572:
96:
481:(Federal Trade Commission) study from 2022, customers reported fraud of approximately $ 5.8 billion in 2021, an increase of 70% from the year before. The majority of these scams were imposter scams and online shopping frauds. Furthermore, artificial intelligence plays a crucial role in developing advanced algorithms and machine learning models that enhance fraud detection systems, enabling businesses to stay ahead of evolving fraudulent tactics in an increasingly digital landscape.
749:. The system must be consistently monitored and updated to be the most efficient form of itself, otherwise the likelihood of fraud being involved in those transactions increases. If one does not initially invest in such a system and make certain it will detect a large percentage of fraudulent transactions, the consequences are the cost of the fraud, including chargeback fees. It is a very large initial investment, but money will be saved in the long run.
700:. Materiality entails the distinction between errors and transactions in financial statements that would impact decisions made by users of those financial statements. The threshold for materiality in an audit is set by the auditor based on various factors. Artificial intelligence has been used to interpret data and suggest materiality thresholds to be implemented through the use of expert systems.
27:
632:, Deloitte is developing cognitive-technology-enhanced commerce arrangements for its clients. LeasePoint is fueled by IBM Tririga and uses Deloitte's industrial information to create an end-to-end leasing portfolio. Automated Cognitive Resource Assessment employs IBM's Maximo innovation to progress the proficiency of
553:
importance is up to the discretion of their implementer, who commonly makes such decisions based on the level of risk in the accounts being evaluated and the goals of implementing the system. Performance of these processes can occur as frequently as being nearly instantaneous with an entry being posted.
708:
Those in favor of using artificial intelligence to complete investigations of fraud have stated that such technologies decrease the amount of time required to complete tasks that are repetitive. The claim further states that such efficiencies allow for lowered resource requirements, which can then be
552:
at a more frequent rate than traditional methods. Instead of analyzing recorded transactions and journal entries periodically, continuous auditing focuses on interpreting the character of these actions more frequently. The frequency of these processes being undertaken as well as highlighting areas of
520:
compares the information provided by the user with corresponding rules that are believed to specifically apply to the situation. Using this information and the corresponding rules will be used to create a solution to the user's query. Expert systems will generally not operate properly when the common
744:
Along with a knowledge of coding and building systems through computer programs, we are seeing the advantages of these systems, but since they are so new, they require a large investment to start building such a system. Any firm that is planning on implementing an AI system to detect fraud must hire
682:
The process of auditing an entity in an attempt to detect fraudulent activity requires the repeating of investigatory processes until an error or misstatement may be identified. Under traditional methods, these processes would be carried out by a human being. Proponents of artificial intelligence in
757:
Data analytics is a new science at many companies, and firms are heavily researching it to analyze their business as a whole and find where they can improve. Data analytics tells the story of a business through numbers. Many people in this world are experienced with reading data, but there are also
695:
Higher levels of fraud detection entail the use of professional judgement to interpret data. Supporters of artificial intelligence being used in financial audits have claimed that increased risks from instances of higher data interpretation can be minimized through such technologies. One necessary
650:
Collaborating with H20.ai, PwC developed an Al-enabled framework (GL.ai) capable of analyzing reports and preparing reports. PwC claims to have made a significant investment in normal dialect processing (NLP), an Al-enabled innovation to process unstructured information efficiently.
591:
to swiftly and effectively sort through vast volumes of data in the forms of various documents relevant to companies and documents being audited makes them applicable to the domains of audit and fraud detection. Examples of this include recognizing key language in
524:
Implementation of expert systems in accounting procedures is feasible in areas where professional judgment is required. Situations where expert systems are applicable include investigations into transactions that involve potential fraudulent entries, instances of
683:
fraud detection have stated that these traditional methods are inefficient and can be more quickly accomplished with the aid of an intelligent computing system. A survey of 400 chief executive officers created by
735:
frameworks become more equipped for performing undertakings customarily completed by people, there is a worry that specific work jobs could become out of date, prompting joblessness and financial imbalance.
717:
systems have been used to reduce time spent on administrative tasks by analyzing relevant audit documents. According to the firm, this has allowed their employees to focus more on judgement and analysis.
616:
created an Al-enabled document-reviewing system in 2014. The system automates the method of reviewing and extracting relevant information from different business documents. Deloitte claims that this
758:
more people who are not as experienced with data at all. The discipline of data analytics is expanding rapidly. It is frequently challenging to become an expert in such a profession.
355:
446:
958:
505:
by separating identified points in data and processing them individually at the same time. Though, these systems do not rely purely on machine-learned intelligence.
