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Leveraging information communication technology (ICT) and artificial intelligence (AI) to enhance auditing practices

Mohammed Muneerali Thottoli (Department of Accounting, University of Nizwa, Nizwa, Oman)

Accounting Research Journal

ISSN: 1030-9616

Article publication date: 14 February 2024

Issue publication date: 1 May 2024

569

Abstract

Purpose

In the fourth industrial revolution, where business accounting integrates with automation through artificial intelligence (AI) and information communication technology (ICT), auditors must be able to access and analyze vast data and information to identify potential risks and issues. Using data analytics and AI to study significant amounts of data linked to audits, this study aims to investigate auditing practices by leveraging ICT and AI to enhance the audit process.

Design/methodology/approach

Bibliometric and quantitative research techniques have been used in the study’s mixed-method process. The theoretical underpinnings of AI have been investigated using the bibliometric research method, and the challenge of implementing ICT-enabled auditing practices among auditing professionals has been studied using the quantitative research method. Surveys, interviews and bibliometric analysis have all been used as data-gathering techniques.

Findings

Research in AI and auditing has a broad worldwide scope, involving developed and developing nations. ICT perceived benefits have no direct effect on auditing practices. However, ICT training has a mediating effect on the relationship between ICT perceived benefits and auditing practices. ICT adoption has no moderating effect on the relationship between ICT training and auditing practices.

Research limitations/implications

Findings have significance for lead auditors, policymakers and the Institute of Chartered Accountants of India (ICAI), who are keenly interested in upgrading the auditing practice of accounting professionals in India by incorporating AI and ICT determinants.

Practical implications

This research makes a significant contribution by offering a thorough framework for improving the knowledge management of practising auditors regarding ICT adoption, training and perceived benefits, a crucial component of auditing practices in the digital age. In addition, it provides insightful information about how AI affects accounting practices, which may point the way for further study in this area.

Originality/value

This research has significant implications for auditing firms in India. It can inform ICAI, policymakers and regulators in their attempts to foster the incorporation of AI and ICTs in auditing practice.

Keywords

Acknowledgements

The author(s) received no financial support for this research, authorship, and/or publication of this article.

Citation

Thottoli, M.M. (2024), "Leveraging information communication technology (ICT) and artificial intelligence (AI) to enhance auditing practices", Accounting Research Journal, Vol. 37 No. 2, pp. 134-150. https://doi.org/10.1108/ARJ-09-2023-0269

Publisher

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Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

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