Impact of Artificial Intelligence (AI) on Auditors: A Thematic Analysis

Henry, Heloise; Rafique, Muhammad

Abstract

Background: Artificial Intelligence (AI) has the capacity to fundamentally change the audit process. Current sampling based retrospective auditing can be replaced with real time 100% testing of the audited population. However, little is known about how the auditors will be impacted by the integration of AI in audit.

Aims: This study aims to investigate the perceptions and experiences of auditors of the impact of AI integration on audit.

Methods & procedures: Semi-structured interviews were conducted with ten participants who had current or previous experience as an auditor. Interviews were subject to thematic analysis.

Outcomes & results: It is comprehendible that for auditors to work with AI and other emerging technologies, a new set of skills is necessitated. Auditing standards need to evolve for AI to be implemented effectively.

Conclusions: The findings offer novel insights into the potential paradigm shift necessitated by the integration of AI in auditing. AI will be extensively applied to simple and repetitive audit tasks allowing auditors to focus on activities requiring professional judgement. Continuous auditing may relieve year-end pressures and positively impact the working patterns of the auditors.

• Journal Article Type: Article
• Acceptance Date: Sep 21, 2021
• Online Publication Date: Sep 30, 2021
• Publication Date: Sep 30, 2021
• Deposit Date: Sep 27, 2021
• Publicly Available Date: Oct 5, 2021
• Journal: IOSR Journal of Business and Management
• Electronic ISSN: 2278-487X
• Peer Reviewed: Peer Reviewed
• Volume: 23
• Issue: 9
• Article Number: Series 5
• Pages: 1-10
• Public URL: https://nottingham-repository.worktribe.com/output/6343724
• Publisher URL: https://www.iosrjournals.org/iosr-jbm/pages/23(9)Series-5.html
• Related Public URLs: https://www.iosrjournals.org/iosr-jbm.html