Audit 2.0: Is the profession ready for a future with AI?

Recent advancements in artificial intelligence (AI) and large language models (LLMs) present significant new challenges and opportunities for the accounting profession. In this article, we explore how AI is transforming the audit landscape. AI has the potential to enhance efficiency in audits by automating repetitive tasks, improving data analysis, expanding sampling capabilities, identifying irregularities, and generating predictive insights. However, we argue that professional skepticism remains essential when auditors employ AI tools. AI tools support the decision-maker but do not per se take over decision-making or the responsibility for the consequences of decisions. The nuances during the audit process and the interaction with clients and colleagues require input from humans. While AI will not replace auditors, accountants need to develop new skills to evaluate and validate audit algorithms effectively, ensuring that AI tools enhance decision-making reliability without compromising effectiveness.

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Publication Details

Journal
RePEc: Research Papers in Economics
Published
2025-03-01
Primary Topic
Robotic Process Automation Applications
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article
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article

Audit 2.0: Is the profession ready for a future with AI?

Eddy Cardinaels, Judith Künneke
RePEc: Research Papers in Economics
Robotic Process Automation Applications
article

Audit 2.0: Is the profession ready for a future with AI?

Eddy Cardinaels, Judith Künneke
article en

Abstract

Recent advancements in artificial intelligence (AI) and large language models (LLMs) present significant new challenges and opportunities for the accounting profession. In this article, we explore how AI is transforming the audit landscape. AI has the potential to enhance efficiency in audits by automating repetitive tasks, improving data analysis, expanding sampling capabilities, identifying irregularities, and generating predictive insights. However, we argue that professional skepticism remains essential when auditors employ AI tools. AI tools support the decision-maker but do not per se take over decision-making or the responsibility for the consequences of decisions. The nuances during the audit process and the interaction with clients and colleagues require input from humans. While AI will not replace auditors, accountants need to develop new skills to evaluate and validate audit algorithms effectively, ensuring that AI tools enhance decision-making reliability without compromising effectiveness.

RePEc: Research Papers in Economics
Openalex Percentile: Top 61%
Robotic Process Automation Applications
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Audit 2.0: Is the profession ready for a future with AI? — Eddy Cardinaels, Judith Künneke · RePEc: Research Papers in Economics (2025) | TGRS Research Map | TGRS