In What Way Does Artificial Intelligence Influences Audit Practice? Empirical Evidence from Southwest, Nigeria (Published)
AI has gained significant traction as an innovative tool for automating tasks, enhancing data analytics, and reducing the risk of errors in auditing processes. This study investigated the impact of adopting artificial intelligence (AI) on the quality of audit practice in Nigeria, focusing on data mining, machine learning, and image recognition as proxies for the independent variable. Population was 251 accounting firms in southwest Nigeria, with a sample size of 159, purposively determined. The study utilized structured questionnaires for data collection, with regression analysis, and correlation matrices adopted for the analysis. The findings revealed a significant positive relationship between data mining and image recognition with the quality of audit practice in Nigeria. Machine learning, however, showed an insignificant negative relationship. This suggests that AI, particularly data mining and image recognition, can enhance audit quality in Nigeria. As a result, the study recommended that Nigerian audit professionals and firms should consider incorporating data mining techniques into their audit processes to improve effectiveness and error detection.
Keywords: Artificial Intelligence, Data mining, Quality of audit practice., image recognition, machine learning
Artificial Intelligence Adoption and Corporate Operating Activities of Deposit Money Banks (Published)
The deposits money banks (DMBs) in Nigeria that invested artificial intelligence (AI) were considered in this study with the objective to know the effect of AI on employee cost and other operating cost in the banking sector. The study adopted ex-post facto research design. Secondary data were gathered between 2012 and 2022 from the respective financial statements of the DMBs and analyzed using panel regression model. It was gathered that the adoption of AI has negative effects on employee cost while it has positive effects on operating expenses of DMBs in Nigeria. The study concluded that the adoption of AI by DMBs in Nigeria will improve their corporate operating activities which will translate to improve financial performance. Government should regulate the activities of DMBs to forestall any form of laying-off.
Keywords: Artificial Intelligence, Financial System, Operating Cost, employee cost