Overview
On January 25, 2024, Law360 quoted Caitlin Tharp in an article titled “Nationwide CPA Shortage May Spark Rise of AI Accountants.” The article discusses how artificial intelligence’s usage in accounting might become widespread quicker than anticipated due to a nationwide shortage of certified public accountants. Though AI does have the ability to alleviate shortages, increase efficiency, and reduce costs, Caitlin noted “that while AI excels at processing known data, it lacks the capacity for analogical reasoning and applying knowledge to novel situations, a unique strength that experienced human tax professionals bring to the table.”
Caitlin explained that while “AI is able to distill a bunch of data and come to an answer about things that are known. However, unlike humans, AI can’t analogize something that seems similar, and then put it to new facts or new legal circumstances.”
Read the full article at Law360 (subscription may be required).
