Prof Dr Michel De Wolf
Before disappearing...
On 14 November I asked ChatGPT what the probability is that, within ten years, at least half of the professionals in the major fields of our professions (auditing, accounting, tax) would disappear as a result of artificial intelligence.
And the strange creature, based on various reports, replied: 30 to 60% for accounting, 15 to 40% for auditing, and 10 to 25% for tax.
It is interesting to note that tax consulting would have a less bleak future than auditing, and especially than accounting.
While we wait to see whether or not these predictions come true, I suggest you take advantage of this issue of our newsletter to identify possible areas or even countries in which you could invest before the big night that artificial intelligence strategists have in store for us – as we cover topics such as ESG, IFRS, ISQM, US GAAPs, and the use of artificial intelligence itself to assist with auditing (from countries such as China, France, India, and the USA).
Happy reading, happy travels, and happy thinking.
Prof Dr Michel De WolfResponsible Editor & Global Chair of the GGI ARC PG
Disclaimer
The information provided in this newsletter came from reliable sources and was prepared from data assumed to be correct; however, prior to making it the basis of a decision, it must be verified. Ratings and assessments reflect the personal opinion of the respective author only. We neither accept liability for, nor are we able to guarantee, the content. This publication is for GGI internal use only and intended solely and exclusively for GGI members.
DGST Réviseurs d’entreprises promises its clients to deliver accurate, independent and effective advice. The core business of their audit services is statutory audits and assurance engagements. For DGST, auditing is not just about checking figures, but involves risk anticipation and enhanced risk awareness.
GGI member firmDGST Réviseurs d’entreprisesBrussels, Namur, Verviers, BelgiumT: +32 2 660 63 43
Advisory, Auditing & Accounting, Corporate Finance, Tax
Prof Dr Michel De Wolf is an auditor, lawyer, and Honorary Chairman of the Belgian Institute of Auditors. He specialises in high-level tax advice, financial analysis, IAS/IFRS, company law and consolidation. He has proven experience as an auditor and advisor, particularly in various non-profit organisations and public-sector entities. Prof Dr De Wolf is current Chairman of CBCR/BOBR, the umbrella organisation for audit SMPs in Belgium. He is also a member of the accounting standard setter in Belgium, and a part-time judge. He is Honorary Dean of the Louvain School of Management.
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