Implementation of Artificial Intelligence in Corporate Audit Practices in Urban Bengaluru

Abstract : This paper explores how implementing Artificial Intelligence affects the corporate audit practice and the extent to which corporates in Bengaluru have been adopting new AI tools. This study emphasizes the potential of AI to transform the audit field. While auditors acknowledge the benefits of AI enhancing performance, the results suggest a collaborative use of human efforts along with AI tools. It provides valuable insights for audit professionals and AI developers. A sample size of 88 respondents has been analyzed using Jamovi, a standardized tool. The auditors believe that AI can aid in the repetitive tasks like data analysis and sampling, freeing up auditors for higher-level decision-making and judgements. Most auditors do not fear job displacement as they believe that auditing practices cannot be 100% replaced. The rise of AI will require auditors to develop new skill sets using their best judgements
and critical thinking.