Gen AI, business model transformation, and more with AICPA & CIMA CEO

Journal of Accountancy Podcast

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, explains why the accounting profession has to embrace generative artificial intelligence (Gen AI) instead of running from it. And that's not all he's talking about in this episode of the JofA podcast.

Melancon shares insights on the effect of AI on audit and assurance, how private equity's entry into accounting is changing firms, how business models themselves are changing, and why he says the world needs accountants more than ever.

This is the second of a two-part conversation. The first part was published in December.

What you'll learn from this episode:

• The importance and value of a recently published toolkit on Gen AI.
• Why accountants and accounting firms have to embrace Gen AI and understand its risks.
• Potential uses for AI in auditing and assurance.
• The shifts Melancon sees in the business model of firms.
• Skills that CPAs should be prepared to learn, unlearn, and relearn.
• Melancon's explanation of the "trust equation" as it relates to CPAs.