Impact of Artificial Intelligence (AI) on Auditing

This thesis focuses on the transformation process of the auditing industry through the implementation of artificial intelligence (AI) by means of the detailed case study of Deloitte’s AI usage. The study attempts to understand how artificial intelligence (AI) tools transform traditional audit processes and their accompanying features with efficiency, accuracy, and risk control. Within the integrated case approach of the study, in May 2020, the use of advanced artificial intelligence technologies in the company Audit Tools, platforms for business processes Omnia, and statistical processes for automated risk analysis are covered. It examines the causes of artificial intelligence (AI), such as effective data handling processes and proper decision-making, and the challenges, such as data cleansing, internal biases, and managing compliance issues. This analysis cares about the need to bring AI into the auditing industry, addressing the possibilities of how it intends to change the outlook, At the same time the necessity for good structural and moral issues cannot be understated. It is concerned with where these technologies will take us going forward in the context of audit provisions. The findings expand existing knowledge on how AI is understood and practiced within audits today and its effects on regulators, audit firms and their clients.