An exclusive KPMG survey shows aspirations finance leaders have in approaching this transformative technology.
Since the launch of Open AI’s Chat GPT, the potential of AI to completely reimagine these processes has exploded. At the same time, the timeline for transformation has moved from down the road to around the corner.
At KPMG, we forged enhanced alliances with Microsoft, Google, Service Now, and Mindbridge to develop innovative AI-solutions. We are also investing more than $2B to embed AI capabilities throughout our business. Our goal is to transform the audit.
Behind this excitement are questions for management, boards, audit committees, and investors. This study reviews financial reporting leaders' expectations on AI for financial reporting functions and external auditors.
Artificial Intelligence (AI) is top of mind for all businesses. And while many companies are still trying to differentiate hype from reality, AI’s impact and the speed it’s transforming both the finance function and audit, cannot be understated.
KPMG surveyed over 200 financial executives at companies with revenue >$1B across industries to find out their expectations on AI for financial reporting functions and external auditors. The survey covered topic areas such as AI adoption, benefits and challenges, how the financial statement audit will change with AI, and talent and implementation. Importantly, it also analyzes financial reporting leaders’ expectations for external auditors today and tomorrow.
These findings reinforce our dedication to leading the responsible deployment of AI, engaging all stakeholders in the capital markets on best practices, and uniting experts to address the most significant risks.
Vice Chair - Audit, KPMG US
AI and Financial Reporting webcast – what are companies doing and where do you stand?
How is AI adoption progressing within finance functions, what are the benefits and challenges, and what do companies expect from their own finance teams as well as their external auditor today, tomorrow, and in the future? Find out on this webcast where we will discuss key trends from a recent survey of 200 financial reporting executives.
KPMG and Microsoft enter landmark agreement to put AI at the forefront of professional services
Multi-year cloud and AI alliance to supercharge the employee experience and accelerate innovation for clients across Audit, Tax and Advisory.
KPMG Survey: US Executives Embrace GenAI as Game-Changing Technology
Generative AI is expected to have a transformational impact on business and is rated by US executives KPMG surveyed as the top emerging technology that will impact their business in the next year and a half.