KPMG International and the KPMG network of member firms providing audit, tax and advisory services, announced the integration of generative AI into KPMG Clara, our global smart audit platform.

Commenting on this, KPMG International global head of audit, 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 audit.

Related Company Profiles

View all

“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.”

KPMG further noted that 64% of companies expect auditors to have a role in evaluating their use of AI in financial reporting, providing assurance and attestation over their AI controls.

KPMG Clara AI is connected to our broader transformation efforts to enhance audit quality through our Trusted AI framework.

For example, new generative AI capabilities will help teams:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
  • Refine risk assessments: AI assistants can review documents to help engagement teams identify risk factors. For instance, within KPMG Clara, engagement teams can leverage AI to help review meeting minutes and flag possible accounting and financial risks
  • Develop substantive testing procedures: Our AI assistant has direct access to KPMG audit methodology, enabling auditors to design appropriate substantive testing procedures to respond to risks quicker
  • Enhance audit documentation: By working with our AI assistant, team members can quickly summarize, question and consider improvements to engagement-specific audit documentation within KPMG Clara

KPMG US and global audit chief technology officer, Thomas Mackenzie, further said: “Our Trusted AI framework underpins everything we do with AI in the audit. KPMG auditors are trained on how to effectively use AI with a human-in-the-loop mindset to help maintain quality, accuracy and professional skepticism.”

KPMG also unveiled AI and generative AI capabilities that will be deployed in the workflow in the coming months.

These include:

  • A growing prompt library that will, over time, include AI-powered agents to assist Audit teams in driving audit quality
  • Automated quality scoring to generate AI assessments and deliver feedback to Audit teams on actions for quality improvement
  • Use of AI and machine-learning to automate the review of financial statements, augmenting engagement teams’ assessment that all required disclosures have been made to the capital markets
  • Assurance capabilities integrated into the workflow for teams delivering assurance over disclosures, for example emissions disclosures.

KPMG International head of innovation, Sebastian Stöckle, concluded: “The transformation brought about by AI spans across industries and regions. For financial reporting, this transformation is not just a technological shift, but a paradigm shift, aiding the role of auditors and reshaping the accounting industry as a whole.”