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KPMG International has announced the acceleration of its effort to integrate AI into its global smart audit platform KPMG Clara.
KPMG hopes that the deployment of AI into KPMG Clara will empower more than 95,000 auditors globally to continue enhancing audit quality.
The AI deployed in this announcement are designed to support standardising and automating various aspects of the audit process and include substantive procedures such as expense vouching, search for unrecorded liabilities and accrued expenses.
The AI will aim to automate routine tasks handling repetitive and time-consuming tasks, such as data analysis and document review.
The AI will also provide auditors with insights and recommendations based on data analysis, helping them make informed decisions and improve audit quality.
The hope is that this will allow auditors to dedicate more time to high-risk areas and sector-specific challenges, ensuring that audits are more comprehensive and targeted.
Scott Flynn, global head of audit, KPMG International and KPMG in the US vice chair – audit, said: “We’re continuing to build out our AI capabilities with increasingly sophisticated agents in KPMG Clara to enable KPMG firms’ auditors to more effectively respond to risks and deliver deeper audit insights.
“As KPMG firms accelerate the adoption of this innovative technology and deploy new capabilities, we are maintaining a high level of professional skepticism and upskilling KPMG professionals to drive trust in the capital markets.”
Sebastian Stöckle, global head of audit innovation and AI, KPMG International and audit CTO, KPMG in Germany, added: “AI and GenAI are transforming the financial reporting landscape and at the same time creating once-in-a-generation opportunities to change how KPMG firms can deliver quality audits.
“It is critical that we leverage the AI capabilities we are deploying not only to enhance audit quality but help us better understand the risks created with companies embedding AI into their reporting processes are addressed.”
