Uses and Application of AI in Accounting Corporations

This study aims to investigate the uses and application of AI in accounting corporations, with a focus on Deloitte. It explores the benefits and challenges of implementing AI in the accounting industry and provides recommendations for overcoming these challenges. The study utilizes qualitative research methods and includes a literature review, data analysis, and discussion of findings.

To investigate uses and
application of AI in the
accounting corporations

ABSTRACT
It has been evaluated that, AI exhibits the traits attached with human mind like learning
& problem-solving. The concepts of AI that is machine and deep learning are seen as inclusive
relationship. AI system could recognize the pattern in the ledger codes and structure of the
different invoices for knowing the pertinent data that need to be extracted. It allows the AI
workers in competing repetitive as well as the time-consuming work in processes of an
organization like analysis or handling of document which is seen as plentiful in the accounting.
AI in accounting firms causes high chance for human in being careless for checking the final
reports of the company which is one of the biggest challenge for the company. The researcher of
the study has opted for qualitative method because it emphasize on collecting the data though the
use of open-ended & conversational communication. The main reason for using qualitative
research is because it will help in gaining descriptive set of data associated with the key subject
matter. The researcher of the study tends to use both primary as well as the secondary method of
the data collection. An investigator has recruited the participants by using simple random
sampling technique where 20 accounting managers of the Deloitte Company has been selected.
The research has been carried out with high degree of confidentiality and proper ethical
consideration has been maintained. It has been evaluated that, AI has two different types that
includes weak AI and strong AI. Accounting firms are implementing artificial intelligence
technology within the business because it helps in streamlining the operations of the company.
Artificial intelligence helps in detecting inaccuracies at the earliest and take necessary decision.
AI helps in empowering quick decision-making and is also useful in creating smarter insights.
Complying AI with newer software and encrypting the data is significant recommendation to
effectively improve the operational efficiency of the business.

Table of Content
ABSTRACT.....................................................................................................................................2
CHAPTER 1-INTRODUCTION ....................................................................................................4
CHAPTER 2- LITERATURE REVIEW ........................................................................................9
CHAPTER 3- RESEARCH METHODOLOGY...........................................................................18
CHAPTER 4: DATA ANALYSIS AND INTERPRETATION....................................................26
CHAPTER 5: DISCUSSION.........................................................................................................37
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................43
REFERENCES .............................................................................................................................46
APPENDIX....................................................................................................................................50
Questionnaire............................................................................................................................50

CHAPTER 1-INTRODUCTION
Title: To determine the use of AI by the accounting firms: Case study on Deloitte
Background
AI referred as simulation of the human intelligence in the machines which are
programmed for thinking like the humans and in mimicking their actions. It is the term that is
been applied in any machine which exhibits the traits attached with human mind like learning &
problem-solving. The ideal feature of AI is its ability in rationalizing and taking actions which
have best chance in attaining a particular goal (Inozemtsev, Ivleva and Ivlev, 2017). It is based
on principle that human intelligence could be defined in the manner that machine could easily
mimic it and implement the tasks from most simple to those which are seen as more difficult and
complex. Goals of AI involves reasoning, perception and the learning (Girasa, 2020). Cloud
computing would continue to enjoy the strong growth in the accounting industry. Firms are seen
as increasingly organized across the decentralized & remote teams, that is driving even more
faster cloud technical adoption. In the year 2020, almost 78% of the small enterprise would rely
solely on the cloud based technology. The worldwide cloud based accounting size of market was
resulted as $ 2.62 billion in the year 2018 & is been projected for reaching $ 4.25 billion by an
end of the year 2023 with around 63% increment. In accordance to Xero, an accounting company
which exclusively make use of cloud accounting acquires 5 times customers as compared to who
does not. The terms like AI and Robotic Automation process or machine learning had been seen
as prominent in industry press for various years. In the year 2020, such technologies would
continue to bake into more and more products in the tangible manner. Some examples of
application involve automated extraction of data & entry of data, Accounts receivable & payable,
complex document & analysis of contract, detection of fraud by assessing all types of
transactions and not just sample. Sweeping disruption of an accounting sector is seen as
imminent as massive technological changes & shifting trends of consumer demand for a new
approach to the manner in which industry creates a value for the clients. Some types of services
are seen as more vulnerable to the disruption than the others. For instance- basic accounting
transactional services had already been automated through an adoption off varied task
significantly across the type of small businesses. Compliance would be increasingly automated
in going forward & the limited advisory services would be following the trend. The Automated
processes could facilitate bulk of the services with an oversight, whereas accounting

professionals would be focusing on offering an expert advice & insight by strengthening the
relationship of customers in process. New technologies emerged on the basis of big data,
analytics, business intelligence & internet of the things are been reaching into each and every
area of the business life. The big information data provides the leaders of business with
unprecedented amount of the data & analytical tools in improving their decision-making. In turn,
the financial advisors & accounting professionals would use same tools in moving from entry of
data, simple analysis and recordkeeping to the strategic consultancy of business (Artificial
Intelligence In Accounting And Finance, 2020). As high speed internet services & broadband in
permeating the household & locations of business with an ability for the bookkeepers, CPAs and
the controllers in having high speed, 2 way conversations with the clients through video
streaming becomes as more realistic. Broadband services & TV would be continuing in
converging. There are several current services such as Skype which offers face-face interaction
or communication; they are not like high transmissions, picture-perfect available in near future.
Such trend would help in accelerating an internationalization of industry in which accounting
service firms would be able to serve their clients across globe and around corner, potentially in
same meeting. The present study is based on Deloitte, a brand under which thousands of
dedicated professional within independent firms across the world collaborate in providing with
assurance and audit, risk & financial advisory, consulting, risk management, taxes & the related
services in selecting clients.
Aim
To investigate uses and application of AI in the accounting corporations: A study on Deloitte
Objectives
 To articulate the concept of AI
 To review the benefits of using AI in context of Accounting organizations
 To assess the challenges associated with the use of AI
 To recommend the measures for overcoming the challenges attached with application of
AI
Rationale
The main reason behind conducting this study is to analyse use of AI in
accounting firms. This has been seen as the current issue which is been faced by most of the
consultancy firms as it becomes significant for all the accounting firms to adopt AI in the

business in order to make proper auditing of the financial statements. This study is been
formulated for gaining deeper insights in relation to the use of AI and the problems associated
with it. In today's dynamic environment, AI has gained higher level of importance in the concern
so it is very crucial for the accounting companies to understand the use of AI in their business.
The key reason behind carrying out this study is because it is the current issue within the
financial sector. It helps in effectively evaluating the relevance of the artificial intelligence
within this sector. This is the current issue currently because the technology has been changing at
a faster pace and the way financial industry is adopting to this technology is to be known. For
effectively resolving the current issue, the researcher of the study will focus on interpreting each
themes and gaining in depth knowledge associated with the uses and application of AI in the
accounting corporations.
Significance
This study would help the other researchers in the developing deep knowledge with
regard to the benefits and limitation of applying AI in the enterprise for performing the tasks.
Moreover, this report will also help different accounting firms that is operating its business
across the world. Furthermore, it helps the students and professors who are preparing the theses
on this particular research issue or problem. This study will help an investigator in knowing
different approaches that can be used to analyse the problem in effective & efficient way. This
study will also enable the readers in determining difference aspects that relates to AI and the
manner in which its application helps the company in smooth functioning of its operations. This
research study is going to be very beneficial for the financial institutions because it helps in
gaining in depth knowledge associated with the uses and application of AI in the accounting
corporations. The present research study is going to be very useful for the accountants to
evaluate how artificial intelligence can be used to improve the operational efficiency and leads to
higher growth to the company. This research is also going to be highly useful for the future
researcher because it helps in the attainment of gaining valid set of knowledge associated with
the subject matter. This helps in gaining better insight and resolving the research questions.
Structure
Chapter 1: Introduction

