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Does fintech lead to better Does fintech

lead to better
accounting practices? accounting
practices?
Empirical evidence
Mandella Osei-Assibey Bonsu
Department of Finance, Performance and Marketing,
International Business School, Teesside University, Middlesbrough, UK Received 26 July 2022
Revised 3 October 2022
Accepted 6 December 2022
Ying Wang
Department of Accounting and Finance, Faculty of Business and Law,
Anglia Ruskin University, Cambridge, UK, and
Yongsheng Guo
Department of Finance, Performance and Marketing,
International Business School, Teesside University, Middlesbrough, UK

Abstract
Purpose – Innovation in fintech presents great opportunities and huge challenges for accounting practices
around the world. This paper aims to examine the impact of Fintech on accounting practices including
financial reporting, performance management, budgeting, auditing, risk and fraud management. Fintech is
proxied by the adoption of AI and big data analysis in accounting practices.
Design/methodology/approach – We chose African countries as our focus countries and surveyed
chartered and qualified accountants in both Ghana and Nigeria. With 201 questionnaires qualified for our final
analyses, we adopted the structural equation modelling to analyse the impact of Fintech on accounting practices.
Findings – The empirical results show that the impact of AI and big data on accounting practices is positive
and significant, indicating that fintech could potentially mitigate the agency problem in accounting practices
and lead to better accounting practices. Interestingly, we find that, in general, the impact of AI is larger than
that of big data.
Originality/value – Our results provide significant insights to regulators, policymakers and managers
about the future development of adopting fintech in the regulation and governance framework at both macro
and micro levels for accounting practice.
Keywords Fintech, Accounting practices, Artificial intelligence, Big data analysis,
Emerging economies
Paper type Research paper

1. Introduction
Fintech, defined as the use of technology and computer digital technologies in financial
services, significantly changes how financial institutions operate (Sangwan et al., 2019). In
the corporate world, fintech is a cross-disciplinary field that integrates finance, technology
and innovation management (Sung et al., 2019). Evidence suggests that global fintech

Authors would like to thank the Editor and anonymous viewers for their constructive feedbacks to Accounting Research Journal
improved the quality of the paper. © Emerald Publishing Limited
1030-9616
The research did not receive any fund support. DOI 10.1108/ARJ-07-2022-0178
ARJ funding increased by 120% in 2018 to reach £88.2bn, up from £40.08bn in 2017. However,
the total value of fund invested in fintech firms globally in 2021 was $210.1bn (Statista.com)
[1]. Evidence suggests that artificial intelligence algorithms can be used to treat big data,
taking advantage of enhanced computational power including cloud computing and mobile
hardware which allows continuous accessibility. With the generation of new business
models, fintech has the potential to disrupt established intermediaries, including accounting
practices. Accounting is indispensable to run business tracking finances and resistance
quantitative financial data to investors, management and government for decision making.
When planning, properly budgeting and anticipating future changes having all data at
hand, accountants can be proactive rather than reactive with the aid from fintech.
Fintech, such as AI, big data analysis (BDA) and cloud-based accounting, has received
considerable attention from academics, businesses and policymakers. If high-quality timely
data processing is possible, this could suggest that accountants will be able to present more
accurate financial reporting and enhanced management performance. Likewise, accountants
will be able to perform better in auditing through enhanced auditing evidence and reliable
budgeting (Elmagrhi et al., 2019; Ibrahim et al., 2021), risk management, budgeting and
auditing could be improved via Fintech (Chen et al., 2016). This indicates that fintech could
benefit auditors conform more with auditing values and upsurge the overall assurance level
via obtaining more suitable and sufficient auditing evidence (ICAEW, 2014; Yoon et al.,
2015).
Fintech has always been a major stumbling block for accounting and auditing
procedures, especially those that need estimations or projections including depreciation, risk
assessment and budgeting (Ibrahim et al., 2021). However, advanced fintech offers potential
solutions that might deliver a vast volume of processed data in real time, which is more
prospective to excite the accounting heart with a smooth flow of high-quality data while
lowering agency expenses. Notwithstanding this, current research in accounting
information systems is undeveloped. It is generally theoretical and hence dearth empirical
evidence of fintech in accounting (Baldwin et al., 2006; Omoteso, 2012; Sutton et al., 2016). To
help extend the knowledge, this paper aims to close this significant gap to address the
research question:

RQ. Does Fintech lead to better accounting practices?

