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Artificial Intelligence in Accounting and Finance: Meta-Analysis

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DOI: 10.37435/NBR21032502

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 Artificial Intelligence in Accounting
and Finance: Meta-Analysis
Oguljan Berdiyeva
Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
[email protected]
Muhammad Umar Islam
Page 56
Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
[email protected]
Received: 25 Mar 2021
Revised: 27 Jul 2021
Mitra Saeedi
Accepted: 31 Jul 2021 Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
[email protected]
Abstract

The use of the traditional system is declined greatly and with a modernization of
the accounting and finance process there have been a great deal of change, and
these improvements are beneficial to the accounting and finance industry.
Adopting Artificial Intelligence applications such as Expert systems for audit and
tax, Intelligent Agents for customer service, Machine Learning for decision
making, etc. can lead a great benefit by reducing errors and increasing the
efficiency of the accounting and finance processes. To keep ensuring a
transparent and replicable process, we have conducted a meta-analysis. The
database search was between the years 1989-2020 and reviewed 150 research
papers. As meta-analysis results show, the majority of researches illustrate a
positive effect of the impact of AI systems in the accounting and finance process.

Key points:

NBR
 Meta-Analysis has been applied for emphasizing positive results of the
impact of Artificial Intelligence systems in the Accounting and Finance
process.
NUST Business Review  Implementing Artificial Intelligence systems in Accounting and Finance
© NUST Business School
NBR21032502 process can increase the efficiency of the process.
Vol. 03 (01)  Artificial Intelligence technology has been influential in all the areas of
06, 2021
pp. 56-79 accounting, which are especially concerned with knowledge
DOI:
This is an open access Keywords—Artificial Intelligence, Literature Review, Meta-Analysis,
article under the CC BY
license Accounting, Finance, Positive Impact.

Paper Type—Literature Review

The current issue and full text archive of this journal is available on NUST Business Review at: www.nbr.nust.edu.pk
 1.0. Introduction
Many industries are turning to Artificial Intelligence (AI) to perform tasks that were
previously performed by humans. When it comes to processing massive amounts of
data, finding fraud by identifying unusual operations, communicating with
customers online, and performing other essential functions, the financial services
NBR industry has embraced AI. For example, in the facial reorganization, voice
3,1 recognition, or Machine Learning (ML), there are several excellent use cases. In
addition to enhancing customer value propositions, new technologies also improve
efficiency and effectiveness in the organization. Financial Stability Board Study has
established the use of Artificial Intelligence technology for regulatory enforcement,
oversight, evaluation of data quality, and identification of fraud by organizations
Page 57
both public and private (FSB, 2017). The accounting systems and processes are
converted into computer formats from the arena of paper journals and booklets with
the advent of computers that have pushed artificial intelligence into methods of self-
management, self-configuration, self-diagnosis, and self-healing that ensure
maximum accounting performance. The evolution of accounting software and the
new artificial intelligence development have fully changed accounting systems.
