Organizations moving forward with generative AI despite concerns, survey shows

Finance leaders are still concerned about the expanded use of generative AI programs, such as ChatGPT and Microsoft Copilot, but more than a quarter of them say that hasn’t stopped their organizations from experimenting with the technology, according to a new AICPA & CIMA survey.

Seventy-one percent of executives said they were at least moderately concerned about potential privacy, ethical, or accuracy risks associated with the use of generative AI tools, with 42% expressing significant concern, according to the first quarter AICPA & CIMA Economic Outlook Survey. The level of concern about the risks is about the same as the previous quarter. This quarter, only 6% of respondents expressed “no concern at all” about the tools.

The survey was conducted in February and included 275 qualified responses from CPAs who hold leadership positions, including CFO or controller, in their companies.

About 26% of respondents said their organizations are experimenting with generative AI tools in key operations, and 6% said they have already implemented the technology in one or more business applications. Half of respondents said they haven’t considered the use of the tools.  

“Managing risk and optimizing the efficiency of these tools will be core competencies going forward,” Tom Hood, CPA/CITP, CGMA, AICPA & CIMA’s executive vice president–Business Engagement and Growth, said in a news release. “We recommend that finance teams start small and ramp up strategically based on their early insights into the technology, with a strong focus on data security and intellectual property protections throughout the process.”

Jason Staats, a former firm leader who helped CPA.com design a generative AI toolkit, said during the Digital CPA Conference in December that such tools “may require a different level of investment and learning than we’ve had to make before.”

According to the survey, the top functions for test runs are sales and marketing (42%), IT and risk management (37%), core business operations (30%), and finance and strategy (27%).

Respondents weren’t asked about potential regulation in this area, but they were asked about the need for underlying data to be “subject to some form of independent assessment, or review and assurance.” About 54% said they viewed this kind of review as “significantly important” to mitigate risks, while only 2% said they viewed it as “not at all important.”

To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.