We focus on African emerging markets because fintech has grown significantly in Africa: in
2021, Fintech start-ups on the continent raised $3.03bn in revealed funding rounds [2].
Particularly, Nigeria has witnessed an increase in Fintech innovation and application with
over 200 fintech firms as well as numerous fintech solutions supplied by firms as part of
their products portfolio. Recently, Nigeria has positioned herself as one of the Africa’s
leading fintech hubs, attracting 25% ($122mn) of all investment raised by African digital
startups in 2019 (Disrupt Africa Report, 2019). Meanwhile, Ghana is one of the African
countries leading fintech charge, attracting more than £4.5bn in investment in over 100
fintech companies over the last three years [3].
Given the rapid growth of the Fintech industry in Nigeria and Ghana, how accountants
recognise the impact of Fintech on their accounting practises and what has been done to
improve their accounting practises is of interests to policymakers, Fintech providers and
accounting professions. Although several studies have explored the impact of fintech on
firm performance (Lien et al., 2020; Sharif Abu Karsh, 2020; Yao et al., 2021), there is no
empirical studies on the effectiveness of fintech on accounting practices, particularly in
Africa.
 We adopt structured questionnaires to examine the impact of Fintech on accounting Does fintech
practice by surveying 201 chartered and qualified accountants from Ghana and Nigeria lead to better
between 2021 and 2022. Fintech is defined as the use of technological environments,
including blockchain, artificial intelligence and big data analytics to make financial services
accounting
more accessible, secure and effective. Results from partial least squares (PLS) of the practices?
structural equation modelling (SEM) report positive and significant effect of fintech on
accounting practices, indicating that fintech could potentially mitigate the agency problem
in accounting practices and lead to enhanced accounting practices. Interestingly, we find the
impact of AI larger than that of big data. Our findings shed light on the economic insights to
managers, policymakers and regulators on the implications of incorporating AI and BDA in
the regulation and governance framework for accounting practice at both the macro and
micro levels.
Our contribution to the accounting information systems literature is three-folds. First, we
contribute to the limited literature on fintech and accounting practices and provide useful
insights that may assist accounting regulators in recognizing the importance of big data
analytics and AI and accounting relationships in developing accounting standards, as
fintech is recognized as having the ability to create and refine accounting and auditing
standards. Second, it is the first research to providing empirical evidence with wider
applicability of accounting practice by using an emerging economies sample which to the
best of authors knowledge, no research has studied. Finally, the research could assist
institutions of higher learning in updating accounting curricula to handle BDA and AI.
Section 2 reviews research literature and develops hypotheses followed by theoretical
lens with conceptual framework. Section 3 reports the data and methods. Section 4 discusses
findings and results, and the final section concludes with policy and theoretical implications.

2. Literature review and hypothesis development

Fintech provides innovative methods of financial transactions and banking services
through adopting contemporary computer communication, big data analytics, networking
and AI technology. Recently, fintech has witnessed significant growth with global
investments reaching US$60bon (Arslanian and Fischer, 2019). Moreover, it is expected that
the financial transactions through intelligent assistive technologies will reach US$75bn by
2025 (Bhat et al., 2022). In the following section, we review the extant literature in fintech and
accounting practices.

2.1 Fintech and financial reporting

Transparency is the primary purpose of corporate reporting and governance schemes. BDA
can augment transparency, financial reporting and accounting information quality (Moffitt
and Vasarhelyi, 2013; Warren and Marz, 2015). The outcome of financial accounting is
primarily relevance to management. Velocity as one of the BDA characteristics defined as
the rate at which data is being processed and formed could now create and analyse data in
actual period, making it easier for firms to disclose financial reports in timely manner
(Al-Htaybat and von Alberti-Alhtaybat, 2017).
Artificial intelligence can frequently provide real-time financial matters updates, making
daily reporting feasible and affordable. Moreover, AI can process faster documents using
natural language processing and computer vision than before. This insight benefits
business to take proactive action and change course if the statistics reveal unfavourable
tendencies. (Jain, 2018) indicated that, Amazon Go accounting and financial statements are
formed with AI. Firms now use billing systems to invoice customers, estimating their
service quality and creating accounts with discounts. Modern accounting and financial
ARJ reporting advancements allow firms to operate rapidly and precisely. However, fintech
enhancing financial reporting is empirically death. Therefore, we close this gap to explore
the empirical estimations of fintech and financial reporting nexus leading to our first
hypothesis.

H1. Fintech positively affects accountants financial reporting

2.2 Fintech and performance management

Performance management is a collection of measurement tools and dashboards used to
evaluate management choices and quantify the usefulness of activities through gathering,
assembling, filtering, analysing, interpreting and communicating suitable data (Tambe, 2014).
Many academics contend that as competition has increased, performance management has
proven problematic (Chui et al., 2014). Usually, management accountants use structured data
to gather information on four perspectives of balance score cards including customer
satisfaction reviews, employee retention and return level (Richins et al., 2017). This suggests
that BDA may collect large amounts of diverse customer data permitting managers to design
effective BSC from customer’s objectives, measures and strategies (Elkmash et al., 2021).
In the area of accounting, artificial intelligence is preferable to replacing human
capabilities. Recent studies by MIT Boston Consulting revealed that, 85% of participants
thought AI increased competitive advantage. AI seamlessly gathers data from multiple
sources, allowing accountants to extract from collated data in real-time. Expanding
performance management is another advantage of employment AI (Asatiani et al., 2019).
Whilst some factors impact management performance, AI is shown to significantly impact
management performance suggesting that BDA–AI technologies enhancing management
performance cannot be overlooked. Aiming to provide empirical evidence to advance
theoretical fintech and performance management studies (Sardi et al., 2020), we empirically
examine how Fintech could benefit managers establish greater vision and policy for future
occurrence through the following hypothesis:

H2. Fintech positively enhances management performance of accountants.

