TRANSACT AI

The TRANSACT AI project focuses on researching the transformative capabilities of the accounting profession in the face of artificial intelligence. This initiative aims to strengthen small and medium-sized accounting and auditing practices (AASMPs) in Norway, enabling them to effectively adopt and benefit from artificial intelligence (AI). The project addresses the unique challenges that AASMPs encounter—such as limited resources, expertise, and access to advanced technology—factors that often hinder their ability to compete with larger firms.

The primary goal of TRANSACT AI is to build the necessary skills and competencies within AASMPs to use AI technologies, thereby improving service quality, efficiency, and competitiveness. The project examines how AI can be integrated into accounting and auditing processes to enhance accuracy, deliver advanced analytics, and at the same time address AI-related ethical risks.

The project applies a theoretical approach based on socio-materiality, which views the interaction between AI technologies and human actors as deeply intertwined. This perspective helps reveal the complex dynamics and potential consequences of AI integration within AASMPs.

Furthermore, the project aims to:

1. Develop practical AI toolkits tailored to accounting and auditing tasks, enabling AASMPs to implement AI solutions effectively.
2. Establish an innovation AI laboratory where AASMPs can experiment with and also develop AI applications in a controlled environment.
3. Develop comprehensive training programs to equip AASMP professionals with the essential skills and knowledge related to AI.