KPMG: AI in financial reporting and audit

2024

AI is transforming financial reporting and auditing. They are often seen as time-consuming and monotonous exercises, requiring statistical sampling methods and manual checking of financial data. Further, the human ability to work with big data has been a severe limiting factor, preventing the broad connection of various data sources from working out deeper insights. But AI is changing that — helping businesses create smarter and more joined-up information flows with better identification and response to risk and a much greater ability to detect anomalies and outliers. How far will this go? Is the vision of an interconnected AI-powered financial reporting ecosystem, with value-added and predictive insights, a near reality — or still a far-off aspiration? Our research conducted amongst 1800 financial reporting executives across major economies around the world shines a new light on these key questions — and finds that we are standing on the cusp of a genuine financial reporting revolution: moving from the ‘digital age’ to the ‘AI age’ in which nothing will ever be quite the same again.

Read report here.