801:
732:
568:
in entered figures. A primary goal of this practice is to allow for quicker and easier detection of instances of faulty controls, errors, and instances of fraud.
731:
The inescapable reception of computer based intelligence and robotization advancements might prompt critical work relocation across different enterprises. As
207:
501:
in decision-making and emulating mental reasoning used by experts in a particular field. They differentiate themselves from traditional linear reasoning
497:
were first designed in the 1970s as an expansion into artificial intelligence technologies. Their design is based on the premise of decreasing potential
548:
is a set of processes that assess various aspects of information gathered in an audit to classify areas of risk and potential weaknesses in financial
306:
284:
242:
220:
933:
687:
in 2016 found that approximately 58% believed that artificial intelligence would play a key role in making audits more efficient in the future.
516:
of the system. Users interact with the system by feeding information into the system either through direct entry or import of external data. An
144:
1315:
1134:
439:
365:
319:
274:
269:
37:
48:
571:
418:
390:
385:
279:
509:
378:
247:
237:
227:
350:
296:
262:
129:
66:
432:
336:
182:
114:
1115:"Artificial Intelligence in Audit and Accounting: Development, Current Trends, Opportunities and Threats - Literature Review"
95:
1082:
696:
element of an audit of financial statements that requires professional judgement is the implementation of thresholds for
829:"The Power of Generative AI: A Review of Requirements, Models, Input–Output Formats, Evaluation Metrics, and Challenges"
301:
252:
149:
1347:
124:
202:
982:
478:
326:
1251:"Making AI Even Smarter Using Ensembles: A Challenge to Future Challenges and Implications for Clinical Care"
1352:
657:
built a portfolio of Al instruments, called KPMG Ignite, to upgrade trade decisions and forms. Working with
459:
107:
87:
1357:
1342:
776:
697:
666:
470:
197:
473:
reported that fraud has impacted 46% of all businesses in the world. The shift from working in person to
1222:
1119:
2019 International
Conference on Control, Artificial Intelligence, Robotics & Optimization (ICCAIRO)
556:
The processes involved with analyzing financial data in continuous auditing can include the creation of
41:
that states a
Knowledge (XXG) editor's personal feelings or presents an original argument about a topic.
1049:
139:
827:
Bandi, Ajay; Adapa, Pydi
Venkata Satya Ramesh; Kuchi, Yudu Eswar Vinay Pratap Kumar (31 July 2023).
545:
291:
1187:
1140:
341:
1311:
1288:
1270:
1214:
1210:
1179:
1130:
1031:
907:
850:
629:
119:
1278:
1262:
1171:
1122:
1021:
840:
710:
640:
584:
549:
517:
513:
463:
257:
192:
177:
521:
procedures for a specified situation are ambiguous due to the need for well-defined rules.
1235:
561:
134:
899:
1337:
1283:
1331:
1191:
1144:
714:
662:
597:
588:
526:
494:
187:
1126:
746:
331:
983:"A framework for continuous auditing: Why companies don't need to spend big money"
873:
628:, money-related articulations, and board minutes by up to 50%. Working with IBM's
462:
is used by many different businesses and organizations. It is widely used in the
557:
474:
360:
345:
1114:
802:"New Data Shows FTC Received 2.8 Million Fraud Reports from Consumers in 2021"
617:
498:
1274:
1250:
1183:
1175:
1158:
Shaffer, Kathie J.; Gaumer, Carol J.; Bradley, Kiersten P. (1 January 2020).
1035:
1008:
Mishra, Ranjan Kumar; Reddy, G. Y. Sandesh; Pathak, Himanshu (5 April 2021).
911:
854:
1266:
658:
647:
contracts. EY (Australia) has also received Al-enabled auditing technology.
395:
159:
1292:
1206:
1159:
1026:
1009:
709:
further spent on tasks that have not been fully automated. The audit firm
621:
613:
593:
232:
154:
1160:"Artificial intelligence products reshape accounting: time to re-train"
845:
828:
745:
a team of data scientists, along with upgrading their cloud system and
625:
400:
508:
Information regarding rules, practices, and procedures in the form of
596:, identifying levels of risk of fraud in transactions, and assessing
644:
633:
620:
has made a difference by reducing time spent going through lawful
565:
534:
502:
684:
654:
564:
for comparison with previously created models, and detection of
530:
661:
and IBM Watson, KPMG is creating instruments to coordinate Al,
560:
to allow for interactive information gathering, calculation of
20:
1010:"The Understanding of Deep Learning: A Comprehensive Review"
94:
38:
personal reflection, personal essay, or argumentative essay
1108:
1106:
1104:
466:, especially by accounting firms, to help detect fraud.
