Artificial intelligence (AI) is the science and engineering behind the development of intelligent machines, most notably intelligent computer programmes. It is comparable to the similar task of using computers to understand human intelligence. In today's digital world, businesses' information and actions must be timely, relevant, and accurate. Many businesses face the difficulty of acquiring, analysing, and applying the vast amount of knowledge required to solve complex problems. Past studies highlighted that during that period, the challenge for management accounting, as the primary provider of information, was to ensure that appropriate information was available to support management at all levels. Therefore, it is expected that the use of AI will help management accountants to 3 provide relevant and accurate analysis on a timely basis, which assists in the decisionmaking process.

Discuss the benefits and drawbacks of utilizing artificial intelligence to improve management accounting practices related to relevant financial and non-financial information used to support decision making in organisations. You may use any industry sector to illustrate your discussion. [30 marks]

Please provide 5 benefits and 5 drawbacks with explanations in own word.