Impact of artificial intelligence on the auditing profession

Abstract

Artificial intelligence (AI) is considered to be increasingly contributing to socio-economic life. The purpose of this article is to analyze the impact of AI on audit functions and processes through comparison with traditional audit approaches. Analysis results show that the application of AI in auditing activities is an irreversible trend to adapt to social changes and ensure the position of the profession in society. AI application contributes to improving audit quality and efficiency, and provides a means for auditors to be able and capable of detecting fraud, early warning of bankruptcy risks and providing information on continuous operations of client. However, AI does have challenges that the auditing profession must overcome such as security, use and sharing of data, emerging risks due to the application of high technologies, interpretation of results created by AI, and ethical issues.