2.3 Fintech and corporate budgeting

Budget is described as a quantitatively articulated realistic strategy for the future (Flesher,
2015). CIMA (2008) specified that a budget is a quantitative description of a plan for a
specific period. Budgeting often considers risk, uncertainty and data on internal and
external occurrences (Collier and Berry, 2002). Accountants may use big data models to
enhance budgeting and forecasting (ICAEW, 2014). BDA as such information system helps
reduce indecision and improve predictions of impending resource needs (Chen et al., 2015).
Empirically, advanced analytics should produce accurate request and sales forecast in
actual time by analysing the large amount of data available on consumer tastes, rival
products and economic conditions. This indicates that BDA could better estimate the future
grounded in the past (Duan and Xiong, 2015).
Regarding budgeting, artificial intelligence technology could help accountants automate
end-to-end financial processes and makes them efficient on strategic issues partnering with
business. However, fintech and corporate budgeting relationships are still conceptual and
anecdotal evidence, thus dearth empirical evidence (Chen et al., 2016; De Baerdemaeker and
Bruggeman, 2015; Fisher et al., 2002). Hence, incorporating fintech into firm’s budgeting
could improve management performance, resource allocation and strategic implementation Does fintech
with least amount of fluctuation. lead to better
H3. The effect of Fintech on corporate budgeting is significant and positive. accounting
practices?
2.4 Fintech and audit evidence
The usage of fintech can help enhance the competence and quality of auditing (ICAEW,
2014). Audit evidence and big data relationships indicate considerable convergence. Data on
the openness of audit standards to sources of audit evidence outside the normal general
ledger allows for the combination of established proof with adequate, reliable and pertinent
data (Yoon et al., 2015). Auditing conventionally permits auditors to gather evidence from
any data and format when it benefits an opinion formulation. The big data characteristics
can allow auditors to obtain evidence from diverse sources for the same audited items and
forms in real time. In general, BDA can help auditors gather more suitable and relevant
audit evidence and accomplish an opinion with a better level of assurance.
Although literature on artificial intelligence is large, research of AI in auditing is limited,
despite studies pointed potential benefits of AI in auditing. (Collier and Berry, 2002) suggested
that AI reduces fraud possibilities, enhances accounting information and promotes traditional
auditing reform. Furthermore, Mohammad et al. (2020) recognise that keeping abreast of
continuous improvements of AI in auditing could reduce accounting cost from prevailing
repetitive tasks to data-driven and analytics-based decision. Grounded on this, fintech has the
potential to influence accountants auditing evidence. The motive is not to have many kinds of
evidence but sufficient, relevant and reliable evidence following auditing standards (Alles, 2015;
Brown-Liburd et al., 2015). To our best knowledge, we found no empirical evidence on fintech
(BDA–AI) positively improving the audit profession via audit evidence, which leads to H4.

H4. Fintech has positive effects on audit evidence of accountants.

2.5 Fintech and risk and fraud management

Risk management is a primary managerial issue and a crucial governance requirement.
Due to numerous internal and external risks threating firms’ resolution, firms should have
strong internal control and risk management systems (Ibrahim et al., 2021). Several accounting
standards and regulations require firms to disclose risks and strategies used to assess and
manage risks. Fintech has the potential to upsurge risk monitoring, coverage and formation of
risk decision-making models. For example, BDA could assist auditors to effectively measure
clients risks associated with internal control design and implementation, managerial fraud,
insolvency and material financial statement falsification (Cao et al., 2015). (Aboud and Robinson,
2020) discovered that data analytics can be used to detect or prevent fraud.
From risk management perspective, AI algorithms could provide accountants with
analytical capabilities to evaluate the impact of risks and introduce automated solutions to
minimise and manage risks. Furthermore, AI can be used to detect and prevent fraud in
innovative practices. Firms including EY and Deloitte used AI to detect fraudulent invoices,
tax returns and reduce processing time periods (Zhou, 2017). The most important aspect of
risk management is applying available data and advanced risk assessment algorithms to all
risks since businesses constantly encounter several risks. Therefore, we propose H5 to
estimate the empirical effects of fintech on fraud and risk management:

H5. Fintech positively enhances fraud and risk management of accountants.

ARJ 2.6 Research framework and theoretical lens
We develop our conceptual framework from the five hypotheses grounded in agency theory.
Agency theory anticipates probable conflicts amid shareholders and managers resulting
from ownership separation, leading to agency conflicts and information asymmetry (Jensen
and Meckling, 2019). It posits that transparency is one of the monitoring techniques used in
decision-making to alleviate agency concerns (Craswell and Taylor, 1992). Fintech could be
applied to monitor technologies, thus reducing agency costs. For example, BDA has evolved
into a real-time monitoring system capable of analysing vast volumes of data and issuing
alerts in the event of any hazardous activity (Chen et al., 2015). Therefore, fintech will
effectively facilitate accountants to reveal high-quality information disclosure.
Under agency theory, managers are encouraging to share high-quality evidence to cut
expenses and uncertainty. With BDA, managers might reveal a range of processed and error-
free intelligence data from many sources in various formats and in real time. Therefore, BDA
could eliminate agency problems by providing accurate, timely and transparent financial and
non-financial data. However, no research has linked agency theory to fintech and accounting.
Fintech can be established and extended to integrate financial technologies to enhance
management performance, increase transparency and disclose quality reporting, thus
mitigating agency costs and information asymmetry. In this study, we applied agency theory
as basis for exploring the effects of fintech on accounting practices in Figure 1 conceptual
framework, where fintech is proxied by AI and BDA adoption, whilst financial reporting,
performance management, budgeting, auditing, risk and fraud management are used to
represent accounting practices.
These accounting issues were selected because of the apparent convergence between
Fintech and these practices, which strongly depend on data.

