The Impact of Artificial Intelligence on the Future of Audit PDF Download
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Author: Jessica Sydney Fox
Publisher:
ISBN:
Category : Artificial intelligence
Languages : en
Pages : 64
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Book Description
As artificial intelligence becomes more prevalent in the audit profession, it is imperative for auditors, firms, and universities to understand its impact. There has been prior research done in studying how AI systems have been implemented into audit and accounting that has helped formulate the information in this paper. This paper serves to address the question of if artificial intelligence is worth the investment and what its overall impact on the audit profession will be. It will look at the potential effect AI has on the efficiency and quality of auditor's work as well as auditor job opportunity. Auditors should become more informed on the usage of AI systems so they can learn how to operate these machines to know how to analyze the data processed through AI. Accounting firms should also develop a deeper understanding of AI because they are currently investing millions of dollars into AI research, development, and would have a favorable return on investment. Although there are some setbacks to AI usage in the audit field including loss job opportunity, there are significantly more pros to AI usage comprising of faster, more consistent, and more accurate audits, as well as improved relationships between client and auditor.
Author: Jessica Sydney Fox
Publisher:
ISBN:
Category : Artificial intelligence
Languages : en
Pages : 64
Get Book Here
Book Description
As artificial intelligence becomes more prevalent in the audit profession, it is imperative for auditors, firms, and universities to understand its impact. There has been prior research done in studying how AI systems have been implemented into audit and accounting that has helped formulate the information in this paper. This paper serves to address the question of if artificial intelligence is worth the investment and what its overall impact on the audit profession will be. It will look at the potential effect AI has on the efficiency and quality of auditor's work as well as auditor job opportunity. Auditors should become more informed on the usage of AI systems so they can learn how to operate these machines to know how to analyze the data processed through AI. Accounting firms should also develop a deeper understanding of AI because they are currently investing millions of dollars into AI research, development, and would have a favorable return on investment. Although there are some setbacks to AI usage in the audit field including loss job opportunity, there are significantly more pros to AI usage comprising of faster, more consistent, and more accurate audits, as well as improved relationships between client and auditor.
Author: Al Naqvi
Publisher: John Wiley & Sons
ISBN: 1119601886
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
Strategically integrate AI into your organization to compete in the tech era The rise of artificial intelligence is nothing short of a technological revolution. AI is poised to completely transform accounting and auditing professions, yet its current application within these areas is limited and fragmented. Existing AI implementations tend to solve very narrow business issues, rather than serving as a powerful tech framework for next-generation accounting. Artificial Intelligence for Audit, Forensic Accounting, and Valuation provides a strategic viewpoint on how AI can be comprehensively integrated within audit management, leading to better automated models, forensic accounting, and beyond. No other book on the market takes such a wide-ranging approach to using AI in audit and accounting. With this guide, you’ll be able to build an innovative, automated accounting strategy, using artificial intelligence as the cornerstone and foundation. This is a must, because AI is quickly growing to be the single competitive factor for audit and accounting firms. With better AI comes better results. If you aren’t integrating AI and automation in the strategic DNA of your business, you’re at risk of being left behind. See how artificial intelligence can form the cornerstone of integrated, automated audit and accounting services Learn how to build AI into your organization to remain competitive in the era of automation Go beyond siloed AI implementations to modernize and deliver results across the organization Understand and overcome the governance and leadership challenges inherent in AI strategy Accounting and auditing firms need a comprehensive framework for intelligent, automation-centric modernization. Artificial Intelligence for Audit, Forensic Accounting, and Valuation delivers just that—a plan to evolve legacy firms by building firmwide AI capabilities.
Author: Ph Zygoulis
Publisher: GRIN Verlag
ISBN: 3389064265
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
Seminar paper from the year 2024 in the subject Business economics - Revision, Auditing, grade: A, , language: English, abstract: This review work makes significant contributions to both theoretical and practical areas. For theory, it identifies unexplored study areas (research gaps), hence influencing future research orientations and theoretical underpinnings. Furthermore, this review contributes to the development of a theoretical framework (CACS), which will help stakeholders comprehend and conceptualize the use of AI in the IAF and can serve as a foundation for future research. In reality, this study assists internal auditors in assessing and understanding the possible benefits and risks of using AI in their organization's IAF.
Author: Miklos A. Vasarhelyi
Publisher: Berg Publishers
ISBN: 9780854961849
Category : Accounting
Languages : en
Pages : 424
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Book Description
A study of artificial intelligence in accounting and auditing. Topics addressed include: expert systems for audit tasks; REA accounting database evolution; fuzzy logic - treating the uncertainty in expert systems; bankruptcy prediction via a recursive partitioning model; and more.
