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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

乐鱼（Leyu）体育官网 Announces AI Integration into Global smart audit platform

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

New York, July 29, 2024 鈥� Today, 乐鱼（Leyu）体育官网 International and the 乐鱼（Leyu）体育官网 network of member firms providing audit, tax and advisory services, announced the integration of generative AI into 乐鱼（Leyu）体育官网 Clara, our global smart audit platform.聽

With seamless access to trusted generative AI capabilities within our audit workflow, 90,000 乐鱼（Leyu）体育官网 auditors globally will be empowered to deliver quality audits. 乐鱼（Leyu）体育官网 Clara AI can not only free up resources to spend more time on the areas of highest risk, but can directly help our teams execute more effectively as we carry out our responsibilities to protect the capital markets.

Larry Bradley

Global Head of Audit, 乐鱼（Leyu）体育官网 International

64% of companies expect auditors聽(PDF 1.5MB) to have a role in evaluating their use of AI in financial reporting, providing assurance and attestation over their AI controls.

乐鱼（Leyu）体育官网 Clara 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:听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 financial risks.
  • Develop substantive testing procedures:聽Our AI assistant has direct access to 乐鱼（Leyu）体育官网 audit methodology, enabling auditors to design appropriate substantive testing procedures to respond to risks quicker.
  • Enhance audit documentation:聽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.
Our Trusted AI framework underpins everything we do with AI in the audit. 乐鱼（Leyu）体育官网 auditors are trained on how to effectively use AI with a human-in-the-loop mindset to help maintain quality, accuracy and professional skepticism.

Thomas Mackenzie

乐鱼（Leyu）体育官网 U.S. and Global Audit Chief Technology Officer

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聽that will, over time, include AI-powered agents to assist Audit teams in driving audit quality;
  • Automated quality scoring聽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聽integrated into the workflow for teams delivering assurance over disclosures, for example emissions disclosures.聽
The transformation brought about by AI spans across industries and regions. For financial reporting, this transformation is not just a technological shift, but a paradigm shift, aiding the role of auditors and reshaping the accounting industry as a whole.

Sebastian St枚ckle

Head of Innovation, Global Audit, 乐鱼（Leyu）体育官网 International

Sebastian St枚ckle

By infusing AI through 乐鱼（Leyu）体育官网 Clara, 乐鱼（Leyu）体育官网 firms鈥� 90,000 Audit professionals globally will be empowered to focus more closely on higher-risk areas of the audit, sector-specific risks and challenges 鈥� with the goal of benefitting 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:听

  • In June 2024, 乐鱼（Leyu）体育官网 released the聽AI in financial reporting and audit: Navigating the new era听蝉迟耻诲测, (PDF 1.5MB) looking at financial reporting leaders鈥� AI expectations for their companies and external auditors.
  • In April 2024, 乐鱼（Leyu）体育官网 firms began deploying Copilot for Microsoft 365 to Audit partners and professionals.聽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,聽乐鱼（Leyu）体育官网 penned聽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 AI 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,聽乐鱼（Leyu）体育官网 also announced聽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.聽

To learn more about 乐鱼（Leyu）体育官网 Clara and our Trusted AI capabilities, visit聽kpmg.com/trustedAI听辞谤听kpmg.com/kpmgclara

For media queries, please contact:

Daniel Caines,
Senior Manager,
Global External Communications,
乐鱼（Leyu）体育官网 International

T: +44 7732400262
E:听Daniel.Caines@kpmg.co.uk

About 乐鱼（Leyu）体育官网 International

乐鱼（Leyu）体育官网 is a global organization of independent professional services firms providing Audit, Tax and Advisory services. 乐鱼（Leyu）体育官网 is the brand under which the member firms of 乐鱼（Leyu）体育官网 International Limited (鈥溊钟悖↙eyu）体育官网 International鈥�) operate and provide professional services. 鈥溊钟悖↙eyu）体育官网鈥� is used to refer to individual member firms within the 乐鱼（Leyu）体育官网 organization or to one or more member firms collectively.

乐鱼（Leyu）体育官网 firms operate in 143 countries and territories with more than 273,000 partners and employees 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. Each 乐鱼（Leyu）体育官网 member firm is responsible for its own obligations and liabilities.

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.

For more detail about our structure, please visit聽kpmg.com/governance.

Larry Bradley
Larry Bradley

Board Member, Strategic Advisor & Retired Global Head of Audit

乐鱼（Leyu）体育官网 International