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Artificial Intelligence in Accounting, Auditing and Finance

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Artificial Intelligence in Accounting, Auditing and Finance

A Guide for Implementation and Use (Contributions to Finance and Accounting)

Springer,

15 min read
7 take-aways
Audio & text

What's inside?

Discover how AI is quietly revolutionizing corporate finance, auditing, and forecasting.

Editorial Rating

8

getAbstract Rating

  • Analytical
  • Applicable
  • For Experts

Recommendation

In uncovering how AI is reshaping corporate accounting and finance, editors Michael Adelowotan and Collins Achepsah Leke offer a well-structured guide that takes readers from foundational concepts to advanced applications like machine learning and natural language processing. Through real-world case studies and clear explanations, their text bridges theory and practice, helping professionals and students grasp how these tools apply to auditing, taxation, risk management, and financial forecasting. While highlighting what’s possible, this book also addresses the challenges AI brings and how roles within the profession are evolving.

Summary

Artificial intelligence brings the Fourth Industrial Revolution to the world of finance.

The evolution of technology in the financial services industry has unfolded in distinct phases. Manual bookkeeping dominated until the mid-20th century, when innovators introduced computerized systems to streamline recordkeeping. This shift laid the groundwork for the next major development in the 1990s, enterprise resource planning (ERP) systems, which integrated financial functions across departments. In the 2000s, cloud-based financial platforms emerged, allowing for scalable storage, improved collaboration, and more agile services.

Today, the industry is undergoing a significant transformation due to the rise of artificial intelligence, a herald of the Fourth Industrial Revolution. Unlike past technologies that mainly automated routine tasks, AI brings cognitive capabilities such as evaluating complicated patterns, learning from data, and enabling decisions previously reserved for human judgment.

The AI revolution is evident in how financial services providers handle data, make decisions, and engage customers. Firms can now process massive amounts ...

About the Authors

The University of Johannesburg’s Michael Adelowotan and Collins Achepsah Leke edited this volume. Adelowotan is an associate professor in the Department of Accountancy, where Leke is a senior lecturer.


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