Analyzing the Advantages and Disadvantages of AI in Audit Profession

This report examines the impact of artificial intelligence on the auditing profession, highlighting its advantages and disadvantages. AI enhances data quality, identifies financial aspects, and improves workflow management, leading to greater efficiency in business activities. While AI offers benefits such as unbiased decision-making, new inventions in auditing processes, and faster task completion, it also presents disadvantages like increased costs, lack of creativity, ethical concerns, and potential job displacement. The study concludes that AI significantly influences human performance by enabling faster and more consistent information analysis, but limitations and ethical considerations must be addressed. Desklib offers this assignment as a valuable resource for students studying finance and auditing.

EFFECT OF ARTIFICIAL
INTELLIGENCE ON AUDITING
PROFESSION ADVANTAGES AND
DISADVANTAGES

TABLE OF CONTENTS
 INTRODUCTION
 MAIN BODY
 ADVANTAGES AND DISADVANTAGES OF ARTIFICIAL
INTELLIGENCE IN AUDITING PROFESSION
 CONCLUSION
 REFERENCES

INTRODUCTION
 Artificial intelligence is all above refers to digital source which communicate, give
answer of question, provide good ideas and many more benefits for information
collection.
 In term of Auditing profession it makes higher effectiveness in data quality, business
financial aspects identification, workflow management with proper manner.
 Also AI complete audit work within few time as well (Zhang, 2019).

MAIN BODY
Advantages and disadvantages of Artificial intelligence in auditing profession
 Auditing profession is all above refers to checking financial activities
of organization.
 Artificial intelligence in audit helps to improve quality of audit and
provide greater insides (Al-Sayyed, Al-Aroud and Zayed, 2021).
 It raises business effectiveness with proper consideration and focuses
on evaluation of sustainable manner.
 Auditing profession makes higher efficiency in business activities.
 Application of technology within business practices has power
develop more clarity and consistency in company’s performance
indicators.

ADVANTAGES
 Its useful for various aspects in working process of audit and not
only provide benefits in audit its gives benefits in multiple area.
 Human has power to perform any task with great manner. Thus,
when AI launch human analyse that it provides easier methods,
approaches in performing auditing or other tasks.
 It helps to make and carets unbiased decisions in financial activities
of business with perfect and finest auditing process involvement
with software’s tools.
 It creates new invention in auditing process or from the
communication process, new ideas, and information with proper
explanation.
 In term of auditing profession AI develop more efficiency in
performing tasks (Butow and Hoque, 2020).

CONTI...
 Machines has power to lead various type of work which is not easier
and not complete within very less time by human being.
 Thus, this term clearly provide idea that how technology tools,
machines has great features which developed by scientist for easier
way of collection of ideas, factors or information.
 Technology advancement play major role in current market trend,
individual children to aged people almost uses AI in their daily life.

DISADVANTAGES
 It has multiple disadvantages includes like it creates laziness in
human, takes higher cost in working process because it require
hardware, software, digital system and many more.
 Lack of creativity is also issues because human when uses this
process they do have specific method, design, structure in computer
so they can easily manage financial evaluation of company with
same structure application (Muñoz-Izquierdo and et.al., 2019).
 One major issues is no ethics which means in human one major
feature is ethic and morality so idea of this term when they not
consider morality or ethics in performing task it reduce growth of
individual.
 Also it increase unemployment because of AI audit process is easier
so people have lack of option job in field of auditing process.

CONCLUSION
 It has been summarized from the above study that AI has power to influence
human performance; it makes easier to analyse any information within short
time and with proper consistency.
 It has been also evaluated from the above study of AI effectiveness in auditing
profession is very useful and effective approach.
 This study has been mainly provided ifnroamtion of advantages and
disadvantages of AI in auditing profession including with its limitations as
well.

REFERENCES
 Al-Sayyed, S., Al-Aroud, S. and Zayed, L., 2021. The effect of artificial
intelligence technologies on audit evidence. Accounting.7(2). pp.281-288.
 Zhang, C., 2019. Intelligent process automation in audit. Journal of
emerging technologies in accounting. 16(2). pp.69-88.
 Mohammad, S. J., and et.al., 2020. How Artificial Intelligence Changes the
Future of Accounting Industry. International Journal of Economics &
Business Administration (IJEBA). 8(3). pp.478-488.
 Butow, P. and Hoque, E., 2020. Using artificial intelligence to analyse and
teach communication in healthcare. The Breast. 50. pp.49-55.
 Muñoz-Izquierdo, N., and etr.al., 2019. Is the external audit report useful
for bankruptcy prediction? Evidence using artificial
intelligence. International Journal of Financial Studies. 7(2). p.20.