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Artificial intelligence and the new norm in financial and managerial accounting and auditing
Department of Business Administration, University of West Attica, 12241, Athens, Greece.
Research Article
International Journal of Science and Research Archive, 2024, 13(02), 3200-3212.
Article DOI: 10.30574/ijsra.2024.13.2.2551
Publication history:
Received on 12 November 2024; revised on 18 December 2024; accepted on 21 December 2024
Abstract:
Rapid technological and economic developments have brought about radical changes in accounting, through the development of new tools and solutions, which increase efficiency and improve accuracy within the practice. Artificial Intelligence (AI) has a prominent place in critical issues, especially regarding forecasts, as its algorithms are based on historical data to create rigorous analyzes and make rational financial decisions. The future of artificial intelligence in accounting involves advanced predictive analytics, through its deeper integration into strategic financial planning and the development of systems capable of handling more complex accounting tasks with minimal human intervention. This paper comes to illuminate critical issues in which there is a gap, as the literature is particularly limited in the field of accounting, focusing on how artificial intelligence affects accounting. The contribution of the study lies precisely in this aspect, in order to have a smooth transition in the accounting profession to the new normality. The findings showed that artificial intelligence particularly affects Financial, Managerial accounting and Auditing, while it can significantly improve the accuracy of financial reporting by reducing human errors in calculations in data entry, updating accounting records, preparing both financial statements, as well as audit reports. The need for compliance of the entire spectrum of accounting with the relevant accounting standards and regulations, within the framework of ethics and data protection, is identified.
Keywords:
Artificial intelligence; Financial accounting; Managerial accounting; Auditing; Accountant
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
