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.
Highlights
This is a review work in the area of application of Artificial Intelligence (AI) in Accounting and Auditing
Whether the professions will remain the same or not, what changes may be brought about in the profession/ discipline and its literature, how the real world practices will change, whether the countries of the world are in the right courses to embrace the AI technology applications in the Accounting and Audit profession, what could be the policy implications, ethical concerns related to AI applications etc. are some of the questions that have been addressed in this study
P.A. and Dorian, M. (2017) pointed out that no matter how much efficiency AI technology can extend towards the accounting and audit tasks, it cannot replace the abilities of human beings to practice reasoning, express emotions, exercise professional skepticism and exert professional judgment
Summary
“Artificial Intelligence (AI)” is a pair of words that excites both the dilettante and cognoscente of the AI community all the same. As the paper demonstrates the present AI application in the accounting and auditing profession while highlighting the significant areas, it will act as a reference point for future studies in the area. The review work assesses the readiness of the world in AI Technology for accounting and auditing while informing about the potential benefits to be derived and risks to be taken. This prelude is followed by an analysis of the concept and historical development of Artificial Intelligence.
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