Artificial intelligence (AI) and financial sector regulation: implications for accountants in Nigeria economy

Abstract

Although artificial intelligence (AI) has grown in popularity throughout the world as a vital tool for financial statement audits, auditor adoption and use of AI tools in Nigeria is still in its infancy. The fast advancement of science, technology, and the economy has ushered in the age of artificial intelligence, which has had a profound impact on every facet of daily life. Is there a general concern about the situation of accountants facing elimination? This article will examine how artificial intelligence will affect accounting staff and how to prevent accounting fraud. Since machines cannot make decisions, this technology won't result in widespread unemployment. Instead, it will have a positive impact on the quality of accounting information. The article's conclusion will highlight the need for accounting staff to develop their seven areas of expertise and become fully qualified personnel in the context of artificial intelligence. According to the study's findings, auditors will be able to anticipate trends in the future and make better decisions that are aimed at enhancing audit procedures with the help of AI. The study suggested increasing the use of image recognition to help with object classification, investing in machine learning tools by Nigerian audit firms, and providing accountants and audit staff with ongoing training on data mining techniques to improve audit practice.