The Effect of Artificial Intelligence on the Accounting Profession

Abstract

This chapter examines how artificial intelligence (AI) is affecting the accounting sector with a particular emphasis on Lebanon. It examines the significant shifts that brought about information and communications technology (ICT)-based technologies and automation, in addition to the historical changes in accounting. The combination of AI awareness and accounting automation has resulted in a significant revolution in the industry, which has boosted AI-powered accounting education. The chapter suggests ongoing AI advancements as well as proactive cooperation between accountants and accounting companies in order to increase the effectiveness and efficiency of accounting procedures. AI can cut expenses and free up accountants' time so they may focus on making decisions using analytics and data. However, the Middle Eastern accounting sector is confronted with a number of potential risks, such as the loss of jobs, the spread of artificial intelligence in the sector, the decline in human bias, the impact on accounting education, and the recurrence of past accounting mishaps.