In this chapter, aims and objectives are framed with regard to the research problem along
with a detailed overview of the topic is been presented. This section also provides the purpose of
formulating the study and its usefulness to the users who are been looking for investigating usage
of AI in the working or business activities of an organization. This section of the study is
considered to be prominent because it helps in providing clear outline related with the research.
It provides the aim, objectives and key research questions upon which the study has to be carried
out.
Chapter 2: Literature review
Under this section, in depth review of the issue is been presented on the basis of the
objectives created by way of preparing different themes which reflects major prospects that are
attached with the problem. This segment is plays a vital role for the scholar as it acts as the main
section which facilitates a deep subjective analysis of the dissertation topic which is stated as
determining utilization of AI in context of financial advisory firms. It provides a critical view
that is been depicted or stated by different authors in terms of the merits and challenges with
respect to applying AI in an enterprise. This section helps in providing argumentative and
supportive information associated with the specific theme of the research topic.
Chapter 3: Research Methodology
This section includes usage of different tools and techniques which helps in making the
research study in better and appropriate manner. It involves adoption of different approaches and
philosophies that would be chosen to generate adequate observation and theories in relation to
assessment of the topic. It also provides the details regarding the sources that is been used for
collecting or gathering the data and also the method of sampling for selecting the sample size in
making the analysis. Moreover, it provides a purview of the ethical aspects that has been taken
into by an investigator in framing the study and also provides the details relating to the limitation
faced by scholar while making the research report.
Chapter 4: Data Analysis and findings
In this particular chapter, the data is been assessed by making use of thematic analysis
tool in which several themes are been framed based on the responses of the participants. This
also includes outcome or findings of the assessment by showing the perception or view point of
majority of the participants. It acts as the most critical segment as it facilitates drawing of
appropriate inferences and relevant conclusion on the topic or the issue. In this data is been

analysed by structuring the questionnaire and taking answers by the respondents for the research
questions developed. This chapter is useful in effectively interpreting the key data which has
been gathered for the specific study. This chapter includes clear tables, graphs and interpretation
of the data which has been gathered.
Chapter 5: Discussion
This chapter is considered to be useful in evaluating the results which has been gathered. It helps
in providing clear linkage between the literature review and data analysis. It is useful in
describing the key major findings associated with the study.
Conclusion and recommendations
This part presents an overall summary of an entire study based on the analysis and review
made about the usage of AI within the accounting business entity. This particular section
facilitates a brief review of the topic which helps in providing entire information relating to
different elements of the topic that are been covered in the research report. This chapter is useful
in providing clear summary associated with the research study. It is significant in summarizing
the data and provide conclusive summary of the complete dissertation. Further, it includes
providing appropriate recommendation and measures which need to be adopted by the firm in
order to cope up or overcome with the challenges in use & application of AI.

CHAPTER 2- LITERATURE REVIEW
Literature review is one of the most prominent measure which is significant in the
collection of materials associated with the specific topic and subject matter. The researcher of the
study tends to mainly focus on filling up the gaps based on the existing knowledge of the
research questions. It is useful in examining the argumentative and supportive information
associated with the specific theme of the research topic. This can be done by reviewing the
various scholarly sources like journal articles, thesis and books. This section of the dissertation
helps in resolving the problems related with the research paper. It is also significant in
developing the theoretical framework associated with the research topic. The literature review is
prominent in providing complete overview and the key findings of the research topic.
Theme 1: Concept of AI
Fink, (2018) reviewed that AI is the new type of technical discipline which researches &
develops the theories, technologies, application system and methods for the purpose of
stimulating an expansion or extension of the human intelligence. In other words, it is the
machine intelligence or the branch of a computer science which aims for imbue software with an
ability to assess its environment by making use of either the pre-determined rules & search
algorithms or the pattern of recognizing the learning models and thereafter making decisions on
the basis of such analyses. The use of AI research indicates that the machines could perform
some complex tasks which need intelligent humans for completing. The machines could replace
an individual in solving some complex tasks. In this procedure, it does not seem as repetitive
mechanical kind of activity but some requires human wisdom for participating within it. The two
main aspects of AI includes machine and deep learning.
In opinion of Latah and Toker (2018), machine learning is considered as the core
concept of AI where all the people need to learn and their knowledge transfer is also been carried
out through the learning technique. By learning past information , machine is seen as more likely
having an intelligence & could react for newer input in the future periods. This concept is known
as the machine learning. Both the concepts of AI that is machine & deep learning are seen as
inclusive relationship. Deep learning is mainly based on the algorithms of the neural networks
and currently deep learning had made great progress in the fields of the image recognition,
natural language, machine translation, audio recognition and the programs relating board games.

Sennott, Akagi, Lee and Rhodes, (2019) viewed that AI has two different types that
includes weak AI and strong AI where the weak AI could not have autonomous consciousness
that only have the corresponding intelligence in the particular field, which similar to advanced
kind of the bionics. In one aspect, like watching, speaking and listening appears to be as
intelligent but it does not like humans who is having complete consciousness. Strong AI means
that machines could appear as conscious & reach or surpasses the human intelligence. It is not
just counted as field of the computer science and it includes several aspects like philosophy,
psychology etc. It belongs to kind of the intelligence that is created by the people and could be
called as the life. Therefore, the big difference between weak & strong AI is the extent of
intelligence level a machine could reach & whether machine is having its own consciousness. It
acts as the most crucial difference between two main type of AI. Currently, range of AI is still in
range of the weak AI due to some technical faults and low level reach.
Li, Kumar, Lasecki and Hilliges (2020) determined that neural network is same as
neural transmission of human brain from one input unit to next unit for getting a result. This
principle of simple neural kind of network, which stimulate a transmission of an information
from the nerves in human brain. It transfers an information from that of one neuron to the other
& then passes downward side. After an invention of neural network algorithmic program, many
of the problems have been resolved up-to certain extent. At same time, people consistently
looking for optimizing this kind of algorithm. First, a widely used & very classic type is stated as
BP neural network. This network contains more than 1 hidden layer as compared to original
network. In this there are additional hidden steps in input and output layer. It could greatly
reduce amount of the calculation & difficulty of the computation through gradient descent.
In accordance to Okul, Aksu and Orman (2019), After the introduction of BP neural
type of network, it has been found that computational load of BP neural system is resulted as
very large. Sometimes, it fails in giving an optimal solution within the acceptable time range or it
might take too long for providing an optimal solution, that do not meet need of some
applications. Thereafter, a convolutional network which also seen as the type of the neural kind
network algorithm in an essence, but optimizes content in BP network, it made calculation faster
and it could get out most on many of the problems. It improves an efficiency of its computation
through processing a related information as highly concurrently. At same time, it reduces

computational complexity between the neural networks. Thus, convolutional network could
currently reach with an optimal solution in the fast time on several problems.
Theme 2: Benefits of using AI
Issa, Sun and Vasarhelyi (2016) analysed that accounting companies does not think
about the huge amount of loss that can be incurred in case practical application of AI fails. They
welcome idea after all these years that no longer would need for performing those mundane with
the repetitive tasks. There are several benefits which a consultancy firms might enjoy with
applying AI technology. It is counted as an ability for computer in performing the tasks with a
reason rather just output and input programming. This kind of technology helps in learning and
making better analysis & decision-making every time if it completes certain procedure. An
ability is seen as extremely useful for rote tasks that are involved in the accounting & allows
firms in operating their business efficiently.
In accordance to Marshall and Lambert (2018), AI solution optimize & automate data
gathering analysis with such processes & represent it in the manner that is found as easy to
explicate. This provides an accountant with thorough and quicker understanding of data which
allows them in making suitable decisions. Through the machine learning, AI system could
recognize the pattern in the ledger codes & structure of the different invoices for knowing the
pertinent data that need to be extracted. This just not only saves for numerous hours of the
manual time of labour along but also provides for real-time reasoning of information and taking
decisions.
Alsheibani, Cheung and Messom (2018) viewed that AI audit corrections or solution
such as Mind-Bridge AI, auditor uses the statistical techniques and the decision rules at the time
of assessing business transactions & monetary flow between the accounts for detecting
anomalies. This has been lightening fast & way more correct than CPA's sifting the financial
records on random basis. Using AI system, the triggered risks contains rankings from the high-
low when spot irregular transactions. Accounting enterprise also make use of this technology for
deciding whether to take on new client just after submitting ledger into AI system and assessing
risks. In opinion of Kokina and Davenport (2017), it has been identified that using the form of
machine learning of AI, system could instantaneously process for complex business related
transaction & determining whether it qualify as an expense of tax-deductible. AI provides for
accurate level of forecasting through making use of such tactics which detects the trends on

quarterly, monthly and annual basis. By making use of the corporate data & the seasonal
changes, AI algorithm predicts the sales and an effect it would have on the required amount of
taxes that needs to be paid by the clients.
Usage of AI within accounting firms has proven to be way of future & for valid reasons.
It takes a requirement for accountants in spending the countless combing hours through
thousands of invoices & other type of records for producing the financial report. Data gathered at
the time of auditing & preparation of tax would be done without the human error. AI in
accounting segment companies having the system that provides an advisory services. Through
processing & consulting the data, AI system could be trained relating to the manner for working
with the clients & advising them on the solutions of business. Thus, AI creates new kind of
opportunities for the accounting firms where accountants start for taking new & more crucial
roles for AI and also an accounting industry.
Samantha Bowling CPA and Meyer (2019) stated that adding AI within the accounting
operations would increase quality of the audit practices as it helps in reducing errors or there are
very less chance of occurring any error. At the time when accounting entity adopts AI into their
practise, firm becomes as more and more attractive as service provider and employer to the
millennials & Gen Z professionals. Such cohort grown up with the technology and an innovation
for supporting only their respective working preferences relating to flexible schedules & remote
locations but also making them free from the mundane tasks which reflects that machines are
suited better in completing. AI could often facilitate the real-time state of the financial matters as
it could process the documents by using natural processing language and the computer vision
even faster that making routine reporting as inexpensive. This type of insight allows the firm to
be as proactive & adjusting the course in case data shows an unfavourable trend.
In view of Petkov (2019), it has been represented that automating authorization &
document processing with the utilization of AI technique would enhance various internal
processes of accounting which involves purchasing & procurement, expense reports, purchase
orders, accounts receivable & payable. It allows the AI workers in competing repetitive and the
time-consuming work in processes of an organization like analysis or handling of document
which is seen as plentiful in the accounting. Thus, AI would help the advisory firms to automate
their routine & repetitive activities which are been undertaken on weekly, daily and annual basis.

