This paper provides a review of recent publications and working papers on ChatGPT and related Large Language Models (LLMs) in accounting and finance. The aim is to understand the current state of research in these two areas and identify potential research opportunities for future inquiry. We identify three common themes from these earlier studies. The first theme focuses on applications of ChatGPT and LLMs in various fields of accounting and finance. The second theme utilizes ChatGPT and LLMs as a new research tool by leveraging their capabilities such as classification, summarization, and text generation. The third theme investigates implications of LLM adoption for accounting and finance professionals, as well as for various organizations and sectors. While these earlier studies provide valuable insights, they leave many important questions unanswered or partially addressed. We propose venues for further exploration and provide technical guidance for researchers seeking to employ ChatGPT and related LLMs as a tool for their research.

As artificial intelligence (AI) technology continues to advance, businesses are finding new ways to incorporate it into their operations. One area where AI can be particularly useful is accounting and finance. In this blog post, we will discuss the advantages of using Chat GPT, a large language model, for accounting and finance. First, let's start with what Chat GPT is. Chat GPT stands for "Generative Pre-trained Transformer," and it's a type of AI model that is used for natural language processing (NLP).

The explosion in data that has launched the Fourth Industrial Revolution, an era when business will be transformed by cyber-physical systems, has enabled several technology trends to develop. Every business can leverage these important trends and should pay attention to how best to use them, but accountants should really evaluate how these six technologies can be used strategically to achieve the company's business strategy. Data is crucial to make business financial decisions. Today, data isn't just numbers and spreadsheets that accountants have been familiar with for years; it also includes unstructured data that can be analyzed through natural language processing. This can allow for real-time status monitoring of financial matters.

It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. Let's take a look at just of the few opportunities that are now available thanks to the digital transformation of accounting and finance. According to consulting firm Accenture, "automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed."

The boom in technology across numerous industries has meant opportunities for advancement in how professionals do business. Many of the once tedious tasks performed by accountants are now performed by artificial intelligence (AI), allowing professionals to focus on more advisory roles that brings greater value to clients.

Much of what we see in AI today is working to reproduce the way natural intelligence works, with the hopes that we'll get to human-level decisions that are faster and more circumspect. For example, in the world of accounting, an application of AI would be to identify spending variance (i.e., transactions that break from normal practices of the company or industry). Human beings can identify spending trends and variance in a group of a few hundred transactions, most of which get identified as false positives after further investigation. In the same or less time, AI can identify spending trends and variance across billions of transactions and perform further investigation to eliminate false flags within milliseconds. The concern in this scenario is that the "further investigation" is some nebulous black box that we are expected to trust.

The two-day 21st Malaysian Finance Association Conference 2019 held at Sunway University was one of the most important finance research conferences in Malaysia. The conference provided an open platform for scholars and practitioners in the field to meet and share their current research as well as to exchange ideas and information on new developments in the areas of finance and economics. The conference was officially launched by Professor Catherine Ho Soke Fun, Malaysian Finance Association President; Professor Graeme Wilkinson, Sunway University Vice-Chancellor, and Chong Chang Choong, Sunway Group Chief Financial Officer. Chong in his opening address said, "We live in a digital age where internet and technology have become a big part of our lives. The rapid advancement of technology is transforming the workplace and the world, including the financial sector. Fintech or financial technology, is now no longer a peculiar term. The ever-evolving Fintech services are beginning to be adopted by the tech-savvy and sophisticated consumers of today."

Accounting and finance teams sometimes resist change. After all, accuracy is essential in this field, and major changes to processes and the introduction of new ways of working could create additional stress and lead to costly mistakes. However, resisting change is futile in an age of continuous and rapid digital disruption. Research conducted for Benchmarking Accounting and Finance Functions: 2018, a special report from Robert Half and Financial Executives Research Foundation (FERF), suggests that the pace of technological change in accounting and finance organizations is accelerating. Many functions are expanding their use of automation and cloud computing -- a move often motivated not only by a desire to increase efficiency but also to keep pace with broader digital transformation initiatives underway at the company.

It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. Let's take a look at just of the few opportunities that are now available thanks to the digital transformation of accounting and finance. According to consulting firm Accenture, "automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed."

It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. Let's take a look at just of the few opportunities that are now available thanks to the digital transformation of accounting and finance. According to consulting firm Accenture, "automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed."