AI and Financial Reporting Survey – what are companies doing and where do you stand?
An exclusive KPMG survey shows aspirations finance leaders have in approaching this transformative technology.
Will AI transform financial reporting and audit?
Since the launch of Open AI’s Chat GPT, the potential of AI to completely reimagine these processes has exploded. At the same time, the timeline for transformation has moved from down the road to around the corner.
At KPMG, we forged enhanced alliances with Microsoft, Google, Service Now, and Mindbridge to develop innovative AI-solutions. We are also investing more than $2B to embed AI capabilities throughout our business. Our goal is to transform the audit.
Behind this excitement are questions for management, boards, audit committees, and investors. This study reviews financial reporting leaders' expectations on AI for financial reporting functions and external auditors.
Dive into our survey results:
AI in the Audit Survey Report
Download ResultsAI in the Audit Executive Summary
Download SummaryThe bottom line
Artificial Intelligence (AI) is top of mind for all businesses. And while many companies are still trying to differentiate hype from reality, AI’s impact and the speed it’s transforming both the finance function and audit, cannot be understated.
KPMG surveyed over 200 financial executives at companies with revenue >$1B across industries to find out their expectations on AI for financial reporting functions and external auditors. The survey covered topic areas such as AI adoption, benefits and challenges, how the financial statement audit will change with AI, and talent and implementation. Importantly, it also analyzes financial reporting leaders’ expectations for external auditors today and tomorrow.
These findings reinforce our dedication to leading the responsible deployment of AI, engaging all stakeholders in the capital markets on best practices, and uniting experts to address the most significant risks.
Scott Flynn
Vice Chair - Audit, KPMG US
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