Artificial intelligence and accounting practice in Nigerian banking industry

Abstract

This study critically examined the impact of artificial intelligence on accounting practice in the Nigerian banking industry. To attain the objectives of the study, a regression and correction model comprising independent variables (automation process, expert system, and intelligent agent) and dependent variables (accounting practice) was specified for the study. The data for this study were obtained from a primary source where a survey was carried out on banking industries in Nigeria; 133 respondents were chosen as the sample size, of which 128 were returned. The data were analyzed using regression method of inferential statistics to test the significance of hypotheses using the t-statistics of co-efficient with the generated p-values. The findings revealed that all three variables (automation process, expect system, and intelligent agent) have a significant effect on accounting practice in deposit money banks (DMBs) industries in Nigeria. Therefore, the conclusion is that artificial intelligence enhances accounting practice in selected DMBs industries in Nigeria. It was recommended that banking industries and accountants, by improving their knowledge of artificial intelligence and enhancing their performance, will be able to eliminate some unwanted accounting costs.