The recent declaration issued by countries attending the AI Safety Summit hosted by the UK Government at Bletchley Park in November 2023 encapsulates the twin features of AI that make its increasing use by businesses inevitable but challenging. The Bletchley Declaration notes that AI presents “enormous global opportunities” yet “alongside these opportunities, AI also poses significant risks”.

This short paper is intended as a brief summary of those risks for accountancy firms. For those with a deeper interest in this subject we will be jointly hosting a seminar in Spring 2024.

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