- Alliance follows multi-year collaboration between KPMG in Canada and MindBridge, focused on harnessing the power of AI for enhanced risk-assessment and audit quality
- By embedding MindBridge’s advanced statistical, machine learning, and rules-based analytics technology into KPMG Clara, KPMG firms’ digital audit have the ability to analyse transactions on a more granular level, helping to increase transparency, visibility and explainability.
- With the implementation of MindBridge technology, KPMG firms are furthering their longstanding commitment to training and upskilling the next generation of auditors in innovation, data analytics and AI technology.
Through KPMG Clara, KPMG firms continue with their shared commitment to transform the audit by harnessing the power of technology with the aim of providing higher quality and transparent results. Released in 2017, as a scalable, cloud-based platform, KPMG Clara offers a risk-based and data-enabled digital audit that is consistent across KPMG firms around the world. MindBridge’s advanced statistical, machine learning, and rules-based analytics technology, combined with KPMG Clara’s capabilities, can help improve risk identification in digital audits.
Sebastian Stöckle, Global Head of Audit Innovation, said:
“In an increasingly complex, uncertain world, businesses are looking to cut through the noise and gain a better understanding of their place in the world. Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, allowing for improved risk identification, helping in the continued delivery of higher quality audits by combining KPMG firm’s in-depth industry experience and MindBridge’s advanced techniques. Working together we continue to digitally transform the audit, providing increased quality and value to clients and enhancing public trust.”
Today’s announcement is the next chapter in a longstanding collaboration between KPMG in Canada and Ottawa-based MindBridge. Both organisations have been working closely for a number of years, investigating how to reimagine the audit experience and deliver even higher audit quality, with better insights and a greater understanding of complex sets of data. The new technology has been piloted with select KPMG member firms and is presently being rolled out throughout the global network.
Leyton Perris, CEO and President of MindBridge, said:
"The alliance with KPMG speaks volumes to the step change we are leading in the modernisation of the audit industry. Our platform, integrated into KPMG Clara, provides a thorough analysis of clients’ financial data, identifying risks at a transactional level across complex businesses, setting the new standard for cohesive data science and AI-led auditing capabilities."
With growing public interest on the use of AI technologies, the alliance between KPMG and MindBridge aims to act as a world-leading example of how to design, build and apply the powerful capability of AI in a safe and responsible manner. Both organisations came to the table with a shared goal of reimagining the audit experience and have leveraged AI to increase audit quality and transparency while carefully managing associated risks and putting necessary safeguards in place. The new strategic alliance will embed AI on audits consistently across the KPMG global network.
Larry Bradley, Global Head of Audit at KPMG, added:
“Through the alliance, KPMG auditors will benefit from using MindBridge’s AI-embedded audit intelligence tools, visualised analytics, and the in-depth resources needed for stronger analysis and assessment of risk. That means member firm auditors are spending less time on routine data reviews and instead will increase focus on identified relevant riskier items. With this new lens, KPMG auditors can see new insights into clients’ business that drive better analysis, better conversations, and better quality.”
KPMG remains committed to the empowerment of both the current and next generation of auditors and continues to strategically invest in their talent by working with leading institutions across the globe to upskill professionals in innovation, digital analytics, AI technology and ESG. As part of this strategic alliance, KPMG audit professionals shall have increased access to no-code AI capabilities and learnings, designed to enhance their ability to analyse high volumes of data to garner increased insights and value
To learn more about KPMG and MindBridge, visit auditinnovation.kpmg or mindbridge.ai.
About Mindbridge
MindBridge, provider of the world’s leading financial risk discovery platform, helps auditors, accountants, and financial professionals to become more efficient and effective. From transactional risk assessment to organisational process improvements, users are provided with the AI-embedded tools, visualised analytics, and in-depth resources they need for stronger analysis, assessments, and advisory services. Artificial intelligence and industry expertise set the MindBridge platform apart to surface errors, intentional or not. The organisation has been recognised by the World Economic Forum as a Technology Pioneer in 2020, and Forbes Top 50 AI Firms to Watch in 2021, for its contribution to transforming the accounting and financial professions’ ability to analyse data. Founded in 2015 in Ottawa, Canada, MindBridge serves customers in the audit and advisory, enterprise, government, and financial institution segments around the world.
For further information
Ian Welch
0400 18 891
iwelch@kpmg.com.au
