THE FUTURE OF CHARTERED ACCOUNTANCY INTEGRATING AI AND BLOCK-CHAIN INTO FINANCIAL AUDITING

Abstract

Artificial Intelligence (AI) and Blockchain technology advances rapidly and transform the field of chartered accountancy, especially financial auditing. With AI-based automation, you will be able to enhance audit accuracy, lessen human errors, and strengthen fraud detection through predictive analytics and real-time monitoring. At the same time, the decentralized and immutable ledger system of the blockchain contributes to enhancing transparency, security, and compliance by removing the intermediary in financial transactions. The present study is focused on the specific literature area where AI and blockchain concepts impact their auditing domain components with implications for accounting, finance, and management sciences. AI is changing the decision-making paradigm, creating a pressing demand for specific capabilities in data analytics, cybersecurity, and regulatory compliance, challenging the traditional auditing profession. While the benefits of AI are promising, regulatory adjustment issues, ethical considerations, data security concerns, and learning curve hurdles are still are major hurdles to be overcome with AI implementation. Examining a comparative study on the growth of AI and blockchain over the Western and Eastern financial marketplaces can give a great view of universal acceptance. The research highlights the importance of further examination of the long-term effects of AI and blockchain being used to facilitate financial auditing in the field of accounting and whether the processes accurately match global accounting standards and governance frameworks. With these technologies being incorporated into organizations on a wider basis, chartered accountants need to adapt to stay in the race for relevance in a changing financial world. This would usher the new age of AI and blockchain enabled financial auditing, requiring addressing of the technical, ethical, and regulatory issues beforehand.