KPMG UK and MindBridge have announced a strategic alliance to help bring advanced artificial intelligence (AI) into the firm’s digital audits.
KPMG’s smart audit platform, KPMG Clara, will now use MindBridge’s technology to help unleash the power of AI into audits, further enabling the identification of unexpected or high-risk transactions and helping to provide enhanced audit quality.
The new technology has been piloted with a number of KPMG member firms, including the UK, and is presently being rolled out throughout the global network following the announcement of a global alliance with Mindbridge. Through KPMG Clara, KPMG firms continue with their shared commitment to transform audits by harnessing the power of technology with the aim of providing higher quality and transparent results.
Released in 2017, as a scalable, cloud-based platform, it offers a risk-based and data-enabled digital audit that is consistent across KPMG firms around the world. MindBridge’s advanced statistical, machine learning, and rules-based analytics technology, combined with KPMG Clara’s capabilities, can help improve risk identification in digital audits.
KPMG UK audit chief technology officer, Matt Campbell, said: “Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, focusing on harnessing the power of AI for enhanced risk assessment and improved audit quality. By combining KPMG’s in-depth industry experience and MindBridge’s advanced techniques we will digitally transform audits, providing increased quality and value to our audited entities and enhancing public trust.”
MindBridge CEO and president, Leyton Perris, said: “The alliance with KPMG speaks volumes to the step change we are leading in the modernisation of the audit industry. Our platform, integrated into KPMG Clara, provides a thorough analysis of clients’ financial data, identifying risks at a transactional level across complex businesses, setting the new standard for cohesive data science and AI-led auditing capabilities.”
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By GlobalDataWith growing public interest in the use of AI technologies, the alliance aims to act as a world-leading example of how to design, build and apply the powerful capability of AI in a safe and responsible manner. Both organisations came to the table with a shared goal of reimagining the audit experience and have leveraged AI to increase audit quality and transparency while carefully managing associated risks and putting necessary safeguards in place. The new strategic alliance will embed AI on audits consistently across the KPMG global network.
KPMG UK head of audit, Cath Burnet, further added: “Our auditors around the world will benefit from using MindBridge’s AI-embedded audit tools. They will spend less time on routine low risk transactions and instead will be able to focus on those transactions that are identified as higher risk. With this new risk-focused lens, our auditors will be able to obtain new insights into the company’s we audit to drive better analysis, better conversations, and better audit quality.”
KPMG remains committed to the empowerment of both the current and next generation of auditors and continues to strategically invest in their talent by working with leading institutions across the globe to upskill professionals in innovation, digital analytics, AI technology and ESG. As part of this strategic alliance, KPMG audit professionals will have increased access to no-code AI capabilities and learnings, designed to enhance their ability to analyse high volumes of data to garner increased insights and value.
