KPMG: 99 percent of companies to adopt AI in financial reporting by 2027

KPMG's latest report explores the progress of AI adoption in finance functions, its impact on internal finance teams, and companies’ expectations for external auditors. Notably, companies in the Asia-Pacific region have recorded the slowest pace of AI adoption in financial reporting (29 percent) compared to North America (39 percent) and Europe (32 percent).

The survey reveals that 10 percent of companies have widely adopted artificial intelligence (AI) in financial reporting, while nearly three-quarters (72 percent) are piloting or using it selectively. In three years, 99 percent of organizations will be adopting AI into their financial reporting processes. 

Foong Mun Kong, Head of Audit at KPMG in Malaysia, commented, “The growing adoption of AI in financial reporting signifies a transformative shift beyond mere technological advancements. The roles of auditors are being redefined as businesses are looking to their auditors to lead the AI transformation due to their deep understanding of financial reporting processes and their abilities to pinpoint areas where AI can add most value. As a result, audits are shifting towards being more real-time and predictive, significantly transforming how insights are delivered.” 

Read the full coverage via The Edge, The Star, Business Today, Bernama, Dagang News, TechNode Global and the attachments below:

For media-related queries, please email marcom@kpmg.com.my