Systematic Review of Artificial Intelligence Techniques for Enhancing Financial Reporting and Regulatory Compliance
DOI:
https://doi.org/10.63282/3050-9246.IJETCSIT-V2I4P108Keywords:
Artificial Intelligence, Financial Reporting, Regulatory Compliance, Automated Accounting, Financial Data AnalyticsAbstract
Artificial intelligence (AI) has transformed and dramatically changed conventional financial practices by automating monotonous processes involving financial reporting as well as that involving regulatory compliance, improved the accuracy of data, and enabled the supervisor to observe their regulatory needs in real-time. This study presents an inclusive literature review of AI in financial reporting and compliance through innovation techniques like neural networks, NLP, and also ML. Among the main conclusions, the significant imposition of AI to enhance fraud detection, automation of journal entries and compliance with sophisticated regulatory frameworks such as AML and KYC through advanced analytics and systems based on NLP are listed. Nevertheless, despite the increasing adoption, explain ability, data privacy, and regulatory acceptance are among the challenges. This review will summarize existing research, establish methodological patterns and areas of gaps to benefit future research and provide information to quality practitioners and policymakers working in the field of AI-based financial governance, rapidly developing in an environment of constant change
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