The Role of Artificial Intelligence in Auditing Profession: A Developing Country Perspective
Abstract/Description
The rapid globalization and technological advancements have significantly impacted various professions, including accounting and auditing. The increasing adoption of modern technologies, such as artificial intelligence (AI), has become essential for professionals to enhance their practices. While AI has revolutionized accounting and auditing globally, its application in Bangladesh is still in its early stages. The objective of the study is to know the perceptions of accounting professionals regarding the impact of AI integration on audit practices. The qualitative research methodology was employed following semi-structured interviews. The study managed eight professional accountants to conduct the interview. Moreover, existing literature was reviewed to identify gaps in the current knowledge of AI in the auditing practices. Practicing auditors were interviewed to gather valuable insights for analysis. The study strongly advocates for the enhancement of effectiveness and professionalism in all stages of the audit process using AI systems. The findings highlight the necessity for auditors to acquire a new set of skills to effectively work alongside AI and other emerging technologies. Additionally, the evolution of auditing standards is essential for the successful implementation of AI systems in the audit process. This study provides valuable insights into the evolving landscape of auditing in Bangladesh, emphasizing the transformative potential of AI and the crucial role it plays in enhancing professional practices. The study concludes that AI has significantly influenced the audit process and quality, favoring the use of AI-enabled auditing systems over traditional methods.
Keywords
Artificial Intelligence, Audit Process, Qualitative, Interview, Big 4, Bangladesh
Track
Accounting & Law
Session Number/Theme
1D: Accounting & Law
Session Chair
Dr. Danish Godil ; Dr. Asif Jaffar
Start Date/Time
30-5-2024 1:50 PM
End Date/Time
30-5-2024 3:20 PM
Location
MCS – 11 AMAN CED Building
Recommended Citation
Masud, M. (2024). The Role of Artificial Intelligence in Auditing Profession: A Developing Country Perspective. 3rd IBA SBS International Conference 2024. Retrieved from https://ir.iba.edu.pk/sbsic/2024/program/60
COinS
The Role of Artificial Intelligence in Auditing Profession: A Developing Country Perspective
MCS – 11 AMAN CED Building
The rapid globalization and technological advancements have significantly impacted various professions, including accounting and auditing. The increasing adoption of modern technologies, such as artificial intelligence (AI), has become essential for professionals to enhance their practices. While AI has revolutionized accounting and auditing globally, its application in Bangladesh is still in its early stages. The objective of the study is to know the perceptions of accounting professionals regarding the impact of AI integration on audit practices. The qualitative research methodology was employed following semi-structured interviews. The study managed eight professional accountants to conduct the interview. Moreover, existing literature was reviewed to identify gaps in the current knowledge of AI in the auditing practices. Practicing auditors were interviewed to gather valuable insights for analysis. The study strongly advocates for the enhancement of effectiveness and professionalism in all stages of the audit process using AI systems. The findings highlight the necessity for auditors to acquire a new set of skills to effectively work alongside AI and other emerging technologies. Additionally, the evolution of auditing standards is essential for the successful implementation of AI systems in the audit process. This study provides valuable insights into the evolving landscape of auditing in Bangladesh, emphasizing the transformative potential of AI and the crucial role it plays in enhancing professional practices. The study concludes that AI has significantly influenced the audit process and quality, favoring the use of AI-enabled auditing systems over traditional methods.
