Accounting and audit professionals have been urged to embrace Artificial Intelligence (AI) as a tool to improve efficiency without allowing it to replace professional judgment, ethical reasoning and independent thinking in financial reporting.
Speaking at the 2026 Audit Committee Institute Conference on Wednesday July 1 in Lagos, Chairman of the Audit Committee Institute, Christian Ekeigwe, described auditors and audit committees as “guardians of financial truth,” stressing that while AI enhances data analysis, risk assessment and anomaly detection, it cannot substitute for human judgment. He warned that the greatest danger lies in professionals relying blindly on machine-generated outputs.
Ekeigwe encouraged accountants and auditors to stay informed about emerging technologies, remain vigilant when evaluating evidence and pay close attention to gaps in financial disclosures. He also urged audit committees to develop sufficient AI knowledge to effectively oversee its use in corporate governance and financial reporting.
Also speaking, Dr. Goodluck Obi, Partner and Head of Audit at KPMG West Africa, attributed most audit failures to weak corporate governance, poor internal controls and widespread misconceptions about the role of auditors. He explained that auditors are expected to provide an independent opinion on financial statements—not detect every instance of fraud.
On the growing use of AI, Obi described the technology as a valuable asset but cautioned that it must never replace professional responsibility. He stressed that auditors remain accountable for reviewing and validating AI-generated reports before relying on them in decision-making.
The experts agreed that strong corporate governance, transparency, accountability and sound professional judgment remain the foundation of high-quality audits, even as AI continues to reshape the financial reporting landscape.
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