Understanding the client’s business is the foundation of audit quality. Data visualization capabilities help explore large data sets more quickly and dynamically, identifying patterns and drawing insights for a more focused and refined risk assessment.
KPMG is focused on continuous improvement through innovation to advance both audit quality and our clients’ audit experience. In practice, our teams are doubling down on data analysis to refine risk assessments.
In Action: One KPMG team sought to better communicate decisions and deliver deeper insights to their client. In this instance, they leveraged the firm’s risk dashboard for revenue, which is part of a suite of data visualization tools for risk assessment.
“Some tools focus on automation and efficiency to cut down on workloads, but this one is all about performing a better risk assessment,” says the senior manager on the engagement.
This particular dashboard enabled our client to view dynamic, interactive visualizations of their ledger data, enabling the KPMG team to show patterns and detail insights that affected their risk assessment decisions.
“When we presented this to our client controller, assistant controller, and their internal audit team, they were all blown away.”
Our data visualization capabilities – including several pre-built dashboards – allow our clients to benefit from this capability. And, in concert with KPMG Clara, they will continue to refine our risk assessment, increasing efficiency while enhancing audit quality and delivering greater insights. That makes for a better audit experience.