The intersection of artificial intelligence and professional standards isn't just coming – it's here, and it's complex. If you haven't been asked about your AI usage yet by your industry body, you will be soon. The accounting profession is grappling with how to harness AI's transformative potential while maintaining the ethical standards and compliance obligations that define our profession. Over the past couple of years, our three major accounting bodies – CA ANZ, CPA Australia, and IPA...

Welcome back! I hope you had the chance to re-charge over the summer break for the challenges and opportunities 2026 is sure to bring. Over the summer break, we didn’t just hang up our hats. We've been busy refining our Advice feature to further enhance accuracy and to make the review of output easier. While the core the process Elfworks remains the same we’ve introduced a number of key refinements outlined below. Refining the Advice Input Increased Analytical Depth: Elfworks is now...

The Role of AI in Modern Accounting The rapid ascent of Artificial Intelligence (AI) is transforming industries globally, and the Australian accounting sector is no exception. From automating routine tasks to aiding complex financial analysis, AI promises to be an indispensable tool for practitioners advising their clients. However, to truly harness its power effectively and ethically, we must first confront a fundamental challenge: bias in AI models. Understanding Bias in AI Models The...