The role of AI in transforming auditing practices: A global perspective review

Abstract

This Review provides a glimpse into the comprehensive examination of the transformative impact of Artificial Intelligence (AI) on auditing practices globally. The review delves into the multifaceted ways in which AI technologies are reshaping traditional auditing methodologies, bringing about efficiency, accuracy, and adaptability in the face of an evolving business landscape. The global perspective of this review encompasses diverse industries and jurisdictions, offering insights into how AI is redefining the audit landscape on a universal scale. The analysis explores the integration of AI-driven tools in auditing processes, emphasizing the enhanced capabilities for data analysis, anomaly detection, and risk assessment. Key themes include the automation of routine audit tasks through AI, enabling auditors to focus on complex analyses and strategic decision-making. The review also delves into the potential challenges and ethical considerations associated with the adoption of AI in auditing, recognizing the need for a balance between technological advancement and maintaining audit quality and integrity. Through a survey of case studies and real-world implementations, the Review highlights successful instances of AI application in auditing across various sectors. It elucidates how AI-driven algorithms contribute to real-time auditing, providing auditors with dynamic insights into financial data, fraud detection, and compliance monitoring. The Review concludes by underlining the global significance of AI in shaping the future of auditing practices. It calls attention to the imperative for industry stakeholders, regulators, and auditors to embrace the transformative power of AI responsibly. As technology continues to evolve, this review encourages a forward-looking approach, fostering a collaborative environment that harnesses the benefits of AI while addressing the challenges to ensure the continued trustworthiness and effectiveness of auditing practices worldwide.