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Artificial intelligence and machine learning can help businesses measure performance and make capital allocation decisions. Listen to a marketing professional and an accounting professor explain how they have benefited from these technological advancements.
On this episode we're asking, how can artificial intelligence (AI) help CPAs make smart decisions about capital allocation? One area that is notoriously difficult to analyze is marketing. Making smart decisions about marketing expenditures can be challenging because the correlation between marketing investment today and the long-term impact on financial results in the future is not obvious.
AI can help fill in this gap between todays’ decisions and results months or years in the future.
Our first guest Dave Bunce is the CEO of Morphio, a company that uses AI to analyze the effectiveness of marketing expenditures. He says AI is valuable to CPAs because, “It puts CPAs in the driver's seat of having access to information and insights they otherwise wouldn't have had, and that can apply across functions and across stakeholders.”
Our second guest, Mario Malouin, looks at what CPAs need to do to ensure they remain in the driver’s seat and not become a passenger. Mario Malouin is a professor at the University du Québec de l’Outaouais and a member of the IESBA Technology Experts Group. He breaks down the many steps CPAs need to take to feel confident in the data that they're getting from AI.
He says CPAs need to do more than examine what is the source of the data, how the algorithm has been trained, how it has been tested, and how it has been deployed in real life.
“You need to zoom out and understand what is the task you want to give to what I call those intelligent agents. And this is key.”
Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect those of CPA Canada.
Technology is creating a world of new opportunities for CPAs, but with these opportunities comes significant risk, challenging CPAs to bring their public interest mandate to the fore to identify and manage these risks.
While new crops of CPAs are arriving at the profession with different mindsets and skills that coincide with the new paradigm shift, mid-career CPAs are developing a growth mindset and using opportunities to upskill.
There are many ethical dimensions to new technologies. The future of the accounting profession will continue to entail the protection of public interest and making morally justifiable decisions while accessing and maintaining data. (French only)
November 6, 2023
Join us this November for timely updates, cutting-edge information on new technology, and quality networking with other forensic accounting and valuation professionals.
November 13, 2023
Come and join hundreds of accounting and finance professionals who are committed to creating an inclusive and equal profession, just like you.
November 22, 2023
On November 21, the Deputy Prime Minister and Minister of Finance released the federal government’s 2023 Fall Economic Statement (FES), which contained some new tax announcements along with an update on previously announced tax measures.