After a nearly two-hour discussion with one of my great teachers on a Sunday afternoon, I returned to my laptop with a substantial amount of homework, seemingly enough for an entire academic term. The reluctant student in me began to sift through the materials he suggested, the recommended books, and created a multi-gigabyte folder as instructed. The outcome of this effort led me to understand the prevailing perception among researchers: the advent of AI will significantly impact current accounting, auditing, and regulatory practices, enhancing the overall efficiency of the ecosystem. They believe that areas requiring professional judgment will remain within the realm of human professional intelligence. Furthermore, they foresee no significant disruptive impact requiring the profession to drastically adapt beyond upskilling. I posed the question to Gemini, “Can AI and the latest technologies disrupt the accounting and auditing profession?” Interestingly, Gemini echoed a similar sentime...
King Lear looked at Princess Cordelia. “Princess Cordelia, this is not fiction, it is life”. “King, if it is not fiction, why do you say everything is not perfect? Did you banish me from your kingdom too early?” “Princess, that is for the story, a tragedy, or an epic for fools to cherish. This is the reality where you are right, and I am wrong. Cordelia, say nothing, follow your bonds, long live. It wasn’t perfect like a photo or a painting. The artist sees what the admirers do not. The picture becomes perfect when everyone sees everything.” “So, my King, there is something untold and unseen by the naked eye and that will take me back to where I was, to the abode of your kingdom, your heart?” “Princess, the truth is not as it appears. You did not go anywhere, only the story went.” “Then why untold and unseen?” “Cordelia, it is an art. Art of reality, that unfolds through epics and sub-stories.” “I’m your favourite kid!” “You do always my Princess. Now listen. This makes the pictur...