11/16/2023 0 Comments Change auditing![]() At the same time, this will help training the AI continuously through human input. That’s why we believe it’s important to have people working alongside AI to prompt deeper thinking and challenge where necessary, rather than removing people from the loop entirely. By this we mean we still need to understand and explain why the technology may be highlighting certain items and trends. Guidelines are needed and due to constant change, aspects must be continually monitored and addressed.Ī key risk around AI, which is very relevant to audit, is ‘explainability’. There are ethics and resilience issues to consider here too. Secondly, companies often focus their investment in AI on growth strategies, customer focus or frontline operations and often underprioritize the investment in AI support, governance, risk and compliance. ![]() This could lead to more customers being offered mortgages and that could give a lender a significant competitive advantage.įirst of all, it is critical AI is being built with the most accurate, unbiased and relevant data available. KPMG firms are seeing a broad range of companies, regardless of industry, using AI alongside their workforce also in processes surrounding financial and non-financial accounting and reporting.įor example, in financial services we are seeing AI promoting greater inclusivity by analyzing broader and larger amounts of data. How can AI impact businesses and specific industries? Also, by removing some of the more time-consuming tasks for auditors, AI will free them up to apply valuable skills in other areas, again enhancing the audit for everyone. For example, we expect AI will continue to help KPMG firms to better identify high risk transactions, allowing us to sustain our focus on risk assessment and obtain audit evidence over much larger, more complex sets of data. We believe that means delivering even higher quality audits. It’s the same way AI is changing every business and organization: automating, accelerating and enhancing business processes, helping to transform at scale and drive value. ![]() How is AI changing the audit and the way auditors work? So, in the future, will AI replace humans in the audit process? That’s just one of the fascinating questions Matthew and I discussed when we chatted as part of our ‘All eyes on’ series. From helping auditors to make more insightful judgments to providing a more robust challenge to management too.” I had the opportunity to speak with my colleague Matthew Campbell, Chief Technology Officer, KPMG in the UK and heard that: “There’s so much more to AI than automating simple tasks like analyzing data. In the next decade, Artificial Intelligence (AI) will fundamentally transform the audit through automating procedures and enhancing audit quality. ![]()
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