898:
Leonard-Barton, Dorothy; Sviokla, John (1 March 1988).
44:
477:
has brought increased access to data. According to an
932:
O'Leary, Daniel; Watkins, Paul (Spring–Summer 1989).
777:"PwC's Global Economic Crime and Fraud Survey 2022"
1083:"Meeting the Challenge of Artificial Intelligence"
713:has posited these claims by declaring that their
440:
8:
1050:"Deep Learning and the Future of Auditing"
966:Auditing: A Journal of Practice and Theory
447:
433:
78:
1282:
1164:Development and Learning in Organizations
1025:
844:
67:Learn how and when to remove this message
959:"The Continuous Audit of Online Systems"
570:
1308:Learning Outcomes of Classroom Research
767:
643:) connected Al to the investigation of
86:
1231:
1220:
934:"Review of Expert Systems in Auditing"
1077:
1075:
1073:
1071:
608:
7:
1014:Mathematical Problems in Engineering
977:
975:
952:
950:
868:
866:
864:
1249:Siegel, Eliot L. (1 October 2019).
1310:. VIT University. pp. 56–64.
1255:Radiology: Artificial Intelligence
579:Machine learning and deep learning
14:
1205:Lin, Tom C. W. (18 March 2015).
957:Vasarhelyi, Miklos (June 1990).
900:"Putting Expert Systems to Work"
25:
1127:10.1109/ICCAIRO47923.2019.00031
115:Artificial general intelligence
740:Initial investment requirement
16:Use of AI to help detect fraud
1:
533:in the planning stages of an
874:"Accounting expert systems"
150:Natural language processing
1374:
203:Hybrid intelligent systems
125:Recursive self-improvement
1113:Zemankova, Aneta (2019).
941:USC Expert Systems Review
512:are implemented into the
1207:"Reasonable Investor(s)"
1176:10.1108/DLO-10-2019-0242
806:Federal Trade Commission
775:PricewaterhouseCoopers.
609:'Big 4' Accounting Firms
529:, and the evaluation of
327:Artificial consciousness
1267:10.1148/ryai.2019190187
904:Harvard Business Review
878:archives.cpajournal.com
733:artificial intelligence
460:Artificial intelligence
198:Evolutionary algorithms
88:Artificial intelligence
1230:Cite journal requires
987:Journal of Accountancy
667:Cognitive Technologies
575:
471:PricewaterhouseCoopers
99:
47:by rewriting it in an
1306:Johns, Albin (2022).
574:
98:
1121:. pp. 148–154.
1027:10.1155/2021/5548884
510:"if-then" statements
140:General game playing
753:Technical expertise
691:Data interpretation
546:Continuous auditing
541:Continuous auditing
292:Machine translation
208:Systems integration
145:Knowledge reasoning
82:Part of a series on
846:10.3390/fi15080260
808:. 22 February 2022
622:contract documents
600:for misstatement.
576:
100:
49:encyclopedic style
36:is written like a
1348:Logic programming
1317:978-93-92995-15-6
1209:. Rochester, NY.
1136:978-1-7281-3572-4
711:Ernst & Young
639:Ernst and Young (
550:Internal controls
475:working from home
457:
456:
193:Bayesian networks
120:Intelligent agent
77:
76:
69:
1365:
1322:
1321:
1303:
1297:
1296:
1286:
1246:
1240:
1239:
1233:
1228:
1226:
1218:
1202:
1196:
1195:
1155:
1149:
1148:
1110:
1099:
1098:
1096:
1094:
1079:
1066:
1065:
1063:
1061:
1046:
1040:
1039:
1029:
1005:
999:
998:
996:
994:
979:
970:
969:
963:
954:
945:
944:
938:
929:
923:
922:
920:
918:
895:
889:
888:
886:
884:
870:
859:
858:
848:
824:
818:
817:
815:
813:
798:
792:
791:
789:
787:
772:
727:Job Displacement
585:machine learning
562:financial ratios
518:inference system
464:financial sector
449:
442:
435:
356:Existential risk
178:Machine learning
79:
72:
65:
61:
58:
52:
29:
28:
21:
1373:
1372:
1368:
1367:
1366:
1364:
1363:
1362:
1328:
1327:
1326:
1325:
1318:
1305:
1304:
1300:
1248:
1247:
1243:
1229:
1219:
1204:
1203:
1199:
1157:
1156:
1152:
1137:
1112:
1111:
1102:
1092:
1090:
1087:The CPA Journal
1081:
1080:
1069:
1059:
1057:
1054:The CPA Journal
1048:
1047:
1043:
1007:
1006:
1002:
992:
990:
981:
980:
973:
961:
956:
955:
948:
936:
931:
930:
926:
916:
914:
897:
896:
892:
882:
880:
872:
871:
862:
833:Future Internet
826:
825:
821:
811:
809:
800:
799:
795:
785:
783:
774:
773:
769:
764:
755:
742:
729:
724:
706:
704:Decreased costs
693:
680:
675:
611:
606:
598:journal entries
583:The ability of
581:
543:
492:
487:
453:
424:
423:
414:
406:
405:
381:
371:
370:
342:Control problem
322:
312:
311:
223:
213:
212:
173:
165:
164:
135:Computer vision
110:
73:
62:
56:
53:
45:help improve it
42:
30:
26:
17:
12:
11:
5:
1371:
1369:
1361:
1360:
1355:
1353:Expert systems
1350:
1345:
1340:
1330:
1329:
1324:
1323:
1316:
1298:
1261:(6): e190187.
