The finance and accounting industry experiences rapid changes through artificial intelligence because it enhances operational effectiveness together with decision-making precision and data precision. Through predictive analytics and machine learning AI enables the financial sector to deliver more efficient operations in addition to detecting fraud and enhancing risk management systems. Quick advancements in AI technology create various regulatory problems that necessitate improved solutions for data security and bias elimination and moral questioning. Effective fairness in AI-powered financial systems needs strong governance frameworks along with transparent algorithms and full compliance with regulatory standards which keep evolving. World regulators try to establish a fair equilibrium between the promotion of innovation along with consumer defence through trust-based AI-financial system development. Accounting faces various challenges when AI enters the scene because it creates complexities about auditability standards and job displacement concerns as well as responsibility limitations. The path toward resolving current challenges demands coordinated effort between government representatives and technology professionals and business leaders to establish both ethical principles and regulatory structures. Financial institutions must prioritize risk reduction related to biased algorithms together with unfair lending procedures while achieving the advantages of artificial intelligence for financial inclusion and enhanced decision-making. The article studies AI interactions with finance and accounting along with regulatory obstacles to achieve fairness through specific strategies. AI should be used to turn financial system improvement initiatives successful through transparency, accountability and preservation of ethical standards.