The role of artificial intelligence and machine learning in enhancing audit quality and detecting anomalies in financial records Department: Accountancy By: sifypatprojects Project ID: 9133 Rating: (5.0) votes: 1Rate this project12345 Price:₦4000 Get the Complete MaterialAbstractThe increasing complexity of financial transactions and the growing volume of organizational data have posed significant challenges to traditional auditing methods. This study examines the role of Artificial Intelligence (AI) and Machine Learning (ML) in enhancing audit quality and improving the detection of anomalies in financial records. The research explores how AI-driven tools such as data analytics, predictive modeling, and automated audit systems contribute to more accurate, efficient, and reliable audit processes compared to conventional audit techniques. The study adopts a descriptive and analytical research design, using both primary and secondary data. Primary data were obtained through structured questionnaires administered to professional auditors, accountants, and financial managers, while secondary data were sourced from journals, textbooks, and relevant online publications. Data collected were analyzed using appropriate statistical tools to determine the effectiveness of AI and ML applications in auditing practices. Findings from the study reveal that the adoption of AI and ML significantly enhances audit quality by improving error detection, reducing audit time, and increasing the ability to identify unusual patterns and potential fraud in financial records. The results also indicate that AI-based audit systems minimize human bias and enhance auditors’ professional judgment through continuous learning and real-time data analysis. However, challenges such as high implementation costs, data security concerns, and limited technical expertise were identified as major constraints to widespread adoption. The study concludes that Artificial Intelligence and Machine Learning play a vital role in modern auditing by strengthening anomaly detection and improving overall audit effectiveness. It recommends increased investment in AI technologies, continuous training for auditors, and the development of regulatory frameworks to guide the ethical and effective use of AI in audit practices....Preview Download Preview +Other Accountancy project topics and materials you might be interested in»The Impact of Accounting Ratio in Decision Making ( A Case Study of Nigeria Breweries Plc Enugu) »The impact of budget and budgetary control in tertiary institutions ( A Case study of imo state university )»Internal control as a tool for improving profitability»The role of financial institutions in the development of Nigeria economy»Impact of computerization of accounting system of commercial banks ( A case study of union bank plc )»The Impact of product development on banks performance ( A Case study of first bank plc )»Effects of standard costing on the profitability of manufacturing companies (a case study of nigerian breweries plc, Ama, Udi local government of Enugu state) »The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport )»Role of good accounting system in the management of private enterprise in Nigeria ( A Case Study of Nwaogo pam paper mills limited )»Auditing in Nigeria companies, problems and prospects»The impact of development finance institutions (DFIS) in economic development of Nigeria»Effect of misrepresentation of information in a financial statement»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )»The effects of computerized accounting system on the performance of banking industry in Nigeria»An appraisal of fraud prevention measures in Nigerian banking sector ( Case study of access bank plc owerri )