Artificial intelligence in accounting: Comprehensive review of its impact on financial reporting, auditing

Abstract

Every aspect of the economy is significantly impacted by artificial intelligence. The future of the accounting profession has come into doubt due to the growing influence of artificial intelligence in the area. The basic ideas and many applications of AI in accounting have been discussed in this article. To ascertain the impact of AI on the accounting sector, the perspectives of several reviewers are analyzed and contrasted in this study. Large-scale data processing and interpretation are necessary in the commercial world of the future. AI implementation is required, and experts like accountants must advance their knowledge. Through an analysis of its benefits and drawbacks, this paper has discussed the necessity of AI in the accounting profession. The study concludes that while AI won't replace accountants, their line of work will undergo changes. They must acquire certain technological abilities. It emphasizes how the accounting profession is greatly impacted by the adoption of AI, and by adjusting to the changes, this field may exalt the competitive labour market.