It would also enable in empowering the quicker decision-making, creating for smarter insights
and in examining large quantities of the data with an ease.
As per Ismail, Majid and Joarder (2018), with an integration of AI into software, an
entity would be able in providing accurate and comprehensive insight for clients without manual
lifting & crunching numbers behind creation of report. The company can easily or quickly access
updated information on daily basis that helps in forming more useful & closer relationship with
the clients. AI acts as smart assistants as they form first line of the customers contact and even
provide the clients with an information they require like details relating to current tax obligation.
It could be used for accounting of clients financial position by just asking the machine about the
amount of money the client is having in its payment account. It comes in two forms that is
natural language and scripted bots. The former referred as the smart assistants as they include
recognition of speech & accurate synthesis of human voice, so they could respond to the queries
of natural language. However, latter are seen as ones which have been around for the long time,
they are easier for building & mainly used for the strategies of mobile engagement. They look
for the key phrases & aims at providing ready-made responses.
It has also been presented by Khavis and Krishnan (2017), AI would help the firm in their
accountancy practice through machine learning. This would save the time by way of correctly
tagging the transactions & assigning them into correct ledger account. An ability of the
technology in discovering such rules & planning predictively would help in removing significant
element of the daily workload in the business operations. Computers access the data when a
machine learning is been applied towards massive amount of the data like yearly ledgers of large
scale firms. It helps in discovering anomalies which might exist and procedure would be much
quicker & take significantly very less effort. In case an audit is needed , AI will help in assessing
huge resources that is typically needed which traditionally counted as full audit.
Gotthardt and et.al. (2019) recognized that AI enhances accuracy of OCR solutions and
open it utilization for the new situations or scenario. With usage of AI, software is been able for
recognize the type of document and the things like invoices, receipts or the other printed
financial statements. This clearly means that salient data could be extracted for allowing an
information that id to be processed or allocated by software instead by the human action. This in
turn reduces time & human effort needed for assigning and allocating an information.

Black and van Esch (2020) stated that in today's world company is embracing and
executing new technologies for streamlining business operations. This is because AI is facilitated
positive results like increased level of productivity, reduced cost and improved level of accuracy.
AI is been used for accounting and administrative tasks leading to several structural changes.
With an AI, all data handling & processing is entirely automated so data gathered by tax report
will have an assured level of accuracy and would be generated on quick basis. In addition to it,
with use of AI, data could be classified and recognized from varied sources under correct
accounting head. Many of the other tasks that were been done by the accountants such as
processing of the accounts payable & receivables are been easily through AI. This results to an
improved management of the cost by the firms.
Thus, Along with freeing up the humans from the complex tasks, AI will help the businesses in
improving their routine operations. An accounting firms that embraces innovations in terms of
modern technology would gain an expertise that will make valuable within entity's process
transformations.
Theme 3: Challenges attached with the utilization of AI
Bughin and et.al. (2018) depicted that the main limitation for executing AI is an
availability of data that is often inconsistent and of the poor quality, all which presents the
challenges for the businesses in looking for creating the value from AI at the scale. The other
major roadblock for adopting AI is shortage of skills & availability of the technical staff with an
experience & training important for effectively deploying & operating AI solutions.
In view of Lin and Hazelbaker (2019), cost is the other consideration in procuring the AI
techniques. Accounting firm which lack with in-house skills or seen as unfamiliar with the AI
often has to outsource, in which challenge of the maintenance & cost comes in. Because of their
complex type of nature, smarter technologies could be deemed as expensive and it also incurs
further cost for the repair & ongoing maintenance. Computational cost relating to training
database models could also be seen as additional disbursement which need to bear by accounting
firms at the time of implementing or applying AI.
It has also identified by Alsheibani, Cheung and Messom (2018)that the software
programs requires routine upgrading for adapting towards changes in business environment.
However, in case of the breakdown, there exist a risk in losing the code or essential data.
Restoring such information is often counted as time-consuming and expensive. On the other

hand, such risk is very less present with the AI as compared to other software. Provided that a
system is been designed in well manner and procuring AI understands their needs & options
through the use of which such risks could be mitigated. As like other new technology, AI
involves significant cost of the purchase hardware which in turn results to ongoing repair &
maintenance costs.
Marshall and Lambert (2018) indicated that implementing AI in accounting firms causes
high chance for human in being careless for checking the final reports of the company. AI makes
huam more lazy with their applications in automating most of the tasks. An individual tends to
get in addiction with such inventions that could cause the problem for future generations. As it is
seen that AI is been replacing majority of repeated work and the other task with that of robots,
interference of huam eis becoming very low that would cause the major problem within
employment standards. Eacj and every entity is been looking towards replacing minimum
qualified people with the AI robots that could do same work with greater efficiency level. There
is no dount that the machines are more better when it comes for working effectively, however,
they could replace connection of human which makes a team. Machines could not develop the
bond with the humans that is considered as an important attribute when it comes to management
of group. The machines could perform only such tasks that they are been programmed or
designed for doing, anything that is out of it leads to crash or provide irrelevant outputs that can
be seen as major backdrop.
Execution of AI in the business faces various challenges machine learning tools like AI
which seems as beneficial needs series of the computations that needs to be made quickly. It
reflects that AI techniques uses lot of the processing power for its implementation. Teoh (2018)
reveals that Parallel processing and cloud based cpomputing system had created a hope for
implementing such techniques for the short term but as volume increases & deep learning move
towards an automated creation of increased level of complex algorithms, then it would not be
helpful in practice. Integrating AI do not have adequate use in market and without that, no
companies will be interested for investing money in the projects that are AI based. It clearly
indicates that there had been very few firms which shows interest in putting the money into
development of the products based on AI. Furthermore, there are not sufficient number of people
who could make the other businesses understand a vision of the machine power progress around
the globe. It means that there are very less number of individuals who has knowledge of using or

operating the machines so it imposes a biggest challenge for advisory companies to use the AI
effectively.
The major problem with AI is building trust among the people as the decision taken
through application of this technology; people were not seen as comfortable as they feel that
technology can provide for accurate decision making. This raises the problem relating to
overstepping of government where citizens has right for asking explanation for the decisions that
are been made about it with help of an AI. Kokina and Davenport (2017) indicates that it is very
much difficult for explaining detailed learning algorithm in simple manner to an individual who
might not seems as engineer or the programmer. In consideration with such complexity those
who wishes to bet on technology for the purpose of harnessing new type of business
opportunities that may begin as disappearing. AI needs large datasets and learns from the
available data in a manner similar to the humans, but for determining the patterns, it required
much information. Many of h systems that are itilizing deep or machine learning seems as
trained in the supervised manner, therefore they need data labeling.
It imposes the challenge regarding shortage of the data science skills within the humans
for getting maximum output from AI. As for organizations, there is seen a lack of the advanced
skills where owners of the business are require to train their respective professional who is able
for leveraging benefits of such technique. Armour and Sako (2020) presents the other main
challenge indicated is that all the managers are not seems as willing for making investment in
applying this technology as the funds for setting up and exceuting AI resulted as very high, thus
not all business owner could invest within it or could try for own business.
In case of hardware & software crashes, it deemed as difficult for putting finger or
changing what got wrong. With inbuilt algorithms within a picture, it seems as difficult for
blaming or in finding the cause of the hardware or software crash. Sometimes results generated
by using AI could not be true to certain extent and all the tasks could not be undertaken by AI
which poses a big challenge for consultancy firms.
Thus, integration of AI is considered as more compelx than just adding the plugins to the
website or in creating the visual basic for an applications. For implementing AI, companies need
to ensure that the current programs are seen as compatible with the need of AI and it is been
executed into such programs without holding the present output. AI interfaces required to setted
up in mode that infrastructure, data input and storage of data is been considered and that an

output is not been affected negatively. Along with it, once it is been completed, it needs to ensure
that all the personnels are been trained on new systems.
The revent challenge that is been occurred by implementing AI includes recent legal
concerns that is been rasised which states that an entity needs to on guard of AI. In case AI is
obtaining sensitive data, it may be seen in violation of federal laws even if an information might
not be seen as harmless by its own but is sensitive when gathered combinely. Organization must
be careful about perceived effect which may negatively impact its organization. If data collected
is been perceived through public as violation of their data security, an improvement for an entity
may not worth potential public relations.
A biggest problem with the sytstem of AI is that the level of their efficiency depends on
much data on which they are been trained on. Ineffective or bad data is attached with communal,
ethnic, racial and gender biases. Under this proprietary algorithmic program are been used for
finding out things such as what amount of loan is sanctioned, who granted loan etc. In case if the
bias remains hidden in algorithms that takes critical decisions goes as unrecognized, it can lead
to the unfair & unethical results. Moreover, in the future such kind of biases would more
highlight as more of AI systems would continue to train the utilized irrelevant information. Thus,
an urgent requirement in front of enterprise working on the AI is training such systems with an
unbiased data and in creating the algorithms which could be explained easily. The most powerful
machines of AI are seen as those which are trained on the basis of supervised learning’s. This
type of training needs the labelled data which is been organized for making understandable for
the machines in learning. Such data is having a limit as in coming years automated creation of
rising difficult algorithms would worsen the problem rather providing solution for it.