3. Research methodology
We sampled chartered and qualified accountants from Ghana and Nigeria with international
recognition of CIMA and ACCA together with chartered certification from their respective
jurisdiction, including the Institute of Chartered Accountants of Ghana and Nigeria. Nigeria
has grown in fintech, of which numerous firms have started implementing and using tools
and techniques in data science and fintech, whilst Ghana fintech is growing by leaps and
bounds with several fintech firms. We surveyed questionnaires from chartered and qualified
accountants which was pretested and piloted with accountants and senior lecturers at UK
universities recognised as experts in BDA and AI. We randomly selected the respondents,
which allowed us to obtain a sample of 250 respondents, representing chartered accountants
from both countries.

Figure 1.
Conceptual
framework
 The questionnaires, on 7 Likert scale (1, strongly disagree to 7, strongly agree), were Does fintech
developed in two sections: First section inquired about the demographics of respondents. lead to better
The remaining questions sought insight from respondents on the impact of big data and accounting
artificial intelligence on financial reporting, performance management, risk and fraud
management, corporate budgeting and audit evidence. The survey link was generated
practices?
online and sent to respondents during the period of November 2021 to April 2022 through
emails and LinkedIn, which ensured complete confidentiality and anonymity of responses.
We developed 22 items to measure accounting practices. We categorised accounting
practices into five categories, including financial reporting, performance management,
corporate budgeting, audit evidence, risk and fraud management. Fintech is proxied by the
adoption of AI and BDA in accounting practices. Artificial intelligence is the use of
computer system used to automatic repetitive tasks including gathering and sorting data
and making sense of unstructured data for better decisions. Hence, we developed eight items
to measure AI. BDA is the capability of a firm or accountants to gather and utilise high
volume of data set to enhance financial reporting. Therefore, we validated nine items to
measure BDA regarding volume, variety and velocity adopted from (Ghasemaghaei and
Calic, 2019).

3.1 Data analysis

This empirical exploration applied PLS in SPSS version of statistics software technique
(Fornell and Larcker, 1981). We first test discriminant and convergent validity of all
items of the constructs to confirm their unidirectional reliability. Furthermore, we used
the SEM technique to verify and test formulated hypotheses, which is consistent with
(Hair et al., 2010), who mentioned that SEM is the most suitable method to evaluate
empirical data.
Out of total online surveys circulated, we received 220 completed responses.
Nineteen responses were not included in the final analysis since they were incomplete.
Hence, we obtained a final sample of 201 surveys, representing a response rate of
50.25%. Final sample showed 63.2% are males in the sample population, leaving 36.8%
to females. 48.6% of the accountants were between the ages of 35–44, with 46 and above
representing 1.5%. Importantly, we found 84.6% of accountants with working
experience between 6 and 15 years. Most of the respondents are chartered accountants
from Institute of Chartered Accountant-Nigeria (ICAN), representing 73.6%, followed
by chartered accountants from the Institute of Chartered Accountant-Ghana (ICAG),
representing 12.9% and 13.5% for accountants with certification from ACCA and CIMA,
respectively. Finally, 168 accountants, representing 83.6% of the sample, worked in finance
and insurance companies. Table 1 reports detailed information on respondent’s demographics
and their firm.

3.2 Common method bias estimates

We collected data from a single source through surveys; hence, there could be a chance of
common method bias (CMB), which might taint our results. Common method bias is a
serious issue linked with self-administered surveys and has the potential to exacerbate the
nexus between measured components (Conway and Lance, 2010). Therefore, we checked for
CMB using Harman single factor method, which yielded 32.176% less than 50% threshold –
total variance higher than 50% evidence CMB, indicating there are no subsequent CMB
issues.
ARJ Profile Characteristics No. of respondents Percentage

Gender Male 127 63.2

Female 74 36.8
Age
18–24 12 6
25–34 90 45.8
35–44 96 48.6
45 and above 3 1.5
Edu. level
College 6 3
Bachelors 20.9 20.9
Postgraduate 76.1 76.1
Certification
ACCA 22 11
CIMA 5 2.5
ICAN 148 73.6
ICAG 26 12.9
Work experience
1–5 years 20 10
6–10 years 98 48.8
11–15 years 72 35.8
16 years and above 11 5.4
Industry working
Manufacturing 14 7
Finance and insurance 168 83.5
Table 1. Service 15 7.5
Respondents profile Other 4 2

3.3 Validity and reliability

We evaluated construct validity through a confirmation factor analysis to estimate model
fitness, composite reliability, convergent validity and discriminant validity in the study.
Prior to conducting the validity checks, we evaluated the sample fitness of the data. Hence,
we used Kaiser Meyer Olkin index, which revealed 0.967, which is higher than the minimum
threshold of 0.6 for sample adequacy (Hair et al., 2010). Factor loadings of each construct
exceeds 0.6, which confirmed the attainments of indicator validity with the minimum
threshold of 0.5 (Waqas et al., 2018). The composite reliability and Cronbach alpha for each
construct exceeded the approved threshold of 0.70. Additionally, the average variance
extracted (AVE) for each construct was above 0.50 recommended benchmark, however
below the composite reliability values (see Table 2). Therefore, we confirmed the
convergent and internal consistency of the research variables. Moreover, the square root
of the average variance extraction values for each construct was measured, and their
values exceeded the inter-correlations coefficients amid constructs (see Table 3). This
approves the discriminant validity of the study constructs (Fornell and Larcker, 1981),
confirming the suitability of the data to estimating causal relationships using SEM and
regression models.