Extent studies have shown that the efficiency of accounting operations is positively
affected by Internet computers, software/expert systems, and more recent
developments in Artificial Intelligence (Ballada, 2012).
It has been a hot topic in recent years to predict the AI applications that will be
available in the financial services sector soon. Especially as blockchains and
cryptocurrency acceptance expands, there is a high probability that transactional
security and account security will improve. Due to the reduction or elimination of
transaction costs, the need for an intermediary is eliminated. All types of digital
assistants and applications will continue to improve themselves through cognitive
computing. From the payment of bills to the preparation of tax returns, intelligent
machines can plan and carry out short- and long-term activities. VR's advanced
auto-assistance technologies can also predict better customer service as NLP
progresses and learns more from previous experiences. A greater level of
transparency will result from more detailed, accurate client reporting and more
comprehensive due diligence checks, which would take too many hours to be
performed by humans (Bachinskiy, 2019).
During the era of Artificial Intelligence, conventional accounting staff would
leave the accounting program to complete a few more complex tasks. These would
significantly boost working performance, minimize errors, increase companies'
productivity, and also allow the accounting industry to further transforming the
accounting field (Chaoyi et al., 2020). The accounting industry has a long history of
applications for artificial intelligence (AI), mainly for financial reporting and
auditing, dating back 25 years (Giudici, 2018). Artificial intelligence (AI),
particularly in connection with the accounting profession, has recently improved
significantly from paper and pencil entry to software and computer entry. The most
recent invention of AI products has contributed to the development of robots and a
stronger infrastructure of experts in accounting software. This emerging technology
phenomenon has therefore induced much change in the market climate and affected
the activity of the business. The evolution of accounting software and the new
artificial intelligence development have fully changed accounting systems. Extent
 studies have shown that the efficiency of accounting operations is positively
affected by Internet computers, software/expert systems, and more recent
developments in artificial intelligence.
Artificial Intelligence Algorithms with higher sophistication can meet the need for
NBR new power in the financial field as computer computing power increases. AI is
3,1 widely used in investment management, algorithm trading, fraud detection, loan,
and insurance underwriting, to name just a few. Regulators will be able to
determine illegal compliance using artificial intelligence. This is an evolution of the
experience based on the supervision of transactions and the analysis of massive
Page 58 amounts of data, while new required skills and knowledge for regulators will be
discussed.
When it comes to stock investments on the financial market, the public is always
eager to understand the underlying rules, which can be used for analysis and
prediction (Huang, 2009). To maximize the profit, investment experts from around
the world are applying different methods of investment analysis and data mining to
the vast amounts of publicly available stock market data. Market and non-market
factors interact with each other, making it difficult to establish an accurate model of
internal interaction (Preis, 2012). A "black box" model prediction using machine
learning is increasingly used in stock market forecasting.