CHAPTER 3- RESEARCH METHODOLOGY
Research methodology is one of the key significant measure or a technique which helps
in selecting, identifying, analyzing and processing information associated with the specific
research title. Within the research paper the section of the methodology helps in allowing reader
to critically investigate the validity and reliability of the overall study. Research methodology is
one of the most prominent chapter which helps in answering two main questions that is how the
data has been collected and how it has been analyzed. This way it helps in evaluating if the
collected data is authentic and helps in solving the research problem of the study. Research
methodology section and also helps in finding the key problems. It helps in choosing the right
possible method to resolve problems associated with the research. It helps in finding key solution
to the immediate problem. It might be categorised as systematic obtaining of the data &
information along with its assessment for advancement of the knowledge within any field of the
subject. It is been defined as investigation or an inquiry that aimed at interpreting & discovering
the facts, revision of an accepted theories or the laws in light of the new facts, practical
application of revised and new laws or theories. It refers to an academic activity and the term
which need to be used in technical manner. It includes evaluation, organizing, gathering,
inferring findings and making adequate deductions (Murshed and Zhang, 2016).
Type- Research is an original contribution towards existing knowledge stock made for
advancement. It is a pursuit of the truth along with the study, experiment, comparison and the
observation. It is counted as systematic approach concerned with framing and generalizations of
the theory. The 2 main categories into which research is divided include qualitative &
quantitative method.
Qualitative method means as a type of the social science which gathers & works with that of
numerical data and seeks for interpreting meaning into the study (Ndlovu-Gatsheni, 2017). It
involves naturalistic and interpretive approach to the subject matter and studies things within
their natural settings with an attempt to make a sense, interpreting the phenomena in form of
meanings that people brings. It mainly emphasize on collecting the data though the use of open-
ended & conversational communication.
However, quantitative research includes use of the statistical, mathematical & computational
techniques for deriving the results. It means as conclusive within its purpose as it quantifies

problem & understand the way it looks for the projectable results to large population. In other
words, it is defined as the systematic phenomena through gathering numerical data & in
performing the mathematical, statistical and the computational tools. It gathers information from
already sources & potential customers by making use of sampling methods & sending out the
online survey, questionnaire and the online polls. In this the results could be depicted in numbers
which helps in predicting future of the service or a product through making appropriate changes
or modifications.
Referring to this research report, scholar has used qualitative method as it helps in making
detailed assessment relating to the usage of AI by the accounting firms. This method helps in
creating openness through encouraging or motivating the people for expanding their responses
and could open up for the new areas which are not been initially counted. Further, it provides in
depth look in assessing the counts & ranks through recording attitudes, behaviors and the
feelings. This method helps in capturing attitudes in the target group like consumers of the
service & product or an attitude in workplace. It facilitates more flexible approach as through
this scholar could adapt the question on quick basis, changing settings and other variable for
improving the responses. The main reason for using qualitative research is because it will help in
gaining descriptive set of data associated with the key subject matter. Qualitative method helps
in gaining in- depth and descriptive set of information which improves the knowledge linked
with the subject area.
Approach- It means as the process or plant that mainly comprises of steps relating to broad
assumptions to the detailed method of collecting information, interpretation and analysis
(Murshed and Zhang, 2016). Thus, it is based on nature of research issue that is being addressed.
It is classified into 2 types that involve inductive & deductive approach.
Inductive approach means as the reasoning that begins with an observation & theories that
are been proposed towards an end of research procedure as an observational result. It includes
searching for the patterns from that of observation & development of an explanation for such
patterns through series of the hypotheses. It is very important to stress out that this approach do
not implies disregarding of the theories at the time of framing research objectives & questions. It
is the approach that aims at generating the meanings from data set gathered for purpose of
determining relationships and patterns in building theory. On other side, this approach does not

protect an investigator from making use of an existing theory in formulating research questions
to explore. It is mainly based on the learning from an experience along with the regularities and
the resemblances in an experience are been observed for reaching to appropriate conclusions.
On other note, deductive approach is mainly concerned with developing hypotheses on the
basis of existing theory and thereafter designing the research strategy for testing hypotheses. It
could be explained through mean of the hypotheses that could be derived from propositions of
theory. It relates to deducting conclusions from the propositions and premises and starts with an
expected series that is been tested against the observation. It explores the known theory or the
tests in case that theory seems as valid in the current conditions. It includes framing of
hypotheses and their respective subject for testing during a research process and under this the
reasoning begins with the theory and results to new hypotheses.
In this particular study, researcher has adopted inductive approach as it best suits in making the
qualitative analysis in a best and effective manner (Hay and et.al., 2019). This approach is seen
as more useful as it takes into account particular observation and in making general conclusions
out of it. Often times, it takes the general premises and the moves to particular findings. It helps
in predicting the utilization of AI by accounting companies and in developing possible
observations and results on this research topic with appropriate conclusion.
Philosophy- It means as the belief regarding the manner in which the data relating to a
phenomena must be used, assessed and collected. It is been categorized into two parts that is
positivism and interpretivism philosophy.
Interpretivism research philosophy includes scholars for interpreting components of study
and integrates the human interest within the study. It seems as only by way of accessing reality in
a social way through the social constructions like shared meanings, language, instruments etc. It
associates with philosophical idealism position and is been used for grouping together the
diverse approaches with an inclusion of social constructivism, hermeneutics and phenomenon
approach which rejects an objective view that the meaning resides in world independent to
consciousness. It mainly focuses on the meaning and might employ the different methods for the
purpose of reflecting different aspects of problem.
Positivism means as the philosophical system that is rooted deeply in statistics &
mathematics. It is based on a view that whatever present could be verified by way of

experiments, logical proof and observation. In addition to this, positivist usually reflects that the
scientific progress would be eradicated or sharply reduces the problems facing the mankind. It is
been viewed as the factual knowledge that is been gained through an observation with an
inclusion of measurement (Papachristos, 2018). The role of researcher limits to collection of data
and its interpretation in objective manner which must be trustworthy. It mainly depends on
numerical observations which results to the statistical analysis. It is noted as the philosophy in
which the knowledge stems from the experience of human and has ontological view of world
containing discrete events & observable components which interacts in determined, regular and
observable way.
In context of this report, interpretivism type of philosophy has been adopted by scholar as
it helps in making the qualitative study more useful by analyzing the diverse cross-cultural
present in the firm, assessment of the factors, ethics issue etc. It helps in the studying use of the
AI in Consultancy Company in detail and is attached with higher level of the validity which
tends to be honest & meaningful.
Collection of information- It refers to systematic approach for measuring and obtaining
information from different sources in getting accurate & complete picture of interest area. It
helps an individual or the firm in answering the questions, making predictions and in evaluating
outcome relating to the future probabilities & trends. Gathering accurate data seems as important
in maintaining research integrity, making informed level of business decisions & in ensuring the
quality assurance. It is classified into 2 categories that are primary & secondary sources through
the use of which data could be collected.
Primary sources of data refer to an original data within which the information is collected
firsthand by an investigator for particular research project. It is the kind of data that is been
obtained by the researchers directly from the major sources by way of surveys, interviews and
experiments. It is usually been gathered from source where data originally introduced from and
relates as best type of data in the research (Hickson, 2016). The sources of the primary data are
been chosen and is tailored particularly for meeting the demands and needs of the specific
research. It deemed o is raw data that is obtained direct from the respondents and is gathered in
course of making descriptive & experimental research through conducting experiments,
performing the survey or an observation with the participants.

Secondary sources referred as the data that already had been published and are readily
available for the scholars in making use of their own research. An investigator has obtained the
data for the specific proposal, thereafter making it available for using by the other scholars. The
data might be gathered for the general use with no particular research. It is collected by other
researcher for other than scholar’s present proposal and has undergone with the statistical
assessment. Such data is available easily and thus requires very less time for obtaining all
relevant information. It is found as very less expensive as compared to the primary data.
With respect to this report, researcher has make use of mixed methods that is the
combination of primary as well as secondary data in order to generate accurate findings. Both
secondary research for the literature review has been used and for data analysis primary method
has been used. The review in relation to the use of AI is been made by using secondary sources
that is articles, journals, books and internet. Further, for making primary analysis questionnaire is
been framed for making more reliable and valid findings as it includes responses of the
participant on the basis of which analysis is been made and the conclusions are drawn (Daniel
and Harland, 2017). Moreover, both the method helps in preparing the study in an accurate way
by using the reliable sources and different methods or published material with regard to the
utilization of AI by financial advisory firm in an effective and efficient way. The proposed
research has been taken place through online platform because of COVID-19.
Sampling- It means as the process that is used in the statistical analysis within which the
pre-determined number of an observation are been taken from that of the large population. The
method is been used to chose the sample from large population which on type of the assessment
that is being performed but it might involve systematic & simple random sample. It is the tool of
selecting an individual member from the population set in making the statistical inferences and in
estimating the attributes of entire population. The sampling is been classified into 2 min types
that includes probabilistic and non-probabilistic sampling.
Probabilistic sampling means as the technique where the scholar sets selection of the few
criteria & in choosing population member on random basis. In this all members are having an
equal opportunity in being the part of sample with respect to the chosen criteria (Daniel, Kumar
and Omar, 2018). The most crucial need of this sampling technique is that each member in the
population has been known and has equal chance of being selected in formulating the study. This

