The Implications of Adopting Artificial Intelligence in the Auditing Process

Onafowokan Onabanjo Oluyombo () and Oluwafeyisayo Ajakaiye
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Onafowokan Onabanjo Oluyombo: Pan-Atlantic University
Oluwafeyisayo Ajakaiye: Pan-Atlantic University

A chapter in Artificial Intelligence, Finance, and Sustainability, 2024, pp 287-300 from Springer

Abstract: Abstract This chapter explores the implications and potential benefits of artificial intelligence in the auditing process—such as its ability to automate tasks—while also acknowledging the challenges and ethical implications of these processes. The study reveals how artificial intelligence has been integrated into the audit process of the four largest international accounting firms in Nigeria using data available from their artificial intelligence reports. We perform a content analysis on the reports and publications released by these firms with regard to their implementation of artificial intelligence. With the use of a strengths, weaknesses, opportunities, and threats (SWOT) framework, we are able to determine the risks and opportunities of adopting artificial intelligence. From these observations, we conclude that the use of artificial intelligence in auditing leads to an increased productivity, efficiency, and effectiveness of audit firms.

Keywords: Artificial intelligence; Accounting; Auditing; Machine learning (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-66205-8_12

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DOI: 10.1007/978-3-031-66205-8_12

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