International Journal of Accounting and Management Sciences (IJAMS)
IJAMS Vol.5 No.1 January 2026
DOI https://www.doi.org/10.56830/IJAMS01202603
Authors
Ahmed Helmy Mohammed Gomaa
Abstract
This study aims to analyze and evaluate the International Federation of Accountants’ (IFAC) stance on promoting the use of artificial intelligence (AI) and its tools in the auditing profession, its impact on the skills and competence of audit practitioners, and its contribution to enhancing the process and methodology of financial statement auditing.
This study employs a mixed (inductive and deductive) approach. It utilizes analytical methods, a key component of the inductive method, to analyze and evaluate IFAC’s position on promoting AI and its tools in the auditing profession.
The study then explores the impact of this stance on auditors’ skills and competence, and its support for the process and methodology of financial statement auditing.
The researcher also conducted a theoretically informed, quasi-systematic literature review of relevant research and studies.
This review is based on the context outlined in this study. The study reached several key findings, most notably that artificial intelligence (AI) has become a national strategic necessity for various countries.
The market for AI automation software is expected to witness significant growth in the coming years. With the increasing importance and use of AI, the International Federation of Accountants (IFAC) and its boards and audit practitioners must evolve at an accelerated pace to address a variety of new challenges that have not yet been fully explored.
AI practices impact the skills and competence of auditors and the process and methodology of auditing financial statements. This impact is crucial for auditors to achieve their objective of gathering evidence that enables them to form an opinion on whether the financial statements fairly represent, in all material respects, the results and financial position of the business.
The use of AI technologies enhances the audit process and methodology, but does not replace them, by increasing efficiency, effectiveness, and accuracy. This study contributes to the literature on the role of the International Federation of Accountants (IFAC), the global representative of the auditing profession, in promoting the use of artificial intelligence (AI) and its tools in the auditing profession.
It also examines the impact of AI on the skills and competence of audit practitioners and on enhancing the process and methodology of financial statement audits.
Furthermore, to the best of the researcher’s knowledge, this is the first study to address this role. In addition, the study suggests several areas for future research by scholars and academics considering the increasing use of AI tools in the auditing profession.
Keywords: International Federation of Accountants – Artificial Intelligence – Auditing Profession
Download Full Article 