Impact of Artificial Intelligence on Accounting, Auditing and Financial Reporting

Abstract

Purpose: The study aimed at portraying the current role of Artificial intelligence in accounting, auditing, and financial reporting. Methodology: The study used a descriptive research design. This form of research design aims at describing the current status of an identified variable. Data was collected from secondary materials. Findings: Currently, multiple AI technologies are being utilized in accounting, auditing, and financial reporting. The AI expert systems accept human experiences as well as technical know-how as their fundamental and try to develop aggregate behavior or practice. Also, AI has allowed for factors such as automated data input, thus enhancing the scope of accounting, and enabling modern accounting to integrate and process huge data. Recommendations: It is critical for future policymakers to ensure standardization of the AI system in the accounting paradigm to ensure high-quality systems that adhere to the principles of accounting.