KPMG Introduces Generative AI into KPMG Clara Global Audit Platform to Enhance Audit Experience

KPMG Revolutionizes Audit Experience with Generative AI Integration

KPMG, one of the Big Four accounting firms, has announced a groundbreaking addition to its global audit platform, KPMG Clara. The firm has integrated generative artificial intelligence into the platform, aiming to enhance the audit experience for both auditors and clients.

Scott Flynn, KPMG U.S. vice chair of audit, expressed excitement about the new AI capabilities, stating that it will empower their 9,000 auditors to deliver quality audits. With seamless access to generative AI within the audit workflow, KPMG Clara with AI will enable auditors to focus on high-risk areas and exercise professional skepticism to safeguard the capital markets.

The new generative AI capabilities within KPMG Clara will assist audit teams in refining risk assessments, developing substantive testing procedures, and enhancing audit documentation. By leveraging AI assistants, engagement teams can identify risk factors, design appropriate testing procedures, and improve audit documentation more efficiently.

Flynn emphasized that the AI capabilities align with KPMG’s broader transformation efforts to enhance audit quality through its Trusted AI framework. The firm also unveiled upcoming AI and generative AI capabilities, including a prompt library, automated quality scoring, automated review of financial statements, and assurance capabilities for disclosures.

Thomas Mackenzie, KPMG U.S. and global audit chief technology officer, highlighted the importance of the Trusted AI framework in ensuring that all auditors are trained to effectively use AI with a human-in-the-loop mindset. This approach aims to maintain quality, accuracy, and professional skepticism throughout the audit process.

Overall, KPMG’s integration of generative AI into KPMG Clara represents a significant step forward in revolutionizing the audit experience for both auditors and clients. The firm’s commitment to leveraging AI to enhance audit quality underscores its dedication to innovation and excellence in the accounting industry.