Artificial Intelligence as a Catalyst for Change in Accounting and Finance: Exploring Applications, Opportunities and Challenges (Iconic Research and Engineering Journals)
Summary
- Sanz Martin et al. (2026) synthesised 256 articles to highlight transparency, ethics, security, and skills in AI accounting research.p.2
- Abbas (2026) systematically reviewed 91 studies on management accounting, concluding that AI alters information flows, roles, and skill requirements.p.2
- Singh et al. (2025) reviewed 157 studies on AI in banking and finance, identifying recurring focus on customer service, regulation, and explainability.p.2
- The Reserve Bank of India reported implementing an AI/ML model named MuleHunter.AI to detect potential mule bank accounts.p.6
- A global survey by ACCA and CA ANZ of 1,600 finance professionals showed that data quality, skills, and integration are major adoption barriers.p.7
- The paper identifies 5 key capability groups necessary for professionals operating in AI-enabled accounting and finance environments.p.8
Key insights
- AI shifts accounting technology from back-office automation toward analytical augmentation, continuous monitoring, and strategic decision support.p.1
- Practical adoption in auditing remains more advanced for relatively simple AI tools than for complex models.p.5
- Generative AI can produce fluent commentary, but language fluency does not establish factual correctness or standard compliance in reporting.p.5
- Inputting sensitive accounting records into uncontrolled external AI platforms exposes organizations to substantial confidentiality risks.p.7
- Poorly designed automated rules create systematic risk by rapidly repeating errors across thousands of transactions.p.7
- Excessive reliance on automated outputs can cause deskilling and erode critical professional scepticism over time.p.8
- Governance serves as an essential component of value creation rather than a post-implementation compliance constraint.p.10
- Organizational value is maximized when AI handles repetitive processing while human professionals retain judgement, ethics, and accountability.p.12
Topics and entities
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