How will artificial intelligence impact financial statementauditing? Pros and cons?

How will artificial intelligence impact financial statement auditing? Pros and cons?

Expert Solution

Pros of artificial intelligence impact on financial statement auditing:-

1. Enhances accuracy:- Artificial intelligence can dramatically reduce errors due to human efforts. Artificial intelligence is quick and error-free.

2.Automation of activities:- There are various tasks that are manual in auditing. Artificial intelligence can automate those processes.

3. Faster processing of the data:- Artificial intelligence can process the data very fast and thus gives the benefit of speed.

Cons of artificial intelligence impact on financial statement auditing:-

1. Still in the experimental stage:- Artificial intelligence is still developing and hence, precaution should be taken.

2. Costly to implement:- Artificial intelligence is the latest technology and therefore, it is expensive to implement.

3.Prone to cyber attacks:- Artificial intelligence can surrender to cyber-attacks and can compromise the data.

ekkarill92 answered 2 years ago

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