2.0. Terminology
The science and technology behind the robot design, development, and deployment
as an Artificial Intelligence technology (Graetz, 2017). In other words, it is concerned
with the construction, design, function, and use of robots. The robots are similarly
matched to the human interface, which removes the need to change programs (e.g.,
ERP, software store, accounting, payroll), or the basic infrastructure of information
technology Each robot is logged and monitored to satisfy audit requirements and
guarantee the integrity of the data. In every category of business management
activity, RPA has become a very useful and important method. Software robots can
conduct traditional work processes: opened, read, and sent emails, scanned,
retrieved, modified, validated, data entered through different applications, opened,
read and sent emails, processed, and formatted data, and make decisions.
Expert systems are artificial intelligence programs introduced during the 1980s
that achieve a degree of competence that can replace human expertise in a given
decision-making area. Artificial intelligence technology is quickly applied and most
commonly used by expert systems. They provide computer programs that simulate
expert thought in a specific area. They also come with machine shells of expert
experts. A system shell by an expert is a software programming system that allows
expert or information-based systems to be built. Therefore, where a person/group
has special knowledge that others need, a field for an expert system is possible
(Taghizadeh et al., 2013). Academic auditors were interested in the study of the
functions of expert audit systems. One of the initial attempts was to use artificial
intelligence technology in an auditing sense. TICOM (the internal control model)
(Bailey et al., 1985). Although TICOM is not an expert system framework, it is an
analytical method focused on the principle of artificial intelligence of the
representation of information and simplified diagrams. TICOM is designed to help
the auditor plan, analyse and review internal control systems for the Decision
Support Assistance system.
 The auditor will use TICOM to model the information system and then test the
internal control system using the querying functionality. Hansen and Messier also
developed one of the first expert auditing programs, EDP-EXPERT. The framework
was developed to provide the EDP auditor with decision support, an environment
that is appropriate for the development of the expert system due to the complex and
NBR diverse nature of the audit systems and the small number of experienced and
3,1 professional EDP auditors. A computer audit professional was the expert and
provided the system with weights and suggestions (Hansen and Messier Jr., 1987).
Expert systems have made an enormous contribution to the accounting profession
over the past fifteen years. Due to the high cost of developing these systems, only
Page 59 large accounting companies have been active in developing most expert accounting
systems.
Advances in IT are quickly entering the daily business operations, enhancing
production performance, increasing the quality of information, and changing the
essence of business processes, including financial reporting One such innovation is
computerized intelligent agents (IA), independent software companies which
employ their know-how to achieve user's aims (Gao et al., 2007). Companies are
looking forward to implementing IAs to reduce the costs of this innovative
technology and increase production. The research conducted by Huaiqing et al.,
(2007), has included lightweight Intelligent Agents in financial surveillance systems.
The intelligent agents can have an efficient way of systematically tracking corporate
financial transactions, identification, and reporting of any financial irregular
transactions that could lead to unhedged threats, fraud, and other financial
contradictions. They also suggested an ontological structure focused on a detailed
review and an abstraction of UML-based financial transactions. These ontologies
provide all information correspondence within the system with a single vocabulary.
The use of ontologies will contribute to an unequivocal comprehension of the
concepts and the potential source of misunderstanding. Moreover, such models
provide a uniform structure in terms of their strengths and limitations, where
different systems can be compared. The intelligent agent is ideal for a particular
company situation. The selection of the system would depend on the size of the
organization, the production process, cost classification, and other elements.
In the future of the auditing and accounting professions, artificial intelligence is
important. The use of artificial intelligence applications in accounting goes back
decades. Greenman (2017) acknowledged that numerous artificial intelligence
systems and techniques have been used by the domain of accounting researchers,
and successfully performed in basic financial and analytical reports and audit
reassurance tasks. The auditor, who recognizes, monitors, and improves the
analytical and cognitive structures and processes, will therefore prosper. Fogel et al.,
(2017) see the implementation of expert systems as being of greater interest to the
accountant than the displacement of technology. He says that in the past business
owners and their accountants will make choices based on statistics which are often
out of date, but expert systems and the automation of the data processes always
include up-to-date details concerning the business that makes it possible to take
much informed decisions (Fogel et al., 2017).
Chukwudi et al. (2018) gave some insights into the gains made by AI and their
positive effects on accounting. They pointed out that accuracy and speed will
increase, outside and intern reporting will be improved, paper use will be
 decreased, usability and usefulness will be increased, as will an improved database
system. This would transform AI into an effective consulting service, which would
be boring and painstaking. In the world of industry 4.0, accounting companies must
remain competitive and constructive. They must react, take and adjust their choices
continuously to optimize profitability and services and drive business process
improvements (Barta, 2018). In conventional accounts, the jobs of the accounting
NBR department are not split, this is often seen in small and medium-sized enterprises.
3,1 All financial staff can access both bookkeeping and cash-flow, which is why the
organization is missing, and this can lead to financial theft, as it allows themselves
access to self-serving criminals. However, by integrating artificial intelligence,
computers can do a significant portion of the accounting and other related work,
Page 60 accounting staff only have to provide guidance and review them. At the end of the
time, the machine settles the bill and performs the test balance automatically. Each
accountant has unique rights in the accounting system (scanner, retina scanner, etc.)
and has different passwords and accounting, simple division of responsibility,
thereby minimizing financial fraud to some levels.

