Effect of Artificial Intelligence in Forensic Auditing by the Chartered Accountants in Enugu

Abstract

This research ascertained the effect of Artificial Intelligence in forensic auditing by the chartered accountants in Enugu. To achieve this, the study sought to; examine the extent to which chartered accountants in Enugu State are utilizing AI in forensic auditing practices, and assess how technological readiness affect the AI technology in forensic auditing by chartered accountants in Enugu State. This research utilized a survey research methodology. The study's population included all registered Chartered Accountants working in Enugu State, particularly those engaged in forensic auditing. Primary data were obtained directly by administering a structured questionnaire. Regression analysis was employed to test the hypotheses. This study found that chartered accountants in Enugu state do not demonstrate significant utilization of AI in forensic auditing practices. It shows that the predictive power of the technological readiness combined is significantly high regarding the utilization of AI. Based on the empirical finding, the study recommended that the government should take advantage of this fact to set up a Centre of Financial Forensics and Digital Audit Excellence. Possibly based within a university, this would be a training center, research centre, and resource centre to chartered accountants, forensic investigators, law enforcement officers and regulators in the South-East geopolitical zone.