An Examination of the Use of Robotic Process Automation (RPA) in Audit Processes in Nigeria: A Study of Zenith Bank Plc
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Background of the Study
The increasing complexity of financial operations has prompted organizations to adopt advanced technologies to enhance audit efficiency and accuracy. Robotic Process Automation (RPA) has emerged as a transformative tool in audit processes, enabling the automation of repetitive tasks such as data extraction, reconciliation, and compliance checks. By leveraging RPA, financial institutions can improve audit accuracy, reduce human errors, and optimize resources (PwC, 2024).
Zenith Bank Plc, a leading financial institution in Nigeria, has embraced technological innovation to stay competitive in a dynamic industry. The integration of RPA into its audit processes represents a significant shift towards more efficient and effective auditing practices. This study explores the use of RPA in audit processes at Zenith Bank, examining its impact on audit quality and operational efficiency.
Statement of the Problem
Despite the potential of RPA to revolutionize audit processes, its adoption in Nigeria faces challenges such as high implementation costs, limited technical expertise, and resistance to change. These challenges hinder the full realization of RPA's benefits, particularly in the banking sector.
This study investigates the application of RPA in Zenith Bank’s audit processes, assessing its impact on audit efficiency and identifying barriers to its successful implementation.
Objectives of the Study
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To examine the role of RPA in enhancing audit efficiency in Zenith Bank.
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To assess the impact of RPA on the accuracy and quality of audit outcomes.
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To identify the challenges associated with implementing RPA in audit processes in Nigeria.
Research Questions
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How does RPA enhance audit efficiency in Zenith Bank?
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What is the impact of RPA on the accuracy and quality of audit outcomes?
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What challenges affect the implementation of RPA in audit processes in Nigeria?
Research Hypotheses
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H₁: The use of RPA significantly enhances audit efficiency in Zenith Bank.
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H₂: RPA improves the accuracy and quality of audit outcomes in financial institutions.
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H₃: Challenges such as high costs and limited expertise hinder the effective implementation of RPA in Nigeria.
Scope and Limitations of the Study
The study focuses on Zenith Bank’s use of RPA in audit processes, analyzing its impact on efficiency and accuracy between 2023 and 2025. Limitations include restricted access to proprietary data and the nascent nature of RPA adoption in Nigeria.
Definitions of Terms
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Robotic Process Automation (RPA): Technology that automates repetitive and rule-based tasks through software robots or "bots."
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Audit Efficiency: The ability to conduct audits accurately and timely with optimized resource utilization.
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Zenith Bank Plc: One of Nigeria's largest financial institutions, known for its technological innovation.
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