Adapting to AI: exploring the implications of AI integration in shaping the accounting and auditing profession for developing economies

Abstract

The study investigates the adaptability of the accounting and auditing profession in the face of rapid AI integration, focusing on developing economies with Ghana as a case study. It employs a quantitative approach, using a cross-sectional survey design to collect data from accounting and auditing professionals across various sectors in Ghana. A stratified random sampling technique ensures diverse representation, and the data is analysed using structural equation modelling (SEM) tools. The research identifies six key domains and twelve adaptability attributes, including forces of change, leadership qualities, readiness, approach, and resistance to change, which are critical for the profession's response to disruptive AI technologies. The extracted model, based on these attributes, was validated through a survey, revealing a good model fit with the Standardized Root Mean Square Residual (SRMR) below 0.08 and a Normed Fit Index (NFI) within an acceptable range. The findings suggest that to remain relevant in the AI era, accounting professionals in developing economies must continuously upskill and reskill, alongside cultivating strong business acumen, interpersonal skills, critical thinking, value-added services, and communication abilities. The study emphasizes the importance of policymakers, professional bodies, and leadership within the profession aligning their strategies with these adaptability attributes to enhance resilience and competitiveness in an AI-driven landscape. This research significantly contributes to the understanding of how the accounting and auditing profession in developing economies can navigate the challenges and opportunities presented by AI.