3.0. Related Work

According to the research of Greenman (2017), The future of accounting and
auditing careers relies on artificial intelligence. AI is an important tool for providing
these professionals with the resources they need to improve their careers'
effectiveness and productivity. In addition to the high-value specialties that indicate
professional judgment, routine bookkeeping or process-based activities tend to be
substituted by automated technology. Many agree that the younger generation must
understand artificial intelligence and be prepared to work with it.
Yin and Xiaoni (2019) aimed to analyse the application of intelligent
technology in forecasts of bankruptcy to measure development and explain research
patterns in the last fifteen decades through bibliometric review. The quest for
literature included journal papers and reviews published during 1968-2018 on Web
of Science. After screening duplicates and reports, 413 foreign academic papers are
the final results obtained. Initial research was performed by using a series of
keyword combinations as search criteria to classify foreign academic papers related
to the research subject. Results show that, while the number of publications has
risen considerably since the financial crisis of 2008, authors' collaboration,
particularly in the global region, is small.
The results also provide a detailed review of interdisciplinary research in the
fields of financial, market, and computer research on bankruptcy modelling. The
consequences of this paper highlight the identification of underexplored research
fields and provide insights into the holes present in future studies (Saggese et al.,
2016). It indicates that certain AI techniques are not properly studied in bankruptcy
prediction studies. Such techniques can however outperform when dealing with
massive data, which is currently critical for corporate management and decision-
making. Indeed, as a research method, artificial intelligence is increasingly popular
in many fields, allowing researchers and practitioners to view the use of intelligent
techniques as alternative research and decision-making analyses.
 4.0. Methodology
This paper aims to provide a meta-analysis of literature review that involves a
detailed and qualitative method to search and examine the literature on the source
material, such as the impact of Artificial Intelligence applications on accounting and
finance process. Glass (1976) first defined meta-analysis in the social science
literature as "The statistical analysis of a large collection of analysis results from
individual studies to integrate the findings". Meta-analysis is an epidemiological,
NBR quantitative, and formal research design used to analyse the outcomes of previous
3,1 research systematically to extract results from the research organization. The results
from a meta-analysis can be more accurate than any individual research adding to
the combined studies' estimation of the impact of medication or risk factors for
disease or other findings.
Page 61 Identifying causes of variance in reactions may contribute to the more efficient
treatment or management changes, that is, analysing the heterogeneity of a group of
studies and generalized reaction. The heterogeneity evaluation is probably the
biggest challenge in meta-analysis. This study as a first objective has conducted a
meta-analysis of literature review and involved around 150 research from different
sources. All papers were reviewed and selected properly for further analysis. The
gathered data were composed of 5 different tables which illustrate the variety of
results from the selected literature. The Cochrane (2008) collaboration has been a
long-standing, rigorous, and innovative leader in developing methods in the field.
Major contributions include the development of protocols that provide structure for
literature search methods and new and extended analytic and diagnostic methods
for evaluating the output of meta-analyses. The use of the methods outlined in the
handbook should provide a consistent approach to the conduct of meta-analysis.
4.1. Search Strategy
The centre of the systematic review is a well-constructed search technique and
is stated in the methodology section of the paper. The search strategy recovers a
large number of studies for eligibility & inclusion that will be reviewed. The search
technique consistency also influences what items were missing. In this method,
informant staff may be collaborators. All research papers for this study were
searched properly for the subject AI in accounting and finance and collected from
different academic sources such as Researchgate, Journal of Computing, Emerald,
Elsevier AI&Society, Heliyon, Review of Economics & Business Studies, etc.
Other databases, such as ACM or IEEE, should also be supported in a similar
depth. But we have actively opted for reducing the number of databases, as with
Buchanan and Bryman (2009) and also the academics and scientists Amorim and
Melão (2018) to increase transparency and simple replication of findings. We chose
the systemic literary review because it is "a method of identification, assessment,
and synthesis of the existing previous work performed and recorded by researchers,
academics and practitioners that is systems, explicit and replicable" (Fink, 2010). The
writers have conducted systematic literature following the diagram method to
ensure a consistent and replicable procedure. This approach allows researchers to
sum up current evidence according to a step-by-step procedure that is explicit,
comprehensive, and clear.
 4.2. Identification of Sources
A job may be made better if the type of information corresponds appropriately to
the context. Each source has benefits and inconveniences. During the "Find
Sources" stage in the research process, it is important to know what you are
searching for. The large search query has been designed: 'Artificial Intelligence and
'Accounts &Finance.' The search for a database took place in December 2020 and
NBR resulted in over 200 hits. By restricting the searches to names, abstracts, and
3,1 keywords we have limited the number of publications for the Scopus Journal
review. We have also included foreign publications in English, which avoided
misunderstandings and contributed to international scientific discourse in these
publications. As it comes from the quest itself, we did not pick a particular time
Page 62 frame. To guarantee scientific rigor, the criteria of inclusion focused on the type of
document, i.e., peer-reviewed publications, conference papers, and full-text
availability. This search resulted in the first number of 155 references after
duplicates have been eliminated. We omitted 1 article which was not available in
full text and two others that focused on technical aspects in the second level. There
were 69 academic papers, 58 scientific papers, and 23 papers in the remaining 150
references.

