Artificial Intelligence and Accounting Practices in a Digital Age: Issues and Perspectives

Abstract

The complex global environment and sophistication in decision making occasioned by complexities of accounting practices has necessitated the need for the adoption of artificial intelligence. The advent of artificial intelligence has revolutionised accounting processes and this is expected to lead to robust transformation in accounting practice. This study was therefore conducted to explore literature on the findings of various scholars on the application of artificial intelligence in the practice of accounting. The study adopted exploratory research design and reviews conceptual and empirical literature on the applications of artificial intelligence in various areas such as financial accounting, auditing, tax accounting and forensic accounting. The summary of findings of various studies reviewed show that artificial intelligence exerts positive influence on financial accounting, auditing, tax accounting and forensic accounting practices. This signifies that the adoption of artificial intelligence is capable of transforming accounting practices astronomically through cost reduction, improved delivery of accounting services and facilitation of decision making. The study therefore concludes that the application of artificial intelligence has significant positive effect on accounting practices. The study recommends amongst others, that firms and accounting practitioners should employ artificial intelligence in every aspect of accounting practice.