Organizations are under increasing pressure to uphold truth, transparency, and regulatory compliance in the quickly changing digital landscape of today. Even while they work well, traditional auditing techniques frequently can't keep up with the increasing amount and complexity of financial data. With its cutting-edge tools and applications that improve audit efficiency, accuracy, and scope, artificial intelligence (AI) has become a disruptive force in the auditing industry. With an emphasis on the many AI tools used, real-world applications in both internal and financial audits, and implementation problems. Now a day’s machine learning, natural language processing, and robotic process automation are increasingly being used in audit as a procedure, which enhances data analysis, risk assessment, and fraud detection. However, issues including ethical dilemmas, data protection issues, auditor incompetence with AI technologies, and legal uncertainty continue to exist. The auditing profession is changing as a result of the quick development of artificial intelligence (AI), which improves accuracy, efficiency, and regulatory compliance. Traditional audit techniques are limited in their ability to quickly identify risks, fraud, and compliance gaps as businesses deal with ever-increasing amounts of complicated financial data. The present research attempts to study the scope, application and objectives of AI in audit, role of AI-based intelligent tools in enhancing compliance and improving audit effectiveness, it analyze the impact of AI on audit accuracy, efficiency, and risk detection with some concluding remarks.
Shreya Vinay Patil (Mon,) studied this question.