (A) Make (an organization or system

10. integration
Answer: (E) The act of combining or coordinating separate elements so as to provide a harmonious, interrelated whole

11. interpretation
Answer: (N) The action of explaining the meaning of something

12. client-facing
Answer: (M) Skills or activities that involve interacting directly with customers or clients

13. data science
Answer: (J) An interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data

14. auditing
Answer: (K) The practice of examining financial records to ensure accuracy and compliance with laws and regulations

15. outsourcing
Answer: (F) The practice of having certain job functions done outside a company instead of having an in-house department or employee handle them
Go back to questions ⇧

🔡✅ Multiple Choice Answers:

1. What is the aim of integrating AI into the field of accountancy?
Answer: (d) Automating routine and time-consuming tasks

2. What tasks are particularly suited for AI in the field of accountancy?
Answer: (b) Summarizing documents, creating content, and advanced searching

3. What is a concern regarding the widespread use of AI in auditing?
Answer: (a) Job losses in the auditing field

4. How can AI help auditors in their work?
Answer: (c) Analyzing data at a larger scale and spotting anomalies

5. What new skills do accountants need to develop due to the integration of AI?
Answer: (d) Data science and client relationship management

6. What is the potential benefit of AI in the field of accountancy?
Answer: (c) Streamlining and improving the field by automating routine tasks

7. What is a potential drawback of AI in the field of accountancy?
Answer: (b) Job losses in auditing

8. How can AI help retain talent in the auditing field?
Answer: (a) By reducing time spent on repetitive tasks
Go back to questions ⇧

🕵️✅ True or False Answers:

1. AI cannot help auditors by analyzing data at a larger scale, performing better risk assessments, and spotting anomalies. (Answer: False)
2. There is concern that the widespread use of AI in accountancy could lead to job losses, especially in auditing. (Answer: True)
3. Training programs in accountancy are changing to incorporate AI and data science skills. (Answer: True)
4. AI does not have the potential to streamline and improve the field of accountancy, but it also raises concerns about job losses and the need for accountants to develop new skills. (Answer: False)
5. AI is particularly useful for tasks like summarizing documents, creating content, and advanced searching. (Answer: True)
6. AI is being integrated into the field of accountancy to automate routine tasks. (Answer: True)
7. Trainee accountants are doubtful that AI can take over analyzing financial data. (Answer: False)
8. AI cannot learn from data and make predictions, but it can replace human judgment for making informed decisions. (Answer: False)
Go back to questions ⇧