Artificial Intelligence in Accounting and Finance: Redefining the Landscape – A Critical Review

The integration of artificial intelligence (AI) into accounting and finance has transformed traditional practices, shaping a new era of data-driven decision-making and operational efficiency. This paper presents a comprehensive exploration of AI’s impact on these domains, ranging from the evolution of AI applications to ethical considerations in its adoption. Through case studies, it highlights how AI automates financial reporting, enhances investment strategies, detects fraud, and improves customer support. The study investigates the ethical concerns, addressing bias, transparency, accountability, and societal implications. As AI reshapes these industries, understanding its benefits, challenges, and ethical dimensions is crucial for navigating the path to a technologically empowered financial future. The advancement of AI continues to show greater efficiency and effectiveness in the fields of accounting and finance.