method use the statistical theory for randomly selecting the small group of the people from
existing larger population and thereafter predicting all the responses would match an overall
population.
Non-probability sampling selects members for the research at the random basis. This
sampling technique is not seems as fixed or the predefined selection of process. It makes it as
difficult for all the components of the population in having equal opportunities for including in
the sample. It is represented as the group of the sampling tool which enables the researcher in
selecting the units from the population. The main feature of this method is that the samples are
been chosen on the basis of subjective judgment of scholar instead on random selection, that acts
as cornerstone of probability sampling tool.
In accordance to this report, an investigator has recruited the participants by using simple
random sampling technique which is a kind of probabilistic sampling tool under which each
member in the population has equal chance in getting selected. The chosen sample is been meant
for an unbiased presentation of total population. It is found as most useful method in selecting an
appropriate sample from interest population. It is seen as error free in terms of classification and
is suitable for analysis of the data that involves usage of an inferential statistics. This method
helps the scholar in analyzing the sampling error present in the study relating to AI use by
advisory firms. The researcher of the study has selected 20 accounting managers of the Deloitte
Company.
The expected duration of participation in the study associated with the use of AI by the
accounting firm i.e., Deloitte for the each participants will be 30 days. This is the normal time
duration for which each participant must account for to complete this study in order to gain valid
results and outcomes.
Analysis of data- It means as practice of evaluating the data by making use of analytical
& logical reasoning for examining every element of data given. Such form of assessment is one
of various steps which must be fulfilled at the time of conducting the research experiment. Under
this data from several sources is been gathered, analyzed and reviewed in forming some type of
conclusion & findings. There are mainly 2 method through the use of which scholar can analyze
the data that includes SPSS and thematic analysis.

Thematic assessment is the tool that analyzes the qualitative data and is usually applied as
series of the texts like interview transcripts. Under this the scholar closely examines data for
determining common themes that involves patterns, ideas and meaning of the research problem
which comes up in a repeated manner. In other means, it seems as an interpretive procedure
where the data is been searched in systematic manner for identifying the patterns within data for
the purpose of facilitating illuminating description of phenomenon (King and Mackey, 2016). It
emphasize on examining the themes or the meaning of pattern in dataset. It focuses on
organization as well as rich briefing of data & a theoretical interpretation of research meaning.
SPSS means as set of the software programs which are been combined together within a
single package. A basic application of such program is to assess the scientific data in relation to
social science. This type of data could be used for the market research, data mining and surveys.
With help of obtained statistics related information, researcher could easily understand demand
for product in market, & could change their respective strategy accordingly. It is the software
that primarily stores and thereafter organizes facilitated data and then compiles data set for
producing the suitable output. Moreover, it is been designed in a manner that it could handle
large series of the variable related data formats.
While conducting this research report, scholar has used thematic analysis tool as it is seen
as the best approach in finding out views, knowledge, opinion, values and experience of people
from series of qualitative information. It allows lot more flexibility in interpreting data and
allows the researcher in approaching large dataset with ease through sorting it into the broad
themes. On the other side, it also includes risk relating to missing the nuances in data and is often
seen as quite subjective & relies on the judgment of scholar.
Ethical consideration- It means as imperative that an ethical issues are been counted
during framing of evaluation plan. It includes taking informed consent, maintaining
confidentiality and anonymity, ensuring voluntary participation and analyzing appropriate
elements. Informed consent depicts that the respondents participating in evaluation is been fully
informed regarding an evaluation been conducted. The participants require making aware about
an objective of proposal. This shows that participant must indicate their willingness for
participating in the research study. In this study researcher has taken full consent of respondent
and invited for voluntarily participating without any pressure or coercion. This way it helps in

carrying out the study in an ethical degree of manner. They had a freedom for withdrawing their
own participation at any timeframe in negative manner which affecting on their involvement in
the future services or current program.
Moreover, it is very crucial or the scholar that the process of evaluation might not harm
the sentiments or belief of participants in any manner. Therefore, in this report, an investigator
has taken care of all that the respondents are not get harm because of the theses on this particular
research problem. High level of confidentiality has also been ensured by scholar through
determining that information is been excluded from any kind of report & in published
documents. This needs to be done because often times smaller number of the peer basis program,
it is very crucial for considering the way in which report must be worded for ensuring that there
does not present any opportunity for the people to be determined even when names are not been
used (Hickson, 2016). Thus, investigator has made access of those components which are
relevant to initiative or the program that is being conducted. Sometimes high population been
used as the guinea pigs or captive audience for asking all types of questions in the evaluation that
are seen as of interest group conducting program but not appropriate to program nor would be to
group who has been involves in such program. It is very vital for keeping an evaluation in a
simple way and in remaining as focused on intention of evaluation & for which the data collected
would be used.
In order to significantly ensure that, the complete degree of confidentiality has been
maintained by aligning with the general data protection regulation (GDPR). This is considered to
be highly prominent in effectively protecting the personal data. Only the main investigator of the
researcher will have access to the data collected.
The data will be kept confidential by using encrypted password and security. Also use of
the UWS One Drive has been done in order to ensure that the complete confidentiality of the
data has been maintained. This is considered to be highly significant for the safer set of data
control. Only the researcher will have the key access to the details.
Reliability & validity- Reliability Can be defined as a measuring aspect of the consistency
of the stability or consistency of test scores. Reliability can be both external and internal. Internal
reliability is also known as internal consistency and it involves measuring of tests in the exact
way the user wants it to whereas external reliability (external consistency) means that the test can

be generalized beyond what a person is actually using it for. Reliability is concerned with
obtaining the single source of data on every testing of the samples. It is imperative to have
reliability in the data as it helps in accurately assessing the quality of the measurement procedure
for the dissertation purposes. The researcher has obtained data from reliable sources under this
research methodology.
Validity defines the accuracy of measure in a research project. In case the research has high
validity then it means that it produces results that correspond to authentic properties, attributes
and variations. High reliability is an indicator that the measurement done is valid. It also
indicated how strongly the research is being performed by the researcher and it also applies to
both the design and other methods of the research. Therefore, it has been assessed that the
researcher has taken care of all the valid and reliable theories in order to make the study more
accurate and generating the finding in the most appropriate and authentic manner (Papachristos,
2018). The concept of reliability and validity are also heavily used in psychology study to make
correct and accurate findings that are free from errors and mistakes.
Research limitation- Each and every study contains limitation that could present because of
the constraints on the research methodology & design and such factors might affect finding of
the study. The scholar are seen as reluctant for discussing limitation of its study with a feeling
that bringing up the limits might undermine its own research values in eyes of reviewers &
readers. At the time of formulating this study, an investigator has faced several limitations in
relation to preparing the aims and objectives concerned with the research issue (Daniel, Kumar
and Omar, 2018). However, through understanding the topic in deep, it becomes easy in
developing the objectives in such way that leads to wide coverage of the research area.
Moreover, scholar also faced difficulty in executing the method of data collection as there are
great chances of manipulation in primary analysis, but, by making use of appropriate primary
methods, the data has been collected suitably.
CHAPTER 4: DATA ANALYSIS AND INTERPRETATION
Theme 1: Maximum number of accounting managers have knowledge about artificial
intelligence.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS

Yes 14 70%
No 6 30%
TOTAL 20 100%
Interpretation: The above survey carried out from 20 accounting managers of the
Deloitte Company. Among which 70% stated that, Artificial intelligence is considered to be a
modern technology where computer systems perform task which has been earlier carried out by
the humans. Machine learning is considered to be a subset of the artificial intelligence which
allows the machine to analyze key strategic data and also helps in forecasting future outcomes.
Artificial intelligence helps in freeing time for the accountants. As supported by the literature
review, AI is the new type of technical discipline which researches & develops the theories,
technologies, application system and methods for the purpose of stimulating an expansion or
extension of the human intelligence. Strong artificial intelligence technology helps in carrying
out tasks which are more complex. Moreover, remaining 30% respondents do not have much
knowledge associated with the key concept of artificial intelligence.
Theme 2: Maximum number of accounting managers highly agree to make use of AI in the
firm.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Agree 5 25%

Disagree 2 10%
Highly agree 7 35%
Highly disagree 4 20%
Neutral 2 10%
TOTAL 20 100%
Interpretation: The above survey carried out from 20 accounting managers of the Deloitte
Company. Among which 60% (25%+ 35%) stated that, Artificial intelligence is useful in
providing real-time status associated with the financial matters of the company. Artificial
intelligence helps in automating the manual work and clearing repetitive activities and mundane
task. They have been effectively programmed to handle complex situations. It is also useful in
enhancing the customer intimacy by providing them real-time services. With AI, it helps
accounting firm to improve the analysis of the results. Accounting firms are implementing
artificial intelligence technology within the business because it helps in streamlining the
operations of the company. Artificial intelligence is considered to be significant because it is
useful in speeding up the operational process. Remaining 10% participants were neutral about
this theme and did not mention any clear perspective on the subject matter.
Theme 3: Yes, AI is important in today’s dynamic world.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS

