Audit automation

Technology has advanced recently, and innovations such as blockchain, artificial intelligence (AI), and data analytics are predicted to have an impact on the auditing and accounting profession. The term "auditing" usually refers to the impartial review and assessment of a business's financial statements, which is often carried out by a third party called an auditor. According to auditor regulations, the auditor's duties include verifying that the financial statements submitted present a true and fair view and offering their opinions on the financial report. They must also provide their assessment of the firm's sustainability within a year of the audited report's date (Jeong, & Rho, 2004). Although the audit process has evolved since its inception, auditors still have to manually take samples of data and use that data to test the validity of the company’s financial statement which can be costly, draining and time-consuming. This method has also proved to be inefficient in this modern age of technology, giving room for manipulation of figures or a misleading audit report. In the past there have been cases of financial crises involving some large organizations such as Enron, WorldCom, and other elite businesses which have brought about some concerns regarding the quality of audit. Since many users of audited financial statements have different expectations of the audit function, the aftermath of these scandals has led to the identification of a perceived expectation gap in audit quality. This has resulted in a call for changes to the auditing profession in order to ensure improved audit quality (Kida, 1980). The world is 11 changing rapidly due to the presence of artificial intelligence (AI), and the field of auditing is no exception. Artificial Intelligence (AI) is defined as “the ability of a computer or machine to mimic intelligent human behaviour” and includes a broad range of methods such as robotics, computer vision, machine learning, and natural language processing (Russell & Norvig, 2016). Research is required to fully understand the promises and challenges of this revolutionary technology, which is upending established auditing processes. Artificial Intelligence has a wide-ranging and continuously growing impact on auditing. Some of the tasks for which AI-powered tools are being used for include; Data analysis, fraud detection, continuous auditing, and audit planning and reporting