TITLE:
Artificial Intelligence (AI) in Accounting & Auditing: A Literature Review
AUTHORS:
Ahmed Rizvan Hasan
KEYWORDS:
Artificial Intelligence, Accounting, Auditing, Disruptive Technologies, 4IR
JOURNAL NAME:
Open Journal of Business and Management,
Vol.10 No.1,
January
29,
2022
ABSTRACT: This is a
review work in the area of application of Artificial Intelligence (AI) in
Accounting and Auditing. A semi-systematic or narrative review approach was
employed in analyzing relevant published books and journals. Faced with the
challenges of disruptive technologies brought forth by the Industry 4.0, the
accounting and auditing discipline is required to undergo a metamorphosis in
order to reach the next level. Interdisciplinary collaboration is a must with
regard to the research conducted in the area of AI in accounting and auditing.
Wider application of AI in accounting and auditing profession is expected to
provide the benefits of greater efficiency, productivity and accuracy whereas
burden with the challenges of income and wealth inequality, extinction of
traditional jobs and unskilled workforce. Preparation is needed on the part of
educators, regulators and professional bodies by addressing the paradigm shift
and preparing the students, policies and future professionals for the
challenges of the world that is fraught with big data, blockchain technology,
artificial intelligence and so on, ushering the fourth industrial revolution.
Academia has to reconceptualize the accounting curriculum. Regulators must
bring change in the form of formulating revolutionary policies. Also,
professional bodies must redesign professional development and training
process. Professional hybrids are expected to emerge and lead the profession in
the near future. AI development and implementation in the accounting and auditing
profession can be viewed as a double-edged sword. What transpires is subject to
changes over time but this much is absolute that the profession of accounting
and auditing as we know and have known is going to drastically change in the
coming days.