Machine learning applications used in accounting and audits


EOI: 10.11242/viva-tech.01.04.167

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Citation

Rohan Sawant, Prof. Neha Lodhe, "Machine learning applications used in accounting and audits", VIVA-IJRI Volume 1, Issue 4, Article 167, pp. 1-6, 2021. Published by Computer Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

AI is a territory of software engineering that gains from a lot of information, recognizes examples, and makes expectations about future occasions. In the accounting and auditing professions, Machine Learning has been progressively utilized over the most recent couple of years. Thusly, this investigation means to Survey the current Machine Learning applications in accounting and auditing with a focus on Big Four Organizations. In this study, the AI devices and stages created by Big Four organizations are analyzed by directing a content investigation. It has been distinguished that Big Four organizations built up a few Machine learning devices that are utilized for predictable audits coordination and the management, completely automated audits. Accounting processes such as accounts receivable and accounts payable management, preparation of expense reports, and risk assessment can easily be automated by AI. For instance, machine learning algorithms can match an invoice received, decide the right business ledger for acknowledgment, and place it in a payment pool where a human specialist can inspect and submit the payment request to the payment queue.

Keywords

Accounting, Artificial Intelligence, Auditing, Big four Organization, Machine learning.

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