Accounting for Robots: AI and the Future of Auditing Profession

This research proposal explores the transformative impact of Artificial Intelligence (AI) on the accounting and auditing professions. The study investigates how robotic process automation (RPA) and other AI technologies are reshaping traditional practices, potentially leading to enhanced efficiency, accuracy, and cost-effectiveness. The research delves into the background of AI applications in accounting, highlighting the increasing complexity of the field and the need for enhanced professional specialization. It examines the research question of how robotic automation transforms auditing and accounting, with the objective of cultivating accountants' and auditors' ability to provide leadership in the international business landscape through the adoption and development of effective AI technologies. The proposal outlines the research objectives, identifies relevant keywords for literature review, and provides publication details of key articles. It also addresses ethical considerations, emphasizing the importance of transparency and the avoidance of misleading stakeholders. The research is encouraged by CPA Australia as a leadership theme, aiming to identify challenges and opportunities associated with AI implementation in accounting and auditing. The proposal draws upon existing literature to analyze the impact of AI on the accounting industry, automation's influence on auditing, and the potential for workforce supplementation. This research aims to provide a roadmap for future research and practical guidance for accounting professionals navigating the AI-driven transformation.

Name : ________________________________________________
Student ID : ____________________________________________
Proposed Research Title:
Accounting for Robots- transition through Artificial Intelligence for future
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Research Background
The areas of accounting, audit and tax services gradually become more complex during current
period due to its application in busienss operations. This situation is heading towrds
development of requirement to enhance professional specialisation for decision making process
related to the domains of accounting, tax and audit. To match this requirement, Marriott School
of Management, Birmingham Young University, had initiated a handful number of projects to
enhance the awareness and respective application of Artificial Intelligence Techniques
applicable for this field of operation. (D.Meservy et al., 1992)
This situation leads to the present research topic of Artificial Intelligence in the profession of
accounting, audit and tax globally. The need of this skill is requried to cope up with the recent
global deamnd of this profession.
The conventional background of accounting for different deliverables were dependent on human
abilities. For further enhancement of better deliverables, Artificial Intelligence is introduced in
this field of accounting operation. The latest introduction of Artifical Intellingece-based
technology ensures better perfection for this field of operation. This introduction and gradual
increased use of Artifical Intelligence may have the probability of disrupting the professionals in
multi-level areas of operations. The busienss entities have introduced this facility in their
accounting operations for substantial cost benefit and to ensure better and full-proof control
system as well as accounting in their process management. This changeover will result to
phenomenal impact in the accounting and finance operation of the busienss organization. The
professionals of accounting are well aware of the nature of this changeover with its respective
importance causing probable disruption of conventional concept of the profession. But, to be
aligned to the emerging situation of this profession, the professionals have to cope up with this
changeover in order to avail the generated opportunities by combating respective challenges.
They are also interested to understand the way to get themselves associated with this
changeover process to find and ensure competitive advatages, which can be emerged from this
introduction of AI in accounting profession for future period. In order to encourage this effort,
CPA Australia is guiding the professionals by showing proper future route and takes the role of
leadership for the accounting professionals in the field of AI domain. The main perspective of
this drive is to identify and develop the future expertise needed for active and successful
leadership in the business for future period. (Australia, n.d)
The ultiamte objective of any profession is to ensure timely and faultless deliverable for the
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stakeholders. This theme is logical for appliction of AI in accounting profession, too. Hence, this
research topic is encouraged by CPA Australia as Leadership Theme by GRPP 2019-20.
Research Questions and Research Objectives
Research Question
The Research Question is- How robotic autoamtion process is instrumental for transformation of
auditing and accounting profession?
Research Objective
The main objective of this leadership theme is to develop and cultivate the professional ability of
the accountants and auditors to ensure provision of leadership role in international busienss
through the process of adopting and developing effective, efficient and secured AI technologies.
By selecting this research topic to encourage leadership theme, the aspirants will be
encouraged to highlight with the focal point of identifying basic challenges and opportunties
emerged from this proposed research project.
