KPMG and MindBridge partner to boost audit quality

KPMG and MindBridge have announced a strategic alliance to help bring advanced artificial intelligence (AI) into KPMG member firms’ digital audits around the world.

KPMG’s smart audit platform, KPMG Clara, will now use MindBridge’s technology to further enable the identification of unexpected or high-risk transactions and help to provide enhanced audit quality.

MindBridge is a financial risk discovery platform which helps auditors, accountants, and financial professionals to become “more efficient and effective”.

KPMG said that MindBridge’s advanced statistical, machine learning, and rules-based analytics technology, combined with KPMG Clara’s capabilities, can help “improve” risk identification in digital audits.

It also said that KPMG Canada and Ottawa-based MindBridge have been working closely for a number of years, investigating “how to reimagine the audit experience and deliver even higher audit quality, with better insights and a greater understanding of complex sets of data”.

The new technology has been piloted with select KPMG member firms and is presently being rolled out throughout the global network.

The new strategic alliance will embed AI on audits consistently across the KPMG global network.

As part of this strategic alliance, KPMG audit professionals shall have “increased access to no-code AI capabilities and learnings, designed to enhance their ability to analyse high volumes of data to garner increased insights and value”.
Sebastian Stöckle, global head of audit innovation at KPMG, said: “In an increasingly complex, uncertain world, businesses are looking to cut through the noise and gain a better understanding of their place in the world.

“Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, allowing for improved risk identification, helping in the continued delivery of higher quality audits by combining KPMG firm’s in-depth industry experience and MindBridge’s advanced techniques. Working together we continue to digitally transform the audit, providing increased quality and value to clients and enhancing public trust.”

Leyton Perris, CEO and president of MindBridge, added: “The alliance with KPMG speaks volumes to the step change we are leading in the modernization of the audit industry. Our platform, integrated into KPMG Clara, provides a thorough analysis of clients’ financial data, identifying risks at a transactional level across complex businesses, setting the new standard for cohesive data science and AI-led auditing capabilities.”