Examining the Role of Artificial Intelligence on Modern Auditing Techniques

Document Type

Article

Publication Date

12-2021

Subject: LCSH

Auditing, Artificial intelligence, Automation

Disciplines

Accounting

Abstract

As technology has gradually played a greater role in auditing, many Big 4 and large accounting firms are using artificial intelligence as a tool to conduct more efficient audits – both internally and externally. This research paper aims to identify and analyze Artificial Intelligence (AI)'s impact on modern audits performed. The paper identifies the current Audit technologies and weighs the advantages of such tools in Auditing, examines the impact of AI on employees and the firm, and lastly explores the governance, regulatory and ethical challenges experienced in Auditing due to AI. Despite the advantages of AI, there are many changes that have occurred in the Audit process over the past few years. While audit processes are being upgraded, the level of competency of an Auditor is also being tested, as many changes and implications are being added to Auditor's qualifications. The conclusions, recommendations and implications reached in this study are generalizable and appropriate for use in developing best practice solutions.

Comments

Article published in Strategic Management Quarterly, volume 9, number 2, December 2021.

DOI

10.15640/smq.v9n2a1

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