Abstract
The advancements in artificial intelligence (AI) over the recent years have been drastic and stunning, and they have revolutionized the world in such ways as influencing the advancement of other fields such as accounting. This research paper aims to study the deep influence of Artificial Intelligence (AI) on the auditing profession. They plan to assess the strengths and the existing applications to auditing: machine learning, natural language processing, deep learning, and robotic process automation. These technologies allow the auditors to identify issues that they were previously unable to, or it would have taken them so much of their time to be able to locate. The paper also brings out the various risks related to the application of AI to auditing tasks. Some challenges include data quality and its privacy, ethical dilemmas, opaqueness, and regulatory matters on the use of Artificial Intelligence. Also, the soundness of AI choices and the ability to explain such decisions remain an issue, especially with complex financial data that depend on human perception and experience. Additionally, the paper also examines the possibility of AI imposing to replace human auditors in the future while comparing the technological aspects of the audit together with the humanistic aspects.
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