Artificial Intelligence and Blockchain in Audit and Accounting: Literature Review

Author: Aneta Zemánková

Abstract: The aim of this paper is to introduce use of artificial intelligence in audit and accounting, with an emphasis on currently trending blockchain technology. Due to its innovative character, this field is constantly changing, with the biggest companies investing enormous amounts of capital to achieve wide use of artificial intelligence in audit and accounting. The main goal of the paper is to provide an analysis of audit tasks benefiting from artificial intelligence implementation, including risk assessment. Another goal is to analyse blockchain technology and its implications in audit. A great part of the paper focuses on smart contracts and smart audit procedures, working on the basis of blockchain technology. The most practical purpose of the paper is to evaluate the current applications and audit tools developed by Big4 companies, the four leading consulting companies in audit and accounting. The main results of the paper include overview of essential audit tasks proving the significance of artificial intelligence in audit, as well as main implications of using blockchain in audit, especially increased efficiency and integrity and reduced probability of errors, but also creating a new generation of auditing, based on continuous assurance. Finally, the practical result of this paper is a summary of the Big4 latest developed artificial intelligence tools and innovations.

WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 16, 2019, Art. #64

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Aneta Zemánková, "Artificial Intelligence and Blockchain in Audit and Accounting: Literature Review," WSEAS Transactions on Business and Economics, vol. 16, pp. 568-581, 2019
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