THE AI EFFECT: NAVIGATING THREATS AND OPPORTUNITIES IN ACCOUNTING EDUCATION

Artificial Intelligence (AI) is revolutionizing the accounting field by enhancing decision-making, accuracy, and efficiency. The introduction of AI has dramatically transformed how financial data is processed, examined, and utilized. Automated tasks, such as data entry and reconciliation, are now executed with precision and speed, freeing accountants to focus on higher-level tasks. This study examines AI's impact on accounting procedures, focusing on automation, data analysis, compliance, and decision-making. AI-powered tools analyze vast amounts of data, identifying patterns and anomalies, and providing valuable insights for informed decision-making. Moreover, AI-driven compliance systems ensure adherence to regulatory requirements, reducing the risk of non-compliance.

While AI adoption presents opportunities, it also poses challenges, including job displacement, ethical concerns, and the need for professionals to acquire new skills. As AI assumes routine tasks, accountants must develop expertise in areas like data analysis, interpretation, and strategic decision-making. This research aims to provide insight into AI's transformation of the accounting landscape and its implications for the profession's future. By examining existing applications, prospects, and potential risks, this study assesses AI's benefits and drawbacks, highlighting its influence on accounting’s future. The findings emphasize the importance of embracing AI-driven advancements while promoting flexibility, ethical behaviour, and data integrity. A structured questionnaire was used as a research tool for understanding user’s preference towards The AI Effect: Navigating Threats and Opportunities in Accounting Education. A sample data of users was used and it was collected through the source of questionnaire. Though this study was done in a small area, we have made an attempt to explain the whole scenario along with our supporting suggestions.