Tech News: KPMG to invest $2B in AI

July 14, 2023 10:27 AM

KPMG to invest $2 billion in AI capacities; AuditFile relaunches Advantage Audit as AuditFile Advantage Audit AI; and other accounting technology news.

KPMG to invest $2 billion in AI over next 5 years

The offices of KPMG LLP in the Canary Wharf business and shopping district in London

Simon Dawson/Bloomberg

Big Four firm KPMG will be investing $2 billion over five years in AI services and capacities in partnership with Microsoft. As an early access partner for Microsoft 365 Copilot and Azure OpenAI Service, KPMG professionals will pilot the technologies with select business groups across the global organization to enhance client engagements and accelerate digital solution development.

For example, with the integration of Microsoft Fabric, KPMG teams will have the ability to directly point to client data instead of having to ingest it, enabling KPMG professionals to perform audits on more of a real-time basis.

On the tax side of things, KPMG will operate a generative AI-powered "virtual assistant" to create new client service models to help tax professionals become more efficient. It will also help with revenue-generating opportunities such as product experience enhancements and knowledge management for complex tax laws.

In terms of advisory, developing an AI-enabled application development and knowledge platform on Microsoft Azure will expedite the creation of specialized solutions for clients. The continued collaboration includes a joint engagement with Coca-Cola EuroPacific Partners on pioneering improvements to back-office efficiency using generative AI on the Azure platform.

Meanwhile, by building on the KPMG Circularity Tracker and an ESG and climate data management and analytics solution, both of which have Microsoft Cloud for Sustainability and Microsoft Azure at their core, KPMG professionals will work together with Microsoft to help support businesses with their ESG agendas by helping clients unify their data sources, leverage the required inputs to help make real-time value-added decisions, and deliver on their sustainability commitments.

Further, KPMG and Microsoft will continue to explore and participate in joint opportunities, such as enhancing the reliability of carbon accounting through the Carbon Call to which both KPMG and Microsoft were founding signatories.

AuditFile relaunches Advantage Audit as “AuditFile Advantage Audit AI”

Andrew Ostrovsky/agsandrew - Fotolia

Audit automation software provider AuditFile relaunched its Advantage Audit product as AuditFile Advantage Audit AI. The product combines artificial intelligence and large language models from Microsoft Azure OpenAI with the full suite of Advantage Audit programs and planning documents for industry-specific audits, reviews and compilations. Tailored for accounting professionals, the technology assists users across attest areas. AuditFile said it was awarded patent 10,891,294 by the United States Patent and Trademark Office covering the application of artificial intelligence to attest engagements.

Justworks releases Justworks Payroll

Atanas Bezov

Justworks, a business management software provider, has released its first new standalone product since its Professional Employer Organization, Justworks Payroll, to provide payroll and foundational HR support to small businesses. Historically, the company has focused on its professional employer organization services but over the years there has been growing demand for something to meet payroll, HR and compliance needs as well; hence the release of this new standalone product. It provides an array of features, including payroll for salaried and hourly employees, contractor payments, flexible pay cycles, off-cycle payments, QuickBooks Online integration, time tracking and state tax account setup support. Features like integrated access to open market insurance and benefits, custom work weeks and cash tips will become available soon. Justworks Payroll is currently operational in 11 states and the District of Columbia, with plans to expand to all 50 states by 2024.

New hires and appointments

Intuit QuickBooks has expanded its team with the addition of Michelle Gill as senior vice president of the Intuit QuickBooks Money Platform. Her priorities are to understand the role accountants play in supporting their small business clients and to get their feedback on how the QuickBooks Money platform can be improved. … Top 20 firm EisnerAmper announced that Chris Brodersen has joined as a managing director in its Business Advisory Group. Specializing in blockchain applications, particularly digital assets, he serves as a guide to the firm's practitioners and clients. He also assists in harnessing the potential of emerging blockchain technologies and is exploring the connection between blockchain, the Internet of Things and Web3.

Other news

Document management system company SmartVault added a SmartRouting feature that connects SmartVault to Thomson Reuters UltraTax CS tax application. Users can print and automatically route documents like tax returns from UltraTax CS directly to the correct folder in SmartVault and create standardized processes between users, staff and customers. … Audit automation software provider AuditFile has completed the acquisition of Advantage Audit, an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards, from John Wiley & Sons Inc.