Author: Lourens J. Erasmus
Publisher: CRC Press
ISBN: 104011430X
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
The effectiveness of internal audit activities is important for the sustainability of change in the public sector. In this sense, the tools and techniques used and the level of competencies of public sector auditors are decisive. This book deals with the effects of current technological developments in the public sector on auditing and risk management activities. Therefore, it is a resource for public internal auditors to create a digital audit strategy based on artificial intelligence (AI) and blockchain-based applications. Institutionalisation of their structures is important for public sector internal auditors. For this, basic requirements, future expectations, and best practices are explained. The digital business model is presented to produce value-added audit findings and outputs that guide public internal auditors and all digital-era stakeholders. This book is a pioneering work based on continuous auditing/continuous monitoring approaches using various AI and blockchain-based tools and techniques. There is nothing more valuable to the success of a public internal auditor than a detailed understanding of the business. The important lesson in developing business knowledge, especially in the new audit universe emerging with digital transformation, is that all auditors must understand that they never finish learning about business processes, risks, and control points in the digital era. They must constantly push themselves to be motivated and learn about the business operations they audit to implement new audit approaches powered by AI. In addition to obtaining up-to-date business information from process owners and stakeholders, public auditors responsible for conducting an AI-based continuous audit programme should also look inside their departments for a different perspective on business information that impacts continuous audit programme phase details and has the potential to add value. It should be noted that the additional source of information begins with your individual audit experience, digital skills, and qualifications.
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
ISBN: 1589063953
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Author: Othmar M. Lehner
Publisher: Taylor & Francis
ISBN: 1000627330
Category : Business & Economics
Languages : en
Pages : 246
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Book Description
Artificial intelligence (AI) and Big Data based applications in accounting and auditing have become pervasive in recent years. However, research on the societal implications of the widespread and partly unregulated use of AI and Big Data in several industries remains scarce despite salient and competing utopian and dystopian narratives. This book focuses on the transformation of accounting and auditing based on AI and Big Data. It not only provides a thorough and critical overview of the status-quo and the reports surrounding these technologies, but it also presents a future outlook on the ethical and normative implications concerning opportunities, risks, and limits. The book discusses topics such as future, human-machine collaboration, cybernetic approaches to decision-making, and ethical guidelines for good corporate governance of AI-based algorithms and Big Data in accounting and auditing. It clarifies the issues surrounding the digital transformation in this arena, delineates its boundaries, and highlights the essential issues and debates within and concerning this rapidly developing field. The authors develop a range of analytic approaches to the subject, both appreciative and sceptical, and synthesise new theoretical constructs that make better sense of human-machine collaborations in accounting and auditing. This book offers academics a variety of new research and theory building on digital accounting and auditing from and for accounting and auditing scholars, economists, organisations, and management academics and political and philosophical thinkers. Also, as a landmark work in a new area of current policy interest, it will engage regulators and policy makers, reflective practitioners, and media commentators through its authoritative contributions, editorial framing and discussion, and sector studies and cases.
Author: Mariarita Pierotti
Publisher: Palgrave Macmillan
ISBN: 9783031713705
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This book investigates the phenomenon of artificial intelligence (AI) in the accounting world. It integrates accounting competencies with specific competencies in AI and other digital technologies and offers an interdisciplinary perspective. First, the authors review and discuss the literature to summarize and systematize extant research on digitalization in accounting. Second, case studies are included to illustrate the potential impact of AI in business contexts in terms of opportunities and challenges. Based on these, the book explores how digitalization is influencing the accounting practice and what the most important avenues are for future research on digitalization in accounting, and will be of interest to researchers, students, and practitioners of financial technology, accounting, and risk management.
Author: Boitan, Iustina Alina
Publisher: IGI Global
ISBN: 1799843912
Category : Business & Economics
Languages : en
Pages : 313
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Book Description
Due to the emergence of innovative technologies, various professional fields are transforming their traditional business practices. Specifically, the financial and legal markets are experiencing this digital transformation as professionals and researchers are finding ways to improve efficiency, personalization, and security in these economic sectors. Significant research is needed to keep pace with the continuous advancements that are taking place in finance. Fostering Innovation and Competitiveness with FinTech, RegTech, and SupTech provides emerging research exploring the theoretical and practical aspects of technologically innovative mechanisms and applications within the financial, economic, and legal markets. Featuring coverage on a broad range of topics such as crowdfunding platforms, crypto-assets, and blockchain technology, this book is ideally designed for researchers, economists, practitioners, policymakers, analysts, managers, executives, educators, and students seeking current research on the strategic role of technology in the future development of financial and economic activity.
Author: Patrick J. D. Taylor
Publisher: Lioncrest Publishing
ISBN: 9781544511443
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
As CFO of a large company, you might have considered adding an artificial intelligence system into your financial operations to increase efficiency, boost profits, reduce waste, and detect fraud. Only you're afraid it might be too costly and complicated. Robo-Auditing can ease your fears, providing everything you need to know about this thrilling, cutting edge technology. As an engineer with an MBA, Patrick Taylor is uniquely qualified to demystify A.I. and demonstrate its many benefits. In this extraordinary, must-read handbook, he offers essential guidelines and information to help you: - Understand how A.I. works - Incorporate "robo-auditors" into existing financial networks - Train your team to use the technology effectively - And more Implementing an A.I. system doesn't have to be difficult, intimidating, or prohibitively expensive, and it can make an enormous difference in your day-to-day operations. Robo-Auditing is your passport into the exciting future of corporate finance.
