EFFECT OF ARTIFICIAL INTELLIGENCE (AI) ON THE PERFORMANCE OF SELECTED AUDIT FIRMS IN NIGERIA
TL;DR
The study recommends that audit firms in Nigeria, particularly those yet to fully integrate Machine Learning tools, should invest in machine learning-based audit software capable of detecting unusual transactions, identifying fraud patterns, and classifying high-risk transactions.
Abstract
The purpose of this study is to examine the effect of Artificial Intelligence (AI) on the performance of selected audit firms in Nigeria. Globally, major auditing firms, especially the “Big Four” Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG have pioneered the integration of AI technologies into their audit processes. The study acknowledges that Artificial Intelligence encompasses a wide range of technologies including Natural Language Processing (NLP), Expert Systems, Computer-Assisted Audit Techniques (CAATs), and Data Mining. The study adopted descriptive survey research design. The population of this study comprises audit professionals working in selected audit firms within Lagos, Abuja, and Port Harcourt. Primary data was collected through a structured questionnaire divided into sections. The study recommends that audit firms in Nigeria, particularly those yet to fully integrate Machine Learning tools, should invest in machine learning-based audit software capable of detecting unusual transactions, identifying fraud patterns, and classifying high-risk transactions.