Nowadays, the megatrends of the Fourth Industrial Revolution are becoming increasingly important, permeating all areas of activity. Implementing information technologies makes it possible to accelerate economic indicators’ growth rate and improve business processes’ efficiency. Advanced technologies are inevitably being integrated into accounting and auditing activities. In this context, analyzing the prospects of mass adoption of artificial intelligence (AI) services in company operations is extremely important. The research aims to identify the risks and benefits of AI algorithms implementation in accounting and auditing. The methodological basis of the research is formed by general scientific and special methods of scientific knowledge, including the system approach, deduction, induction, analysis, and synthesis. The authors identified risks from the implementation of AI algorithms. According to the authors, these risks include the imperfection of AI algorithms, the probability of errors, dependence on technical infrastructure, cybersecurity threats, and human discrimination. As a result, the authors found that using AI algorithms will improve the efficiency of auditing and accounting services in certain cases. However, AI will only partially replace an accountant or auditor because the professional judgment and practical experience of human specialists allow them to make innovative solutions.