1241:
1232:|journal=
1197:
1150:
1135:
1100:
1067:
1056:. 19 June 2017
1041:
1000:
989:. 1 March 2017
971:
946:
924:
890:
860:
819:
793:
766:
765:
763:
760:
754:
751:
741:
738:
728:
725:
723:
720:
705:
702:
692:
689:
679:
676:
674:
671:
663:data analytics
610:
607:
605:
602:
580:
577:
542:
539:
495:Expert systems
491:
490:Expert systems
488:
486:
483:
455:
454:
452:
451:
444:
437:
429:
426:
425:
422:
421:
415:
412:
411:
408:
407:
404:
403:
398:
393:
388:
382:
377:
376:
373:
372:
369:
368:
363:
358:
353:
348:
339:
334:
329:
323:
318:
317:
314:
313:
310:
309:
304:
299:
294:
289:
288:
287:
277:
272:
267:
266:
265:
260:
255:
245:
240:
238:Earth sciences
235:
230:
228:Bioinformatics
224:
219:
218:
215:
214:
211:
210:
205:
200:
195:
190:
185:
180:
174:
171:
170:
167:
166:
163:
162:
157:
152:
147:
142:
137:
132:
127:
122:
117:
111:
106:
105:
102:
101:
91:
90:
84:
83:
75:
74:
33:
31:
24:
15:
13:
10:
9:
6:
4:
3:
2:
1370:
1359:
1358:Finance fraud
1356:
1354:
1351:
1349:
1346:
1344:
1343:Deep learning
1341:
1339:
1336:
1335:
1333:
1319:
1313:
1309:
1302:
1299:
1294:
1290:
1285:
1280:
1276:
1272:
1268:
1264:
1260:
1256:
1252:
1245:
1242:
1237:
1224:
1216:
1212:
1208:
1201:
1198:
1193:
1189:
1185:
1181:
1177:
1173:
1169:
1165:
1161:
1154:
1151:
1146:
1142:
1138:
1132:
1128:
1124:
1120:
1116:
1109:
1107:
1105:
1101:
1089:. 3 July 2019
1088:
1084:
1078:
1076:
1074:
1072:
1068:
1055:
1051:
1045:
1042:
1037:
1033:
1028:
1023:
1019:
1015:
1011:
1004:
1001:
988:
984:
978:
976:
972:
967:
960:
953:
951:
947:
942:
935:
928:
925:
913:
909:
905:
901:
894:
891:
879:
875:
869:
867:
865:
861:
856:
852:
847:
842:
838:
834:
830:
823:
820:
807:
803:
797:
794:
782:
778:
771:
768:
761:
759:
752:
750:
748:
739:
737:
734:
726:
722:Disadvantages
721:
719:
716:
715:deep learning
712:
703:
701:
699:
690:
688:
686:
677:
672:
670:
668:
664:
660:
656:
652:
648:
646:
642:
637:
635:
631:
627:
623:
619:
615:
603:
601:
599:
595:
590:
589:deep learning
586:
578:
573:
569:
567:
563:
559:
554:
551:
547:
540:
538:
536:
532:
528:
527:going concern
522:
519:
515:
511:
506:
504:
500:
496:
489:
484:
482:
480:
476:
472:
467:
465:
461:
450:
445:
443:
438:
436:
431:
430:
428:
427:
420:
417:
416:
410:
409:
402:
399:
397:
394:
392:
389:
387:
384:
383:
380:
375:
374:
367:
364:
362:
359:
357:
354:
352:
349:
347:
343:
340:
338:
335:
333:
330:
328:
325:
324:
321:
316:
315:
308:
305:
303:
300:
298:
295:
293:
290:
286:
285:Mental health
283:
282:
281:
278:
276:
273:
271:
268:
264:
261:
259:
256:
254:
251:
250:
249:
248:Generative AI
246:
244:
241:
239:
236:
234:
231:
229:
226:
225:
222:
217:
216:
209:
206:
204:
201:
199:
196:
194:
191:
189:
188:Deep learning
186:
184:
181:
179:
176:
175:
169:
168:
161:
158:
156:
153:
151:
148:
146:
143:
141:
138:
136:
133:
131:
128:
126:
123:
121:
118:
116:
113:
112:
109:
104:
103:
97:
93:
92:
89:
85:
81:
80:
71:
68:
60:
50:
46:
40:
39:
34:This article
32:
23:
22:
19:
1307:
1301:
1258:
1254:
1244:
1223:cite journal
1200:
1170:(6): 41–43.
