landscape of artificial intelligence is rapidly evolving, and at this year's Malaysian Institute of Accountants Conference, the advent of generative AI was discussed.
The practical applications of GenAI are already being realised in various sectors including end-to-end operations.The Institute of Chartered Accountants in England and Wales plays a crucial role in guiding the ethical use of GenAI in finance. As data manipulation becomes easier with advanced AI tools, ethical considerations become paramount. Chartered accountants must be aware of AI's limitations and apply their judgment to AI-generated data and results.
One promising approach to addressing these challenges is Retrieval-Augmented Generation . RAG ensures that AI-generated content cites reliable sources, allowing users to verify information accuracy. For example, a financial services firm using RAG to generate quarterly reports can ensure that every data point and statement is backed by verified financial databases and market analyses.