A US-based Finance Manager and public sector audit researcher, Ogunmola Sodiq Olaleye, has urged governments, regulators, and audit firms to accelerate the adoption of data analytics and artificial intelligence in financial reporting, warning that traditional audit methods are no longer sufficient for the realities of today’s digital economy.
He made this call in his newly published study, which has gained attention across the international auditing profession for spotlighting the rapid rise of data analytics, automation, and artificial intelligence in transforming financial accountability.
The research—featured in the International Journal of Science, Architecture, Technology, and Environment (November 2025 edition)—examines how U.S. and OECD audit firms are adopting digital audit tools and identifies policy gaps that continue to slow progress.
In a statement, Sodiq explained that digital financial systems, automated transactions, and cloud-based reporting platforms have outpaced manual audit procedures, exposing weaknesses that threaten transparency and accountability.
“Modern financial reporting runs on big data and complex algorithms. If auditors continue relying on outdated tools, the system becomes vulnerable. Data analytics is essential for detecting anomalies, strengthening controls, and safeguarding public confidence,” he said.
His insights stem from his peer-reviewed research titled “Data Analytics Adoption in Audit Firms: Policy, Capacity Building, and the Future of Accountability.” The study highlights adoption gaps, skill shortages, and regulatory inconsistencies hindering digital transformation in auditing. Sodiq warned that many small and medium audit firms remain behind due to the high cost of audit technologies and the lack of analytics-oriented training.
He called for a national audit innovation framework that harmonises audit technology standards, strengthens PCAOB-aligned guidelines, and supports smaller firms through grants, tax incentives, and compulsory analytics education.
“The future of accountability requires real-time auditing, AI-driven assurance, and predictive analytics. Technology will not replace auditors, but auditors who fail to adapt will be replaced by those who do,” he said.
He also emphasised the need for ethical governance in AI-enabled auditing, raising concerns around algorithmic bias, data privacy, and the risks of automated decision-making.
Sodiq concluded that public trust must remain central to digital transformation, calling for transparency reports, responsible AI use, and stronger oversight across industries.
Sodiq is a US-based accounting and finance professional with extensive experience in financial reporting quality, audit standards, compliance management, and process optimisation. He holds dual master’s degrees in accounting and management information systems and is currently pursuing an MBA in Finance. His professional and academic work focuses on audit technology, data analytics, AI adoption, and the future of digital accountability.
