By Jamie Fowler.
The advent of artificial intelligence has sparked widespread discourse, particularly about its effects on data-centric fields such as financial services. Will AI, like the internet, herald a “golden era” of productivity, or will it fundamentally alter the industry? Can Americans trust algorithms to assist their tax professionals in preparing complex forms? These questions, once relegated to science fiction, are now pressing realities for over 330,000 financial advisors in the United States.
However, AI’s potential extends far beyond enhancing productivity—it offers financial professionals an unparalleled chance to expand their expertise and reinforce their value in every organization.
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The key lies in embracing AI not merely as a tool for routine tasks like tax auditing but as a transformative ally in data auditing—a critical area where CPAs already excel.
Data Auditing: The Bedrock of AI Integration
CPAs are masters of data analysis, extraction, and quality assurance—skills that align perfectly with AI’s dependency on clean and accurate data. Preventing pitfalls such as hallucinations and cybersecurity breaches hinges on maintaining impeccable datasets, a task where CPAs shine. By incorporating AI auditing into their workflows, CPA firms can thrive in this new landscape, meeting demands that extend far beyond financial expertise.
Integrating AI may seem intimidating, especially for smaller CPA firms with limited resources. Yet, leveraging existing data expertise to filter and validate training data is a natural extension of their skills. This process doesn’t require coding knowledge or advanced AI expertise, and educational resources from platforms like LinkedIn, Google, and IBM can provide optional deep dives into the technology.
Navigating Emerging Regulations
As AI technology advances, government regulations remain nascent and speculative. Much like the internet’s evolution toward greater regulation, AI will face similar scrutiny, creating a demand for data experts. Financial professionals can play pivotal roles, advising lawmakers on the aspects of AI that require regulation and guiding private-sector compliance with emerging policies.
CPAs’ unique perspective on data quality makes them invaluable in shaping regulations—identifying critical datasets for exclusion from AI training and ensuring private organizations adhere to standards. Proactive adoption of AI auditing practices will prepare financial firms for these inevitable changes, securing them as indispensable advisors in both public and private sectors.
Futureproofing the Profession
In an increasingly competitive environment, small-to-mid-sized CPA firms are under pressure from larger consulting firms and DIY solutions like Intuit QuickBooks. Offering AI auditing capabilities provides a strategic advantage, protecting client retention and revenue. Partnering with AI discovery firms can ease the integration process, paving the way for long-term success.
Additionally, modernizing the profession to include AI auditing can attract a new generation of talent. Younger professionals, particularly Gen Z, are drawn to innovative roles in emerging tech sectors. Incorporating AI expertise into financial services infuses excitement into the industry, addressing recruitment challenges.
While AI is still in its early stages, its prospects for financial professionals far outweigh potential drawbacks. By leveraging their strengths in data auditing to support AI, CPAs can secure their relevance, engage the next generation, and remain at the forefront of technological evolution.
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Jamie Fowler is Vice Chair of Intelligent Automation and AI at alliant, a consulting and management engineering consultancy. Fowler is passionate about leveraging AI to help small to midsize businesses grow. She has extensive expertise in AI, operational and digital transformation, technology, finance, and cyber governance.
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