4. Results and discussions

After testing the suitability of the measurement’s scales used in the study, we first
estimated the effects of fintech (BDA and AI) on accountants practices using regression
models, controlling for age, gender, education and experience using their natural
Main variables Indicators Factor loadings Cronbach’s alpha CR AVE
Does fintech
lead to better
Big data analytics BDA-1 0.75 0.80 0.922 0.568 accounting
Mean = (6.457), range = (0.353) BDA-2 0.76
BDA-3 0.74 practices?
BDA-4 0.71
BDA-5 0.70
BDA-6 0.78
BDA-7 0.79
BDA-8 0.77
BDA-9 0.78
Artificial intelligence AI-1 0.73 0.85 0.905 0.532
Mean = (6.539) range = (0.428) AI-2 0.78
AI-3 0.74
AI-4 0.75
AI-5 0.75
AI-6 0.79
AI-7 0.72
AI-8 0.71
Financial reporting FR-1 0.76 0.83 0.828 0.547
Mean = (6.502) R = (0.274) FR-2 0.72
FR-3 0.75
FR-4 0.73
Performance management PM-1 0.73 0.73 0.868 0.569
Mean = (6.494) R = (0.368) PM-2 0.78
PM-3 0.71
PM-4 0.76
PM-5 0.79
Corporate budgeting CB-1 0.88 0.74 0.878 0.708
Mean = (6.509) R = (0.502) CB-2 0.87
CB-3 0.77
Audit evidence AE-1 0.79 0.71 0.882 0.624
Mean = (6.534) R = (0.393) AE-2 0.75
AE-3 0.73
AE-4 0.72
AE-5 0.76
Risk and fraud management RFM-1 0.74 0.74 0.859 0.551
Mean = (6.503) R = (0.358) RFM-2 0.76
RFM-3 0.70
RFM-4 0.77
RFM-5 0.74

Notes: CA = represents Cronbach’s alpha; AVE = average variance extracted; CR = composite reliability;
BDA = big data analytics; AI = artificial intelligence; FR = financial reporting; PM = performance Table 2.
management; CB = corporate budgeting; AE = audit evidence; and RFM = risk and fraud management, Validity and
respectively reliability

logarithm values. Next, we tested the hypotheses with PLS of the SEM due to the nature
of the data set.
As shown in Table 4, we find positive and significant effect of BDA on accountants
practice at 1% significance level. Likewise, there is evidence of positive and significant
effect of AI on accountants practice at 1% significance level. The results confirm and
validate that big data and AI could improve accounting practices. Regarding control factors,
accountants age, gender, education and experience all have positive and significant effect on
ARJ CA AVE BDA AI FR PM CB AE RFM

BDA 0.80 0.568 0.753

AI 0.85 0.532 0.421*** 0.729
FR 0.83 0.547 0.518*** 0.594*** 0.739
PM 0.73 0.569 0.608*** 0.479*** 0.623*** 0.754
CB 0.74 0.708 0.498*** 0.594*** 0.566*** 0.648*** 0.841
AE 0.71 0.624 0.655*** 0.443*** 0.517*** 0.538*** 0.575*** 0.789
RFM 0.74 0.551 0.511** 0.673*** 0.562*** 0.696*** 0.597*** 0.683*** 0.742

Notes: CA = represents Cronbach’s alpha; AVE = average variance extracted; BDA = big data analytics;
Table 3. AI = artificial intelligence; FR = financial reporting; PM = performance management; CB = corporate
Correlation and budgeting; AE = audit evidence; and RFM = risk and fraud management. The diagonal is the square of
discriminant validity AVE. ***, ** and * denote significant value of 1, 5 and 10%

Accounting practices
Explanatory variables Coefficient estimates Adjusted R2 R2 change F change No. of observation

BDA 0.674*** (12.885) 0.452 0.455 166.02 201

AI 0.822*** (20.338) 0.674 0.675 413.64 201
Age 0.197*** (2.814) 0.034 0.039 7.918 201
Gender 0.813*** (19.709) 0.660 0.661 388.431 201
Education 0.813*** (19.709) 0.660 0.661 388.431 201
Table 4. Experience 0.175*** (2.501) 0.026 0.030 6.256 201
Fintech and Notes: Table presents empirical nexus of BDA–AI and accountant practices. BDA, denotes big data
accounting practices analytics; AI, artificial intelligence. Standard errors are in parentheses. ***, ** and * denote 1, 5 and 10%
regression significance levels

accounting practices at 1% significance level. Interestingly, the impact of gender and

education on accounting practices is larger than that of age and experience (see Table 4).
Following, we estimate the tested R2 model for accountant practice, which explains an
appropriate variability in the construct (R2 of BDA = 0.452 and R2 of AI = 0.674) consistent
with (Chin, 1998) criteria. Therefore, the model empirical validity was determined to be
adequate.

