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Application of artificial intelligence in control systems of economic activity

Author

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  • Oleksandr Melnychenko

    (The London Academy of Science and Business, London, UK)

Abstract

The implementation of the tasks of evaluating historical financial information, the control or audit of business activities are based primarily on professional judgments about the object of study of a professional accountant or auditor. Their findings are drawn on the review of documents, the use of audit evidence, risk assessment, etc. There is always a probability (and rather high) that professional judgment will be based on incomplete information (since the dynamics of information changes is extremely high today), on the misstatements (since it is impossible to trace all the changes in knowledge related to the object of study), regardless of the quality of the performance of these individuals. In addition, the auditor often takes subjective decisions (for example, when choosing individual elements for the assessment from the general population), which also affects the degree of objectivity of his assessments. Artificial intelligence is the tool that could handle the entire set of knowledge, track all changes in the significant and important information, as well as in the insignificant and unimportant (which, however, also has an effect on the object of analysis). It does not have a work schedule or other restrictions on the time of work, so the comparison and analysis of information can be carried out around the clock, and the speed of data processing is determined by the processing power of the information systems, on which it operates, and is stably high. In this case, the artificial intelligence is ready to perform the tasks non-stop in real time till receiving the command of the termination of the process. This article proposes a methodology for the artificial intelligence use in the control systems of economic activity, reflects the artificial intelligence concept in the control systems of economic activity, indicates the goals, principles, tasks and its functions when checking an object

Suggested Citation

  • Oleksandr Melnychenko, 2019. "Application of artificial intelligence in control systems of economic activity," Virtual Economics, The London Academy of Science and Business, vol. 2(3), pages 30-40, July.
  • Handle: RePEc:aid:journl:v:2:y:2019:i:3:p:30-40
    DOI: 10.34021/ve.2019.02.03(3)
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    File URL: https://virtual-economics.eu/index.php/VE/article/view/29/29
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    Citations

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    Cited by:

    1. Aleksy Kwilinski, 2024. "Mapping Global Research on Green Energy and Green Investment: A Comprehensive Bibliometric Study," Energies, MDPI, vol. 17(5), pages 1-24, February.
    2. Rina Astini & Kehkashan Ishrat & Yanto Ramli & Tafiprios Tafiprios & Kwong Wing Chong & Ooi Chee Keong, 2023. "Nexus among Crypto Trading, Environmental Degradation, Economic Growth and Energy Usage: Analysis of Top 10 Cryptofriendly Asian Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 13(5), pages 339-347, September.
    3. Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "Environmental Sustainability within Attaining Sustainable Development Goals: The Role of Digitalization and the Transport Sector," Sustainability, MDPI, vol. 15(14), pages 1-14, July.
    4. Radosław Miśkiewicz & Krzysztof Matan & Jakub Karnowski, 2022. "The Role of Crypto Trading in the Economy, Renewable Energy Consumption and Ecological Degradation," Energies, MDPI, vol. 15(10), pages 1-15, May.
    5. Henryk Dźwigoł, 2021. "The Uncertainty Factor in the Market Economic System: The Microeconomic Aspect of Sustainable Development," Virtual Economics, The London Academy of Science and Business, vol. 4(1), pages 98-117, January.
    6. Henryk Dzwigol & Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2024. "Digitalization and Energy in Attaining Sustainable Development: Impact on Energy Consumption, Energy Structure, and Energy Intensity," Energies, MDPI, vol. 17(5), pages 1-17, March.
    7. Oleksandr Melnychenko, 2020. "Is Artificial Intelligence Ready to Assess an Enterprise’s Financial Security?," JRFM, MDPI, vol. 13(9), pages 1-19, August.

    More about this item

    Keywords

    artificial intelligence; audit; control; economic activity; methodology; concept;
    All these keywords.

    JEL classification:

    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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