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Future-Proofed: How Technology is Driving Change in Finance and Audit

Insights from the 2021 KPMG Finance and Audit Technology Survey

Technology continues to change how companies manage their finance function, and most executives are fully aware—and supportive—of tech's role within their organizations. But precisely what benefits does technology bring today, how will this change in coming years and in what ways will tech influence the next generation of finance professionals? These questions are at the heart of the How Technology is Driving Change in Finance and Audit survey of 250 senior US finance executives.

Our research shows that companies have taken the leap to invest in and adopt critical technologies such as cloud (74%) and smart analytics (62%), and are now focused on maintaining security (80%) and getting the most out of these investments by addressing data management, quality and availability. The stakes to get tech right continue to be high - over half of respondents cited a high risk of failure as a top challenge to implementing  technology.

Lou Trebino

Lou Trebino

Chief Technology Officer - Audit, KPMG US

Dive into our thinking:

Insights From The 2021 KPMG Finance And Audit Technology Survey

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How Advanced Technology Is Creating New Possibilities, And Requirements, For Financial Reporting And Audit

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Key topics

Must-Have Finance Technology
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Must-Have Finance Technology

As the global economy becomes increasingly digital, finance functions must do more than just keep pace—they must excel.

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How Finance Tech Meets Many Demands
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How Finance Tech Meets Many Demands

In finance, “digital transformation” can mean many things; it can also bring different benefits. With significant investments already committed in most organizations, and more expected to come, it’s helpful to understand what specific benefits finance tech can deliver.

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Cybersecurity Is Still A Top Challenge
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Cybersecurity Is Still A Top Challenge

Digital transformation brings many benefits, not the least being more insights and less manual work. But our always-on, fully connected world has its downsides, too.

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Cloud Usage Points to Importance of Partnerships
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Cloud Usage Points to Importance of Partnerships

Cloud computing is one of the most important technological developments of the past two decades. The global economy simply could not function without it.

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With Tech, External Auditors Lead the Way
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With Tech, External Auditors Lead the Way

Nearly all executives (98%) report that their external audit firm uses advanced technology.

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Must-Haves for External Auditors
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Must-Haves for External Auditors

According to our executives the cloud (80%), smart analytics (70%) and artificial intelligence (61%) are the top-cited must-haves for today’s external auditors.

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The Challenge of Setting Timelines
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The Challenge of Setting Timelines

There’s no question that dramatic change is coming to finance reporting and the audit. But there’s little consensus around a timeline. Asked when they expect their external audit to be performed in a “dramatically different way,” most executives answered between four and five years (66%).

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How to Get Ahead in Finance
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How to Get Ahead in Finance

Download the study to find out how the widespread use of advanced technology will affect the next generation of finance professionals, and how will expectations differ between internal finance functions and external auditors.

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Executives must be able to play the long game because what we’re talking about is not simple. In some cases, there’s significant cost to making the type of change we’re talking about. But the long-term payback [is] ensuring that your organization has the technological capabilities to be competitive.

Scott Flynn

Scott Flynn

Vice Chair - Audit, KPMG US

Top challenges with respect to implementing technology in support of the financial reporting processes.

*Percentage of respondents who ranked as a top 5 challenge.

80%

Cybersecurity and data privacy concerns

58%

Lack of data quality and availability

54%

Lack of robust data management

54%

Risk of failure is high

47%

Changing the organization structure

42%

Developing the business case

41%

Technology is too new, waiting for it to mature

38%

Ongoing governance

36%

Not sure which metrics to use to quantify impact

28%

Lack of talent

Robotic process automation is undervalued at this time." "With most companies looking for the best places to spend on technology, there’s low-hanging fruit [in] being able to automate manual functions and squeeze more efficiency out of their finance function holistically… It should be higher on executives’ radars.

Heather Paquette

Heather Paquette

National Technology Assurance Leader - Audit, KPMG US

With respect to the impact of the technology on your organization’s financial reporting processes, which benefits are most important to you?

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4%
22%
6%
5%
14%
19%
30%
Faster quarterly and year-end reporting
Increased ability to identify data outliers and anomalies
Lessened burden on corporate resources
Cost savings
Increased visibility into end-to-end processes and controls
Real-time insights into areas of heightended risk or control weakness
Increased data accuracy, reliability and predictability
Percentage of respondents who ranked as #1 (the most important) challenge.

We still need people who understand accounting and auditing [and] also IT, but they also need the traditional skills: being able to speak with management [and] the audit committee in a way that’s understandable, take very detailed findings that are uncovered through the use of technology and put it in a way that’s understandable in non-audit speak.

Christian Peo

Christian Peo

National Managing Partner, Quality & Professional Practice - Audit, KPMG US

KPMG. Make the Difference.


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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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