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Rising Interest in Generative AI Among CPA Decision-Makers

Shift in Attitude Towards Generative AI

Interest in the implementation of generative artificial intelligence tools has risen among CPA decision-makers in business and industry over the last year, signaling potential rapid change ahead.

According to the quarterly AICPA & CIMA Economic Outlook Survey, 30% of business executives report experimenting with generative AI in business applications, a modest increase from 23% a year ago. Notably, the percentage of those not considering generative AI has decreased from 56% to 38% among 273 CPA decision-makers surveyed.

‘The data suggests we are right on the cusp of broad adoption of generative AI,’ stated Tom Hood, executive vice president of Business Growth & Engagement at AICPA & CIMA. ‘We are rapidly moving from the contemplation to experimentation phase. This technology has seen faster take-up rates than other adoption cycles, so we expect implementation to proceed swiftly.’

Growing CPA Interest in Generative AI

Current Implementation Rates

However, as of November, only 6% of survey participants reported implementing generative AI tools in various business functions, a slight rise from 4% last year. The trend towards adoption is expected to continue as understanding of AI capabilities grows and concerns regarding AI risks diminish.

Concerns surrounding privacy, ethics, and accuracy have decreased, with 34% of respondents expressing significant worries, down from 40% the previous year. Furthermore, while 35% reported having security policies in place, 58% indicated they did not.

For more insights on generative AI’s impact on accounting and finance, please refer to a series of reports from CPA Canada and AICPA, including a generative AI toolkit available for accounting professionals.

— Comments on this article or suggestions for future topics can be sent to Bryan Strickland at [email protected].

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