Adoption of AI in Accounting: Opportunities, Risks, and Ethics in an Emerging Market

Abstract

The application of Artificial Intelligence (AI) in the accounting field is a groundbreaking phenomenon that has changed the field of accounting in the aspects of financial reporting, auditing, and budgeting. Machine learning, natural language processing and robotic process automation are types of AI technologies that could have enormous possibilities in enhancing the efficiency, accuracy and prediction of accounting systems. Nevertheless, the introduction of AI is not without threats in the form of data security, bias on algorithms, the possibility of the replacement of human illegality. In the emerging markets it is also complicated by the absence of regulation and the poor technological base, and evolving ethics. This paper mentions the potential of AI implementation within the accounting occupation under the circumstances of the emerging markets and addresses the opportunities of the AI implementation, risks, and ethical aspects related to it. The analysis explains the significance of finding a balance that will bring about the advantages of the technology and minimize the risks and make sure that adherence to the professional ethics and the regulatory systems.