Yes 15 75%
No 5 25%
TOTAL 20 100%
Interpretation: Survey carried out from 20 accounting managers of the Deloitte
Company. Out of which 75% stated that, AI is important in today’s dynamic world. Artificial
intelligence helps in automating the manual work and clearing repetitive activities and mundane
task which has been performed by the financial professionals. Artificial intelligence is
considered to be prominent because it helps in providing 24/7 services on a real time basis.
Artificial intelligence technology is significant in reducing the amount of time to carry out
various day to day work within the accounting firm. AI helps accountants to focus on more
strategic tasks such as planning of the financial budget, process improvement, and capital
optimization. It also helps them in taking better decision making. It helps in the attainment of the
economies of scale and is also considered to be very important in increasing the revenue of the
company. It is significant for the advanced level of automated interactions with the key
stakeholders and members of the company.
Theme 4: Yes, AI had become as the part of society.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Yes 16 80%
No 4 20%

TOTAL 20 100%
Interpretation: The above survey carried out from 20 accounting managers of the
Deloitte Company. Among which 80% stated that, AI had become very much important within
the society because it helps in improving customer lifetime value and customer service. It is
useful in ensuring seamless customer experience across varied business channels. AI can
significantly improve the operational efficiency within the accounting firm. It helps in freeing up
the time of the employees to work on more productive task and take necessary decision by
interpreting the key results. AI makes it easier as it is useful in checking receipts, reviewing
expenses, etc. It will be useful in performing the tasks faster, reliable, accurately and efficiently.
Artificial intelligence is useful in providing valuable insights on the future and current status of
the business.
Theme 5: Automation and improves accuracy is the most suitable benefit of AI.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Automation 8 40%
Quick solutions 2 10%
Improves accuracy 6 30%
Storing large data 1 5%
Maintenance of data for
long term
3 15%

TOTAL 20 100%
Interpretation: Survey carried out from 20 accounting managers of the Deloitte Company. Out
of which 40% stated that, Artificial intelligence will focus on increasing the operational
automation which helps in providing the best possible services and predicting the outcomes. AI
helps accounting firms helps in multiplying productivity gains by automating the business
process. This eventually results in the increase in the productivity of the company. Data
processing and data handling can be completely automated by complying with the AI
technology. 30% stated that, it also helps financial institution in improving accuracy by reducing
false negatives and positives. Artificial intelligence helps in detecting inaccuracies at the earliest
and take necessary decision. It is also considered to be significant in improving the audit process
within the accounting firm. 15% stated that, AI is also considered to be prominent in maintaining
the data for the long period of time. It helps in keeping the complex data private and secure.
Theme 6: Automated system, is the main reason below for which you prefer to work with AI in
the business.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Home security 3 15%
Financial services 5 25%
Automated system 8 40%
Customer service 4 20%

TOTAL 20 100%
Interpretation: The above survey carried out from 20 accounting managers of the Deloitte
Company. Among which 40% stated that, automated system, is the main reason below for which
you prefer to work with AI in the business. It is significant to automate interaction with the
partners, customers and employees of the company. Robotic process automation is useful for the
artificial intelligence to carryout repetitive task within the accounting process. As supported by
the literature review, Automating authorization and the document processing is useful in
enhancing various internal processes within the accounting firm. AI would help the advisory
firms to automate their routine and repetitive activities. 25% believed that, AI helps in improving
the financial services and lead to advanced set of services. It is useful in reducing the amount of
time to carry out verification, data processing entry and review within the accounting institution.
20% participants stated that, it provide real time customer service which improves business
operations.
Theme 7: Yes, maximum number of accounting managers trust application of advanced AI in
making moral and appropriate decisions.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Yes 13 65%
No 7 35%
TOTAL 20 100%

Interpretation: The above survey carried out from 20 accounting managers of the
Deloitte Company. Among which 65% stated that, AI is significant because it helps in improving
the decision making process by interpreting the key results which has been generated. AI is
useful in detecting inaccuracies at the earliest and take necessary decision on a timely manner.
As supported by the literature review, AI helps in empowering quick decision-making and is also
useful in creating smarter insights and evaluate the large quantities of the data with an ease. This
way it leads to greater operational growth and efficiency. AI is significant because it tends to
provide greater set of insight and is useful in carrying out better decision. It is relevant in
reducing the tedious work complying with the patterns, trends by using effective information. AI
tends to completely rely on the large set of data which helps in detecting certain patterns and
helps in making appropriate predictions. Moreover, remaining 35% respondents do not have
much knowledge associated with the key concept of artificial intelligence.
Theme 8: Technically complex is the major cause for limitation of AI.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Data security and privacy 3 15%
Technically complex 7 35%
Time consuming 4 20%
Require feeding
programming
6 30%

TOTAL 20 100%
Interpretation: Survey carried out from 20 accounting managers of the Deloitte Company. Out
of which 35% stated that, it is technically difficult to understand the concept and the way
artificial intelligence works. As supported by the literature review, AI is shortage of skills and
availability of the technical staff with an experience & training important for effectively
deploying and operating. 30% agreed on the fact that, AI require feeding programming is
considered to be another major challenge which has been faced by the company while integrating
artificial intelligence. AI can perform task which has been continuously feed into their
programme. AI is a stimulation of human intelligence within the machine which is programmed
to act like human and carry out their actions. 20% stated that, it is a time consuming process.
Theme 9: Disagree, AI can be found as dangerous in terms of its use in accounting firms.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Agree 3 15%
Disagree 8 40%
Highly agree 2 10%
Highly disagree 3 15%
Neutral 4 20%
TOTAL 20 100%

Interpretation: Survey carried out from 20 accounting managers of the Deloitte Company. Out
of which 40% stated that, AI cannot be found as dangerous in terms of its use in accounting
firms. Artificial intelligence helps in automating the manual work and clearing repetitive
activities and mundane task which has been performed by the financial professionals. Artificial
intelligence helps in improving accuracy by reducing false negatives and positives. Usage of AI
within accounting firms has proven to be way of future. AI within the accounting operations
would increase quality of the audit practices as it helps in reducing errors. AI could often
facilitate the real-time state of the financial matters as it could process the documents by using
natural processing language. Remaining 20% participants were neutral about this theme and did
not mention any clear perspective on the subject matter.
Theme 10: Yes, AI does not leads to misuse of confidential information.
PARTICULARS NUMBER OF
RESPONDENTS
% OF RESPONDENTS
Yes 17 85%
No 3 15%
TOTAL 20 100%

Interpretation: Survey carried out from 20 accounting managers of the Deloitte Company.
Out of which 85% stated that, AI does not leads to misuse of confidential information. AI is
highly encrypted and tends to focus on protecting the key valid information of the customers.
They focus on complying with data privacy and data security. They are useful in understanding
the complex set of data. As supported by the literature review, AI helps in discovering anomalies
which might exist and procedure would be much quicker and take significantly very less effort.
AI will help the businesses in improving their routine operations. AI creates new kind of
opportunities for the accounting firms where accountants start for taking new crucial roles for
improving the business operations. It helps in streamlining the operations of the company. Strong
artificial intelligence technology helps in carrying out tasks which are more complex.
Theme 11: Examining appropriate recommendation regarding overcoming the challenges
attached with application of AI.
Interpretation: The above survey carried out from 20 accounting managers of the Deloitte
Company. Among which maximum participants stated that, giving appropriate set of training to
the employees related with the artificial is considered to be as one of the most prominent
recommendation which is useful in overcoming this challenge. Continuously improving and
adapting the way AI works is useful in attaining higher operational growth. Complying AI with
newer software and encrypting the data is considered to be one of the most significant
recommendation to improve the operational efficiency of the business.

