Artificial Intelligence (AI) in Financial Audit Services as Peril or Prize: Case Study in one of the Big Four Accounting Firm in Surabaya

Abstract

The study explores the revolutionary impact of Artificial Intelligence (AI) technology in the financial audit process, focusing on the collaboration between auditors and AI. Using a qualitative approach and interpretive paradigm, the research incorporates interviews with auditors from Big Four accounting firms and document analysis of relevant literature. Findings reveal that AI technologies, such as Machine Learning and Robotic Process Automation applied in customized AI-based program for audit, enhance audit efficiency and accuracy by automating repetitive tasks. However, the presence of AI also poses challenges, including the ability to adapt and stay aware of technological developments, to ensure that AI should be prize instead of peril. The study provides insights into the future scenario of financial audits and the skills auditors must prepare to remain relevant. Implications include contributions to academic literature, education curriculum development, and adaptation strategies for professionals and organizations in the audit industry.