Analyzing AI's Role in Transforming Australian Accounting Practices

This case study investigates the transformative impact of Artificial Intelligence (AI) on accounting practices within Australian companies. The report explores the purpose of AI implementation, identifies key decision-makers like board members, accountants, and shareholders, and analyzes the factors influencing decision-making in the context of AI adoption. It examines the benefits of AI, such as reduced manual work and improved accuracy, while also considering potential challenges. The study evaluates three information sources, including academic journals and websites, to assess the credibility and relevance of the information. The case study is structured with an introduction, literature review, analysis of advantages and disadvantages, and conclusions, providing a comprehensive overview of AI's role in reshaping accounting patterns in Australia. The report highlights the importance of AI in improving efficiency, generating quality output, and supporting expert decision-making within organizations, emphasizing the need for appropriate regulations and reporting standards.

CASE STUDY

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
a) Purpose....................................................................................................................................1
b) Audience involved in the process...........................................................................................1
c) Factors involved in decision making .....................................................................................2
d) Decision making information.................................................................................................2
e) Sources of information ...........................................................................................................2
f) Keywords.................................................................................................................................3
2. SOURCES ...................................................................................................................................3
3. EVALUATING INFORMATION SOURCES...........................................................................3
4. MAIN AND SUB HEADINGS OF REPORT............................................................................7

INTRODUCTION
The case study is about identifying the importance of Artificial intelligence which assist
the Accountants in reducing manual work. It is the concept which has changed the accounting
patterns of Australian companies from past many years. The report will outline the purpose of
conducting research and formulating report on changing accounting patterns and will identify the
major decisions made by the members involved in the changing process of Australian
organisation. Thus, it will analyse 3 sources of which assist in determining the and importance of
concept of Artificial intelligence.
PART 1
a) Purpose
The purpose of the report is to identify the changing process of accounting in Australian
companies. It will analyse the threats and opportunities which have faced with the changing
accounting patterns. Further, it will outline the concept of artificial intelligence which assisted
the Australian Accountant in changing their working patterns from past many years. It is the
method which assist in formulating accounting decisions accounting to the thinking of human
brains. In addition, it reduces the manual work of accountant and leads to accurate results and
aids in making expert decisions. According to scenario it has been identified that the process of
Artificial intelligence is innovative and motivating of the stake holders ans it is the process
which helps in formulating expert decision according to the minds of Human.
b) Audience involved in the process
The concept demands the involvement of major members of the company like, boards
members, accountants, shareholders, and lawyers because it is the simulating of human
intelligence, machine and software. Board members of the company are the key decision maker
who guides the entire management to make changes in process of organisation. Apparently, the
accountant are the individuals who are responsible for the accounting system of the business
which plays a vital role in managing operation and determining profits and loss. Therefore, it is
important for the accountant to get involved in the changing accounting process of the firm.
Artificial intelligence is concept which is most accepted by Australian accountant as it helps
them in reducing manual work and leads to accurate results and solution according to their
thinking. Apart from this, shareholders are the key drivers of the companies and their
involvement in changing patterns in accounting of the entity. Further, in accordance to

shareholders Artificial intelligence is the process which supports the intelligent behaviours as it
process according to human mind. Lastly, the involvement of lawyers plays crucial role as it
individuals assist the organisation in determined the effective regulation to support the changing
accounting patterns.
2

c) Factors involved in decision making
Major decision taken when using the AI process of accounting are as follows:
 Involvement of people in the accounting process
 Interest of stake holders
 Demand of products and services of the company.
 Arrangement and Systematic patterns of organisation functions.
 Analysis of threats and opportunities which can come across in AI process such as,
reducing in cost effectiveness of business operations, misinterpretation of informations
etc.
d) Decision making information
 In case of Artificial intelligence process the decision making process of the accountant is
based on determined productive results by establishing cost effectiveness in the process
of accounting. Further, in this the accountant is liable to share the importance of AI
concept like, it assists the firm in improving efficiency, generating quality output etc.
with the all the key players of the organisation
 Secondly the company will focus in analysing the sources and authorities which will
assist in successful implementation of the AI process in an enterprise.
 Thirdly, it focuses on analysing the involvement and regulation by corporate bodies in AI
accounting process.
 Lastly it is important for the organisation to determine the establishing of according
reporting standards and benefits to stakeholder as the individuals are the key drivers of an
entity.
e) Sources of information
 Official website of Artificial Intelligence
 Management journals
 Accounting, auditing journals.
3

f) Keywords
 Artificial intelligence
 Instruments of Artificial intelligence
 Threats and opportunities of Artificial intelligence
 Policy of Artificial intelligence
 Implication of Artificial intelligence
2. SOURCES
Charniak, E. and et.al., 2014. Artificial intelligence Programming. Psychology Press.
Cohen, P.R. And Feigenbaum, E.A. Eds., 2014. The handbook of Artificial intelligence (Vol. 3).
Butterworth- Heinemann.
Huhns, M. N., 2012. Disturbed artificial intelligence (Vol 1). Elsevier.
Kaplan, J., 2015. Humans need not apply: A guide to wealth and work in the age of artificial
intelligence. Yale University Press.
Kokina, J. and Davenport, T.H., 2017. The emergence of Artificial intelligence: How automation
is changing auditing. Journal of emerging technologies in accounting.
Pannu, A., 2015. Artificial intelligence and its application in different areas. Artificial
intelligence. 4 (10).
Parkes, D.C. And Wellman, M.P., 2015. Economic reasoning and artificial intelligence. Science.
349(6245). pp.267-272.
Patassini, D., 2017. Beyond benefit and cost analysis: accounting for non-market values in
planning and evalaution. Routledge.
Ramchurn, S.D., Vytelingum, P., Rogers, A. and et.al., 2012. Putting the 'smarts' into the smart
grid: a grand challenge for artificial intelligence. Communication of the ACM. 55(4).
pp.86-97.
Siau, K., 2017, August. Impact of Artificial intelligence, Robotics and Automation on Higher
Education. In Americas Conference on Information System (AMCIS 2017), Boston, MA.
3. EVALUATING INFORMATION SOURCES
I)
Full citation of resource
4

