The impact of using modern technology on the efficiency of financial auditing in Libya

Abstract

This research aimed to explore the influence of deploying modern technologies—namely artificial intelligence (AI), blockchain, and big data analytics (BDA)—on the enhancement and advancement of financial auditing quality within the Libyan business context. To fulfill this objective, a descriptive analytical methodology was employed, with data collection conducted via a structured questionnaire distributed among a sample of 250 professionals engaged in the auditing sector. The participants included auditors from both public and private sectors, as well as representatives from independent audit firms.

The gathered data was subjected to statistical analysis using SPSS, incorporating various analytical techniques such as descriptive statistics, Pearson's correlation coefficient, and a simple linear regression model. The findings indicated a remarkably high adoption rate of modern technologies within the financial and accounting domain. Furthermore, the analysis revealed statistically significant and positive correlations between the integration
of advanced technologies across all dimensions—artificial intelligence, blockchain, and big data analytics—and financial auditing practices. Specifically, the correlation coefficient between artificial intelligence and financial auditing was observed to be 0.682, while the coefficients for blockchain and big data analytics stood at 0.624, respectively, underscoring the transformative potential of such technologies in refining financial auditing processes.

These results indicate that the use of modern technology contributes to enhancing the efficiency and quality
 of financial auditing by improving the accuracy of financial reports, increasing the ability to detect errors and fraud, and enhancing the transparency and reliability of financial information. Accordingly, the study recommends investing in these modern technologies and intensifying training programs for audit professionals to ensure maximum utilization of their potential and support the requirements of good governance and financial stability.