5.0. Findings and Discussion

The research quality is assessed based on the validity, scope, and completeness of
the research. The study population must be adequately identified by researchers in
their protocols. First of all, the target population has the attributes that allow the
research to achieve its goal. The researcher must define requirements for inclusion
and exclusion in a sample. Defining parameters of inclusion and exclusion
increases the probability of accurate and reproductive outcomes, decreases the
likelihood of damage to subjects, and avoids abuse of vulnerable subjects. All
papers selected for this review have an overall structure that incorporates all key
elements of a study, and (Table1). As criteria were identified document type, date
of selected papers, the language of publishing, participants type which research
was conducted, and participant’s characteristics. Of the general picture were
distributed inclusions and exclusions as well. Inclusions of document type are
research articles and academic books, respectively Exclusion consists of
presentation, Abstracts, and non-academic sources. The date of selected articles is
between the years 1989 and 2020. Before the year 1989 is an Exclusion. The
language of publications is language. Participants in the conducted researches are
professionals as an accountant, financial managers, auditors, etc., also students in
accounting and finance-related module, accounting and finance companies and
their customers as well. Non-professionals were excluded. Participant
characteristics are people in age average 18 and 65 years old, and health conditions
are healthy as well. The generation 18 and below, elderly people above 65 and
disabled, and health compromised people are excluded.
In the documents collected, factors that contribute to AI volatility, as well as
ES hedging ability, have been analysed. In addition to references from some
experts, such as articles and university papers in the fields under consideration,
this paper mainly incorporates the findings of research papers. The results of such
analysis are summarized in the preceding section. (Table 2).
 Criteria Inclusion Exclusion
Document  Research articles  Presentations/Abstracts
type  Academic books  Non-academic sources
Date ≥ 1989-2020 < 1989
Language English Non-English
Participant’s  Professionals Non-professional
type  Students
 Companies/customers
 Finance Executives
Table 1. Participant’s  Age: Adults (≥ 18 years ≤ 65 * < 18 (Children/infants) > 65
Specific Criteria characteristics years) (elderly)
of a Literature  Healthy * disabled/ health compromised
Review persons

As it shows in the below-given table, the majority of research papers are published
on the platform Researchgate. The second group an Others which include various
research sources such as the Journal of Computing, AI and Society, Heliyon,
Review of Economics & Business Studies, etc. Other resources as Emerald and
Elsevier consist of sufficient research papers as well. Authors of all these papers are
from different countries and done in different time lining. The articles numbered
and the full name of authors, date of publications, resources will be shown in the
References part of this paper.

NBR Sources No. of articles

3,1 Emerald [7], [8], [9], [10], [32], [61], [72], [88], [90], [91], [92], [93], [94], [95], [96], [108],
[109], [114], [116], [28], [33], [35], [37], [38], [40], [42], [44], [45], [46], [47],
Elsevier [48], [50], [54], [64], [66], [68], [71], [101], [135],

Page 63 ResearchGate [1], [6], [15], [21], [25], [30], [34], [36], [51], [52], [53], [65], [69], [73], [78], [81],
[82], [83], [84], [85], [86], [87], [98], [99], [100], [102], [103], [104], [106], [111],
[112], [115], [117], [121], [122], [123], [125], [129], [138], [139], [140], [141],
[143], [144], [146], [147], [148], [149], [150],

Pergamon [2], [4], [5], [18], [20], [24], [26], [29], [31], [56]
Press Plc
Atlantis Press [41], [79]

Scientific [3], [17], [19], [39], [57], [59], [63]

Research
Publishing
Others [11], [12], [13], [14], [16], [22], [23], [27], [43], [49], [55], [58], [60], [62], [67],
Table 2. [70], [74], [75], [76] [77], [80], [89], [97], [105], [107], [110], [113], [118], [120],
Article’s Sources [124], [126], [127], [128], [130], [131], [132], [133], [134], [136], [137], [142],
[145],

Note: For the above-shown references (numbers) kindly refer to Appendix A.