4.1 Structural equation modelling results

To test the proposed hypotheses as shown in Figure 1, Table 5 and Figure 2 report estimate
highlights and our empirical evidence from SEM models. Results evidence that BDA has
positive and significant effect on financial reporting at 1% significance level. This suggests
that BDA will significantly enhance financial reporting of accountants at about 0.518%. The
result is found to be consistent with (Marr, 2016) suggesting that BDA implementation could
have a major effect on firm capacity to provide timely financial reporting to public.
Similarly, results indicate positive and significant relationships between BDA and
accountants’ management performance (b=0.608, p-value = 0.000) (see Figure 2). The
positive effect indicates that BDA improves management performance at about 0.608%,
consistent with Sardi et al. (2020) who established that BDA could help firms achieve
competitive advantage. Hence, we argued that BDA lowers the cost of unstructured data
and helps managers establish greater vision and strategies for future occurrences.
 FR PM CB AE RFM
Test/p-value Test/p-value Test/p-value Test/p-value Test/p-value

BDA 0.518*** (8.551) 0.608*** (10.798) 0.498*** (8.096) 0.655*** (12.222) 0.511*** (8.391)
AI 0.594*** (10.419) 0.799*** (17.418) 0.594*** (10.414) 0.743*** (15.679) 0.673*** (12.844)
R2 0.716 0.869 0.593 0.976 0.708
R2 change 0.722 0.875 0.601 0.982 0.714
Control factors
Age 0.116 (1.834)
0.026 (
0.516) 0.073 (1.148) 0.032 (0.622)
0.003 (
0.046)
Gender 0.095 (1.521) 0.056 (1.144) 0.125* (2.0009) 0.069 (1.375) 0.213*** (3.824)
Education 0.596*** (9.657) 0.787*** (16.094) 0.606*** (9.835) 0.753*** (15.138) 0.707*** (12.834)
Experience 0.0117 (1.895) 0.005 (0.111)
0.046 (
0.743) 0.046 (1.287) 0.033 (0.544)
R2 0.343 0.589 0.347 0.574 0.477
R2 change 0.306 0.597 0.360 0.582 0.487
No. observation 201 201 201 201 201

Notes: Table presents empirical results for all samples. We measured natural logarithms of control variables and integrate into the model through SPSS. From
the table, BDA, AI, FR, PM, CB, AE and RFM represent big data analytics, artificial intelligence, financial reporting, performance management, corporate
budgeting, audit evidence and risk and fraud management. Standard errors are in parentheses. ***, ** and * denote 1, 5 and 10% significance levels, respectively

Empirical results
Table 5.
practices?
accounting
Does fintech
lead to better
ARJ

Figure 2.
PLS SEM results

Regarding corporate budgeting, BDA has positive and significant effect on corporate
budget at 1% significance level, suggesting that BDA enhances corporate budgeting at
about 0.498% of the coefficient, confirming that accountant use of BDA enhances budgeting
and forecasting. However, the result is novel and extends BDA and accounting literature, as
prior studies were theoretical and dearth empirical evidence (Chen et al., 2016; De
Baerdemaeker and Bruggeman, 2015).
Likewise, we evidence positive and significant effects of BDA on audit evidence (b =
0.655, p-value = 0.000) suggesting that accountants level use of BDA enhance auditing
evidence at the coefficient of 0.655%. This result confirmed with ICAEW (2014) that the use
of BDA is potential to hone efficiency and quality of auditing. The unique qualities of BDA
could provide sufficient and accurate audit evidence. We thus contribute to the literature on
BDA and audit evidence relationships as limited studies have been explored.
Finally, results evidence that BDA has positive and significant impact on risk and fraud
management at significance 1% level suggesting that accountants use of BDA could
enhance fraud and risk management at about 51%, confirming the results of Ibrahim et al.
(2021), Aboud and Robinson (2020). For example, BDA may be used to detect and prevent
fraud (Aboud and Robinson, 2020) and present accountants with numerous chances to
enhance risk management (ICAEW, 2014; Chen et al., 2015). The empirical findings validate
H1–H5 of our study, as shown in Table 6 and confirmed with the agency theory, suggesting

Hypothesis Correlations Estimates Acceptance

H1 FINTECH!FR 0.585 (10.163) *** Confirmed

H2 FINTECH!PM 0.730 (15.071) *** Confirmed
H3 FINTECH!CB. 0.574 (9.890) *** Confirmed
H4 FINTECH!AE 0.734 (15.268) *** Confirmed
H5 FINTECH!RFM 0.624 (11.268) *** Confirmed

Notes: Table presents hypothesis confirmation. Fintech (BDA–AI), FR = financial reporting; PM =

