IMPACT OF ARTIFICIAL INTELLIGENCE APPLICATION ON THE ACCOUNTING AND AUDITING PROFESSION OF LISTED INSURANCE COMPANIES IN NIGERIA: AN EXPLORATORY RESEARCH

ABSTRACT This study examines the impact of artificial intelligence (AI) applications on the accounting and auditing profession of listed insurance companies in Nigeria. The rapid advancement of AI technologies such as expert systems, robotic process automation, machine learning, and data analytics has significantly transformed traditional accounting and auditing practices. The study adopts a qualitative research approach, relying on secondary data sourced from scholarly journals, professional reports, regulatory publications, and industry documents relevant to the Nigerian insurance sector. Theoretical insights were drawn from agency theory, artificial intelligence theory, and task–technology fit theory to explain the interaction between AI adoption and professional accounting practices. Findings reveal that AI applications enhance accuracy, efficiency, fraud detection, risk assessment, and audit automation within listed insurance companies. The study further shows that AI has shifted the role of accountants and auditors from routine data processing to higher-value advisory and analytical functions. However, challenges such as high implementation costs, skills gaps, data security concerns, and resistance to technological change were identified as major constraints to effective AI adoption. The study concludes that artificial intelligence has a significant and positive impact on the accounting and auditing profession in Nigeria’s insurance industry when appropriately implemented and supported by adequate regulatory frameworks and professional training. It therefore recommends continuous capacity building for accounting professionals, increased investment in AI infrastructure, and the development of ethical and regulatory guidelines to ensure responsible use of AI technologies in the accounting and auditing profession.