tech and fintech

electronic skin that can sense touch will transform robotics

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robots with touch-sensing capabilities will be able to interact more intuitively and safely.

by rick richardson
technology this week

in a significant leap forward for wearable technology, a team of researchers at stanford university has made remarkable progress in developing electronic skin that possesses the ability to sense touch. this innovation has the potential to revolutionize industries ranging from healthcare to robotics, opening up new possibilities for human-machine interaction and sensory augmentation.

more tech this week: chatgpt passes cpa exam on second try | smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | four of today’s new technologies that will be tomorrow’s ‘norm’ | cyber insurance costs rise in health care as attacks soar | phishing attack hackers have a new trick
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the electronic skin, known as e-skin, mimics the sensory capabilities of human skin by integrating pressure sensors, stretchable circuitry, and a sophisticated neural network. the team accomplished this feat by combining advanced materials, flexible electronics, and machine learning algorithms. the result is a thin, flexible, and highly sensitive e-skin that can accurately perceive and respond to different levels of pressure and touch.

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what an a.i.-powered workforce means for accountants

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ready or not, ai is here to stay.

by rick richardson
technology this week

the complicated relationship that humanity has had with its technological creations throughout time has shaped many executives’ views on adapting to change and remaining in demand in any industry or profession. the various cycles of emerging technology always enlighten, frighten and inspire the masses until we adjust and change our mindsets to embrace the disruption.

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even though it has been present for decades, artificial intelligence (ai) is currently promoted as the dramatic change that threatens to upend our society. people are terrified as they try to imagine how it will change the way they live their lives, how they view their employment and what the future of their professions might bring. read more →

research: accounting pros cautiously optimistic about generative ai

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expert says we must work together to balance the benefits of technology and unintended consequences.

by rick richardson
technology this week

thomson reuters, a global content and technology company, recently released new research on generative ai that gauged the sentiment of professionals across legal, tax, and accounting firms in the united states, the united kingdom, and canada. the research sought to understand better how the technology is perceived and applied within the professional services industry. the report uncovered a mix of optimism and caution in adopting generative ai. 

more tech this week: chatgpt passes cpa exam on second try | smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | four of today’s new technologies that will be tomorrow’s ‘norm’ | cyber insurance costs rise in health care as attacks soar | phishing attack hackers have a new trick
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“generative ai can disrupt and redefine the professional landscape, but it is clear from our findings that there is a trust gap with professionals,” said steve hasker, president and ceo of thomson reuters. “the future of professional work is set to be revolutionized by generative ai, and as an industry, we need to work together to find the right balance between the benefits of technology and any unintended consequences. we believe this will help our customers first to trust the transformative power of generative ai and then harness the opportunity to shape the future of their professions.”

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three fundamental questions to ask in audit

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are you teaching your team the real work or just the compliance work?

by alan anderson, cpa
transforming audit for the future

instant download:
“the new manifesto for accountants.“

when i started in accounting, we wrote audit programs out by hand, and we thought about what it was we needed to do to carry out our audit procedures.

and then, the firm got a copy machine. that started the arts and crafts period of public accounting.

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because we were going to do the same as last year, every year we would make a copy of last year’s hand-written audit program, cut out the sign-offs, tape that on a new page, make sure to draw the lines for the sign-offs, and then we’d make a copy of that. then we had our audit program for the new year.

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how auditors can beat ai

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ignore the coming tsunami of change at your own peril.

by alan anderson, cpa
transforming audit for the future

instant download:
“the new manifesto for accountants.“

the other day, i picked up a college textbook on auditing from 2001.

more: the disruptors: re-inventing accounting with tyler anderson | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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even back then, that book listed these as “critical forces on the profession:”

  • increasing market saturation with relatively little opportunity for growth
  • perceptions that financial statement audits have become a commodity
  • price competition and continual pressure to reduce fees
  • cost pressures that have resulted in the reduction of time devoted to engagements
  • perceptions that the incidence and severity of alleged audit failures have increased

in the 20-plus years since that book was published, not much has changed. today many of the college students who learned auditing from that textbook are in leadership positions at audit firms. they were warned about what we were up against.

that we are still facing those same “critical forces,” which have only exacerbated since then, is an indicator of the ossified state of leadership in the audit profession.

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