 5.1. Qualitative Data
Analysing classified by three main criteria’s as “Analysing method”, “Analysis
period” and “Participants” by Positive, Negative and Neutral impact of AI in
accounting and finance process. 150 research articles about the impact of Artificial
Intelligence on accounting and finance process were selected and reviewed. In
general, the “Analysing method” results consist of seven methods such as
NBR qualitative, quantitative, statistical, analytical, systematic methods, and literature
3,1 review. The methodological approach is presented in Table 1. Summarized results
of the meta-analysis are given in Table 3. The qualitative data were collected from
previous research projects and presented in this paper in meta-analysis.
Results are identified next: the qualitative research method indicates the
Page 64 highest positive impact which are 26 papers of 30, 4 of 30 papers of the current
method have a neutral impact of AI and only 3 papers are with a negative impact.
Quantitative method features are on average 19 papers of 20 with a positive impact,
only 1 is neutral and 2 are with negative impacts. Analytical and systematic
methods have a similar feature with a high positive impact of AI in the accounting
and finance process. By literature review method positive features are on the top
with 17 research papers of 20. Overall, by Analysis Method the positive impact of AI
in the accounting process is the highest feature. Literature has generally shown that
AI dynamism is one of the most disruptive technology in the banking, accounting
industry, retail, travel, and media, while the adoption of AI in various industries has
on a global level have been studied.

Analysis Method

Positive Negative Neutral

30
26
25
19 19
20 17
15
11
8 9 8 9
10

5 3 4 2 1 2 3 2 1
4
0 1 1
0
Qualitative Quantitative Statistical Analitycal Litarature Systematic Others
review

5.2. Research Timeline

Table 3.
For the current meta-analysis were selected 150 research papers were between the
Results of
years 1989-2020. Below in Table 4 are given detailed results of reviewed articles by
Analysed
analysed years. As it is shown in the above diagram the majority of research papers
Methods.
were selected from the years 2010-2020 November periods. The highest result here
with positive impact with a number 86 articles. Neutral impact of AI in accounting
and finance process between the years 2010-2020 November has a middle place with
an average of 18 research papers and only 14 researches are negatively impacted in
these periods.
 At the beginning of the XX century, the positively impacted research papers are also
on the top which indicates 11 papers, negative and neutral cases are almost the
same with 2-3 articles. Only in the period 1989-2000 years all three features are low
which means the research about the impact of AI in accounting and finance process
was done in a small amount. 10 papers with a positive impact, 4 with negative, and
only 2 research articles have a neutral impact of AI in the accounting and finance
process. Shortly, in comparison with 3 time-table results of the period 2010-2020
November have the highest features.

Table 4.
Results of Analysed
Years

5.3. Participants
This part of the results illustrates the participants and elements of gathered data for
certain research. Table 5 below shows the type of participants which are
Professionals, students, different financial and finance companies, and their
customers as well. Moreover, the scientist papers are also included. The leader
among the objectives is a research paper with a high indicator. By science articles
about the impact of AI in accounting and finance, the positive feature is at the top
with 45 papers. Although 12 of these papers have negative and 11 neutral impacts of
AI in the accounting and finance process. Accounting and finance companies and
their customers indicate nest results: 41 positive, 4 negative, and 8 are neutrally
NBR
impacted with AI in accounting and finance processing. Hence, by professionals, the
3,1
features have fluctuated. The positively impacted researches are sharply high and
negative case is 1, neutral impacted papers are only 4. Regarding students is the
almost same indicator with only 1 research paper for positive, negative, and neutral
Page 65 criteria. In other words, by sorting out criteria among the participants, on the top is
scientific papers, after taking a place accounting and finance companies and their
customers. Professionals indicate more positive impact and students are remaining
stable with the number of impacted cases of AI in accounting and finance.
 Participants

Others

Scientics/Articles

Company/Customers

Students

Professionals

0 5 10 15 20 25 30 35 40 45 50
Table 5.
Results of Neutral Negative Positive
Participants