CHAPTER 5: DISCUSSION
Sutton, Holt and Arnold, (2016) sought to examine the fact that, the financial institution has
been relying more on the machine learning to carry out for accounting works, bookkeeping and
connect with the clients. This is useful in adding value to the business and attain higher
operational goals and efficiency. This is useful for the accountants to focus less on mundane task
and carry out most strategic task for sustainable future growth of the company. As per the views
of Kaplan, (2016) demonstrated that, artificial intelligence has been increasingly adopted within
the accounting and financial institution because it helps in streamlining the operations of the
company. One of the key industry which tends to largely benefit from the embracing of new
technology is financial and accounting institution. This is mainly because artificial intelligence is
useful in providing positive set of results and leads to increased efficiency and productivity to the
financial and accounting institution. It is also considered to be significant in improving the
accuracy, precision and has attaining economies of scale. Goals of AI involves reasoning,
perception and the learning. AI is the machine intelligence or the branch of a computer science
which helps in analyzing the key patterns related with the research. AI could not have
autonomous consciousness that only have the corresponding intelligence in the particular field.
Artificial intelligence is also significant in providing positive and accurate set of results which is
significant in increasing the productivity within the accounting sector. It also helps in achieving
economies of scale by reducing cost. Artificial intelligence is useful in providing real-time status
associated with the financial matters of the company. Artificial intelligence helps in automating
the manual work and clearing repetitive activities and mundane task. Tambe, Cappelli and
Yakubovich, (2019) sought to examine the fact that, Artificial intelligence is referred to as the
stimulation of human intelligence within the machine which has been specifically programmed
to think and act like human and carry out their actions. Algorithms tends to play one of the key
significant role in structuring of artificial intelligence. The goal of the artificial intelligence is to
comply with the reasoning, learning and perception. Artificial intelligence has been used across
many different industries including financial sector. Strong artificial intelligence technology
helps in carrying out tasks which are more complex. They have been effectively programmed to
handle complex situations. Machine learning is considered to be one of the core concepts related
with the artificial intelligence. It is considered to be one of the field of computer science. As per
the views of Brougham and Haar, (2018) demonstrated that, artificial intelligence is measured to

be prominent for the company because it helps in increasing competitive advantage and also
improving the operational efficiency of the company. It is also significant and advancing
automated interaction with the partners, customers and employees of the company. This
eventually leads to sustainable growth and success to the company. Artificial intelligence within
the financial institution and accounting firms helps in multiplying productivity gains by
automating the business process and operations. It is also useful in enhancing the customer
intimacy by providing them real-time services. With AI, it helps accounting firm to improve the
analysis of the results.
Cath and et.al., (2018) stated that, Accounting companies are embracing and effectively
implementing newer artificial intelligence technology within the business because it tells in
streamlining the operations of the company. Artificial intelligence is also significant in providing
positive and accurate set of results which is significant in increasing the productivity within the
accounting sector and also helps in achieving economies of scale by reducing cost. Artificial
intelligence is effectively used for administrating task associated with accounting. With artificial
intelligence, data processing and data handling can be completely automated and the
management of the company can focus on more important task which eventually lead to
improvement in the operations and productivity of the company. Key task like processing of
accounts receivable and payable can be easily handled with the help of artificial intelligence.
This eventually helps in improving the cost management by the company. Sutton, Holt and
Arnold, (2016) sought to examine the fact that, Artificial intelligence is considered to be
significant because it is useful in speeding up the monthly process. Artificial intelligence is
considered to be significant because it helps in reducing the paperwork and easily tracking the
changes. Artificial intelligence enabled system for the finance and accounting firm helps in
saving time and money. It is useful in reducing the cost of the company by 80% and is also
useful in saving time. Artificial intelligence within the accounting company helps in Improving
the operations by increasing the quality and reducing the degree of error.
Stancheva-Todorova, (2018) sought to examine the fact that, Robotic process automation is
useful for the artificial intelligence workers to carryout repetitive or time-consuming task within
the business process. Task like data analysis and documentation handing within the accounting
company can be done through artificial intelligence. This helps in improving the business

operations and attain greater set of results. Artificial intelligence is considered to be significant
within accounting firm because it helps the accountant to be more efficient and productive.
Artificial intelligence is useful in providing real-time status associated with the financial matters
of the company. It helps in processing documents easily and helps in enhancing several internal
accounting process. Hall and Pesenti, (2017) stated that, Artificial intelligence helps in
automating the manual work and clearing repetitive activities and mundane task which has been
performed by the financial professionals. This way it helps in pursuing higher value tasks
and cultivating deeper set up relationship with the customers. This way it will be useful in
Carrying out day today activities with utmost degree of accuracy and attaining goals and
objectives of the company. Artificial intelligence technology is significant in reducing the
amount of time to carry out data processing entry, verification and review within the financial
institution. Artificial intelligence can be useful in preventing and identifying fraud at the earliest.
Galarza, (2017) examined that, artificial intelligence helps company in taking precautionary
measure to prevent fraud. AI within the financial institution helps in identifying any sort of
irregular events and helps in assessing new transactions by comparing them with the known
patterns. Another major benefit of the artificial intelligence to the financial institution is that it
helps in improving accuracy by reducing false negatives and positives. It helps in identifying any
sort of abnormal behaviour. This way it helps in reducing fraud risk and hands in customer
satisfaction within the financial service organisation. Artificial intelligence is considered to be
significant because it helps in improving the decision making process. Gupta and Dhawan,
(2018) sought to examine the fact that, Artificial intelligence driven personalized intelligence
which has been delivered right at the point of financial advisors, customer interaction can deliver
customized services. It is useful in driving better financial results for each customers. With
artificial intelligence within finance helps in improving customer lifetime value and customer
service. AI helps in quickly acting on the consolidated set of customer data from the internal and
external affairs of the bank with customized service and recommendations. It is useful in
ensuring seamless customer experience across varied business channels. Subsequently, Dirican,
(2015) argued that, the major disadvantage of the artificial intelligence within the accounting
sector is that, it cannot replicate the key nature associated with the human intelligence.
Professional accountants act as a consultant and act as an advisor on numerous financial areas
like operations, tax planning and financial planning. Artificial intelligence only focuses on

keeping track of the receipts. There seems to be high cost of implementation within the financial
institution. Indulgence of the artificial intelligence within the company results in unemployment
because lot of the task has been automated.
Gupta and Dhawan, (2018) sought to examine the fact that, artificial intelligence can effectively
resolve common queries from the users, like due bills, latest account balance, and accounts
status. This way it helps the accountants in significantly analyzing the data carried out by the
artificial intelligence technology. Accountants focuses on more strategic tasks such as planning
of the financial budget, process improvement, and capital optimization. This is useful in taking
complete advantage of the automation within the financial institution. Artificial intelligence is
significant because it helps in approving and reviewing all set of expenses which helps in
ensuring that, they are highly compliant with the policies. AI makes it easier as it is useful in
checking receipts, reviewing expenses, etc. Sterne, (2017) sought to examine the fact that,
Artificial intelligence is considered to be significant because it helps in automating the repetitive
and menial administrative tasks. It is significant because it frees up time for the accountants to
focus on more important aspects of their job. With the help of artificial intelligence, the
accountants of the Deloitte Company can focus on more strategic task such as planning of the
budget, forecasting, and processing improvement and also focuses on optimizing capital. With
more time the accountants must focus on effectively widening up the roles and tends to move
towards advising and also consulting their clients. This is useful for growing their business to a
greater level. Implementation of artificial intelligence within the Deloitte Company does not
mean the machine will take over the jobs of the accountants. On the other hand, it will be useful
in performing the tasks faster, reliable, accurately and efficiently. Subsequently, Emin, and et.al.,
(2019) argued that, AI can effectively perform the initial accounting functions and calculations
part and the accountant can draw meaning conclusions by analyzing the data. AI helps in
processing huge set of data, detecting complex patterns and extracting key insights.
Subsequently, the information provided by the artificial intelligence is useful because these are
significantly interpreted by the accountants. Artificial intelligence can effectively learn from the
errors and tends to become increasing smarted over a period of time. It does not forget anything
and also deepens the corporate memory. Artificial intelligence helps in detecting errors at the
earliest and helps in ensuring accurate accounting records and book- keeping. It leads to better
decision-making and results in real-time book- keeping. Artificial intelligence is useful in

providing valuable insights on the future and current status of the business. It also helps in
speeding up the data analysis process and reducing accounting fees. Artificial intelligence helps
in detecting inaccuracies at the earliest and take necessary decision. Artificial intelligence helps
in increasing the security of files and data. It is significant and easily having access to the digital
files and helps in increasing the efficiency and accuracy of audits within financial institution.
Bui and et.al., (2016) sought to examine the fact that, Accountants can take full advantage of the
automation by focusing more on strategic task and analysing the key financial information.
Artificial intelligence helps in bringing wide set of opportunities for the accountants to provide
wider set of in insight, incredible precision, accuracy and speeding up the process of work.
Artificial intelligence helps in Practising accounting with the help of machine learning. It is
useful in saving up the time and assigning them to the right ledger. It is significant in effectively
detecting any sort of anomalies within the accounting function. Artificial intelligence helps
accountants to focus on strategic tasks which are more important for the higher growth and
success of the company. Artificial intelligence is useful in changing the way accountants work.
Artificial intelligence technology is considered to be significant because it helps in assisting
accounting firm within auditing process and also estimate the budget. Integration of AI
technology within the financial institution like Deloitte Company can make the job easier and
make it easier for the accountants and auditors to interpret and analyse data results. It is also
useful in identifying and assessing any risk and assess questionable issues for better operational
efficiency and productivity. Boddington, (2017) stated that, artificial intelligence is useful in
making the work process more accurate and focused. It is useful in analysing large set of data
and helps in changing complex changing patterns in an easy manner. Integration of AI
technology within the financial accounting form helps in organising long-term goals of the
company in a more strategic manner. It also helps in comparing past entries which provides more
comprehensive view of the work carried out by the company. Artificial intelligence is
considered to be significant because it helps in protecting financial data and create a fraud free
environment. It can be done by protecting the assets of the company. Bui and et.al., (2016)
sought to examine the fact that, artificial intelligence is playing one of the key prominent role in
effectively managing the financial transaction and handling numerous other activities associated
with the financial institution and bank. The key day to day activities of the financial institutions
such as stock market money, management of the funds, operations, et cetera has been worked

