Научная статья на тему 'INNOVATION TECHNOLOGIES IN ACCOUNTING AND AUDITING: TRANSFORMING A TRADITIONAL LANDSCAPE'

INNOVATION TECHNOLOGIES IN ACCOUNTING AND AUDITING: TRANSFORMING A TRADITIONAL LANDSCAPE Текст научной статьи по специальности «Экономика и бизнес»

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аccounting / auditing / artificial intelligence / machine learning / blockchain / data analytics / automation / risk assessment / fraud detection / reporting / skillsets.

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Hovasova O.

The accounting and auditing professions are undergoing a significant transformation driven by the emergence of innovative technologies. This article explores how advancements in artificial intelligence (AI), machine learning (ML), blockchain, and data analytics are reshaping traditional practices. We discuss the impact of these technologies on various aspects of accounting and auditing, including automation, risk assessment, fraud detection, and reporting. We also analyze the evolving skill sets required for success in this new technological environment and the potential challenges and opportunities associated with these advancements.

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Текст научной работы на тему «INNOVATION TECHNOLOGIES IN ACCOUNTING AND AUDITING: TRANSFORMING A TRADITIONAL LANDSCAPE»

УДК 33

Hovasova O.,

student

International Horse Breeding academy named after Aba Annaev

Arkadag, Turkmenistan

INNOVATION TECHNOLOGIES IN ACCOUNTING AND AUDITING: TRANSFORMING A TRADITIONAL LANDSCAPE

Abstract

The accounting and auditing professions are undergoing a significant transformation driven by the emergence of innovative technologies. This article explores how advancements in artificial intelligence (AI), machine learning (ML), blockchain, and data analytics are reshaping traditional practices. We discuss the impact of these technologies on various aspects of accounting and auditing, including automation, risk assessment, fraud detection, and reporting. We also analyze the evolving skill sets required for success in this new technological environment and the potential challenges and opportunities associated with these advancements.

Keywords:

accounting, auditing, artificial intelligence, machine learning, blockchain, data analytics, automation, risk assessment, fraud detection, reporting, skillsets.

For decades, accounting and auditing have relied on manual processes and established methodologies. However, the influx of big data, complex financial transactions, and regulatory changes are demanding a shift towards more efficient and insightful approaches. This is where innovative technologies are playing a pivotal role.

Artificial Intelligence (AI) and Machine Learning (ML): AI and ML algorithms can automate repetitive tasks such as data entry, reconciliation, and transaction classification. This frees up accountants and auditors to focus on more strategic analysis, risk identification, and client interaction. AI can also be used to develop predictive models for fraud detection and anomaly identification within financial data.

Blockchain: Blockchain technology offers a secure and tamper-proof distributed ledger system. This can revolutionize audit trails by providing a chronological and verifiable record of transactions. Blockchain can also facilitate automated reconciliation between different accounting systems and enhance transparency in supply chain management.

Data Analytics: Advanced data analytics tools allow accountants and auditors to analyze vast volumes of financial data to identify trends, patterns, and potential risks. This data-driven approach enables more comprehensive risk assessments and facilitates the identification of emerging financial issues.

Impact on Accounting Processes:

The adoption of these technologies is impacting various aspects of accounting processes:

Automation: Repetitive tasks like data entry, invoice processing, and account reconciliation are being automated, leading to increased efficiency and reduced risk of human error.

Improved Accuracy: Data analytics and AI can identify inconsistencies and anomalies in financial data, leading to more accurate financial statements.

Impact on Auditing Practices:

The auditing landscape is also experiencing significant changes:

Risk Assessment: AI and data analytics can be used to assess inherent and control risks more effectively, allowing auditors to focus their resources on higher-risk areas.

Audit Efficiency: Automation of routine procedures can streamline the audit process, reducing time and

cost.

Continuous Monitoring: Blockchain technology can provide auditors with continuous access to a company's financial data, enabling real-time monitoring and risk identification.

Deeper Insights: Data-driven audit approaches can provide auditors with deeper insights into a company's financial health and potential risks.

Innovation is reshaping the accounting and auditing professions. By embracing these new technologies, accounting and auditingpromising a future of continued innovation and cultural vibrancy. Literature

1. Bond, S., & Davies, M. (2017). "The future of accounting is not (just) about automation." Accounting and Business Research, 47(3), 305-327.

2. Farris, D. W., & Richmond, J. P. (2018). "Is automation a threat or an opportunity? Exploring the future of accounting work." Journal of Accounting Education, 47, 1-13.

3. Huang, A., Zhao, Y., & Zheng, X. (2020). "A survey of artificial intelligence applications in accounting." International Journal of Accounting Information Systems, 40, 100621.

4. Elliott, R. D., & Wright, A. L. (2020). "Data analytics in auditing: A review of the past and directions for the future." Accounting Horizons, 34(3), 825-850.

© Hovasova O., 2024

УДК 33

Yagmyrova J.

Lecturer of Economics of Innovations Faculty

Suhanova L.

Lecturer of Economics of Innovations Faculty

Rejepova J.

Lecturer of Economics of Innovations Faculty

Myratdurdyyeva A.

Lecturer of Economics of Innovations Faculty Oguz Han Engineering and Technology University

Ashgabat, Turkmenistan

THE IMPORTANCE OF LEARNING ECONOMICS IN MODERN LIFE

Abstract

Economics is the study of how people make decisions in the face of scarcity. It is a social science that examines the production, distribution, and consumption of goods and services. Economics is important in modern life because it helps us to understand the world around us and make better decisions.

Key words:

economics, modern life, unemployment, investments, price Introduction

Understanding the Economy: Economics helps us to understand how the economy works. It explains why prices rise and fall, why unemployment occurs, and why some countries are richer than others. By understanding

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