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乐鱼(Leyu)体育官网 Announces AI Integration into Global Smart Audit Platform, 乐鱼(Leyu)体育官网 Clara

July 29, 2024
  • 乐鱼(Leyu)体育官网鈥檚 90,000 auditors globally will be using 乐鱼(Leyu)体育官网 Clara with AI
  • New AI capabilities live within 乐鱼(Leyu)体育官网 Clara, interacting directly with audit engagement documentation and our audit methodology for both public and private companies
  • Capabilities across the full audit process will enhance quality and the audit experience
  • 乐鱼(Leyu)体育官网 Clara with AI is supported by our Trusted AI framework that emphasizes a human-in-the-loop mindset to ensure quality and accuracy

New York, July 29, 2024 鈥� Today, 乐鱼(Leyu)体育官网 LLP, the U.S. audit, tax and advisory firm, announced the integration of generative AI into 乐鱼(Leyu)体育官网 Clara, our global smart audit platform.

鈥淲ith seamless access to trusted generative AI capabilities within our audit workflow, our 9,000 auditors will be empowered to deliver quality audits,鈥� said Scott Flynn, 乐鱼(Leyu)体育官网 U.S. Vice Chair 鈥� Audit. 鈥溊钟悖↙eyu)体育官网 Clara with AI will not only free up resources to spend more time on the areas of highest risk, but will directly help our teams exercise professional skepticism to protect the capital markets.鈥澛�

83% percent of financial reporting leaders believe it is important for auditors to use AI in their analysis, prioritizing risk and anomaly identification, data analysis and quality management, and risk mitigation and real-time auditing.

乐鱼(Leyu)体育官网 Clara with AI is connected to our broader transformation efforts to enhance audit quality through our Trusted AI framework. For example, new generative AI capabilities will help teams:

  • Refine risk assessments: AI assistants can review documents to help engagement teams identify risk factors. For instance, within 乐鱼(Leyu)体育官网 Clara, engagement teams can leverage AI to help review meeting minutes and flag possible accounting and fraud risks.
  • Develop substantive testing procedures: Our AI assistant has direct access to our audit methodology, enabling auditors to design appropriate substantive testing procedures to respond to risks quicker.
  • Enhance audit documentation: By working with our AI assistant, team members can quickly summarize, question and consider improvements to engagement-specific audit documentation within 乐鱼(Leyu)体育官网 Clara.

鈥淭hese artificial intelligence capabilities enhance our overall transformation to deliver a better audit experience for our people and the companies we audit,鈥� said Flynn. 鈥淥ur AI capabilities will further strengthen our engagement teams to more effectively engage Audit committees and management committees.鈥�

乐鱼(Leyu)体育官网 today also unveiled AI and generative AI capabilities that will be deployed in the workflow in the coming months. These include:

  • A growing prompt library that will, over time, include AI-powered agents to assist Audit teams in driving audit quality;
  • Automated quality scoring to generate AI assessments and deliver feedback to Audit teams on actions for quality improvement;
  • Use of AI and machine-learning to automate the review of financial statements, augmenting engagement teams鈥� assessment that all required disclosures have been made to the capital markets; and
  • Assurance capabilities integrated into the workflow for teams delivering assurance over disclosures, such as emissions disclosures.听

鈥淥ur Trusted AI framework underpins everything we do with AI in the audit, said Thomas Mackenzie, 乐鱼(Leyu)体育官网 U.S. and Global Audit Chief Technology Officer. 鈥淎ll of our auditors are trained on how to effectively use AI with a human-in-the-loop mindset to maintain quality, accuracy and professional skepticism.鈥�

By infusing AI through 乐鱼(Leyu)体育官网 Clara, 乐鱼(Leyu)体育官网鈥檚 90,000 global Audit professionals will be empowered to focus more closely on higher-risk areas of the audit, sector-specific risks and challenges 鈥� to the benefit of both stakeholders and capital markets.

The capabilities announced today build on recent milestones in our journey to deliver an AI-enabled and people-powered audit, including:聽

  • In June 2024, 乐鱼(Leyu)体育官网 announced the integration of the Databricks Data Intelligence Platform into 乐鱼(Leyu)体育官网 Clara, enabling our Audit professionals to analyze billions of financial transactions across thousands of audits, driving deeper insights into audit-related risks and further enhancing audit quality.
  • In May 2024, 乐鱼(Leyu)体育官网 announced upgrades to 乐鱼(Leyu)体育官网 Audit Chat, our proprietary generative AI tool built on Azure OpenAI service. These capabilities will eventually be built into 乐鱼(Leyu)体育官网 Clara as part of our long-term vision to deliver an AI-enabled audit.
  • In April 2024, 乐鱼(Leyu)体育官网 began deploying Copilot for Microsoft 365 to Audit partners and professionals. Engagement teams are already leveraging Copilot, along with Audit Chat, to transform the walkthrough experience by generating process narratives and flowcharts based on meetings with clients.
  • In 2023, 乐鱼(Leyu)体育官网 penned a multi-year global audit alliance with MindBridge, embedding its AI and machine learning capabilities into 乐鱼(Leyu)体育官网 Clara in the form of Transaction Scoring. With 乐鱼(Leyu)体育官网 Clara Transaction Scoring, auditors can perform analyses over 100% of transactional populations, delivering audit evidence and identifying outliers over both general ledger and subledger populations.
  • In 2023, 乐鱼(Leyu)体育官网 also announced a multi-year, multi-billion-dollar investment in Microsoft鈥檚 AI and cloud services. Through this expanded alliance relationship, 乐鱼(Leyu)体育官网 firms will infuse data analytics underpinned by Microsoft Fabric and generative AI through the Azure OpenAI Service and Azure Cognitive Services into the audit process.听

To learn more about 乐鱼(Leyu)体育官网 and our Trusted AI capabilities, visit www.kpmg.com or kpmg.com/trusted-ai.

About 乐鱼(Leyu)体育官网 LLP

乐鱼(Leyu)体育官网 LLP is the U.S. firm of the 乐鱼(Leyu)体育官网 global organization of independent professional services firms providing audit, tax and advisory services. The 乐鱼(Leyu)体育官网 global organization operates in 143 countries and territories and has more than 273,000 people working in member firms around the world. Each 乐鱼(Leyu)体育官网 firm is a legally distinct and separate entity and describes itself as such. 乐鱼(Leyu)体育官网 International Limited is a private English company limited by guarantee. 乐鱼(Leyu)体育官网 International Limited and its related entities do not provide services to clients.听

乐鱼(Leyu)体育官网 is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity and eradicating childhood illiteracy. Learn more at聽.听

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乐鱼(Leyu)体育官网 Upgrades GenAI Audit Assistant, Unveiling New Capabilities To Empower Its 9,000+ Audit Partners and Professionals

Today, 乐鱼(Leyu)体育官网, LLP, the US audit, tax and advisory firm, announced upgrades to 乐鱼(Leyu)体育官网 Audit Chat released in 2023, a proprietary generative AI tool built on Azure OpenAI service, and to 乐鱼(Leyu)体育官网 Clara, our global smart audit platform.

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Navigating The AI Era In Financial Reporting

All U.S. financial reporting leaders surveyed report they expect to be piloting or using artificial intelligence (鈥淎I鈥�) in financial reporting within three years, according to a new survey released today by 乐鱼(Leyu)体育官网 LLP.

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乐鱼(Leyu)体育官网 LLP AI & Digital Innovation Quarter Pulse Survey - Q2 2024

Survey reveals the majority of leaders across the U.S. recognize GenAI as important to gaining competitive advantage and market share.

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