AI technology has significant role in changing society in a fast pace and the professions of
auditing and accounting are not immnued in any way. The introduction of new technology
ensures the performance of repetive human activites in lesser time and with accuracy better
than the ability of human being. This research topic is encouraged with the objective of finding
ways in which the automation process of robotic may change the operation of auditing and
accounting professionals. (Vasarhelyi & Rozario, 2018)
List of keywords used for Literature Review
robotic process automation, audit analytics, future of audit, artificial intelligence, deep learning,
workforce, accounting, transformation
Publication details of relevant articles for literature review:
A) Journal Title- Analysis of the Impact of Artificial Intelligence Application on the
Development of Accounting Industry ;
Written by - Jiaxin Luo, Qingjun Meng, Yan Cai;
Name of Journal and year of publication- Open Journal of Business and Management,
2018
Volume- 6; Issue- 4 ; page no.s- 850-856
ISSN- ISSN Online: 2329-3292
DOI: 10.4236/ojbm.2018.64063 (Luo et al., 2018)
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B) Journal Title- The Emergence of Artificial Intelligence: How Automation is Changing
Auditing
Written by- Julia Kokina and Thomas H. Davenport
Name of the Journal and year of publication- Journal of Emerging Technologies in
Accounting; 2017
Volume- 14; Issue-1; Page No.s- 115-122
DOI- https://doi.org/10.2308/jeta-51730 (Kokina & Davenport, 2017)
C) Journal Title- Research Ideas for Artificial Intelligence in Auditing: The Formalization of
Audit and Workforce Supplementation
Written by- Hussein Issa, Ting Sun, and Miklos A. Vasarhelyi
Name of the Journal and year of publication- Journal of Emerging Technologies in
Accounting; 2016
Volume- 13; Issue-2; Page No.s- 1-20
DOI- https://doi.org/10.2308/jeta-10511 (Hussein Issa, 2016)
D) Journal Title- Robotic Process Automation for Auditing
Written by- Kevin C. Moffitt, Andrea M. Rozario, and Miklos A. Vasarhelyi
Name of the Journal and year of publication- Journal of Emerging Technologies in
Accounting; 2018
Volume- 15; Issue-1; Page No.s- 1-10
DOI- https://doi.org/10.2308/jeta-10589 (Moffitt et al., 2018)
Ethical Consideration
Ethical consideration for any research proposal is to ensure that this research will show path of
future studies to the aspirant researchers. Ethcial consideration for this research topic is to
ensure prudence and transparency while following research methodology including collection of
data, analysis of the same and drawing inference about the subject based on the literature
review and dada finding with subsequent analysis. This research also needs to project the path
of future scope of research in the subject for the upcoming aspirant researchers in order to
enhance the scope of research in this subject of AI in accounting and auditing profession. The
professional regulatory bodies also encourage the ethical deliveration of the accountants and
auditors. It is to be ensured by the researcher that the stakeholders related to research should
not be misled by the different parts of research. This is the basic objective of ethical
consideration for this research proposal.
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References:
Australia, C., n.d. RESEARCH THEMES AND TOPICS. [Online] Available at:
https://www.cpaaustralia.com.au/academics/global-research-perspectives-program/research-themes-and-
topics [Accessed 12 August 2019].
D.Meservy, R., L.DennaJames, E. & V.Hansen, 1992. Application of artificial intelligence to accounting, tax,
and audit services: Research at Brigham Young University. Sciencedirect, 4(2), pp.213-18.
https://doi.org/10.1016/0957-4174(92)90112-6.
Hussein Issa, T.S.a.M.A.V., 2016. Research Ideas for Artificial Intelligence in Auditing: The Formalization of
Audit and Workforce Supplementation. Journal of Emerging Technologies in Accounting:, 13(2), pp.1-20. DOI:
https://doi.org/10.2308/jeta-10511.
Kokina, J. & Davenport, T.H., 2017. The Emergence of Artificial Intelligence: How Automation is Changing
Auditing. Journal of Emerging Technologies in Accounting, 14(1), pp.115-22. DOI: https://doi.org/10.2308/jeta-
51730.
Luo, J., Meng, Q. & Cai, Y., 2018. Analysis of the Impact of Artificial Intelligence Application on the
Development of Accounting Industry. Open Journal of Business and Management, 6(4), pp.850-56. DOI:
10.4236/ojbm.2018.64063.
Moffitt, K.C., Rozario, A.M. & Vasarhelyi, M.A., 2018. Robotic Process Automation for Auditing. Journal of
Emerging Technologies in Accounting, 15(1), pp.1-10. DOI : https://doi.org/10.2308/jeta-10589.
Vasarhelyi, M.A. & Rozario, A.M., 2018. How Robotic Process Automation Is Transforming Accounting and
Auditing. [Online] Available at: https://www.cpajournal.com/2018/07/02/how-robotic-process-automation-is-
transforming-accounting-and-auditing/ [Accessed 12 August 2019].
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