KPMG plans to deploy additional AI and generative AI features within the workflow. Credit: Owlie Productions/Shutterstock.

KPMG International has announced the integration of generative artificial intelligence AI into global smart audit platform, KPMG Clara.

This move is set to enhance audit quality through the firm’s Trusted AI framework.

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KPMG Clara AI will assist audit teams by refining risk assessments, developing testing procedures, and improving audit documentation, the company said.

The integration of AI into KPMG Clara is part of KPMG’s broader transformation efforts. AI assistants will review documents to help identify risk factors, such as potential accounting and financial risks within meeting minutes.

The AI assistant’s direct access to KPMG’s audit methodology allows auditors to design substantive testing procedures more efficiently.

Furthermore, KPMG Clara’s AI capabilities will enable team members to summarise and scrutinise audit documentation effectively.

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This innovation aims to heighten focus on higher-risk areas, sector-specific risks, and challenges, ultimately benefiting stakeholders and the capital markets.

KPMG International audit global head Larry Bradley said: “With seamless access to trusted generative AI capabilities within our audit workflow, 90,000 KPMG auditors globally will be empowered to deliver quality audits.

“KPMG Clara AI can not only free up resources to spend more time on the areas of highest risk but can directly help our teams execute more effectively as we carry out our responsibilities to protect the capital markets.”

In the coming months, KPMG plans to deploy additional AI and generative AI features within the workflow.

These enhancements include a growing prompt library to assist audit teams, automated quality scoring for AI assessments, and the use of AI to automate the review of financial statements.

The firm also anticipates integrating assurance capabilities into the workflow. This will support teams in providing assurance over critical disclosures, such as emissions disclosures.

With these advancements, KPMG’s 90,000 Audit professionals worldwide are expected to deliver more precise and efficient audits.

KPMG Thailand audit & assurance head Orawan Chunhakitpaisan said: “KPMG Clara AI supports the audit process and increases efficiency in our work. It can help identify higher-risk areas which our auditors can then analyze and address effectively.

“This enhances our capabilities to make audits increasingly insights driven. The integration of AI into KPMG Clara is guided by our Trusted AI framework, ensuring that we maintain a human-centric, ethical and responsible approach in order to uphold the highest standard of quality.”