6.0. Future Research

For future research, we plan to explore a systematic review of the Deep Learning
method for forecasting Crude Oil Market Bankruptcy in Malaysia. In recent years,
though ML has become a major subject, the principle of machine learning has
already been present for decades (Bratko and Michalski, 1998). Rooted in the idea
that machines can be programmed automatically by experience, in the late 1950s,
Artificial Intelligence (AI) pioneers developed techniques to teach computers how to
play games to improve (with a technique called alpha-beta pruning and a minimum
algorithm) Stockman (1979) to classify images (with a technique called perception)
(Widrow and Lehr, 1990). Crude oil as a major source of energy plays a crucial role
in economic development.
As Malaysia's capital market evolves, more corporate characteristics are to be
revealed. The study will pick more Deep Learning indicators on this pattern to
forecast bankruptcy in the Oil &Gas industry. In addition, more small and medium-
sized investment corporations in Malaysia will be involved in this approach. For
energy investors, predicting crashes in oil prices may help minimize risk and ensure
proper investment in and distribution of capital. Saggu and Anukoonwattaka
(2015), suggest that economic development in Asia-Pacific's least developed and
landlocked developing countries is at serious risk of crashes in commodity prices.
Jianfeng et al., (2012) estimated crude oil prices based on vector machinery
supports. There are several algorithms and methods in the field of Deep Learning
NBR used to answer a wide range of questions. Some techniques have solid mathematical
3,1 foundations, while others, like climbing on the Hill, or evolutionary methods, use
heuristic approaches (Jules and Wattenbergy, 1994).

7.0. Conclusion
Page 66 The future of the accounting and finance professions relies on Artificial Intelligence.
AI is an important tool for offering these professionals the resources they need to
improve their work productivity and effectiveness (Baldwin et al., 2006). Regarding
the results of the conducted research, AI applications have a strong positive impact
on the accounting and finance process, especially an Expert System and Intelligent
 Agent by reducing errors, increasing efficiency of the audit process, cost-saving, and
time-saving by training inexperienced accounting staff. As meta-analysis results
show, the majority of research papers between the years 1989-2020 illustrate a
strong positive effect of AI systems in the accounting and finance process. Through
their analysis conclusions, most authors agreed about increasing efficiency in the
NBR accounting process by adopting AI systems. The study found a positive effect on
3,1 accounting performance with the use of artificial intelligence. AI systems will in the
next few decades take increasing decisions from people. While accountants have
been using technology for a long time to enhance their actions and give businesses
more value, this provides the ability to restore, refurbish and substantially improve
company standards and investment decisions, which are the ultimate goals of the
Page 67
profession. In 10 years, time, the accounting profession will look markedly different
from now. Contributing to emerging innovations, including AI, would survive and
prosper by further specialization, delivering advisory services, and helping clients
incorporate the AI technology, rather than relying solely on financial data
calculations (Ovaska-Few, 2017). Training and in some cases, retraining will be
required. The construction costs must be prepared to be picked up by organizations.
Overall, in the accounting and financial industry, the implementation of
Artificial Intelligence is motivated by demand factors such as requirements of
financial regulation, competition with other firms, and profitability and supply
factors such as access to the infrastructure and the data sector and technical
advances. Several breakthroughs in finance are being made in the process of
Artificial Intelligence, including the development of software that can disrupt the
industry. Therefore, the premise is that AI can not only partially or completely
replace human resources, it can also boost efficiency beyond the thresholds of
humans. The effect of this growth on accounting and financial stability must be
taken into account in determining better results.

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About Authors
*Oguljan Berdiyeva
Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
* the corresponding author can be contacted at: [email protected]
Muhammad Umar Islam
Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
[email protected]

Mitra Saeedi
Asia Pacific University of Technology and Innovation, Kuala Lumpur, Malaysia
[email protected]
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The Value of Explanation in Expert Systems for

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Improving administrative decisions through expert

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Using the artificial neural network to predict fraud

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Artificial Intelligence in Digital Transformation of

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Analysis on the Impact of Financial Intelligence on

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New Trend in Fintech: Research on Artificial Intelligence

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An Expert System for Financial and Accounting

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How Artificial Intelligence Changes the Future of

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Application of machine learning models and Artificial

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IFDTC4.5: Intuitionistic fuzzy logic-based decision tree

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Expert System in the Accounting Curriculum: A

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