THE IMPACT OF ARTIFICIAL INTELLIGENCE ON FIDUCIARY ACCOUNTING PRACTICES
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THE IMPACT OF ARTIFICIAL INTELLIGENCE ON FIDUCIARY ACCOUNTING PRACTICES
Abstract: Artificial intelligence (AI) is transforming fiduciary accounting practices, offering new tools for efficiency and accuracy. This study aims to (1) explore the impact of AI on fiduciary accounting, (2) evaluate the benefits and challenges of AI integration, and (3) identify best practices for leveraging AI in fiduciary accounting. A survey research design was selected to gather insights from fiduciary accountants on their experiences with AI technologies. The sample size, calculated using Taro Yamane’s formula, includes 250 fiduciary accountants, ensuring a representative dataset with a 95% confidence level and a 5% margin of error. The case study focuses on a fintech company in Lagos, at the forefront of AI adoption in fiduciary accounting. The reliability coefficient score for the survey was 0.90, indicating excellent reliability. Findings indicate that AI significantly enhances the accuracy and efficiency of fiduciary accounting processes, but also poses challenges such as the need for technical expertise and potential job displacement. The study recommends that fiduciary accounting firms invest in AI training programs and develop ethical guidelines for AI use to maximize its benefits while mitigating risks.
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