KPMG UK and MindBridge alliance powers audits with AI technology
New strategic alliance to further enhance the digital audit, powered by KPMG Clara
New strategic alliance to further enhance the digital audit, powered by KPMG Clara
- 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 UK is furthering its longstanding commitment to training and upskilling the next generation of auditors in innovation, data analytics and AI technology.
KPMG UK and have today announced a strategic alliance to help bring advanced artificial intelligence (AI) into the firm’s digital audits. KPMG’s smart audit platform, KPMG Clara, will now use MindBridge’s technology to help unleash the power of AI into audits, further enabling the identification of unexpected or high-risk transactions and helping to provide enhanced audit quality.
The new technology has been piloted with a number of KPMG member firms, including the UK, and is presently being rolled out throughout the global network following the announcement of a global alliance with Mindbridge. Through KPMG Clara, KPMG firms continue with their shared commitment to transform audits 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, it 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.
Matt Campbell, audit chief technology officer, KPMG UK, said:
“Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, focusing on harnessing the power of AI for enhanced risk assessment and improved audit quality. By combining KPMG’s in-depth industry experience and MindBridge’s advanced techniques we will digitally transform audits, providing increased quality and value to our audited entities and enhancing public trust.”
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."
Connect with us
- Find office locations kpmg.findOfficeLocations
- kpmg.emailUs
- Social media @ KPMG kpmg.socialMedia
Save, Curate and Share
Save what resonates, curate a library of information, and share content with your network of contacts.
With growing public interest in the use of AI technologies, the alliance 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.
Cath Burnet, head of audit at KPMG UK, added:
“Our auditors around the world will benefit from using MindBridge’s AI-embedded audit tools. They will spend less time on routine low risk transactions and instead will be able to focus on those transactions that are identified as higher risk. With this new risk-focused lens, our auditors will be able to obtain new insights into the company’s we audit to drive better analysis, better conversations, and better audit 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 will 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 KPMG UK
KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.
KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
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, visualized 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 recognized 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 analyze data. Founded in 2015 in Ottawa, Canada, MindBridge serves customers in the audit and advisory, enterprise, government, and financial institution segments around the world.