Table 6. performance management; CB = corporate budgeting; AE = audit evidence and RFM = risk and fraud
Hypothesis management. Standard errors are in parentheses. ***, ** and * denote 1, 5 and 10% significance levels,
confirmation respectively
that BDA helps managers to disclose high-quality disclosures without justification (Chen Does fintech
et al., 2016). Hence, we argued that BDA is a capability which could help accountants lead to better
improve their accounting practices.
Next, results indicate positive effects of AI on financial reporting at significance level of
accounting
1%. The positive coefficient effects suggest that AI enhance the financial reporting of practices?
accountants at about 59.4%. This result validates that accounting and financial statements
are considered to be using artificial intelligence (Jain, 2018). Likewise, AI is positive and
significant for performance management ðb = 0.797, p-value = 0.000) suggesting that the
rise and use of AI enhance management performance at about 0.797%. The result confirms
Asatiani et al. (2019) that AI has potential in the inventory of performance management.
Moreover, results evidence positive and significant effects of AI on corporate budgeting
at 1% significance level, suggesting that the use of AI could improve corporate budgeting
and forecasting at 0.594%, which confirms that AI could help accountants automate end-to-
end financial processes and make them efficient on firm strategic issues (Collier and Berry,
2002). Regarding AI and audit evidence, we confirmed positive and significant relationships
ðb=0.720, p-value = 0.000). This result confirms (Chukwuani and Egiyi, 2020) suggestions
that AI reduces fraud possibilities, enhances accounting information and promotes the
reform of traditional auditing. Likewise, Alles (2015) discovered that AI does not have
diverse pieces of evidence but sufficient, relevant and reliable following auditing standards.
Finally, there are positive and significant effects of AI on risk and fraud management at 1%
significance level, suggesting that AI could enhance 0.673% in risk and fraud management
of accountants. Hence, we confirmed that artificial intelligence is competent to improve
accounting practices.
The R2 of the models for financial reporting, performance management, corporate
budgeting, audit evidence and risk and fraud management were found to explain an
appropriate level of variability in the constructs (R2 for FR = 0.716, R2 for PM = 0.869, R2 for
CB = 0.593, R2 for AE = 0.976 and R2 for RFM = 0.708). These results were consistent with
Chin (1998) criteria; hence, the model’s empirical validity was determined to be adequate.
Our results validate H1–H5 (see Table 6) and confirm theories and suggestions from
scholars and accounting professionals in the literature (Jain, 2018; Asatiani et al., 2019;
Chukwuani and Egiyi, 2020; ICAEW, 2014). For example, Collier and Berry (2002)
suggested that AI could assist accountants in automating complete financial operations
and enhancing their effectiveness when collaborating with businesses on strategic
issues. In this sense, we argued that accountants use of artificial intelligence increases
efficiency in essential and foundational routines and practices in a way that ultimately
leads to better decisions and practices. However, there is a dearth of empirical studies of
AI on accounting practices; hence, we extend our efforts to close this significant gap
by empirically estimating the effects of AI on financial reporting, performance
management, corporate budgeting, audit evidence and risk and fraud management. In
summary, fintech (BDA–AI) leads to better accounting practices among accountants in
both Nigeria and Ghana.
Finally, we estimated the effect of control variables including gender, age, education and
experience on financial reporting, performance management, corporate budgeting, audit
evidence and risk and fraud management. We found that age has positive but insignificant
on financial reporting, corporate budgeting and audit evidence (b = 0.116, p-value = 0.0.068,
b=0.073, p-value = 0.252, b=0.032, p-value = 0.622), however negative and insignificant to
enhance performance management and risk and fraud management (b =
0.026, p-value =
0.607, b =
0.003, p-value =
0.046). Gender has positive effect on FR, PM, CB, AE and
RFM. However, gender effect on audit evidence and risk and fraud management is
ARJ significant at 10% and 1% significance level. Interestingly, education is positively and
significantly related to enhanced financial reporting, performance management, corporate
budget, audit evidence and risk and fraud management at 1% significance level, suggesting
that 1% of accountant’s education could enhance their accounting practices at 3.449%
coefficient. Lastly, accountant experience has positive and nonsignificant effects on all
accounting practices except corporate budgeting.

4.2 Heterogeneity test

Accounting practices within the profession vary in countries, age, experience and industries
working for, leading us to question whether the impact of fintech (BDA and AI) on accountants
practice might be different depending on countries and accountants’ characteristics. To
evaluate, we divide the sample respondents into their respective countries, including Ghana
and Nigeria, to heterogeneity estimates. Accordingly, we test the sample including accountants’
characteristics, including age, experience and industries, working as control variables. The
heterogeneity test results of the effect of fintech in sampled countries on accountant practices
are shown in Table 7.
As evidenced in Table 7, there is positive effect of BDA on accounting practices of
accountants in Nigeria; however, the effect is insignificant. However, the relationship between
AI and Nigeria accountant practices is significant at 1% level. The results indicate that
Nigeria accountants use level of BDA and AI will improve their accounting practices
including financial reporting, management performance, corporate budgeting, audit evidence
and risk and fraud management. However, BDA use enhancing accountant practice will last
as long as the insignificant effect is just temporary. Next, accountant age, experience and
industry working are positively related to Nigerian accountant practices at about 0.152%.
Similarly, BDA is insignificantly but positively related to accountant practice from
Ghana. For the use of AI, there is evidence of positive effect on accountant practices at 1%
significance level for Ghana. However, accountants age, experience and industry have
positive and nonsignificant impacts their practices. From the heterogenous results, BDA is
insignificant for both countries but will gradually turn significant for both countries. There
are several reasons, but the most important one might be that the accountant’s level of BDA
use is not optimal. Furthermore, the deployment and use of BDA tools comes with different
kinds of analytical applications to consider; hence, accountants need to first comprehend the
BDA landscape. We conclude that, in the long run, BDA investments will increase firm
performance and enable accountants to improve their accounting practices.

