Enhancing Accounting and Audit: The Pivotal Role of Fintech Innovations

Abstract

This study explores the transformative impact of financial technology (fintech) on accounting and auditing practices, aiming to address how these innovations can enhance efficiency, accuracy, accessibility, regulatory compliance, and ethical considerations within the industry. By employing a qualitative methodology that includes expert interviews and case studies, I investigate the most significant fintech innovations, particularly focusing on artificial intelligence (AI) and blockchain. The findings reveal that study technologies not only improve transparency and automation in accounting but also enhance audit processes through advanced data analytics. Furthermore, while fintech offers increased accessibility to accounting tools for small businesses, it raises critical ethical concerns regarding data privacy and algorithmic bias. This research underscores the dual nature of fintech as both a catalyst for positive change and a source of ethical challenges, highlighting the necessity for comprehensive frameworks to guide responsible integration into accounting practices.