How artificial inteligence can help the sector of accounting and audit deal with Covid-19

Abstract

The relationship between business activities and digital technologies is extensive and continues
to grow exponentially, especially now, in the time of a global pandemic. All and any activities in
various areas, have now adapted online platforms in light of social distancing measures. The
COVID-19 pandemic has been compared to the Second World War, as well as the Great Depression
in terms of the way it has impacted human behavior. Consequently, many changes have
been made to enforce the COVID-19 safety measures, that rely on digital technologies. With this,
come vast new opportunities and needs for research as well as innovation and upgrading existing
systems in the field of information technology.
Artificial intelligence, also known as AI, is a general purpose technology that can be used to better
efficiency, quality, safety, and solve problems faster than the traditional employee. In this paper,
we will direct our attention at the problems that arise in the field of accounting and audit because
of the ongoing pandemic and how they can be fixed or eliminated with the use od artificial intelligence.
We will look at how the pandemic impacts the way financial reports are prepared and what
changes were necessary in order to adapt and function normally and most efficiently in this time.
We will also look at the possibility of eventually replacing an accountant or auditor with the system
of AI and the risk it may pose to the traditional worker. Knowing that in a time of a pandemic, it is
preferable that all and any activities that can be remote, should be completed as such. This paper
will come to the conclusion that the system of artificial intelligence is of enormous use in the time
of the pandemic, as well as in non extraordinary circumstances therefore, many business need
to be urged to implement this kind, or a similar kind of system to help and better everyday work
and improve performances. We will also see how AI can better the performance of the auditors
and accountants with limiting the risk of mistakes and lowering the time needed to finish a task.