IT01: An Examination of IoT, AI, and Blockchain Impact on Accounting

This essay examines the transformative impact of Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technologies on the accounting profession. It explores how these technologies enhance data management, improve financial processes, and reduce operational costs for accounting firms, including the Big 4. The essay defines IoT, AI, and blockchain, providing examples of their application and benefits. It further analyzes the impact on accounting practices, detailing initiatives by major accounting firms and professional bodies. The discussion covers the use of these technologies in services, the development of new tools, and the implications for skills and training. The research emphasizes the potential for increased efficiency, security challenges, and real-time data visibility. The essay concludes by highlighting the overall positive impact of these technologies on the accounting profession, while also acknowledging potential drawbacks like security concerns.