Nigeria Ghana
Variables Accountant practice Accountant practice

BDA 0.027 (0.367) 0.012 (0.173)

AI 0.872*** (11.697) 0.857*** (12.266)
AGE 0.033 (0.759) 0.027 (0.630)
EXP 0.002 (0.038) 0.019 (0.459)
IND 0.117*** (2.753) 0.102 (2.426)
Adjusted R2 0.694 0.7
R2 change 0.701 0.71
No. observation 175 26
Table 7. Notes: Table represents heterogeneity tests for sampled countries. From the table, BDA and AI represent
Heterogeneity test big data analytics and artificial intelligence. Standard errors are in parentheses. ***, ** and * denote
results significance of coefficients at 1, 5 and 10% levels, respectively
Theoretically, our results contribute to advance fintech and accounting literature in fourfold. Does fintech
First, the empirical studies have validated that fintech (BDA–AI) enhances financial lead to better
reporting, management performance, corporate budgeting, audit evidence and risk and
fraud management of accountants in Nigeria and Ghana. Extant literature suggests that
accounting
prior studies about fintech and accounting is theoretical. Hence, we contribute knowledge practices?
about BDA–AI and accounting relationships among accountants from West African
emerging countries, which supports agency and stakeholder theories.
Second, we underline the need for accountants to adopt BDA and AI to reveal high-
quality information to lessen agency costs and vagueness of the agency theory. Third, we
provide a significant theoretical contribution through developed measurement scale in the
setting of AI and accounting practice. To summarise, this is the first empirical evidence to
estimate the relationships in novel single framework of accountants from Africa’s emerging
markets. However, their measures have been validated statistically for reliability,
convergent validity and discriminant validity; hence, academics could apply them to similar
studies from other emerging and developed countries. Finally, we provide academicians and
scholars with an in-depth comprehension of direct impacts of BDA and AI competencies
affecting accounting practices, considering the unique qualities of accountants from Nigeria
and Ghana grounded in agency theory, as no study has linked the theory to BDA and AI.

5. Conclusions and policy implications

We aimed to close an important gap in the literature regarding the effects of fintech on accounting
practices grounded in the agency theory. We sampled accountants from Ghana and Nigeria, West
Africa emerging economies adopting questionnaires method between 2021 and 2022. Results
evidenced that BDA and AI affect accountants, leading to better accounting practices including
financial reporting, performance management, audit evidence, corporate budgeting, risk and fraud
management. One of the unique contributions of this study is creating fascinating insights about
the empirical impact of BDA–AI on accounting practices when accountants use BDA and AI.
Hence, we concluded that accountants must embrace and build accounting and auditing practices
by using BDA–AI to enhance their lengthy and firm performances. Except few scholarships of
theoretical existence within finance and accounting studies, our study is the first academic
effort based on agency theory to highlight the role of fintech (BDA–-AI) on accountant practices.
In addition, we conclude that accountants using BDA and AI help firms obtain deeper
insight, anticipate outcomes and streamline non-routine processes. Furthermore, BDA presents
opportunity for the accounting profession to add value and aid businesses transform decision-
making in a variety of ways. However, AI provides more opportunities to empower accountants to
spend their time and resources wisely and creatively.
We provide significant policy implications based on our empirical findings. First, we offer
accountants, managers and regulators practical evidence that the application of BDA and AI is
positive and more effective in enhancing accountant practices in the presence of financial
reporting, management performance, budgeting, audit evidence and risk and fraud management.
Second, the study is imperative for accounting profession since the results indicate how BDA and
AI embody a hopeful future. Therefore, accountants, expectant accountants and accounting
graduates should sharpen their skills in learning and developing BDA and AI forecast models
that will aid the sector. Third, given the scarcity of data science and AI jobs on the market,
accounting regulators should have a strong need for these competencies. Therefore, universities
should develop business courses that incorporate BDA and AI. Fourth, we validate that BDA–AI
could benefit different sectors, including manufacturing and insurance, to develop advanced firm
capabilities, providing scope and innovation opportunities leading to competitive advantage in
business environment. Finally, policymakers and managers may want to take advantage of this
ARJ opportunity to invest in BDA–AI technologies that will aid them in meeting an ambitious
accounting goal. They could assist in the development of governance frameworks for BDA and
AI to organise their use and ensure security.
Adopting questionnaire method imposed some limitations on our research. Firstly,
statistical correlations of proposed research model were examined with a cross-sectional
survey. More longitudinal research on the constructs of the study model is encouraged.
Secondly, further studies might sample developed countries to validate the results, as we
recruited respondents from African emerging countries. Finally, our analysis suggests
several fintech kinds, including blockchain, cloud accounting, digital platforms and
cryptocurrency, might be used to explore their impacts on accounting practices and firm
performance.

Notes
1. Statista (2021). Total value of Investments into Fintech companies worldwide: See https: www.
statista.com/statistics/719385/investments-into-fintech-companies-globally/
2. Can Africa become tomorrow’s Fintech Market? See: https://businessday.ng/financial-inclusion/
article/can-africa-become-tomorrows-fintech
3. Ghana’s current state of Financial Technology (2022), at www.knowledgeinnovations.com/

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Corresponding author
Mandella Osei-Assibey Bonsu can be contacted at: m.osei-assibeybonsu@tees.ac.uk

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