AI in Accounting: Unlocking Efficiency and Insight for Chartered Accountants

Event Overview

The Continuing Professional Development (CPD) event, held on Monday, June 30, 2025, was organized by the Association of Kandy Chartered Accountants. It featured a keynote address from Professor Eng. Kamalanath Samarakoon, a renowned expert in computer engineering with over 30 years of experience in engineering, automation, and intelligent systems. He is a chartered engineer in both Sri Lanka and the UK, a Fellow of the Institution of Engineers Sri Lanka, and a Senior Member of IEEE, USA, and IET, UK. The session focused on how chartered accountants can leverage AI to automate routine tasks, generate data-driven insights, streamline reporting, and enhance strategic decision-making, while also addressing the critical risks, ethical considerations, and governance practices necessary for the responsible use of AI.

Key points highlighted during the Session

• Understanding Generative AI: The session began with an overview of generative AI, explaining its capabilities to create content, analyze data, and automate processes. Participants learned how this technology can be a game-changer in the accounting profession.
• Automation of Routine Tasks: One of the significant advantages of generative AI is its ability to automate repetitive tasks. This allows chartered accountants to focus on more strategic activities, enhancing productivity and efficiency within their firms.
• Data-Driven Insights: The presentation emphasized how generative AI can analyze vast amounts of data to provide actionable insights. Accountants can leverage these insights to make informed decisions, identify trends, and improve financial forecasting.
• Streamlining Reporting: Generative AI tools can assist in generating reports quickly and accurately. The session highlighted how these tools can reduce the time spent on report preparation, allowing accountants to deliver timely information to clients and stakeholders.
• Supporting Strategic Decision-Making: By harnessing the power of generative AI, chartered accountants can enhance their role as strategic advisors. The technology enables them to provide deeper analysis and recommendations based on comprehensive data evaluations.
• Addressing Risks and Ethical Concerns: The session also covered the essential risks associated with AI implementation, including data privacy, security, and ethical considerations. Participants were encouraged to adopt best practices and governance frameworks to ensure responsible AI use.

Conclusion

Professor Eng. Kamalanath Samarakoon wrapped up the presentation with an insightful discussion on the evolving future of accounting in the era of AI. It underscored the critical need for ongoing learning and adaptability, emphasizing that staying relevant in this fast-paced technological landscape is essential for success in the profession.

Article by : Divya Nanayakkara (ACA), Member -AKCA