THE IMPACT OF TECHNOLOGY ON FINANCIAL ACCOUNTING AND AUDITING: A COMPREHENSIVE REVIEW
Authors/Creators
- 1. ORCID ID 0009-0003-3322-5660, ASSISTANT PROFESSOR, PACIFIC ACADEMY OF HIGHER EDUCATION AND RESEARCH UNIVERSITY, UDAIPUR.
- 2. SCHOLAR, BUSINESS ADMINISTRATION, PACIFIC ACADEMY OF HIGHER EDUCATION AND RESEARCH UNIVERSITY, UDAIPUR.
Description
The economic landscape has experienced unprecedented transformation in terms of technological development that has reimagined how accounting and auditing professionals conduct business. This synopsis examines the intricate impact of new technologies—namely artificial intelligence, blockchain, robotic process automation, and machine learning—on accounting and auditing practice in finance. In reviewing contemporary literature from the years 2013-2024, we expound on how such technologies enhance efficiency, precision, and real-time reporting capacity and, in so doing, pose new challenges of professional adaptation. Results show that there is a trend towards continuous auditing, as well as automated processes and decision-making based on data, but with barriers of implementation still existing in different organizational settings. While technology promises reduced costs and improved precision, professional displacement, ethics, and the evolving role of human judgment in financial regulation are all problems that remain. This review synthesizes current knowledge to provide practitioners and researchers with an outline of technology's revolutionary impacts on traditional accounting and auditing frameworks.
Files
7. Harsha Lohar - Online.pdf
Files
(898.9 kB)
| Name | Size | Download all |
|---|---|---|
|
md5:3a81d5c9092a4cb766ed691979ba80d6
|
898.9 kB | Preview Download |
Additional details
Identifiers
- ISSN
- 2455-295X
Related works
- Is compiled by
- Journal article: 2455-295X (ISSN)
References
- 1. Ahmed, Z. K., & Mehta, B. (2023). Role of reviews in online purchasing of home furnishing items. Pacific Business Review International, 16(4).
- 2. Bani-Khaled, S., & Pinho, C. (2024). The impact of information technology capability on audit report lag and audit fees: Empirical evidence from the COVID-19 pandemic. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-08-2023-0493
- 3. Chaplot, D. (2017). Job satisfaction is step towards success: A study of max life insurance. An International Peer Reviewed & Referred Scholarly Research Journal for Interdisciplinary Studies, 5616-5630.
- 4. Chaplot, D. (2018). An impact of strategic management on the performance of organization: An empirical investigation on selected organization of Rajasthan. International Journal of Research and Analytical Reviews, 5(3), 1537-1543.
- 5. Choudhary, P. D., & Madhwani, R. (2013). An analytical study of impact of recession on tourism & hospitality industry. International Journal of Psychosocial Rehabilitation, 17(2).
- 6. Dave, K. K., & Paliwal, R. (2016). A study on consumer perception on malted health food drinks in Udaipur city. International Journal of Management and Corporate Affairs, 2(5), 1-27.
- 7. Eulerich, M., Pawlowski, J., & Wood, D. A. (2023). The impact of audit technology on audit task outcomes: Evidence for technology‐based audit techniques. Contemporary Accounting Research, 40(1), 471-505. https://doi.org/10.1111/1911-3846.12847
- 8. Faccia, A., & Mosteanu, N. R. (2022). Accounting and auditing with blockchain technology and artificial Intelligence: A literature review. International Journal of Accounting Information Systems, 48, 100593. https://doi.org/10.1016/j.accinf.2022.100593
- 9. Kumar, A., Singh, R., & Patel, M. (2024). Exploring the impact of blockchain, AI, and ML on financial accounting efficiency and transformation. arXiv preprint arXiv:2401.15715.
- 10. Mehta, A. Tax revenue composition: A relative assessment. [Publication details not provided]
- 11. Mehta, A., & Hiran, D. (2023). Methods for managing change in medium size business organizations of small cities. ASM Group of Institutes, Pune, India, 6.
- 12. Sharma, R., Dadhich, M., & Chauhan, K. (2022). The impact assessment of pandemic on financial indicators of selected BSE listed companies: A comprehensive view. International Research Journal of Engineering and Technology, 9(2), 483-494.
- 13. Silva, C., Fernandes, A., & Martins, P. (2024). Emerging digital technologies and auditing firms: Opportunities and challenges. International Journal of Accounting Information Systems, 52, 100647. https://doi.org/10.1016/j.accinf.2024.100647