THE ROLE OF ARTIFICIAL INTELLIGENCE IN FINANCIAL STATEMENT ANALYSIS
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- NGN 3000
Abstract
This study explores the role of artificial intelligence (AI) in financial statement analysis in Lagos State, Nigeria. The objectives are to: (1) identify how AI improves the precision of financial analysis, (2) assess the impact of AI on detecting financial anomalies, and (3) evaluate the efficiency gains from AI implementation in financial analysis. A survey design was adopted to capture insights from financial analysts and AI practitioners. Using Taro Yamane's formula, a statistically significant sample size was derived to ensure the robustness of the findings. GTBank was chosen as the case study for its innovative use of AI in financial processes. The reliability coefficient score of the survey was 0.88. Findings indicate that AI significantly enhances financial statement analysis by improving accuracy and efficiency, and by detecting anomalies that traditional methods might overlook. It is recommended that financial institutions in Lagos State integrate AI tools into their financial analysis processes to leverage these benefits.
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