Awesome AI for Accounting and Analytics using Amazing ChatGPT!-Awesome AI for Accounting and Analytics Using Amazing ChatGPT

Awesome AI for Accounting and Analytics Using Amazing ChatGPT

Pdf Summary

The presentation by Vern Richardson at the University of Arkansas delves into the transformative impact of AI, particularly generative AI tools like ChatGPT, on business, accounting, and accounting education. The framework revolves around the AMPS Model—asking the right questions, mastering data, performing analysis, and sharing the story. This model provides a structured approach to incorporate ChatGPT into analytics, considering it as a decision aid that offers insights beyond traditional methods.<br /><br />The document discusses the importance of "prompt engineering," which guides AI to produce high-quality, specific outputs based on tailored prompts. By asking more precise questions, like from specific professional perspectives (e.g., investor, auditor), users can derive more relevant insights. This practice is emerging as a vital skill to be taught to students to help them effectively use AI in practical scenarios.<br /><br />The document also highlights the necessity for critical engagement with AI outputs. Understanding and questioning the data sources, techniques used, and results are essential to accurately interpret AI outputs. Teaching students to evaluate and verify AI-generated responses is crucial, given that AI, like ChatGPT, can sometimes present incorrect or "hallucinatory" outputs.<br /><br />Examples of practical applications are included, such as performing regression analysis, sensitivity analysis, and creating mortgage amortization schedules using ChatGPT, showcasing its potential in handling complex data analysis tasks. However, the limitations and current developmental needs of AI are acknowledged, emphasizing the importance of ongoing improvement and adaptation of AI tools before they are fully market-ready.<br /><br />Overall, the document advocates for the integration of AI tools like ChatGPT into educational curricula to develop critical thinking and practical problem-solving skills, preparing students to navigate and leverage these technologies effectively in real-world situations.

Keywords

AI transformation

generative AI

ChatGPT

AMPS Model

prompt engineering

business analytics

accounting education

critical engagement

data analysis

educational integration