An investigation of artificial intelligence application in auditing

Dalwai, TAR ORCID: https://orcid.org/0000-0001-5754-5384, Madbouly, A and Mohammadi, SS, 2022. An investigation of artificial intelligence application in auditing. In: Alareeni, B and Hamdan, A, eds., Artificial intelligence and COVID effect on accounting. Accounting, finance, sustainability, governance & fraud: theory and application . Singapore: Springer Singapore, pp. 101-114. ISBN 9789811910357

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Abstract

The auditing profession is changing due to the advent and enforcement of artificial intelligence (AI) in its field. The implementation of artificial intelligence is introducing the advantages of taking over manual processes and promoting effective value-added decision making by the auditors. This chapter discusses the development and use of artificial intelligence in auditing from the prospects of education, profession, and ethical implications. It is not sufficient for the auditors to have professional knowledge only but to also develop the acumen for the implementation of artificial intelligence. Undergraduate and postgraduate degrees are being revamped to include knowledge of AI. Additionally, auditors are catching up on AI developments through professional development courses. The audit process benefits from AI due to the coverage of all the transactions instead of relying only on a sample to make a judgment. Auditing firms are investing in contract analysis software to go through complex documents. However, the ethical implications of AI are new and regulatory authorities are still in the process of providing adequate coverage toward the use of AI. The bottom-line of implementing AI processes is that it is complementary to the function of auditing and not a replacement.

Item Type:	Chapter in book
Creators:	Dalwai, T.A.R., Madbouly, A. and Mohammadi, S.S.
Publisher:	Springer Singapore
Place of Publication:	Singapore
Date:	2022
ISBN:	9789811910357
Identifiers:	Number Type 10.1007/978-981-19-1036-4_7 DOI 1879059 Other
Rights:	© 2022 the author(s)
Divisions:	Schools > Nottingham Business School
Record created by:	Jonathan Gallacher
Date Added:	27 Mar 2024 08:49
Last Modified:	27 Mar 2024 08:49
URI:	https://irep.ntu.ac.uk/id/eprint/51164

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