Pannu, A., 2015. Artificial intelligence and its application in different areas. Artificaial
Intelligence. 4(10).
Author's credentials
Avneet Pannu, 2015. M. Tech Student Department of Computer Science & Engineering DAV
Institute of Engineering and Technology, Jalandhar India.
Author's intended audience
The financial stakeholders, regulators and academics are intended to be audience of the Author.
Main arguments
The main idea of the author is to develop understanding about artificial intelligence and its
applications in different areas. Current use of artificial intelligence technologies in the
organizations. Proposes of a comprehensive layout is to conduct future researches on the same
subject.
Evidence to support the arguments
Few business units are taking support of artificial intelligence technologies. They are using
advance software, computers as per the regulation of the authorities.
List facthor
Aim of the study is to provide description about use of artificial intelligence technologies. Risk
associated with it and benefits for the organization.
List opinions provided by authors
Authors has described about network intrusion technologies in the PSS design , communication
areas in the medical field so that medical care services can be improved. It has discussed about
accounting database issues and ways to mitigate with these problems.
Why this is valuable
This study explains that use of artificial intelligence technologies in the organization. How
medical field can be improved by using these technologies. The special issues related to
patients, stakeholders have been described in this journal. The main agenda of this study is to
know about these technologies and their advantage for the business.
Does source raise any question
5

Does using artificial intelligence can improve hospital patient's care system?
Does the source have connection to other sources
Yes it has connection with other sources, it has more connection with future prospect.
Retrieved from
http://www.ijeit.com/Vol%204/Issue%2010/IJEIT1412201504_15.pdf
Conclusion
This source described benefits of artificial intelligence technologies. This technology has
contributed well in various areas. Power system stabilizers is considered as effective tool that
can give advantage to the firm. This technology has far reaching effects in the life of human in
the future.
II)
Full citation of resource
Parkes, D.C. And Wellman M.P., 2015. Economic reasoning and artificial intelligence. Science,
349 (6245),pp.267-272.
Author's credentials
David C. Parkes, Michael P. Wellman, 2015.
David C. Parkes is Harvard College Professor and George F. Colony Professor of Computer
Science, Harvard University.
Michael P. Wellman is Professor of Computer Science & Engineering, University of Michigan
Author's intended audience
Economist, companies are intended audience.
Author's main arguments
There are various theories that prove that artificial intelligence technologies are more effective
than human agents. These can do more idealized assumptions as compare of human being.
Evidence provided to support the arguments
6

The author provides theories in order to examine effectiveness of artificial intelligence
technologies in the organization and in human life.
List facts provided by authors
Author has involved previous studies in this investigation. Individual has made the assumption
on A bounded reinforcement learning agent performs better by pursuing a designed reward
function different from the objective reward: its actual fitness evaluation.
List of opinion
Researcher has recognized various elements which are related with artificial intelligence
technologies and their human life.
Why this a valuable resource
It gives in-depth detail about the artificial intelligence technologies ad how this can change the
future of human being.
Questions raised by source
Is artificial intelligence technologies are meant to be viable for the modern business
organization?
Does source has connection to other sources
yes it is connected with other sources
http://science.sciencemag.org/content/349/6245/267.full
Conclusion
It described that mechanism designs are too idealized, it has described that normative designs
are more relevant for the artificial agents because interacting through novel rules and enhance
performance level.
III)
Full citation of resource
7

Patassini, D., 2017. Beyond benefit cost analysis: accounting for non-market values in planning
evaluation. Routledge.
Author credentials
Domenico patassini, 2017. Department of Design and Planning in Complex Environments
(University Institute of Architecture in Venezia)
Author's intended audience
Organization, government, investors are intended audience.
Author's main arguments
Author has evaluated visibility of public urban places, issues in transport is being discussed.
What evidence is provided
The concept of artificial intelligence is important at corporate level and for the outside of IIRC
as well.
List of facts provided
The main idea of this study is to analyses the beyond cost analyses in the organization or cost
related issues face by the firms
List of opinion provided
It gives social value for money, contribution of strategic impact to planning evaluation.
Why this a valuable resource
It helps in effective implementation of artificial intelligence technologies in the organization.
Does source raise any question.
Does use of modern cost analyses techniques are important to use by organization?
Does source has connection with other sources
8

Yes it has connection with other sources
Conclusion
It has discussed the identification of non market values and also incorporated planning
evaluation methods.
4. MAIN AND SUB HEADINGS OF REPORT
1. Introduction
1.1 Overview of the study
1.2 Conceptual framework of Artificial intelligence technology
2. Literature Review
2.1 Concept of Artificial intelligence technology
2.2 Use of Artificial intelligence technology in organization
2.3 Impact of Artificial intelligence technologies
3. Advantage sand disadvantages of Artificial intelligence
4. Conclusion
5. Recommendation
9