1167:
1163:
1153:
1118:
1091:. Retrieved
1086:
1058:. Retrieved
1053:
1044:
1020:: e5548884.
1017:
1013:
1003:
991:. Retrieved
986:
965:
940:
927:
915:. Retrieved
903:
893:
881:. Retrieved
877:
836:
832:
822:
810:. Retrieved
805:
796:
784:. Retrieved
780:
770:
756:
747:data storage
743:
730:
707:
694:
681:
653:
649:
638:
636:inspection.
612:
604:Applications
582:
558:spreadsheets
555:
544:
523:
507:
493:
468:
458:
332:Chinese room
221:Applications
63:
54:
35:
18:
917:20 December
698:materiality
669:, and RPA.
514:programming
361:Turing test
337:Friendly AI
108:Major goals
1332:Categories
839:(8): 260.
762:References
678:Efficiency
673:Advantages
618:innovation
499:user error
366:Regulation
320:Philosophy
275:Healthcare
270:Government
172:Approaches
1275:2638-6100
1192:213893379
1184:1477-7282
1145:215721790
1036:1024-123X
912:0017-8012
855:1999-5903
659:Microsoft
594:contracts
469:In 2022,
396:AI winter
297:Military
160:AI safety
1293:33937807
1093:23 March
1060:22 March
993:22 March
883:22 March
812:28 April
786:27 April
626:invoices
614:Deloitte
419:Glossary
413:Glossary
391:Progress
386:Timeline
346:Takeover
307:Projects
280:Industry
243:Finance
233:Deepfake
183:Symbolic
155:Robotics
130:Planning
57:May 2022
1284:8017374
1215:2579510
943:: 1–20.
401:AI boom
379:History
302:Physics
43:Please
1314:
1291:
1281:
1273:
1213:
1190:
1182:
1143:
1133:
1034:
910:
853:
630:Watson
566:errors
503:models
351:Ethics
1338:Fraud
1188:S2CID
1141:S2CID
962:(PDF)
937:(PDF)
645:lease
634:asset
535:audit
485:Tools
263:Music
258:Audio
1312:ISBN
1289:PMID
1271:ISSN
1236:help
1211:SSRN
1180:ISSN
1131:ISBN
1095:2022
1062:2022
1032:ISSN
1018:2021
995:2022
919:2022
908:ISSN
885:2022
851:ISSN
814:2022
788:2022
685:KPMG
655:KPMG
587:and
531:risk
1279:PMC
1263:doi
1172:doi
1123:doi
1022:doi
841:doi
781:PwC
479:FTC
253:Art
1334::
1287:.
1277:.
1269:.
1257:.
1253:.
1227::
1225:}}
1221:{{
1186:.
1178:.
1168:34
1166:.
1162:.
1139:.
1129:.
1117:.
1103:^
1085:.
1070:^
1052:.
1030:.
1016:.
1012:.
985:.
974:^
964:.
949:^
939:.
906:.
902:.
876:.
863:^
849:.
837:15
835:.
831:.
804:.
779:.
665:,
641:EY
624:,
537:.
1320:.
1295:.
1265::
1259:1
1238:)
1234:(
1217:.
1194:.
1174::
1147:.
1125::
1097:.
1064:.
1038:.
1024::
997:.
968:.
921:.
887:.
857:.
843::
816:.
790:.
448:e
441:t
434:v
344:/
70:)
64:(
59:)
55:(
51:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
