POSSIBILITIES AND PROSPECTS OF THE USE OF ARTIFICIAL INTELLIGENCE IN AUDIT

Abstract

Digital technologies create new opportunities for the development of all types of economic activity, creating new forms of business, changing means of business communication and exchanging financial and non-financial information. Technologies based on artificial intelligence can be applied in the digitalization of auditing. This aspect helps promote and speed the collecting and analysis of large amounts of information, increase trust in audit companies, implement high quality level of audit services and reduce their complexity. However, application of artificial intelligence brings the necessity of sorting out key issues such as investing in staff training, new software, cybersecurity. The article includes an overview of scientific works, research and reports of audit companies, which present the possibilities of using artificial intelligence and relevant trends in auditing. The world statistics of investments in technology and market of artificial intelligence are provided. Attention is focused upon government support for the artificial intelligence development in Ukraine. The successful experience of the process of automation and positive impact on the business of the "Big Four" companies is presented and emphasized with examples of artificial intelligence products vigorously implemented in companies activities and released on the market as their key results. Deploying research conducted by Deloitte, future trends in the audit industry are summarized, the potential for additional global economic activity and gaining future profits due to increasing investment in artificial intelligence is defined. Automation through artificial intelligence is a new technology necessary for creating effective business processes for a company and country as a whole. The implementation of artificial intelligence technologies in auditing is a major factor in the development of modern digital economy, ensuring high quality of audit services and efficient activities of audit companies in general. However, whatever technologies are used in the audit, the auditor's professional judgment in formulating general conclusions on the financial statements remains indispensable today.