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KPMG enhances audit with data intelligence platform

KPMG enhances audit with data intelligence platform

Data Intelligence

KPMG LLP’s Audit practice is embedding a Data Intelligence Platform within KPMG Clara, its global smart audit platform. This integration aims to enhance audit quality and provide deeper insights into audit-related risks. By leveraging advanced technology, KPMG auditors can analyze billions of financial transactions across thousands of audits.

This capability delivers a timely, risk-based audit that uncovers unique insights to help audit committees and management teams better understand risks within their financial reporting processes. Tim Walsh, KPMG U.S. National Managing Partner – Audit Operations, said, “We are harnessing the transformative power of AI to deliver a timely, risk-based audit that analyzes more data to uncover unique audit insights that can help audit committees and management teams better understand risks within their financial reporting processes. The Data Intelligence Platform provides a robust backbone for trusted, reliable data and AI solutions that support high-quality audit delivery.

Michael Hartman, Senior Vice President and General Manager of Regulated Industries, commented, “We are excited to collaborate with KPMG on KPMG Clara to provide institutions with enhanced audit quality and insights centered on data, analytics, and AI.

KPMG Clara leverages data intelligence

Harnessing the Data Intelligence Platform, KPMG Clara utilizes an open, unified foundation for all data and governance to help institutions unlock the full potential of their data and deliver an unparalleled audit experience.

Financial reporting functions are rapidly adopting AI and generative AI, with significant increases anticipated in the next three years. AI provides real-time insights into risks, fraud, and control weaknesses, lowers costs, predicts trends and impacts, increases data accuracy and reliability, and facilitates better data-enabled decisions.

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KPMG Clara integrates these advanced technologies to deliver a data-driven audit, extracting and analyzing transaction-level data to provide a comprehensive, seamless audit experience. This approach supports auditors in making and documenting decisions aligned with the latest accounting standards. The collaboration allows KPMG to govern and control the data supporting their business intelligence and AI initiatives, transforming the way organizations realize the benefits of data and AI.

KPMG leverages this platform to deliver high-quality, timely, and relevant audit insights to clients and stakeholders. This partnership underscores KPMG’s commitment to embracing emerging capabilities and leveraging advanced data intelligence platforms to enhance audit quality and provide deeper insights into financial reporting processes.

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