Automated funds toolkit
For our asset management clients, automated routines test the bulk of our clients’ balance sheets – investments – automatically, which lifts a large burden off our clients and their teams.
Audit clients are looking for innovation that reduces the total cost of the audit – including the work their teams do – and enhances audit quality.
In Action: One engagement team tackled this dual challenge head-on with our firm’s automated funds toolkit, which enables a data-focused approach and the automated testing of entire sets of data. The toolkit is part of our continuously growing suite of industry-specific innovation to support a more consistent and efficient response to risk.
After the KPMG team coordinated data elements and requirements, they were able to automate testing, which ultimately provided significant productivity gains, and shift their approach from sampling to 100% testing, advancing audit quality.
The KPMG team noted that while they faced an upfront time investment, there was no increased burden on the client, and the results spoke for themselves.
With emerging technologies, audit’s data exchange is simpler than it used to be. In just the first year of implementing automated routines, this KPMG engagement was able to conduct 100% testing in the same time as the traditional approach took in the previous year’s audit, and significant time savings are expected in following years. While this example is specific to the asset management industry, similar solutions are available in other industries – working together with KPMG Clara, they help deliver a better audit experience.