UGBS Department of Accounting Hosts Seminar on Generative AI and Financial Reporting
The Department of Accounting at the University of Ghana Business School on 5th November 2024 organised a seminar on Generative Artificial Intelligence (AI) and Financial Reporting Processes to equip students with the knowledge to embrace AI in accounting practices. The seminar was held at R.S. Amegashie Hall, bringing together Level 300 and 400 students and Master’s and PhD students studying accounting.
Prof. Akwasi Ampofo, Associate Professor at Springfield College, Massachusetts, USA lectured on the application of generative AI in financial reporting processes, types of AI, implications and distinctions between human intelligence and AI. Prof. Ampofo mentioned that incorporating AI in financial reporting improves the efficiency of financial processes and management of commentaries and helps investors in technical analysis to make informed decisions.
Prof. Ampofo raised concerns by academics regarding AI usage by students, leading to plagiarism. However, he emphasised AI’s resourcefulness in accounting practices, citing companies that use AI as being efficient in financial reporting. He warned that students transitioning to the workplace without AI proficiency would face a competitive disadvantage. He therefore suggested that students should be taught how to use AI ethically, assigned projects of AI applications and students should be honest about the use of AI in their works.
Prof. Akwasi encouraged continuous AI learning and proactiveness in AI ethics in accounting to be relevant. He also urged the development of AI tools that are context-specific to Ghana to reduce bias. He stated that human judgement cannot be replaced with AI hence, there is a need for accounting professionals.
Prof. William Coffie, Head of Department of Accounting acknowledged Prof. Ampofo for his contribution to the seminar and appreciated students for their participation. He encouraged students to pursue professional development opportunities beyond what is taught in class, noting that these seminars would contribute to their assessment.