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Artificial Intelligence in Accounting and Finance: Redefining the Landscape – A Critical Review

Author

Listed:
  • Jaya Kumar Shanmugam

    (Faculty of Accountancy, University Technology MARA, Cawangan Kedah, Kampus Sungai Petani, Kedah, Malaysia)

  • Muhammad Hariz Hamid

    (Faculty of Accountancy, University Technology MARA, Cawangan Kedah, Kampus Sungai Petani, Kedah, Malaysia)

  • Muslimah Mohd Jamil

    (Faculty of Accountancy, University Technology MARA, Cawangan Kedah, Kampus Sungai Petani, Kedah, Malaysia)

  • Mohd Faizal Jamaludin

    (Faculty of Accountancy, University Technology MARA, Cawangan Kedah, Kampus Sungai Petani, Kedah, Malaysia)

  • Marjan Mohd Noor

    (Faculty of Accountancy, University Technology MARA, Cawangan Kedah, Kampus Sungai Petani, Kedah, Malaysia)

Abstract

The integration of artificial intelligence (AI) into accounting and finance has transformed traditional practices, shaping a new era of data-driven decision-making and operational efficiency. This paper presents a comprehensive exploration of AI's impact on these domains, ranging from the evolution of AI applications to ethical considerations in its adoption. Through case studies, it highlights how AI automates financial reporting, enhances investment strategies, detects fraud, and improves customer support. The study investigates the ethical concerns, addressing bias, transparency, accountability, and societal implications. As AI reshapes these industries, understanding its benefits, challenges, and ethical dimensions is crucial for navigating the path to a technologically empowered financial future. The advancement of AI continues to show greater efficiency and effectiveness in the fields of accounting and finance.

Suggested Citation

  • Jaya Kumar Shanmugam & Muhammad Hariz Hamid & Muslimah Mohd Jamil & Mohd Faizal Jamaludin & Marjan Mohd Noor, 2025. "Artificial Intelligence in Accounting and Finance: Redefining the Landscape – A Critical Review," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(8), pages 4016-4029, August.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-8:p:4016-4029
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    References listed on IDEAS

    as
    1. Zhang, Chao & Zhu, Weidong & Dai, Jun & Wu, Yong & Chen, Xulong, 2023. "Ethical impact of artificial intelligence in managerial accounting," International Journal of Accounting Information Systems, Elsevier, vol. 49(C).
    2. Adrian Gepp & Martina K. Linnenluecke & Terrence J. O’Neill & Tom Smith, 2018. "Big data techniques in auditing research and practice: Current trends and future opportunities," Journal of Accounting Literature, Emerald Group Publishing Limited, vol. 40(1), pages 102-115, February.
    3. repec:eme:jal000:j.acclit.2017.05.003 is not listed on IDEAS
    4. Anagnostopoulos, Ioannis, 2018. "Fintech and regtech: Impact on regulators and banks," Journal of Economics and Business, Elsevier, vol. 100(C), pages 7-25.
    5. Han, Hongdan & Shiwakoti, Radha K. & Jarvis, Robin & Mordi, Chima & Botchie, David, 2023. "Accounting and auditing with blockchain technology and artificial Intelligence: A literature review," International Journal of Accounting Information Systems, Elsevier, vol. 48(C).
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