There's some understandable concern these days about the possibility that increased use of artificial intelligence (AI) will lead to job losses amongst accounting and audit professionals. But Mike Baccala, PwC's US assurance innovation leader, predicts that while accounting and auditing jobs may change as AI use becomes more prevalent, those jobs won't go away. Baccala is co-author of a recent PwC report that predicts the effects that AI will have on the business environment. He said PwC already is working with AI in a few capacities in client engagements. The firm is using an AI platform to help nonaudit clients extract data from their lease agreements as they implement the US Financial Accounting Standards Board's new lease accounting standard.

It's a hot topic in boardrooms across the country--artificial intelligence technology and what it can do to increase efficiencies for businesses. Many organizations are already leveraging this technology, but it won't be replacing human workers at an alarming rate in the near future, according to Mike Baccala, PwC's U.S. Assurance Innovation Leader. AI works best when it brings data and teams from different disciplines together, and the technology requires human-machine collaboration. "We underestimate the human condition at times," Baccala told Corporate Board Member. "And if you look at the skills and the things that people bring to the table--that can be in business, professional service, complex problem solving, creativity, emotional intelligence, critical thinking--those are all in judgement, those are all things that will be very difficult for AI to reproduce."

There's some understandable concern these days about the possibility that increased use of artificial intelligence (AI) will lead to job losses among accounting and audit professionals. But Mike Baccala, PwC's U.S. assurance innovation leader, predicts that while accounting and auditing jobs may change as AI use becomes more prevalent, those jobs won't go away. Baccala is co-author of a recent PwC report that predicts the effects that AI will have on the business environment. He said PwC already is working with AI in a few capacities in client engagements. The firm is using an AI platform to help nonaudit clients extract data from their lease agreements as they implement the new FASB lease accounting standard.