The impact of artificial intelligence and machine learning on financial reporting and auditing practices

This study examines the impact of artificial intelligence (AI) and machine learning (ML) on professional roles within the context of financial reporting and auditing practices. Utilizing a quantitative approach, data were collected from 142 accountants in private businesses in Erbil through a structured questionnaire assessing perceptions on efficiency, accuracy, fraud detection, compliance, and professional impact. Statistical analyses, including multiple regression and correlation, were employed to determine the relationships between AI and ML integration and various professional outcomes. Contrary to expectations, the results revealed no significant impact of AI and ML on the perceived efficiency, accuracy, fraud detection capabilities, or compliance within the professional roles of accountants. These findings suggest a disconnect between the theoretical benefits of AI and ML technologies and their practical perceptions among professionals in the field. Recommendations include the need for enhanced training, incremental technology implementation, and improved governance structures to foster effective integration and utilization of AI and ML in financial practices. The study's implications are significant for organizations considering or currently implementing AI and ML technologies, highlighting the importance of addressing both technological and human factors to maximize the potential benefits of these innovations. Future research is encouraged to explore qualitative aspects of technology adoption and to conduct longitudinal studies to assess changes over time as professionals adapt to AI and ML tools. The limitations of the study, such as its geographical focus and cross-sectional design, suggest caution in generalizing the findings and point towards the need for broader, more diverse investigations. This research contributes to the ongoing discourse on the practical challenges of integrating advanced technologies in specialized professional domains, underscoring the need for a balanced approach that