upon by the artificial intelligence or the machine learning models in an easier and much more
efficient manner. Use of artificial intelligence within the accounting firm helps in eliminating
anti-money-laundering and any other suspicious financial transactions. This way it helps in
improving the operational efficiency of the company and attain greater success in a much more
efficient way.
As per the views of Tambe, Cappelli and Yakubovich, (2019) demonstrated that, artificial
intelligence is considered to be prominent because it helps in providing 24/7 services on a real
time basis. It can be used to effectively programmed for the long hours and can perform the job
on a continuous basis without getting tired or distracted. It also helps in providing customer
support and resolve their queries on a real time basis. Artificial intelligence also helps in carrying
out dangerous tasks and helps in the reduction of errors. It is significant in providing better
understanding of the search engine and helps in delivering the best possible results to the
accounting firm. It is useful in providing utmost degree of security of data report any anomalies
within the business process. One of the key prominent benefit of the artificial intelligence is that,
it helps in quickly discovering the relevant and important findings at the time of processing huge
set of data. Artificial intelligence will focus on increasing the operational automation which
helps in providing the best possible services and predicting the outcomes.
Brougham and Haar, (2018) sought to examine the fact that, artificial intelligence is prominent
for the investors, consumers, banks and insurers to take better and smart decision in varied set of
areas. The banking and accounting firm has been complying with the artificial intelligence in
order to manage the huge amount of data and also helps in the detection of fraud within the
financial transaction. Artificial intelligence is considered to be of key relevance importance
because it helps in better management of the client satisfaction, effectively reacting to the market
trends. It is also useful in predicting the key market risk and innovating in order to stay
competitive. Artificial intelligence helps in effectively depending on the artificial intelligence for
the portfolio management. It helps in forecasting the volatility and significantly manage the
assets and capital of the Deloitte Company. The algorithms is useful in identifying the key trends
more efficiently than humans.
Gupta and Dhawan, (2018) sought to examine the fact that, artificial intelligence has been
gaining utmost degree of popularity within the financial institution. The major challenge which

has been faced by the financial institution is that people have lack of understanding of the AI.
The management of the company has to give complete knowledge and training to use artificial
intelligence. The key issue associated with the data is one of the most problematic challenge
which has been faced by the company while adapting artificial intelligence within the financial
institution.
As per the views of Tambe, Cappelli and Yakubovich, (2019) demonstrated that, Artificial
intelligence can eventually affects many job roles because it becomes difficult for the employees
to carry out all the activities in a significant and efficient manner. Lack of knowledge with the
artificial intelligence is one of the major challenge which has been faced while integrating
artificial intelligence into the accounting firm. Lack of understanding about artificial intelligence
to resolve day to day problems and assist in carrying out operations of the
business. Subsequently, Brougham and Haar, (2018) argued that, most of the company has been
facing charges against unethical use of data generated by the users. This is one of the most
success of the company. It is very challenging for the company to secure and protect large set of
data which has been of utmost importance for the company. Lack of clear implementation
strategy is also one of the most challenging issue which has been faced by the artificial
intelligence company.
CHAPTER 6: CONCLUSION AND RECOMMENDATION
Conclusion
It has been concluded that, artificial intelligence is a modern technology where computer
systems perform task which has been earlier carried out by the humans. Strong artificial
intelligence technology helps in carrying out tasks which are more complex. Accounting firms
are implementing artificial intelligence technology within the business because it helps in
streamlining the operations. AI is considered to be prominent for today’s dynamic world.
Artificial intelligence is considered to be prominent because it helps in providing 24/7 services
on a real time basis. It helps in the attainment of the economies of scale and leads to better
decision making. . It is useful in ensuring seamless customer experience across various
departments of the accounting firm. Automation and improved accuracy is the most suitable
benefit of AI. It helps accounting firms in multiplying productivity by automating the business
process. Automating authorization and the document processing enhances various internal
processes. Accounting managers trust application of advanced AI in making appropriate

decisions. AI helps in empowering quick decision-making and is also useful in creating smarter
insights. A spread of artificial intelligence tends to have both negative as well as positive effect
on the accounting firm. Technically complex is the major cause for limitation of AI. It has been
concluded that, AI is not found to be dangerous in terms of its use in accounting firms. AI also
does not leads to misuse of confidential information. This study will focus on determining the
use of AI by the accounting firms by using qualitative research methods. Qualitative research
method has been used for carrying out the study. It is a way more descriptive and helps in
attaining more in-depth knowledge associated with the subject matter. The present research study
uses both primary as well as secondary research to gain valid set of insight on the subject matter.
The primary data has been collected through questionnaire and secondary data has been collected
from books, journals, newspapers, magazines, internet sources, etc. The researcher of the study
has carried out the research in an ethical and reliable manner. High level of confidentiality has
also been ensured by scholar through determining that information is been excluded from any
kind of report & in published documents. The inductive research approach has been used which
mainly starts with the specific set of observation, theories and proper reasoning. It helps in
generating conclusive set of theory at the end. AI has two different types that includes weak AI
and strong AI. The weak AI could not have autonomous consciousness. Strong AI means that
machines could appear as conscious and reach or surpasses the human intelligence. AI system
helps in recognizing the pattern in the ledger codes & structure of the different invoices for
knowing the pertinent data that need to be extracted. It is useful in providing the best possible
customer services on a real time basis. Artificial intelligence driven personalized intelligence
which has been delivered right at the point of financial advisors, customer interaction can deliver
customized services. The major challenge associated with the artificial intelligence is that, high
degree of additional cost associated with the training is the major challenge for the business.
Another major limitation of the AI is that, employees of the accounting firm have limited
knowledge with the artificial intelligence. This in turn affects the business operations and
productivity. Artificial intelligence helps in reducing the paperwork and is significant in tracking
changes. It provides AI enabled system for the finance and accounting firm helps in saving time
and money.
Recommendation

It has been recommended that, the financial organization must effectively focus on
recognizing the key social risk and business risk which has been implied by the AI. The
accounting firm must also focus in boosting up the transparency level within the organization
and must also educate others to improve the operational growth and efficiency of the accounting
firm. The accounting firm must also under- go a pre-release trails because it is useful in ensuring
that it helps in examining whether AI is prominent for the accounting firm. The company should
also focus on completely monitoring the performance of the AI across various departments
within the accounting firm. This way, it is useful in ensuring that algorithmic system and the AI
are considered to be safe for the company and leads to greater operational efficiency,
performance and productivity. It has been effectively recommended that, there is a need for
specific research and policy making while complying with the AI within the accounting system.
Another major recommendation is that, expanding the research process and complying with the
mitigation strategies is useful while complying AI within the accounting firm. It is of key
relevance importance to set strong standards for carrying out audit. It is significant in assessing
the impact of the AI system within the accounting firm. Complying AI with newer software and
encrypting the data is considered to be one of the most significant recommendation to improve
the operational efficiency of the business. This way it helps in protecting the key relevant data.
Moreover, the Deloitte accounting firm must also focus on hiring the key experts which has
knowledge related with the engineering and computer science. This way it helps in ensuring
better decision making. Enhancing the cybersecurity defence is considered to be of key relevance
importance because it helps in improving the key operational efficiency within the accounting
firm. Carrying out AI research and development helps in analysing what works well for the
Deloitte accounting firm. Developing the flexible development methodology is useful because it
helps in effectively improving the operations of the accounting firm while integrating artificial
intelligence. Also, centralizing the machine learning and artificial intelligence data is of key
prominence importance because it helps in attaining higher greater standards and goals of the
accounting firm. Moreover, combining the human evaluation of the data with the machine
learning automation is considered to be of utmost importance because it helps in improving the
results and outcomes. Project management of the accounting firm must effectively develop the
best strategic practice and also monitor the outcomes associated with the AI for the Deloitte
Company.

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https://bernardmarr.com/default.asp?contentID=1929>

APPENDIX
Questionnaire

Questionnaire
1. Do you know about AI?
 Yes ()
 No ()
2. To what extent you agree to make use of AI in the firm?
 Agree ()
 Disagree ()
 Highly agree ()
 Highly disagree ()
 Neutral ()
3. Is AI is important in today’s dynamic world?
 Yes ()
 No ()
4. Do you think AI had become as the part of society?
 Yes ()
 No ()
5. From the following options which is the most suitable benefit of AI?
 Automation ()
 Quick solutions ()
 Improves accuracy ()
 Storing large data ()
 Maintenance of data for long term ()
6. Which of the main reason below for which you prefer to work with AI in the business?
 Home security ()
 Financial services ()
 Automated system ()
 Customer service ()
7. Do you trust application of advanced AI in making moral and appropriate decisions?
 Yes ()
 No ()
8. According to you, which is the major cause for limitation of AI?

 Data security and privacy ()
 Technically complex ()
 Time consuming ()
 Require feeding programming ()
9. Do you agree that AI can be found as dangerous in terms of its use in accounting firms?
 Agree ()
 Disagree ()
 Highly agree ()
 Highly disagree ()
 Neutral ()
10. Do you think that AI leads to misuse of confidential information?
 Yes ()
 No ()
11. Any recommendation regarding overcoming the challenges attached with application of AI?