The impact of artificial intelligence on audit services: an empirical study of the Italian context

Domenica Lavorato and Rita Lamboglia

Chapter 5 in Handbook of Services and Artificial Intelligence, 2024, pp 67-81 from Edward Elgar Publishing

Abstract: In recent years, audit firms have invested heavily in artificial intelligence (AI) technologies to increase the efficiency of the audit process. However, the impact of AI on audit remains underexplored and there is limited empirical evidence to support this positive relationship. This study investigates the use of AI in audits and its impact on audit quality and the audit process. Using a qualitative approach, we interviewed auditors from the four largest audit firms (Big 4) in Italy. Our findings show that Big 4 firms are in the early stages of AI adoption and face significant implementation challenges. AI increases audit efficiency and transforms the auditor’s role from routine to value-added. The study highlights the need for auditor skills development to maximize the benefits of AI in future audits. The research sheds light on auditors’ current use of AI, addresses critical challenges faced by practitioners, and provides insights for improving audit processes.

Keywords: Business and Management; Economics and Finance; Geography; Innovations and Technology (search for similar items in EconPapers)
Date: 2024
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