What challenges did KPMG face before AI implementation?

Auditors needed to spend less time on lower-risk work and more time on high-risk areas. Audit teams needed better support for risk identification, documentation review, and quality management across public and private audits.

What was the impact of the AI solution?

KPMG says the AI capabilities will help auditors deliver quality audits and free up resources for higher-risk work. The announcement says 90,000 auditors globally will be using KPMG Clara with AI.

Rank#1,650of 3,449

Source

MicrosoftEvidence: Low40/100

KPMG Announces AI Integration into Global Smart Audit Platform, KPMG Clara

Use case typeAudit automationUpdated Jul 29, 2024

KPMG integrated generative AI into its global smart audit platform KPMG Clara to help auditors review engagement documentation, refine risk assessments, develop substantive testing procedures, and enhance audit documentation. The company says the platform is supported by a Trusted AI framework with human-in-the-loop controls and will also roll out prompt libraries, automated quality scoring, and AI/ML review of financial statements.

Organization: KPMG
Industry: Professional Services
Location: United States
Published: July 2024

Reported outcomes

Strategic outcomes

Other strategic outcomeFreed auditors for higher-risk workRisk & complianceImproved audit quality and experienceRisk & complianceHuman-in-the-loop AI assurance framework

Why do we believe this deployment?Customer identity, provider attribution, maturity, and source checks

Customer: KPMG
Provider: Microsoft
Maturity: Unknown
Linked source: KPMG

No explicit deployment-stage evidence found.

Customer identity supportedSource describes one deploymentMaturity evidence evaluated

Primary read

Use case focus

Showing 3 of 4

1Audit automation
2Risk assessment
3Document review

Auditors needed to spend less time on lower-risk work and more time on high-risk areas.
Audit teams needed better support for risk identification, documentation review, and quality management across public and private audits.

KPMG integrated Azure OpenAI into KPMG Clara and connected the platform to audit engagement documentation and audit methodology.
The broader transformation also includes Microsoft Fabric, Azure Cognitive Services, Copilot for Microsoft 365, and MindBridge transaction scoring embedded into the audit workflow.
The company uses a Trusted AI framework and human-in-the-loop training for auditors.

Technologies

Azure OpenAI Microsoft Fabric Azure Cognitive Services Copilot for Microsoft 365 MindBridge

KPMG says the AI capabilities will help auditors deliver quality audits and free up resources for higher-risk work.
The announcement says 90,000 auditors globally will be using KPMG Clara with AI.

Architecture

KPMG Clara with AI integrates Azure OpenAI into the audit workflow, connects directly with engagement documentation and audit methodology, and is supported by a Trusted AI framework with human-in-the-loop review. The announcement also references a broader Microsoft-based analytics stack including Microsoft Fabric and Azure Cognitive Services, plus Copilot for Microsoft 365 and MindBridge transaction scoring embedded in the platform.

Sources & evidence1

Evidence: Low40/100Evidence strength